ETF Research Center

XOUT tracks a market-cap weighted index of US large-cap stocks selected based on a proprietary, quantitative scoring methodology excluding potentially underperforming companies.

FUND BASICS
Category	US Equities
Fund Sponsor	GraniteShares
Website	www.graniteshares.com
Inception date	Oct 07, 2019
Assets (mns)	$15
Currency	USD
Expense ratio	60 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	250
Wgt avg mkt cap (mns)	$386,676
Large cap (>$10bn)	99.3%
Mid cap ($2-10bn)	0.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	36.7 %
APPLE INC	7.1 %
MICROSOFT CORP	6.7 %
ALPHABET INC. CLASS A	5.2 %
AMAZON.COM INC	4.9 %
FACEBOOK	3.2 %
JPMORGAN CHASE & CO	2.4 %
JOHNSON & JOHNSON	2.1 %
VISA INC-CLASS A SHARES	2.1 %
BANK OF AMERICA CORP	1.7 %
INTEL CORP	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.8 %
	IRELAND	1.5 %
	BRITAIN	0.2 %
	SWITZERLAND	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 01)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$27.40
30d moving avg.	$26.81
Annualized volatility	0.0%
Short interest (ETF)	3.2%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	10
Turnover	1.8%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$94,791

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the GraniteShares XOUT US Large Cap ETF based on the alternatives' overlap in portfolio holdings with XOUT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XOUT

Expense:

60 bp

ALTAR Score™:

5.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XOUT
Ticker	Fund Name	Overlap¹ vs XOUT (%)	Expense ratio (bp)	Savings vs XOUT (bp)	ALTAR Score™ (%)	ALTAR vs XOUT (%)
PRID	InsightShares LGBT Employment Equality	70.7	65	-5	5.4	+0.3
IWF	iShares Russell 1000 Growth	66.4	19	41	5.0	-0.1
VONG	Vanguard Russell 1000 Growth	66.1	12	48	5.1	0.0
SPXN	ProShares S&P 500 Ex-Financials	64.8	27	33	5.9	+0.8
IWL	iShares Russell Top 200	64.8	15	45	5.6	+0.6
OEF	iShares S&P 100	64.6	20	40	5.4	+0.4
OQAL	Invesco Russell 1000 Quality Factor ETF	64.3	19	41	5.3	+0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	63.0	20	40	5.9	+0.8
SPXE	ProShares S&P 500 Ex-Energy	63.0	27	33	5.8	+0.7
JUST	Goldman Sachs JUST U.S. Large Cap Equity	62.5	20	40	5.6	+0.5
PBP	Invesco S&P 500 Buy/Write	62.2	49	11	5.4	+0.4
MGC	Vanguard Mega Cap 300 ETF	62.2	7	53	5.8	+0.7
HSPX	Global X S&P 500 Covered Call	61.4	65	-5	5.3	+0.2
SNPE	Xtrackers S&P 500 ESG	61.2	11	49	5.7	+0.7
IVV	iShares Core S&P 500	61.2	4	56	5.9	+0.8
SFY	SoFi Select 500	61.1	0	60	5.6	+0.5
SPY	S&P 500 SPDR	61.1	9	51	5.8	+0.8
SPYG	SPDR Portfolio S&P 500 Growth	61.1	4	56	5.0	-0.0
IVW	iShares S&P 500 Growth	61.0	18	42	4.9	-0.2
VOO	Vanguard S&P 500 ETF	60.9	3	57	5.9	+0.9

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	GraniteShares XOUT US Large Cap
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	21.3	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	5.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.