LBO vs. NSI ETF Comparison

Comparison of WHITEWOLF Publicly Listed Private Equity ETF (LBO) to National Security Emerging Markets Index ETF (NSI)

LBO

WHITEWOLF Publicly Listed Private Equity ETF

LBO Description

The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S. publicly listed private equity companies. It defines "listed private equity companies" as Leverage Finance Providers and Buyout Firms, Sponsors, and Asset Managers (collectively, "Listed Private Equity Companies") that are listed and traded on a U.S. national securities exchange. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$34.00

Average Daily Volume

1,354

Number of Holdings ^*

* may have additional holdings in another (foreign) market

NSI

National Security Emerging Markets Index ETF

NSI Description

The fund invests at least 80% of its total assets in component securities of the index. The index consists of stocks listed on globally recognized stock exchanges that excludes companies benefiting end-users that, in the view of the sponsor of the fund, National Security Index, LLC (the "Sponsor") pose a threat to the national security interests of the United States.

Grade (RS Rating)

Last Trade

$26.79

Average Daily Volume

1,132

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	LBO	NSI
30 Days	4.04%	-5.26%
60 Days	10.46%	-0.77%
90 Days	17.24%	-2.09%
12 Months

0 Overlapping Holdings

	Symbol	Grade	Weight in LBO	Weight in NSI	Overlap

LBO Overweight 35 Positions Relative to NSI

Symbol	Grade	Weight
KKR	A	8.25%
ARCC	A	6.95%
FSK	A	6.75%
TPG	A	6.64%
OWL	A	6.37%
BX	A	6.26%
APO	B	6.11%
BXSL	A	6.1%
ARES	A	5.23%
CG	B	5.12%
HTGC	D	4.76%
HLNE	B	3.14%
GBDC	D	3.07%
PSEC	D	2.42%
CSWC	D	2.31%
GSBD	F	2.08%
BBDC	A	1.83%
BCSF	C	1.67%
TRIN	A	1.43%
NMFC	D	1.33%
STEP	C	1.21%
PFLT	D	1.14%
CODI	B	1.09%
TCPC	C	1.07%
CGBD	C	0.82%
CION	C	0.74%
TSLX	C	0.44%
GCMG	B	0.22%
SCM	B	0.2%
PNNT	C	0.2%
FDUS	A	0.16%
GAIN	B	0.14%
SAR	A	0.14%
PX	A	0.14%
TPVG	B	0.14%

LBO Underweight 88 Positions Relative to NSI

Symbol	Grade	Weight
TSM	B	-11.91%
PDD	F	-4.43%
HDB	C	-3.56%
IBN	C	-2.23%
CHT	C	-2.07%
ASX	D	-2.02%
UMC	F	-1.85%
MELI	C	-1.78%
PKX	D	-1.38%
NTES	D	-1.37%
INFY	C	-1.24%
SHG	C	-1.22%
PBR	D	-1.19%
KB	B	-1.19%
KT	A	-1.13%
NU	C	-1.09%
WF	C	-1.08%
TCOM	B	-1.07%
VALE	F	-0.98%
RDY	F	-0.89%
FMX	F	-0.88%
LPL	D	-0.85%
SKM	C	-0.75%
ABEV	F	-0.72%
KEP	B	-0.71%
ZTO	F	-0.68%
ITUB	F	-0.67%
BEKE	D	-0.66%
SSL	F	-0.65%
PHI	D	-0.62%
TKC	B	-0.62%
LI	F	-0.58%
CPNG	D	-0.57%
BGNE	D	-0.56%
VIPS	F	-0.55%
HTHT	D	-0.53%
YMM	C	-0.5%
KOF	F	-0.5%
XPEV	C	-0.5%
SQM	D	-0.47%
PAC	B	-0.47%
WIT	B	-0.44%
ASR	D	-0.44%
QFIN	A	-0.43%
BCH	C	-0.4%
ENIC	B	-0.39%
BILI	D	-0.38%
TLK	D	-0.37%
YUMC	C	-0.36%
XP	F	-0.36%
OMAB	D	-0.35%
CIB	B	-0.35%
GFI	D	-0.35%
NIO	F	-0.33%
TAL	F	-0.31%
BBD	D	-0.31%
HCM	D	-0.28%
CX	F	-0.26%
BZ	F	-0.25%
BSAC	C	-0.24%
BAP	A	-0.24%
IQ	F	-0.23%
TGLS	B	-0.23%
FN	C	-0.23%
GGB	C	-0.23%
ATHM	C	-0.22%
HMY	D	-0.22%
VIST	B	-0.21%
SBSW	D	-0.21%
SUZ	B	-0.18%
STNE	F	-0.18%
ASAI	F	-0.18%
EBR	F	-0.17%
ERJ	A	-0.17%
MMYT	B	-0.16%
EC	D	-0.16%
PAGS	F	-0.15%
VIV	F	-0.14%
CRDO	B	-0.13%
BVN	D	-0.13%
CIG	C	-0.12%
BRFS	C	-0.11%
SBS	B	-0.11%
ELP	F	-0.1%
CSAN	F	-0.1%
UGP	F	-0.1%
BAK	F	-0.09%
BSBR	F	-0.09%

LBO: Top Represented Industries & Keywords

Industries: Asset Management Conglomerates Credit Services Specialty Finance

NSI: Top Represented Industries & Keywords

Industries: Banks - Regional - Latin America Telecom Services Banks - Regional - Asia Internet Content & Information Airports & Air Services Auto Manufacturers Gold Oil & Gas Integrated Semiconductors Specialty Retail Utilities - Regulated Electric Beverages - Brewers Building Materials Chemicals Consumer Electronics Industrial Metals & Minerals Information Technology Services Leisure Oil & Gas Refining & Marketing Software - Application