ETF Research Center

XVOL is an actively managed fund that seeks capital growth with reduced volatility as compared to the S&P 500 by purchasing options contracts on the VIX Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Toroso Investments
Website	www.acruenceetf.com
Inception date	Apr 22, 2021
Assets (mns)	$4
Currency	USD
Expense ratio	83 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	Yes
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	50
Wgt avg mkt cap (mns)	$117,051
Large cap (>$10bn)	78.0%
Mid cap ($2-10bn)	12.3%
Small cap (<$2bn)	9.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	30.7 %
BROADCOM INC.	4.9 %
MPLX LP	3.9 %
HERITAGE FINANCIAL CORP	3.4 %
KEYCORP	3.0 %
CASH & OTHER	2.8 %
TRUIST FINANCIAL CORPORATION	2.8 %
CME GROUP INC	2.6 %
PALANTIR TECHNOLOGIES INC. CLASS A	2.5 %
CARVANA CO. CLASS A	2.4 %
UNIVERSAL CORP/VA	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.4 %
	BERMUDA	1.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-6.7%	4.6%	--	--	1.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.01	87%
MSCI EAFE	0.80	57%
MSCI Emg. Mkts.	0.56	28%

Technical Indicators
Recent close	$20.51
30d moving avg.	$19.64
Annualized volatility	18.0%
Short interest (ETF)	12.6%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	8
Turnover	4.0%
Bid/Ask (% of price)	1.09%
ADV underlying (mns)	$86,699

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 30 potential alternatives to the Acruence Active Hedge U.S. Equity ETF ETF based on the alternatives' overlap in portfolio holdings with XVOL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XVOL

Expense:

83 bp

ALTAR Score™:

4.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XVOL
Ticker	Fund Name	Overlap¹ vs XVOL (%)	Expense ratio (bp)	Savings vs XVOL (bp)	ALTAR Score™ (%)	ALTAR vs XVOL (%)
QQQA	ProShares Nasdaq-100 Dorsey Wright Momentum ETF	14.4	58	25	2.5	-1.9
SIXH	ETC 6 Meridian Hedged Equity Index Option ETF	13.5	82	1	7.2	+2.8
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	12.5	60	23	4.2	-0.2
QYLD	Global X NASDAQ 100 Covered Call ETF	12.4	60	23	4.2	-0.2
MMLG	First Trust Multi-Manager Large Growth ETF	12.4	85	-2	2.1	-2.3
FTQI	First Trust Nasdaq BuyWrite Income ETF	12.3	75	8	3.9	-0.6
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	11.9	60	23	4.2	-0.3
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	11.5	68	15	4.1	-0.3
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	11.4	25	58	4.5	+0.1
QTR	Global X NASDAQ 100 Tail Risk ETF	11.3	26	57	4.5	+0.1
XYLD	Global X S&P 500 Covered Call ETF	9.7	60	23	5.0	+0.5
PBP	Invesco S&P 500 BuyWrite ETF	9.7	49	34	5.0	+0.6
XRMI	Global X S&P 500 Risk Managed Income ETF	9.7	60	23	5.0	+0.5
XYLG	Global X S&P 500 Covered Call & Growth ETF	9.3	60	23	5.0	+0.5
ACIO	Aptus Collared Investment Opportunity ETF	9.2	79	4	4.4	+0.0
GARP	iShares MSCI USA Quality GARP ETF	9.1	15	68	4.6	+0.2
XCLR	Global X S&P 500 Collar 95-110 ETF	8.9	25	58	5.3	+0.9
XTR	Global X S&P 500 Tail Risk ETF	8.8	26	57	5.3	+0.8
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	8.7	35	48	4.6	+0.2
FTHI	First Trust BuyWrite Income ETF	8.0	75	8	5.1	+0.7
SFLR	Innovator Equity Managed Floor ETF	7.3	89	-6	4.3	-0.1
CCOR	Core Alternative ETF	5.5	107	-24	5.5	+1.1
THNQ	ROBO Global Artificial Intelligence ETF	5.2	68	15	2.7	-1.7
DIVO	Amplify CWP Enhanced Dividend Income ETF	5.1	55	28	5.4	+1.0
DJIA	Global X Dow 30 Covered Call ETF	4.4	60	23	5.5	+1.1
DYLG	Global X Dow 30 Covered Call & Growth ETF	4.4	60	23	5.4	+1.0
TYLG	Global X Information Technology Covered Call & Growth ETF	4.3	60	23	4.7	+0.3
KNG	FT Vest S&P 500 Dividend Aristocrats Target Income ETF	4.0	75	8	5.8	+1.4
EFIV	SPDR S&P 500 ESG ETF	4.0	10	73	5.6	+1.2
IDVO	Amplify International Enhanced Dividend Income ETF	2.0	65	18	5.7	+1.3

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Acruence Active Hedge U.S. Equity ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.2	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	83	bp
Equals: ALTAR Score	4.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.58

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.