FPAG vs. RULE ETF Comparison

Comparison of FPA Global Equity ETF (FPAG) to Adaptive Core ETF (RULE)

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

$30.99

Average Daily Volume

28,017

Number of Holdings ^*

* may have additional holdings in another (foreign) market

RULE

Adaptive Core ETF

RULE Description

Adaptive Core ETF seeks current income. The fund invests in individual equity securities without regard to market capitalization and ETFs that invest in equity securities of any market capitalization including convertible equity securities and fixed income ETFs. The fund’s portfolio may hold securities from issuers of any market capitalization, credit quality, maturity, or country. Fixed income securities may include securities with credit quality below investment grade (commonly referred to as “junk bond” credit quality).

Grade (RS Rating)

Last Trade

$23.31

Average Daily Volume

5,937

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FPAG	RULE
30 Days	1.22%	5.63%
60 Days	1.82%	5.87%
90 Days	1.89%	6.41%
12 Months	23.71%	21.71%

3 Overlapping Holdings

Symbol	Grade	Weight in FPAG	Weight in RULE	Overlap
AON	A	2.69%	3.04%	2.69%
NFLX	A	0.66%	2.78%	0.66%
UBER	D	1.16%	2.8%	1.16%

FPAG Overweight 22 Positions Relative to RULE

Symbol	Grade	Weight
GOOGL	C	6.38%
META	D	5.35%
ADI	D	5.13%
C	A	4.88%
CMCSA	B	4.78%
TEL	B	4.58%
GOOG	C	4.17%
IFF	D	3.84%
WFC	A	3.66%
AMZN	C	3.39%
AVGO	D	2.26%
NXPI	D	2.21%
KMX	B	1.85%
CHTR	C	1.75%
KMI	A	1.72%
MAR	B	1.69%
FE	C	1.49%
HWM	A	1.29%
ICLR	D	1.26%
WAB	B	1.23%
BABA	D	0.29%
PCG	A	0.21%

FPAG Underweight 32 Positions Relative to RULE

Symbol	Grade	Weight
BIL	A	-4.27%
JPST	A	-4.26%
CRM	B	-3.6%
APO	B	-3.39%
WMB	A	-3.07%
EQIX	A	-3.05%
PCAR	B	-3.04%
XLG	B	-3.04%
SPHQ	A	-3.03%
CAH	B	-3.0%
VST	B	-2.96%
INTU	C	-2.95%
V	A	-2.95%
IWF	B	-2.91%
FI	A	-2.91%
BK	A	-2.88%
PH	A	-2.87%
CTAS	B	-2.84%
GWW	B	-2.82%
PGR	A	-2.72%
HD	A	-2.7%
FTNT	C	-2.67%
RMD	C	-2.65%
FCNCA	A	-2.59%
URI	B	-2.57%
GPN	B	-2.51%
IRM	D	-2.47%
VRT	B	-2.41%
IBM	C	-2.35%
PAYX	C	-2.18%
ADBE	C	-1.94%
ARES	A	-1.81%