FPAG vs. KWEB ETF Comparison

Comparison of FPA Global Equity ETF (FPAG) to KraneShares CSI China Internet ETF (KWEB)

FPAG

FPA Global Equity ETF

FPAG Description

Although the adviser has adopted a policy to invest at least 80% of its assets in equity securities, the adviser expects to invest, under normal circumstances, at least 95% of the fund?s assets in equity securities. The fund invests primarily in publicly traded common stocks of mid- and large-cap U.S. and non-U.S. companies, including companies in emerging market countries. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$29.81

Average Daily Volume

16,903

Number of Holdings ^*

* may have additional holdings in another (foreign) market

KWEB

KraneShares CSI China Internet ETF

KWEB Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific foreign equity securities benchmark. The fund will normally invest at least 80% of its total assets in equity securities of its current benchmark, the CSI Overseas China Internet Index or in depositary receipts representing securities of the underlying index. The underlying index is designed to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the Internet and Internet-related sectors. It is non-diversified.

Grade (RS Rating)

Last Trade

$32.26

Average Daily Volume

20,287,251

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FPAG	KWEB
30 Days	7.97%	26.76%
60 Days	7.58%	21.60%
90 Days	9.19%	26.96%
12 Months	28.39%	22.07%

1 Overlapping Holdings

	Symbol	Grade	Weight in FPAG	Weight in KWEB	Overlap
	BABA	C	0.29%	8.71%	0.29%

FPAG Overweight 24 Positions Relative to KWEB

Symbol	Grade	Weight
GOOGL	A	6.38%
META	D	5.35%
ADI	B	5.13%
C	B	4.88%
CMCSA	F	4.78%
TEL	B	4.58%
GOOG	A	4.17%
IFF	A	3.84%
WFC	C	3.66%
AMZN	C	3.39%
AON	F	2.69%
AVGO	B	2.26%
NXPI	B	2.21%
KMX	F	1.85%
CHTR	F	1.75%
KMI	A	1.72%
MAR	D	1.69%
FE	B	1.49%
HWM	A	1.29%
ICLR	D	1.26%
WAB	A	1.23%
UBER	D	1.16%
NFLX	B	0.66%
PCG	A	0.21%

FPAG Underweight 15 Positions Relative to KWEB

Symbol	Grade	Weight
PDD	B	-7.0%
TCOM	B	-5.64%
TME	B	-4.8%
BZ	B	-4.63%
YMM	B	-4.41%
BEKE	C	-3.84%
TAL	C	-3.49%
BIDU	D	-3.46%
VIPS	D	-3.19%
BILI	C	-2.08%
QFIN	B	-1.7%
IQ	C	-1.49%
ATHM	C	-1.11%
YY	D	-0.65%
WB	D	-0.47%