FPAG vs. MOAT ETF Comparison

Comparison of FPA Global Equity ETF (FPAG) to Market Vectors Wide Moat ETF (MOAT)

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

$29.21

Average Daily Volume

13,799

Number of Holdings ^*

* may have additional holdings in another (foreign) market

MOAT

Market Vectors Wide Moat ETF

MOAT Description

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MorningstarÂ® Wide Moat Focus IndexSM (the "Wide Moat Index"). The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The index is comprised of securities issued by companies that Morningstar, Inc. ("Morningstar" or the "Wide Moat Index Provider") determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors ("wide moat companies"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$93.15

Average Daily Volume

751,012

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FPAG	MOAT
30 Days	1.99%	6.34%
60 Days	-3.34%	8.06%
90 Days	-0.84%	7.46%
12 Months	21.79%	18.89%

4 Overlapping Holdings

Symbol	Grade	Weight in FPAG	Weight in MOAT	Overlap
AMZN	D	3.39%	1.13%	1.13%
CMCSA	C	4.78%	2.32%	2.32%
GOOGL	D	6.38%	1.42%	1.42%
IFF	A	3.84%	2.75%	2.75%

FPAG Overweight 21 Positions Relative to MOAT

Symbol	Grade	Weight
META	C	5.35%
ADI	C	5.13%
C	D	4.88%
TEL	C	4.58%
GOOG	D	4.17%
WFC	D	3.66%
AON	A	2.69%
AVGO	D	2.26%
NXPI	D	2.21%
KMX	C	1.85%
CHTR	C	1.75%
KMI	B	1.72%
MAR	D	1.69%
FE	A	1.49%
HWM	B	1.29%
ICLR	D	1.26%
WAB	B	1.23%
UBER	B	1.16%
NFLX	B	0.66%
BABA	B	0.29%
PCG	A	0.21%

FPAG Underweight 50 Positions Relative to MOAT

Symbol	Grade	Weight
RTX	B	-2.84%
MO	A	-2.83%
TRU	B	-2.76%
KVUE	A	-2.7%
CPB	A	-2.69%
EFX	B	-2.68%
GILD	A	-2.66%
FTNT	B	-2.64%
MKTX	A	-2.64%
ADBE	B	-2.6%
SBUX	B	-2.58%
USB	B	-2.56%
ALLE	B	-2.51%
PFE	D	-2.43%
ADSK	B	-2.42%
CTVA	B	-2.42%
BMY	B	-2.4%
A	B	-2.32%
ZBH	D	-2.28%
VEEV	A	-2.23%
NKE	C	-2.01%
ETSY	F	-1.96%
EL	F	-1.69%
CHRW	B	-1.65%
TYL	A	-1.6%
PM	A	-1.57%
LMT	A	-1.51%
WDAY	C	-1.42%
NOC	B	-1.38%
TER	D	-1.38%
CLX	A	-1.36%
BIO	A	-1.33%
HII	B	-1.32%
MAS	B	-1.31%
WAT	B	-1.3%
KEYS	C	-1.27%
CRM	D	-1.26%
PEP	A	-1.24%
TMO	A	-1.22%
HON	D	-1.18%
MDT	A	-1.18%
ROP	C	-1.17%
ROK	D	-1.15%
MSFT	D	-1.15%
EMR	D	-1.1%
SCHW	D	-1.08%
BA	F	-1.07%
BIIB	D	-1.06%
MCHP	D	-1.03%
DIS	F	-1.02%