FMCX vs. WBIF ETF Comparison

Comparison of FMC Excelsior Focus Equity ETF (FMCX) to WBI Large Cap Tactical Value Shares (WBIF)

FMCX

FMC Excelsior Focus Equity ETF

FMCX Description

The fund is an actively managed exchange-traded fund (?ETF?) that, during normal market conditions, seeks to invest in approximately 25-30 U.S. exchange-traded common stocks of companies that are listed on U.S. national securities exchanges and trade contemporaneously with the shares of the fund. The fund adviser may also hold concentrated positions in common stocks, although the fund?s guidelines provide that no single investment should generally be more than 10% of the fund?s portfolio at acquisition. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$31.80

Average Daily Volume

Number of Holdings ^*

* may have additional holdings in another (foreign) market

WBIF

WBI Large Cap Tactical Value Shares

WBIF Description

The investment seeks long-term capital appreciation and the potential for current income, while also seeking to protect principal during unfavorable market conditions. The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the equity securities of large capitalization domestic and foreign companies which WBI Investments, Inc., the sub-advisor to the fund and an affiliate of Millington Securities Inc., the advisor, believes display an attractive discount in a company's intrinsic value relative to its market price, and up to 20% of its net assets in other tactical investment opportunities.

Grade (RS Rating)

Last Trade

$29.71

Average Daily Volume

1,657

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FMCX	WBIF
30 Days	0.15%	1.19%
60 Days	2.99%	2.26%
90 Days	6.20%	3.28%
12 Months	25.02%	11.64%

1 Overlapping Holdings

	Symbol	Grade	Weight in FMCX	Weight in WBIF	Overlap
	V	A	0.21%	4.26%	0.21%

FMCX Overweight 51 Positions Relative to WBIF

Symbol	Grade	Weight
AAPL	C	6.93%
UNH	B	6.84%
KKR	B	6.14%
IAC	D	5.35%
AMZN	B	5.01%
GDDY	A	4.98%
MSFT	D	4.79%
LBRDK	C	4.24%
LSXMK	D	4.22%
GGG	B	3.98%
PYPL	B	3.9%
MTCH	F	3.18%
LSXMA	D	1.79%
GOOGL	B	1.77%
LBRDA	C	1.74%
PG	C	1.3%
PM	A	1.21%
YUM	D	1.18%
CMCSA	B	1.13%
MCD	D	1.12%
AMGN	D	1.11%
KEYS	A	1.06%
VUSB	A	0.92%
ICSH	A	0.92%
GILD	B	0.87%
CL	D	0.85%
MO	A	0.84%
ENTG	F	0.82%
ARWR	D	0.72%
NKE	F	0.68%
HON	B	0.6%
DHR	D	0.55%
GOOG	B	0.5%
BAX	F	0.47%
YUMC	B	0.42%
MUSA	B	0.4%
SPGI	D	0.37%
MTX	C	0.33%
KEX	A	0.33%
EQR	C	0.3%
JPM	B	0.3%
MUR	D	0.25%
FWONK	A	0.21%
BKNG	A	0.19%
FLWS	D	0.15%
GD	D	0.13%
BATRK	D	0.11%
PNR	B	0.1%
FWONA	A	0.05%
VMEO	B	0.03%
BATRA	F	0.02%

FMCX Underweight 42 Positions Relative to WBIF

Symbol	Grade	Weight
WRB	A	-4.74%
UHS	D	-4.68%
FIX	A	-4.58%
KBH	D	-4.54%
NXST	D	-4.43%
CI	D	-4.26%
DKS	D	-4.24%
PRU	B	-4.14%
ACN	B	-3.98%
UNM	A	-3.93%
MCK	A	-3.93%
AMAT	F	-3.55%
RGA	B	-3.26%
VOYA	B	-3.26%
OXY	D	-2.81%
PHM	D	-2.6%
MMC	D	-2.12%
CF	A	-1.86%
ADP	B	-1.53%
AXP	B	-1.53%
AME	A	-1.46%
G	B	-1.44%
PRI	B	-1.42%
PAYX	B	-1.39%
BR	B	-1.36%
TXRH	B	-1.33%
CASY	A	-1.28%
RMD	C	-1.23%
FLTR	A	-0.76%
FALN	A	-0.75%
AGZD	A	-0.75%
FTSL	A	-0.69%
ALSN	B	-0.67%
THG	A	-0.59%
DCI	B	-0.56%
GL	C	-0.55%
STIP	A	-0.54%
TOL	B	-0.54%
ALLE	D	-0.53%
CBT	C	-0.53%
DOX	D	-0.52%
BKLN	A	-0.32%