MUSQ vs. CGRO ETF Comparison

Comparison of MUSQ Global Music Industry ETF (MUSQ) to CoreValues Alpha Greater China Growth ETF (CGRO)

MUSQ

MUSQ Global Music Industry ETF

MUSQ Description

The index is comprised of publicly-traded global companies that generate at least 50% of their annual revenue or $1 billion in annual sales from one or more of the sub-segments of the global music industry. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of Global Music Investments. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$23.09

Average Daily Volume

590

Number of Holdings ^*

* may have additional holdings in another (foreign) market

CGRO

CoreValues Alpha Greater China Growth ETF

CGRO Description

CGRO aims to benefit from high-growth sectors in Greater China without compromising American values and interests. The fund includes companies of all sizes located or primarily traded in mainland China, Taiwan, and Chinas special administrative regions, such as Hong Kong. The portfolio construction starts with top-down macro research, which utilizes publicly available data to identify sectors with the highest growth potential. The fund also conducts on-the-ground due diligence wherein it gains insights from 15 investment professionals located in China. Lastly, a fundamental bottom-up approach is used to analyze company-specific data such as financial reports and management expertise. The weight of each sector and company is determined by the sub-advisers assessment of its growth potential, which may change over time. The fund may invest in China A-shares, depositary receipts, and issuers listed on exchanges outside China.

Grade (RS Rating)

Last Trade

$27.68

Average Daily Volume

889

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MUSQ	CGRO
30 Days	1.64%	44.32%
60 Days	4.16%	50.13%
90 Days	-6.47%	36.15%
12 Months	1.14%

0 Overlapping Holdings

	Symbol	Grade	Weight in MUSQ	Weight in CGRO	Overlap

MUSQ Overweight 9 Positions Relative to CGRO

Symbol	Grade	Weight
AAPL	C	5.3%
AMZN	C	5.07%
GOOGL	B	4.66%
SONY	C	4.56%
SPOT	C	3.71%
LVO	F	2.95%
LYV	A	2.83%
MDIA	F	2.82%
MSGE	B	2.81%

MUSQ Underweight 5 Positions Relative to CGRO

Symbol	Grade	Weight
PDD	B	-5.92%
TCOM	A	-5.43%
TME	B	-4.66%
TSM	B	-4.28%
YMM	A	-4.21%