FPAG vs. XRT ETF Comparison

Comparison of FPA Global Equity ETF (FPAG) to SPDR S&P Retail ETF (XRT)

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

$29.60

Average Daily Volume

28,446

Number of Holdings ^*

* may have additional holdings in another (foreign) market

XRT

SPDR S&P Retail ETF

XRT Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the retail segment of a U.S. total market composite index. In seeking to track the performance of the S&P Retail Select Industry Index (the "index"), the fund employs a replication strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the retail industry group of the S&P Total Market Index ("S&P TMI"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$74.98

Average Daily Volume

6,045,836

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FPAG	XRT
30 Days	1.48%	0.59%
60 Days	5.11%	2.94%
90 Days	4.11%	-4.61%
12 Months	23.65%	19.89%

2 Overlapping Holdings

	Symbol	Grade	Weight in FPAG	Weight in XRT	Overlap
	AMZN	B	3.39%	1.45%	1.45%
	KMX	B	1.85%	1.41%	1.41%

FPAG Overweight 23 Positions Relative to XRT

Symbol	Grade	Weight
GOOGL	B	6.38%
META	B	5.35%
ADI	B	5.13%
C	C	4.88%
CMCSA	C	4.78%
TEL	B	4.58%
GOOG	B	4.17%
IFF	B	3.84%
WFC	C	3.66%
AON	C	2.69%
AVGO	C	2.26%
NXPI	B	2.21%
CHTR	C	1.75%
KMI	A	1.72%
MAR	B	1.69%
FE	D	1.49%
HWM	C	1.29%
ICLR	C	1.26%
WAB	D	1.23%
UBER	B	1.16%
NFLX	B	0.66%
BABA	F	0.29%
PCG	D	0.21%

FPAG Underweight 74 Positions Relative to XRT

Symbol	Grade	Weight
CHWY	B	-1.77%
CVNA	B	-1.74%
OLLI	B	-1.51%
SFM	A	-1.46%
KSS	D	-1.45%
GO	D	-1.44%
FL	C	-1.43%
ORLY	B	-1.42%
BURL	B	-1.41%
ODP	D	-1.4%
DG	D	-1.4%
VVV	B	-1.4%
TGT	D	-1.4%
DDS	C	-1.4%
AZO	B	-1.4%
ASO	F	-1.39%
CASY	B	-1.39%
PSMT	C	-1.38%
BKE	D	-1.38%
VSCO	F	-1.38%
SIG	D	-1.38%
PAG	D	-1.38%
SBH	D	-1.38%
WMT	A	-1.37%
BOOT	B	-1.37%
EBAY	B	-1.37%
DKS	B	-1.37%
M	C	-1.37%
TJX	A	-1.37%
MUSA	B	-1.36%
BJ	B	-1.36%
ETSY	F	-1.35%
LAD	D	-1.35%
ROST	B	-1.35%
HIBB	A	-1.35%
WRBY	B	-1.35%
JWN	B	-1.35%
CWH	F	-1.34%
DLTR	F	-1.34%
COST	B	-1.34%
URBN	C	-1.34%
ABG	C	-1.33%
ACI	F	-1.33%
ULTA	F	-1.33%
AAP	F	-1.33%
CAL	D	-1.32%
AEO	F	-1.32%
FIVE	F	-1.32%
KR	D	-1.32%
GES	F	-1.3%
GPS	C	-1.3%
SAH	D	-1.3%
BBY	B	-1.3%
GPI	D	-1.3%
MNRO	D	-1.29%
TSCO	C	-1.29%
AN	D	-1.29%
WINA	F	-1.29%
EYE	D	-1.27%
ANF	B	-1.25%
LESL	F	-1.24%
RVLV	D	-1.23%
BBWI	F	-1.22%
GME	C	-1.18%
HZO	C	-1.13%
WBA	F	-1.06%
DBI	F	-0.96%
SCVL	B	-0.89%
GRPN	B	-0.89%
WMK	D	-0.83%
IMKTA	F	-0.81%
CRMT	F	-0.66%
GCO	D	-0.47%
ARKO	C	-0.32%