FPAG vs. LTL ETF Comparison

Comparison of FPA Global Equity ETF (FPAG) to ProShares Ultra Telecommunications ProShares (LTL)

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

$28.29

Average Daily Volume

18,969

Number of Holdings ^*

* may have additional holdings in another (foreign) market

LTL

ProShares Ultra Telecommunications ProShares

LTL Description

The investment seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Select TelecommunicationsSM Index. The fund invests in securities and derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as two times (2x) the daily return of the index. The index is a measure of U.S. stock market performance of fixed line (regional and long-distance carriers) and mobile telephone services (cellular, satellite and paging services). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$60.08

Average Daily Volume

3,314

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FPAG	LTL
30 Days	-0.81%	-4.75%
60 Days	3.13%	2.72%
90 Days	7.96%	4.19%
12 Months	25.65%	68.80%

6 Overlapping Holdings

Symbol	Grade	Weight in FPAG	Weight in LTL	Overlap
CHTR	F	1.87%	2.96%	1.87%
CMCSA	F	5.11%	3.33%	3.33%
GOOG	A	3.83%	8.84%	3.83%
GOOGL	A	5.87%	10.43%	5.87%
META	D	5.95%	18.2%	5.95%
NFLX	D	0.67%	3.23%	0.67%

FPAG Overweight 19 Positions Relative to LTL

Symbol	Grade	Weight
ADI	A	4.77%
C	A	4.72%
TEL	D	4.71%
IFF	A	3.91%
WFC	A	3.78%
AMZN	A	3.39%
AON	D	3.0%
AVGO	B	2.07%
NXPI	B	2.01%
KMX	D	1.86%
KMI	A	1.78%
MAR	D	1.7%
FE	A	1.53%
WAB	A	1.27%
HWM	B	1.26%
ICLR	C	1.21%
UBER	D	1.19%
BABA	C	0.27%
PCG	A	0.22%

FPAG Underweight 16 Positions Relative to LTL

Symbol	Grade	Weight
TMUS	B	-3.62%
EA	D	-3.46%
T	C	-3.42%
VZ	D	-3.39%
DIS	D	-3.36%
TTWO	D	-2.56%
OMC	A	-2.15%
WBD	F	-2.1%
LYV	D	-1.44%
IPG	C	-1.36%
NWSA	D	-1.05%
MTCH	F	-0.98%
FOXA	A	-0.86%
PARA	B	-0.69%
FOX	A	-0.44%
NWS	D	-0.33%