USMC vs. FPAG ETF Comparison

Comparison of Principal U.S. Mega-Cap ETF (USMC) to FPA Global Equity ETF (FPAG)

USMC

Principal U.S. Mega-Cap ETF

USMC Description

The investment seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq US Mega Cap Select Leaders Index (the index). Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities of companies in the Nasdaq US 500 Large Cap Index (the parent index) that have the largest market capitalizations, with higher weights given to less volatile securities.

Grade (RS Rating)

Last Trade

$57.11

Average Daily Volume

45,628

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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

$30.80

Average Daily Volume

28,462

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	USMC	FPAG
30 Days	0.04%	0.01%
60 Days	6.49%	5.72%
90 Days	11.53%	7.82%
12 Months	32.75%	29.27%

5 Overlapping Holdings

Symbol	Grade	Weight in USMC	Weight in FPAG	Overlap
AMZN	A	3.42%	3.39%	3.39%
AVGO	B	3.88%	2.26%	2.26%
GOOGL	B	3.89%	6.38%	3.89%
META	B	4.62%	5.35%	4.62%
NFLX	A	4.53%	0.66%	0.66%

USMC Overweight 20 Positions Relative to FPAG

Symbol	Grade	Weight
AAPL	C	6.9%
MSFT	D	6.39%
BRK.A	D	5.15%
JPM	B	4.88%
NVDA	B	4.85%
MA	B	4.84%
V	A	4.82%
PG	D	4.63%
XOM	B	4.61%
UNH	D	4.16%
HD	B	3.35%
WMT	A	3.12%
ABBV	B	3.05%
JNJ	D	3.04%
BAC	B	2.86%
LLY	F	2.73%
COST	C	2.72%
AMD	F	2.47%
TSLA	B	2.39%
MRK	F	2.37%

USMC Underweight 20 Positions Relative to FPAG

Symbol	Grade	Weight
ADI	C	-5.13%
C	B	-4.88%
CMCSA	B	-4.78%
TEL	B	-4.58%
GOOG	B	-4.17%
IFF	D	-3.84%
WFC	B	-3.66%
AON	B	-2.69%
NXPI	D	-2.21%
KMX	D	-1.85%
CHTR	B	-1.75%
KMI	A	-1.72%
MAR	B	-1.69%
FE	D	-1.49%
HWM	B	-1.29%
ICLR	F	-1.26%
WAB	A	-1.23%
UBER	C	-1.16%
BABA	B	-0.29%
PCG	B	-0.21%