ETF Research Center

Twin Oak Endure ETF seeks to provide long-term capital appreciation by investing in a diversified portfolio of high-quality, growth-oriented companies while also incorporating a tactical approach to enhance risk-adjusted returns.

FUND BASICS
Category	US Equities
Fund Sponsor	Twin Oak
Website	twinoaketfs.com/SPYA
Inception date	Jun 02, 2025
Assets (mns)	$130
Currency	USD
Expense ratio	80 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	1
Wgt avg mkt cap (mns)	$183,223
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	123.4 %
VANGUARD S&P 500 ETF	55.4 %
TWIN OAK SHORT HORIZON ABSOLUTE RE	30.7 %
SPDR S&P 500 ETF TRUST SWAP CS	18.2 %
UNITED STATES TREASURY BILL 07/14/	7.5 %
STATE STREET SPDR S&P 500 ETF SWAP	4.3 %
STATE STREET SPDR S&P 500 ETF SWAP	4.2 %
SPDR S&P 500 ETF SWAP NOMURA	0.9 %
SPY 07/17/2026 750.15 C	0.8 %
CITIGROUP GLOBAL MARKETS HOLDINGS	0.8 %
GS FINANCE CORP 0% 03/11/2031	0.7 %

TOP COUNTRY EXPOSURE
		0.0 %

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.
8.5%	--	--	--	21.2%

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

Technical Indicators
Recent close	$29.71
30d moving avg.	$29.69
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	1.47%
ADV underlying (mns)	$0

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 5 potential alternatives to the Twin Oak Endure ETF ETF based on the alternatives' overlap in portfolio holdings with SPYA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SPYA

Expense:

80 bp

ALTAR Score™:

0.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPYA
Ticker	Fund Name	Overlap¹ vs SPYA (%)	Expense ratio (bp)	Savings vs SPYA (bp)	ALTAR Score™ (%)	ALTAR vs SPYA (%)
DAK	Dakota Active Equity ETF	3.5	43	37	3.7	+2.9
USEW	Cambria US EW ETF	1.5	30	50	4.1	+3.3
GEW	Cambria Global EW ETF	0.6	29	51	5.4	+4.6
SGLC	SGI U.S. Large Cap Core ETF	0.5	85	-5	3.6	+2.8
DEUS	Xtrackers Russell US Multifactor ETF	0.0	17	63	6.4	+5.6

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:	Twin Oak Endure 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	8.2	%
Divided by: Fwd. P/BV	5.1	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	0.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	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.