FPAG vs. XSD ETF Comparison

Comparison of FPA Global Equity ETF (FPAG) to SPDR S&P Semiconductor ETF (XSD)

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

$30.82

Average Daily Volume

27,642

Number of Holdings ^*

* may have additional holdings in another (foreign) market

XSD

SPDR S&P Semiconductor ETF

XSD 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 semiconductor segment of a U.S. total market composite index. In seeking to track the performance of the S&P Semiconductor 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 semiconductors industry group of the S&P Total Market Index ("S&P TMI"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$237.64

Average Daily Volume

45,125

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FPAG	XSD
30 Days	0.15%	-4.67%
60 Days	1.44%	0.01%
90 Days	2.86%	0.03%
12 Months	24.01%	17.45%

3 Overlapping Holdings

Symbol	Grade	Weight in FPAG	Weight in XSD	Overlap
ADI	D	5.13%	2.78%	2.78%
AVGO	D	2.26%	3.0%	2.26%
NXPI	F	2.21%	2.87%	2.21%

FPAG Overweight 22 Positions Relative to XSD

Symbol	Grade	Weight
GOOGL	B	6.38%
META	C	5.35%
C	B	4.88%
CMCSA	B	4.78%
TEL	C	4.58%
GOOG	B	4.17%
IFF	D	3.84%
WFC	A	3.66%
AMZN	B	3.39%
AON	B	2.69%
KMX	C	1.85%
CHTR	B	1.75%
KMI	A	1.72%
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 34 Positions Relative to XSD

Symbol	Grade	Weight
CRDO	C	-4.33%
RMBS	C	-3.85%
INTC	C	-3.75%
MTSI	B	-3.68%
NVDA	A	-3.63%
MRVL	B	-3.59%
SITM	B	-3.55%
SMTC	B	-3.35%
LSCC	F	-3.33%
AMBA	B	-3.23%
MU	D	-3.21%
TXN	C	-3.04%
PI	D	-2.9%
QCOM	F	-2.88%
SLAB	F	-2.79%
ON	F	-2.76%
AMD	F	-2.69%
ALGM	F	-2.61%
POWI	D	-2.54%
FSLR	F	-2.52%
MCHP	F	-2.49%
SWKS	F	-2.42%
OLED	F	-2.35%
CRUS	F	-2.25%
SYNA	D	-2.24%
MPWR	F	-1.86%
QRVO	F	-1.82%
DIOD	F	-1.69%
WOLF	F	-1.57%
MXL	C	-1.31%
INDI	C	-1.14%
AOSL	D	-1.01%
CEVA	B	-0.29%
NVEC	D	-0.16%