FPAG vs. ICAP ETF Comparison

Comparison of FPA Global Equity ETF (FPAG) to InfraCap Equity Income Fund ETF (ICAP)

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

$30.94

Average Daily Volume

27,642

Number of Holdings ^*

* may have additional holdings in another (foreign) market

ICAP

InfraCap Equity Income Fund ETF

ICAP Description

The investment seeks to maximize income and pursue total return opportunities. The fund, under normal conditions, will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies that pay dividends during normal market conditions. The fund will invest primarily in securities of U.S. companies, but may invest in foreign securities, including securities of companies located in emerging markets. To obtain high yield and total return, the adviser will favor sectors and industries that it currently views are undervalued on a relative basis.

Grade (RS Rating)

Last Trade

$27.70

Average Daily Volume

7,933

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FPAG	ICAP
30 Days	0.15%	0.25%
60 Days	1.44%	1.68%
90 Days	2.86%	6.93%
12 Months	24.01%	29.60%

4 Overlapping Holdings

Symbol	Grade	Weight in FPAG	Weight in ICAP	Overlap
AMZN	B	3.39%	3.87%	3.39%
AVGO	D	2.26%	1.95%	1.95%
C	B	4.88%	4.23%	4.23%
KMI	A	1.72%	1.0%	1.0%

FPAG Overweight 21 Positions Relative to ICAP

Symbol	Grade	Weight
GOOGL	B	6.38%
META	C	5.35%
ADI	D	5.13%
CMCSA	B	4.78%
TEL	C	4.58%
GOOG	B	4.17%
IFF	D	3.84%
WFC	A	3.66%
AON	B	2.69%
NXPI	F	2.21%
KMX	C	1.85%
CHTR	B	1.75%
MAR	B	1.69%
FE	C	1.49%
HWM	A	1.29%
ICLR	D	1.26%
WAB	B	1.23%
UBER	F	1.16%
NFLX	A	0.66%
BABA	D	0.29%
PCG	A	0.21%

FPAG Underweight 68 Positions Relative to ICAP

Symbol	Grade	Weight
GS	B	-4.97%
EQIX	A	-4.14%
CVX	A	-4.14%
MTB	A	-3.96%
KRC	C	-3.91%
MPLX	A	-3.27%
AES	F	-3.2%
CFG	B	-3.15%
BXP	D	-3.13%
BAC	A	-3.05%
ORCL	A	-3.02%
FRT	B	-2.91%
SLMBP	D	-2.79%
DLR	A	-2.77%
AB	A	-2.37%
ARE	F	-2.06%
TFC	B	-2.05%
MS	B	-1.98%
NYMTN	D	-1.95%
UGI	C	-1.83%
KHC	F	-1.82%
REXR	F	-1.7%
SPG	A	-1.69%
EIX	C	-1.67%
JPM	B	-1.61%
MCD	D	-1.58%
FANG	C	-1.48%
ARES	A	-1.47%
VOD	D	-1.43%
O	D	-1.28%
SO	C	-1.27%
DOW	F	-1.17%
CCI	C	-1.07%
FITB	B	-1.06%
XOM	A	-1.05%
USB	A	-1.03%
HON	B	-1.01%
BLMN	F	-0.98%
HPE	B	-0.98%
MRK	F	-0.85%
NWN	A	-0.74%
CAT	C	-0.68%
PM	A	-0.65%
IRM	C	-0.63%
RTX	D	-0.62%
MMM	D	-0.58%
MSFT	D	-0.55%
AMT	D	-0.55%
CSCO	B	-0.5%
VZ	C	-0.36%
CTDD	B	-0.33%
EPR	D	-0.31%
PAA	B	-0.3%
RRR	F	-0.26%
NEE	C	-0.26%
NEE	C	-0.21%
DUK	C	-0.21%
OKE	A	-0.19%
T	A	-0.18%
JNJ	D	-0.08%
MO	A	-0.07%
KO	D	-0.07%
ET	A	-0.03%
GD	D	-0.02%
WMB	A	-0.01%
D	C	-0.01%
UZE	B	-0.01%
UNH	B	-0.01%