From: Paul Barrett < Sent: Monday, June 25, 2018 6:38 PM To: Jeffrey E. Cc: Richard Kahn Subject: RE: New Idea for your approval I think most of the regional banks represented in the ETF have faced similar headwinds with respect to increased compliance costs and caps on divididend distributions. This is expected to ease. With the recent SIFI changes I also think we will see an M&A wave. The U.S does not need 6,000 regional banks. I don't know which banks get acquired but owning the ETF will allow us to capture all these themes. Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 From: jeffrey E. <[email protected]> Sent: Monday, June 25, 2018 2:20 PM To: Paul Barrett < Cc: Richard Kahn Subject: Re: New Idea for your approval how many shares of each do we own . sosrry this is extraordiarily silly EFTA_R1_01723236 EFTA02561594