IVAL: International Quantitative Value ETF

THE STRATEGY SEEKS TO BUY THE CHEAPEST, HIGHEST QUALITY VALUE STOCKS

Overview

Systematic

The strategy stock selection algorithm is fully automated.

Focused

The stock selection process identifies a portfolio that generally holds 50 stocks.

Value

The strategy seeks to invest in the cheapest, highest quality value stocks.

Fund Overview

As of Date
08/19/2022

Ticker	Index Ticker	CUSIP	Inception	Expense Ratio	Premium / Discount	AUM ($mm)	Shares
IVAL		02072L201	12/17/2014	0.60	-0.33%	120.06	5,100,000

NAV	Change ($)	Change (%)
23.54	-0.22	-0.92

Market Price	Change ($)	Change (%)
23.46	-0.34	-1.43

NAV History

Price History

AUM History

Premium/Discount

Period
12/31/2021

Completed Calendar Quarters of Current Year

Year	Quarter	Days Traded at Premium	Days Traded at Discount
2022	1	40	22
2022	2	35	27

Most Recent Completed Calendar Year

Days Traded at Premium	Days Traded at Discount
193	57

Spread

As of Date	30-Day Median Bid/Ask Spread
08/18/2022	0.13

Fund Performance

Monthly End Performance (%)

As of Date
07/31/2022

Fund_Ticker	Type	YTD	1 Month	3 Month	6 Month	1 Year	3 Year	5 Year	Since Inception	Date
IVAL	NAV	-10.93	4.95	-6.84	-9.31	-15.12	-1.43	-3.06	1.43
IVAL	MKT	-10.49	4.71	-5.15	-9.79	-15.41	-1.01	-3.03	1.50

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.

Quarterly End Performance (%)

As of Date
06/30/2022

Fund_Ticker	Type	YTD	1 Month	3 Month	6 Month	1 Year	3 Year	5 Year	Since Inception	Date
IVAL	NAV	-15.13	-14.65	-16.30	-15.13	-20.14	-3.75	-3.31	0.80
IVAL	MKT	-14.52	-14.01	-15.20	-14.52	-19.85	-3.48	-3.23	0.89

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

Fund Holdings

Effective Date
08/22/2022

Ticker	Name	SEDOL	Shares	Price (Local)	Market Value ($mm)	% of Net Assets
ANTO LN	ANTOFAGASTA	0045614	142,199	11.31	1.90	1.58
BDEV LN	BARRATT DEVEL	0081180	415,087	4.63	2.27	1.89
PSN LN	PERSIMMON	0682538	100,747	16.70	1.99	1.66
RIO LN	RIO TINTO	0718875	36,666	49.12	2.13	1.77
TW/ LN	TAYLOR WIMPEY	0878230	1,604,868	1.19	2.26	1.88
KGF LN	KINGFISHER	3319521	786,735	2.40	2.23	1.86
MAERSKB DC	A.P. MOLLER-MAERSK	4253048	900	19,665.00	2.39	1.99
OMV AV	OMV AG	4651459	49,398	40.22	1.99	1.66
OUT1V FH	OUTOKUMPU OYJ	4665148	446,177	4.07	1.82	1.52
NDA GR	AURUBIS AG	5485527	27,769	66.20	1.85	1.54
REP SM	REPSOL SA	5669354	164,221	13.08	2.16	1.80
522 HK	ASMPT LTD	6002453	298,866	63.10	2.40	2.00
6113 JP	AMADA CO LTD	6022105	327,256	1,080.00	2.58	2.15
5201 JP	AGC INC	6055208	71,234	4,940.00	2.57	2.14
FMG AU	FORTESCUE METALS G	6086253	188,275	19.16	2.48	2.07
BPT AU	BEACH ENERGY LTD	6088204	2,224,552	1.70	2.59	2.16
BHP AU	BHP GROUP LTD	6144690	83,546	41.55	2.39	1.99
HVN AU	HARVEY NORMAN HLDG	6173508	834,843	4.42	2.54	2.11
DLEKG IT	DELEK GROUP	6219640	17,131	547.80	2.87	2.39
1878 JP	DAITO TRUST CONST	6250508	29,994	13,490.00	2.96	2.46
7735 JP	SCREEN HOLDINGS CO	6251028	28,760	9,800.00	2.06	1.72
6361 JP	EBARA CORP	6302700	63,101	5,480.00	2.53	2.11
4324 JP	DENTSU GROUP INC	6416281	82,781	4,740.00	2.87	2.39
BSL AU	BLUESCOPE STEEL	6533232	200,786	17.39	2.40	2.00
6724 JP	SEIKO EPSON CORP	6616508	158,086	2,219.00	2.56	2.14
5334 JP	NGK SPARK PLUG CO	6619604	138,442	2,852.00	2.89	2.40
7731 JP	NIKON CORP	6642321	217,248	1,638.00	2.60	2.17
5401 JP	NIPPON STEEL CORP	6642569	157,606	2,146.00	2.47	2.06
NHC AU	NEW HOPE CORP	6681960	960,070	4.93	3.25	2.71
JBH AU	JB HI-FI	6702623	78,594	44.28	2.39	1.99
1928 JP	SEKISUI HOUSE	6793906	146,791	2,371.50	2.54	2.12
5713 JP	SUMITOMO METAL MNG	6858849	65,839	4,429.00	2.13	1.78
3116 JP	TOYOTA BOSHOKU CP	6900591	163,678	2,088.00	2.50	2.08
7272 JP	YAMAHA MOTOR CO	6985264	131,794	2,892.00	2.79	2.32
EQNR NO	EQUINOR ASA	7133608	75,266	374.95	2.88	2.40
ENI IM	ENI SPA	7145056	171,773	11.77	2.03	1.69
AZM IM	AZIMUT HLDG S.P.A	B019M65	121,093	16.58	2.02	1.68
ACX SM	ACERINOX SA	B01ZVZ5	200,716	9.30	1.87	1.56
TTE FP	TOTAL SE	B15C557	44,864	52.69	2.37	1.98
SSABB SS	SSAB AB	B17H3F6	463,429	47.94	2.10	1.75
AKRBP NO	AKER BP ASA	B1L95G3	64,275	340.40	2.23	1.86
AAL LN	ANGLO AMERICAN	B1XZS82	54,970	28.43	1.85	1.54
5020 JP	ENEOS HOLDINGS INC	B627LW9	649,487	511.80	2.43	2.02
OCI NA	OCI N.V.	BD4TZK8	73,236	37.40	2.75	2.29
EMG LN	MAN GROUP PLC (N)	BJ1DLW9	810,845	2.50	2.40	2.00
BOL SS	BOLIDEN AB	BL54C29	63,526	357.05	2.14	1.78
DTG GR	DAIMLER TRUCK HOLD	BP6VLQ4	83,029	27.10	2.26	1.88
MT NA	ARCELORMITTAL	BYPBS67	79,148	23.22	1.84	1.54
5021 JP	COSMO ENERGY HLDGS	BYSJJ43	96,597	4,175.00	2.95	2.46
Cash&Other	Cash & Other		1,012,780	1.00	1.01	0.84
STLA	STELLANTIS N.V		175,690	14.53	2.55	2.13

Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Fund Distributions

Ex Date	Record Date	Payable Date	Income	Total Distro
12/29/2014	12/31/2014	01/05/2015	0.0520	0.0520
03/18/2015	03/20/2015	03/25/2015	0.0620	0.0620
06/17/2015	06/19/2015	06/24/2015	0.2230	0.2230
09/16/2015	09/18/2015	09/23/2015	0.0610	0.0610
12/28/2015	12/30/2015	01/04/2016	0.1000	0.1000
03/21/2016	03/23/2016	03/28/2016	0.0240	0.0240
06/20/2016	06/22/2016	06/27/2016	0.2140	0.2140
12/28/2016	12/30/2016	01/04/2017	0.2820	0.2820
06/19/2017	06/21/2017	06/26/2017	0.1930	0.1930
09/18/2017	09/19/2017	09/25/2017	0.0480	0.0480
12/27/2017	12/28/2017	01/03/2018	0.3310	0.3310
03/19/2018	03/20/2018	03/26/2018	0.0484	0.0484
06/18/2018	06/19/2018	06/25/2018	0.3827	0.3827
09/17/2018	09/18/2018	09/24/2018	0.0808	0.0808
12/27/2018	12/28/2018	01/07/2019	0.2205	0.2205
03/18/2019	03/19/2019	03/25/2019	0.0248	0.0248
06/17/2019	06/18/2019	06/24/2019	0.3714	0.3714
09/16/2019	09/17/2019	09/23/2019	0.1405	0.1405
12/30/2019	12/31/2019	01/06/2020	0.2036	0.2036
03/16/2020	03/17/2020	03/23/2020	0.1505	0.1505
06/15/2020	06/16/2020	06/22/2020	0.1130	0.1130
09/14/2020	09/15/2020	09/21/2020	0.1321	0.1321
12/30/2020	12/31/2020	01/05/2021	0.1699	0.1699
06/14/2021	06/15/2021	06/21/2021	0.0976	0.0976
09/13/2021	09/14/2021	09/20/2021	0.2667	0.2667
12/30/2021	12/31/2021	01/05/2022	0.6744	0.6744

IVAL