ETF Research Center

AlphaDroid Defensive Sector Rotation ETF aims to provide capital appreciation by dynamically rotating investments among defensive sectors of the economy based on market conditions and economic trends.

FUND BASICS
Category	US Equities
Fund Sponsor	AlphaDroid
Website	alphadroidetfs.com/ezro
Inception date	Oct 15, 2025
Assets (mns)	$33
Currency	USD
Expense ratio	120 bp
Distributions

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	5
Wgt avg mkt cap (mns)	$740,078
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	0.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	100.0 %
STATE STREET ENERGY SELECT SECTOR	48.6 %
ISHARES MSCI EMERGING MARKETS INDE	13.7 %
ISHARES US TELECOMMUNICATIONS ETF	13.4 %
ISHARES U.S. ENERGY ETF	12.2 %
VANGUARD ENERGY ETF	12.1 %
CASH & OTHER	0.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	83.3 %
	TAIWAN	5.6 %
	SOUTH KOREA	4.0 %
	CHINA	3.4 %
	INDIA	2.1 %
	BRAZIL	0.7 %
	SAUDI ARABIA	0.5 %
	LUXEMBOURG	0.5 %
	SOUTH AFRICA	0.5 %
	MEXICO	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
7.2%	--	--	--	5.4%

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

Technical Indicators
Recent close	$24.92
30d moving avg.	$26.52
Annualized volatility	0.0%
Short interest (ETF)	5.0%
Relative strength (RSI)	41

Liquidity measures
Avg. volume (thou.)	14
Turnover	1.0%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$0

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 5 potential alternatives to the AlphaDroid Defensive Sector Rotation ETF ETF based on the alternatives' overlap in portfolio holdings with EZRO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EZRO

Expense:

120 bp

ALTAR Score™:

2.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EZRO
Ticker	Fund Name	Overlap¹ vs EZRO (%)	Expense ratio (bp)	Savings vs EZRO (bp)	ALTAR Score™ (%)	ALTAR vs EZRO (%)
EQL	Alps Equal Sector Weight ETF	4.0	25	95	5.1	+3.0
XNAV	FundX Aggressive ETF	4.0	141	-21	3.2	+1.1
SSUS	Day Hagan/Ned Davis Research Smart Sector ETF	1.9	79	41	3.4	+1.3
SGLC	SGI U.S. Large Cap Core ETF	1.1	85	35	3.6	+1.5
GXPE	Global X PureCap MSCI Energy ETF	0.1	25	95	6.6	+4.5

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:	AlphaDroid Defensive Sector Rotation ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	23.5	%
Divided by: Fwd. P/BV	7.1	x
Less: Expense ratio	120	bp
Equals: ALTAR Score	2.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.57

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.