FPAG vs. XLC ETF Comparison

Comparison of FPA Global Equity ETF (FPAG) to The Communication Services Select Sector SPDR Fund (XLC)

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

$30.11

Average Daily Volume

26,425

Number of Holdings ^*

* may have additional holdings in another (foreign) market

XLC

The Communication Services Select Sector SPDR Fund

XLC Description

The investment seeks to correspond generally to the price and yield performance of publicly traded equity securities of companies in the Communication Services Select Sector Index. Normally, the fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the index. The index includes companies that have been identified as Communication Services companies by the GICS®, including securities of companies from the following industries: diversified telecommunication services; wireless telecommunication services; media; entertainment; and interactive media & services. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$87.76

Average Daily Volume

4,073,295

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FPAG	XLC
30 Days	1.56%	3.61%
60 Days	5.25%	8.23%
90 Days	5.66%	6.63%
12 Months	26.72%	35.83%

6 Overlapping Holdings

Symbol	Grade	Weight in FPAG	Weight in XLC	Overlap
CHTR	C	1.75%	4.24%	1.75%
CMCSA	F	4.78%	4.46%	4.46%
GOOG	A	4.17%	10.66%	4.17%
GOOGL	A	6.38%	12.72%	6.38%
META	A	5.35%	22.99%	5.35%
NFLX	A	0.66%	4.46%	0.66%

FPAG Overweight 19 Positions Relative to XLC

Symbol	Grade	Weight
ADI	B	5.13%
C	B	4.88%
TEL	B	4.58%
IFF	B	3.84%
WFC	C	3.66%
AMZN	A	3.39%
AON	C	2.69%
AVGO	B	2.26%
NXPI	B	2.21%
KMX	C	1.85%
KMI	B	1.72%
MAR	C	1.69%
FE	C	1.49%
HWM	C	1.29%
ICLR	B	1.26%
WAB	D	1.23%
UBER	B	1.16%
BABA	D	0.29%
PCG	D	0.21%

FPAG Underweight 16 Positions Relative to XLC

Symbol	Grade	Weight
T	B	-4.64%
VZ	B	-4.49%
EA	B	-4.48%
DIS	D	-4.46%
TMUS	B	-4.4%
TTWO	C	-3.67%
OMC	D	-2.57%
WBD	F	-2.42%
LYV	C	-1.91%
IPG	F	-1.62%
NWSA	B	-1.55%
MTCH	F	-1.19%
FOXA	B	-1.16%
PARA	C	-0.75%
FOX	B	-0.62%
NWS	B	-0.48%