KEAT vs. SMLF ETF Comparison

Comparison of Keating Active ETF (KEAT) to iShares FactorSelect MSCI USA Small-Cap ETF (SMLF)

KEAT

Keating Active ETF

KEAT Description

KEAT actively invests in equity securities of all-cap companies considered undervalued based on the subadvisor's fundamental research. These securities include common stock, preferred stock, REITs, ADRs, and GDRs. The fund also considers and invests in international ETFs in the same manner it selects its individual securities. The sub-adviser initially identifies potential investment opportunities through public disclosures, and assesses their financial condition based on sustainable earnings and future cash flows through financial and strategic analyses. The portfolio will typically be comprised of 25 to 40 securities, all selected to offer exceptional value and have defensible positions. The fund also emphasizes companies with good shareholder yield. It intends to hold its positions for a year or more and sells them when it reaches its fair value or has become overvalued. KEAT may also hold short-term Treasurys in seeking total return.

Grade (RS Rating)

Last Trade

$24.92

Average Daily Volume

12,877

Number of Holdings ^*

* may have additional holdings in another (foreign) market

SMLF

iShares FactorSelect MSCI USA Small-Cap ETF

SMLF Description

The investment seeks to track the investment results of the MSCI USA Small Cap Diversified Multi-Factor Index (the "underlying index"), which has been developed by MSCI Inc. ("MSCI"). The underlying index is designed to select equity securities from MSCI USA Small Cap Index (the "Parent index") that have high exposure to four investment style factors: value, quality, momentum and low size, while maintaining a level of risk similar to that of the Parent index. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$60.74

Average Daily Volume

80,281

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	KEAT	SMLF
30 Days	-1.45%	-2.66%
60 Days	0.00%	2.24%
90 Days		-2.49%
12 Months		17.48%

0 Overlapping Holdings

	Symbol	Grade	Weight in KEAT	Weight in SMLF	Overlap

KEAT Overweight 8 Positions Relative to SMLF

Symbol	Grade	Weight
STIP	A	29.06%
GOLD	C	3.87%
TTE	D	3.55%
EQC	B	3.54%
OII	D	3.45%
LBTYK	C	3.28%
LMT	A	2.93%
VZ	B	2.88%

KEAT Underweight 9 Positions Relative to SMLF

Symbol	Grade	Weight
DECK	B	-0.87%
EME	B	-0.86%
WSM	C	-0.63%
EVR	B	-0.62%
NVT	B	-0.61%
DKS	B	-0.58%
FR	D	-0.57%
BPOP	C	-0.57%
JBL	F	-0.56%

KEAT: Top Represented Industries & Keywords

Industries: Aerospace & Defense Gold Oil & Gas Equipment & Services Oil & Gas Integrated Pay TV REIT - Office Telecom Services