FPAG vs. BOUT ETF Comparison

Comparison of FPA Global Equity ETF (FPAG) to Innovator IBD Breakout Opportunities ETF (BOUT)

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

$30.98

Average Daily Volume

12,546

Number of Holdings ^*

* may have additional holdings in another (foreign) market

BOUT

Innovator IBD Breakout Opportunities ETF

BOUT Description

The investment seeks to track, before fees and expenses, the performance of the IBD® Breakout Stocks Index (the "index"). The fund will normally invest at least 80% of its net assets (including investment borrowings) in the equity securities that comprise the index. The index seeks to provide opportunistic investment exposure to those stocks with the potential to "break out," or experience a period of sustained price growth beyond the stock's recent "resistance level," with consideration for various market conditions. The fund is non-diversified. BOUT uses technical analysis to find stocks that are likely to breakout. The funds index relies on an algorithm that establishes a base price (a recent high) for each eligible security. The index then follows the trend for each stock. Selected stocks are ranked by a combination of relative strength and fundamental factors, and then weighted in fixed tiers according to this ranking. In addition, BOUT will move 50% of its portfolio into T-bills based on market signals: a rapid increase in either margin debt or overall stock prices, combined with slowing reversing momentum in the S&P 500. The T-bill position will remain in place until the S&P 500 falls by 50% or show indications of rising momentum. BOUT is rebalanced and reconstituted weekly after the close on Friday. The frequent rebalance schedule means the fund will be highly responsive to the technical factors that drive its strategy, but could also experience high turnover.

Grade (RS Rating)

Last Trade

$36.44

Average Daily Volume

1,219

Number of Holdings ^*

126

* may have additional holdings in another (foreign) market

Performance

Period	FPAG	BOUT
30 Days	2.70%	0.87%
60 Days	3.81%	1.30%
90 Days	4.93%	4.73%
12 Months	31.39%	20.89%

3 Overlapping Holdings

Symbol	Grade	Weight in FPAG	Weight in BOUT	Overlap
GOOGL	D	6.38%	1.32%	1.32%
NFLX	B	0.66%	0.66%	0.66%
NXPI	D	2.21%	2.33%	2.21%

FPAG Overweight 22 Positions Relative to BOUT

Symbol	Grade	Weight
META	B	5.35%
ADI	C	5.13%
C	C	4.88%
CMCSA	C	4.78%
TEL	D	4.58%
GOOG	D	4.17%
IFF	A	3.84%
WFC	D	3.66%
AMZN	C	3.39%
AON	B	2.69%
AVGO	C	2.26%
KMX	D	1.85%
CHTR	D	1.75%
KMI	C	1.72%
MAR	B	1.69%
FE	B	1.49%
HWM	B	1.29%
ICLR	F	1.26%
WAB	B	1.23%
UBER	C	1.16%
BABA	B	0.29%
PCG	C	0.21%

FPAG Underweight 123 Positions Relative to BOUT

Symbol	Grade	Weight
FFTY	C	-8.0%
MELI	C	-2.45%
KLAC	D	-2.39%
VIK	D	-2.36%
SPGI	C	-2.36%
PACS	C	-2.36%
QRVO	F	-2.35%
AHR	B	-2.34%
NVS	C	-2.33%
IDCC	B	-2.33%
CHKP	B	-2.33%
PGR	C	-2.32%
NEM	C	-2.29%
MWA	B	-2.28%
SWI	B	-2.24%
MS	B	-2.06%
GS	B	-2.05%
MPWR	B	-2.03%
OLED	D	-2.02%
AXP	B	-2.01%
AX	D	-2.01%
PPC	D	-1.99%
ISRG	C	-1.99%
FANG	F	-1.99%
MOD	C	-1.98%
MMM	B	-1.97%
KNTK	C	-1.97%
ADBE	F	-1.97%
PSN	B	-1.95%
IOT	C	-1.91%
ALNY	C	-1.35%
RSG	D	-1.34%
ROST	C	-1.34%
NMIH	C	-1.34%
AEM	C	-1.33%
WFRD	F	-1.31%
HLNE	B	-1.31%
EHC	B	-1.31%
ATGE	C	-1.31%
PANW	D	-1.3%
NVO	F	-1.3%
MANH	B	-1.3%
AAON	B	-1.28%
NOW	C	-1.23%
NBIX	F	-0.69%
ANF	D	-0.69%
PSTG	F	-0.68%
HALO	D	-0.68%
BKNG	B	-0.68%
PLTR	C	-0.67%
INTU	D	-0.67%
DSGX	B	-0.67%
VNOM	D	-0.66%
MPLX	B	-0.66%
GMED	D	-0.66%
CYBR	B	-0.66%
AROC	D	-0.66%
VRNS	B	-0.63%
MMYT	D	-0.33%
AMSC	C	-0.33%
ELF	F	-0.32%
CLS	D	-0.32%
SRPT	F	-0.31%
PINS	D	-0.31%
IBKR	B	-0.31%
HESM	D	-0.31%
GRMN	D	-0.31%
FN	C	-0.31%
CRWD	D	-0.31%
ARM	C	-0.31%
ARIS	D	-0.31%
ALKT	D	-0.31%
DDOG	D	-0.3%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%
FFTY	C	-0.0%