Developed International Equity Select ETF (RNDM)
Emerging Markets Equity Select ETF (RNEM)
Large Cap US Equity Select ETF (RNLC)
Mid Cap US Equity Select ETF (RNMC)
Small Cap US Equity Select ETF (RNSC)
US Equity Dividend Select ETF (RNDV)
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Fund Performance Overview | |
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Portfolio of Investments | |
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Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6
Months Ended 9/30/22 |
1
Year Ended 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 | ||
Fund Performance | |||||||
NAV | -21.91% | -24.19% | -2.14% | -1.80% | -10.26% | -9.16% | |
Market Price | -21.79% | -24.37% | -2.23% | -1.79% | -10.68% | -9.11% | |
Index Performance | |||||||
Nasdaq Riskalyze Developed Markets IndexTM | -21.66% | -23.16% | -0.84% | -0.51% | -4.11% | -2.66% | |
Nasdaq Developed Markets Ex-US Large Mid Cap IndexTM | -22.71% | -24.27% | 0.04% | 1.06% | 0.22% | 5.75% | |
MSCI World ex USA Index | -22.50% | -23.91% | -0.39% | 0.67% | -1.96% | 3.61% |
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6
Months Ended 9/30/22 |
1
Year Ended 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 | ||
Fund Performance | |||||||
NAV | -16.02% | -15.04% | -2.19% | -0.98% | -10.46% | -5.08% | |
Market Price | -16.77% | -15.82% | -2.49% | -1.14% | -11.84% | -5.87% | |
Index Performance | |||||||
Nasdaq Riskalyze Emerging Markets IndexTM | -15.29% | -13.90% | -0.28% | 0.98% | -1.38% | 5.27% | |
Nasdaq Emerging Markets Large Mid Cap IndexTM | -20.17% | -24.37% | -0.76% | 0.81% | -3.76% | 4.32% | |
MSCI Emerging Markets Index | -21.70% | -28.11% | -1.81% | -0.19% | -8.71% | -1.02% |
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6
Months Ended 9/30/22 |
1
Year Ended 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 | ||
Fund Performance | |||||||
NAV | -19.08% | -14.83% | 7.20% | 7.47% | 41.58% | 46.27% | |
Market Price | -19.19% | -14.92% | 7.16% | 7.45% | 41.33% | 46.15% | |
Index Performance | |||||||
Nasdaq Riskalyze US Large Cap IndexTM | -18.89% | -14.37% | 7.86% | 8.13% | 45.95% | 51.05% | |
Nasdaq US 500 Large Cap IndexTM | -20.46% | -17.04% | 9.20% | 9.48% | 55.31% | 61.32% | |
S&P 500® Index | -20.20% | -15.47% | 9.24% | 9.53% | 55.55% | 61.67% |
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6
Months Ended 9/30/22 |
1
Year Ended 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 | ||
Fund Performance | |||||||
NAV | -17.58% | -14.38% | 4.80% | 5.30% | 26.45% | 31.31% | |
Market Price | -17.58% | -14.72% | 4.78% | 5.29% | 26.33% | 31.25% | |
Index Performance | |||||||
Nasdaq Riskalyze US Mid Cap IndexTM | -17.38% | -13.85% | 5.45% | 5.94% | 30.39% | 35.59% | |
Nasdaq US 600 Mid Cap IndexTM | -20.44% | -22.04% | 5.28% | 5.99% | 29.35% | 35.95% | |
S&P MidCap 400® Index | -17.50% | -15.25% | 5.82% | 6.16% | 32.68% | 37.13% |
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6
Months Ended 9/30/22 |
1
Year Ended 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 | ||
Fund Performance | |||||||
NAV | -19.62% | -16.32% | 3.75% | 4.76% | 20.23% | 27.83% | |
Market Price | -19.63% | -16.40% | 3.76% | 4.78% | 20.26% | 27.93% | |
Index Performance | |||||||
Nasdaq Riskalyze US Small Cap IndexTM | -19.45% | -15.87% | 4.42% | 5.44% | 24.17% | 32.28% | |
Nasdaq US 700 Small Cap IndexTM | -20.96% | -23.88% | 4.59% | 5.84% | 25.17% | 34.94% | |
S&P SmallCap 600® Index | -18.58% | -18.83% | 4.84% | 5.96% | 26.68% | 35.77% |
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6
Months Ended 9/30/22 |
1
Year Ended 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 |
5
Years Ended 9/30/22 |
Inception (6/20/17) to 9/30/22 | ||
Fund Performance | |||||||
NAV | -17.16% | -10.98% | 7.09% | 7.29% | 40.86% | 45.02% | |
Market Price | -17.30% | -10.98% | 7.08% | 7.30% | 40.80% | 45.03% | |
Index Performance | |||||||
Nasdaq Riskalyze US Large Cap Select Dividend IndexTM | -17.06% | -10.60% | 7.67% | 7.87% | 44.69% | 49.17% | |
Nasdaq US 500 Large Cap IndexTM | -20.46% | -17.04% | 9.20% | 9.48% | 55.31% | 61.32% | |
S&P 500® Index | -20.20% | -15.47% | 9.24% | 9.53% | 55.55% | 61.67% |
Beginning Account Value April 1, 2022 |
Ending Account Value September 30, 2022 |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period (a) | |
Developed International Equity Select ETF (RNDM) | ||||
Actual | $1,000.00 | $780.90 | 0.65% | $2.90 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.81 | 0.65% | $3.29 |
Emerging Markets Equity Select ETF (RNEM) | ||||
Actual | $1,000.00 | $839.80 | 0.75% | $3.46 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | 0.75% | $3.80 |
Large Cap US Equity Select ETF (RNLC) | ||||
Actual | $1,000.00 | $809.20 | 0.60% | $2.72 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.06 | 0.60% | $3.04 |
Mid Cap US Equity Select ETF (RNMC) | ||||
Actual | $1,000.00 | $824.20 | 0.60% | $2.74 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.06 | 0.60% | $3.04 |
Small Cap US Equity Select ETF (RNSC) | ||||
Actual | $1,000.00 | $803.80 | 0.60% | $2.71 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.06 | 0.60% | $3.04 |
US Equity Dividend Select ETF (RNDV) | ||||
Actual | $1,000.00 | $828.40 | 0.50% | $2.29 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.56 | 0.50% | $2.54 |
(a) | Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (April 1, 2022 through September 30, 2022), multiplied by 183/365 (to reflect the six-month period). |
Total Value at 9/30/2022 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Canada | $ 1,418,081 | $ 1,418,081 | $ — | $ — |
Cayman Islands | 54,696 | — | 52,669 | 2,027 |
Denmark | 354,027 | 13,309 | 340,718 | — |
Ireland | 130,969 | 14,897 | 116,072 | — |
South Korea | 680,773 | 8,578 | 672,195 | — |
Other Country Categories* | 12,895,073 | — | 12,895,073 | — |
Real Estate Investment Trusts: | ||||
Canada | 22,145 | 22,145 | — | — |
Other Country Categories* | 255,117 | — | 255,117 | — |
Money Market Funds | 33,624 | 33,624 | — | — |
Total Investments | $ 15,844,505 | $ 1,510,634 | $ 14,331,844 | $ 2,027 |
* | See Portfolio of Investments for country breakout. |
Total Value at 9/30/2022 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Bermuda | $ 20,139 | $ 20,139 | $ — | $ — |
Brazil | 809,031 | 809,031 | — | — |
Chile | 78,495 | 14,427 | 64,068 | — |
Colombia | 11,074 | 11,074 | — | — |
Czech Republic | 18,409 | 13,707 | 4,702 | — |
Indonesia | 288,823 | 6,765 | 282,058 | — |
Mexico | 324,670 | 324,670 | — | — |
Netherlands | 4,418 | — | 4,404 | 14 |
Russia | 3,383 | — | — | 3,383 |
South Africa | 231,637 | 36,292 | 195,345 | — |
Other Country Categories* | 6,104,296 | — | 6,104,296 | — |
Real Estate Investment Trusts* | 11,773 | 11,773 | — | — |
Total Investments | $ 7,906,148 | $ 1,247,878 | $ 6,654,873 | $ 3,397 |
* | See Portfolio of Investments for country breakout. |
Shares | Description | Value | ||
REAL ESTATE INVESTMENT TRUSTS (Continued) | ||||
Equity
Real Estate Investment Trusts (Continued) |
||||
118 | Extra Space Storage, Inc. | $20,380 | ||
773 | Healthpeak Properties, Inc. | 17,717 | ||
563 | Invitation Homes, Inc. | 19,013 | ||
1,013 | Kimco Realty Corp. | 18,649 | ||
114 | Mid-America Apartment Communities, Inc. | 17,678 | ||
170 | Prologis, Inc. | 17,272 | ||
67 | Public Storage | 19,618 | ||
293 | Realty Income Corp. | 17,053 | ||
62 | SBA Communications Corp. | 17,648 | ||
211 | Simon Property Group, Inc. | 18,937 | ||
125 | Sun Communities, Inc. | 16,916 | ||
435 | UDR, Inc. | 18,144 | ||
389 | Ventas, Inc. | 15,626 | ||
672 | VICI Properties, Inc. | 20,059 | ||
243 | Welltower, Inc. | 15,630 | ||
605 | Weyerhaeuser Co. | 17,279 | ||
241 | WP Carey, Inc. | 16,822 | ||
Total Real Estate Investment Trusts | 499,224 | |||
(Cost $551,744) | ||||
Total Investments – 99.8% | 17,365,307 | |||
(Cost $19,664,995) | ||||
Net Other Assets and Liabilities – 0.2% | 34,927 | |||
Net Assets – 100.0% | $17,400,234 |
Total Value at 9/30/2022 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | |
Common Stocks* | $ 16,866,083 | $ 16,866,083 | $ — | $ — |
Real Estate Investment Trusts* | 499,224 | 499,224 | — | — |
Total Investments | $ 17,365,307 | $ 17,365,307 | $— | $— |
* | See Portfolio of Investments for industry breakout. |
Shares | Description | Value | ||
REAL ESTATE INVESTMENT TRUSTS (Continued) | ||||
Mortgage
Real Estate Investment Trusts (Continued) |
||||
1,545 | Starwood Property Trust, Inc. | $28,150 | ||
128,720 | ||||
Total Real Estate Investment Trusts | 1,367,891 | |||
(Cost $1,717,013) | ||||
Total Investments – 99.9% | 15,617,482 | |||
(Cost $18,320,787) | ||||
Net Other Assets and Liabilities – 0.1% | 11,406 | |||
Net Assets – 100.0% | $15,628,888 |
Total Value at 9/30/2022 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | |
Common Stocks* | $ 14,249,591 | $ 14,249,591 | $ — | $ — |
Real Estate Investment Trusts* | 1,367,891 | 1,367,891 | — | — |
Total Investments | $ 15,617,482 | $ 15,617,482 | $— | $— |
* | See Portfolio of Investments for industry breakout. |
Securities Lending Agency Agreement | |
Total gross amount presented on the Statements of Assets and Liabilities (1) | $49,651 |
Non-cash Collateral (2) | (49,651) |
Net Amount | $— |
(1) | The amount presented on the Statements of Assets and Liabilities, which is included in “Investments, at value,” is not offset and is shown on a gross basis. |
(2) | At September 30, 2022, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
Total Value at 9/30/2022 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | |
Common Stocks* | $ 19,814,662 | $ 19,814,662 | $ — | $ — |
Real Estate Investment Trusts* | 1,977,748 | 1,977,748 | — | — |
Common Stocks - Business Development Companies* | 42,807 | 42,807 | — | — |
Money Market Funds | 51,789 | 51,789 | — | — |
Total Investments | $ 21,887,006 | $ 21,887,006 | $— | $— |
* | See Portfolio of Investments for industry breakout. |
Developed International Equity Select ETF (RNDM) |
Emerging Markets Equity Select ETF (RNEM) |
Large
Cap US Equity Select ETF (RNLC) | |||
ASSETS: | |||||
Investments, at value
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$ 15,844,505 | $ 7,906,148 | $ 17,365,307 | ||
Cash
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51,962 | 4,905 | 17,123 | ||
Foreign currency
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14,846 | 10,036 | — | ||
Receivables: | |||||
Dividends
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51,244 | 14,679 | 25,075 | ||
Dividend reclaims
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43,990 | 558 | 2,755 | ||
Securities lending income
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10 | — | — | ||
Total Assets
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16,006,557 | 7,936,326 | 17,410,260 | ||
LIABILITIES: | |||||
Due to custodian
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— | — | — | ||
Payables: | |||||
Investment advisory fees
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7,607 | 5,274 | 10,026 | ||
Collateral for securities on loan
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33,624 | — | — | ||
Deferred foreign capital gains tax
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— | 6,357 | — | ||
Total Liabilities
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41,231 | 11,631 | 10,026 | ||
NET ASSETS
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$15,965,326 | $7,924,695 | $17,400,234 | ||
NET ASSETS consist of: | |||||
Paid-in capital
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$ 22,564,108 | $ 10,563,616 | $ 20,926,391 | ||
Par value
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4,000 | 2,000 | 6,500 | ||
Accumulated distributable earnings (loss)
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(6,602,782) | (2,640,921) | (3,532,657) | ||
NET ASSETS
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$15,965,326 | $7,924,695 | $17,400,234 | ||
NET ASSET VALUE, per share
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$39.91 | $39.62 | $26.77 | ||
Number of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share)
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400,002 | 200,002 | 650,002 | ||
Investments, at cost
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$19,850,500 | $9,239,352 | $19,664,995 | ||
Foreign currency, at cost (proceeds)
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$14,888 | $10,034 | $— | ||
Securities on loan, at value
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$31,961 | $— | $— |
Mid
Cap US Equity Select ETF (RNMC) |
Small
Cap US Equity Select ETF (RNSC) |
US
Equity Dividend Select ETF (RNDV) | ||
$ 15,617,482 | $ 21,887,006 | $ 16,120,578 | ||
— | 21,943 | 23,652 | ||
— | — | — | ||
23,514 | 39,576 | 37,955 | ||
452 | — | 2,301 | ||
— | 247 | — | ||
15,641,448 | 21,948,772 | 16,184,486 | ||
4,180 | — | — | ||
8,380 | 11,829 | 7,259 | ||
— | 51,789 | — | ||
— | — | — | ||
12,560 | 63,618 | 7,259 | ||
$ 15,628,888 | $ 21,885,154 | $ 16,177,227 | ||
$ 19,936,860 | $ 27,898,434 | $ 20,464,113 | ||
6,500 | 9,500 | 6,500 | ||
(4,314,472) | (6,022,780) | (4,293,386) | ||
$ 15,628,888 | $ 21,885,154 | $ 16,177,227 | ||
$24.04 | $23.04 | $24.89 | ||
650,002 | 950,002 | 650,002 | ||
$18,320,787 | $26,733,049 | $19,165,567 | ||
$— | $— | $— | ||
$— | $49,651 | $— |
Developed International Equity Select ETF (RNDM) |
Emerging Markets Equity Select ETF (RNEM) |
Large
Cap US Equity Select ETF (RNLC) | ||||
INVESTMENT INCOME: | ||||||
Dividends
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$ 457,864 | $ 332,989 | $ 231,421 | |||
Interest
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301 | 231 | 132 | |||
Securities lending income (net of fees)
|
96 | — | — | |||
Foreign withholding tax
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(43,715) | (49,616) | (338) | |||
Other
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84 | 4 | 1 | |||
Total investment income
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414,630 | 283,608 | 231,216 | |||
EXPENSES: | ||||||
Investment advisory fees
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61,597 | 31,654 | 62,879 | |||
Total expenses
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61,597 | 31,654 | 62,879 | |||
NET INVESTMENT INCOME (LOSS)
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353,033 | 251,954 | 168,337 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | ||||||
Net realized gain (loss) on: | ||||||
Investments
|
(307,278) | (146,206) | (124,715) | |||
In-kind redemptions
|
128,841 | — | 540,905 | |||
Foreign currency transactions
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(16,092) | 4,127 | — | |||
Foreign capital gains tax
|
— | (5,295) | — | |||
Net realized gain (loss)
|
(194,529) | (147,374) | 416,190 | |||
Net change in unrealized appreciation (depreciation) on: | ||||||
Investments
|
(4,506,355) | (1,548,052) | (4,876,661) | |||
Foreign currency translation
|
(5,740) | (737) | — | |||
Deferred foreign capital gains tax
|
— | 15,204 | — | |||
Net change in unrealized appreciation
(depreciation)
|
(4,512,095) | (1,533,585) | (4,876,661) | |||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
(4,706,624) | (1,680,959) | (4,460,471) | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
|
$(4,353,591) | $(1,429,005) | $(4,292,134) |
Mid
Cap US Equity Select ETF (RNMC) |
Small
Cap US Equity Select ETF (RNSC) |
US
Equity Dividend Select ETF (RNDV) | |||
$201,041 | $372,522 | $305,732 | |||
124 | 241 | 145 | |||
— | 3,590 | — | |||
(47) | (158) | (308) | |||
42 | 15 | 9 | |||
201,160 | 376,210 | 305,578 | |||
51,670 | 70,234 | 46,219 | |||
51,670 | 70,234 | 46,219 | |||
149,490 | 305,976 | 259,359 | |||
(457,151) | (834,389) | (78,388) | |||
833,647 | 913,871 | — | |||
— | — | — | |||
— | — | — | |||
376,496 | 79,482 | (78,388) | |||
(3,725,875) | (5,616,269) | (3,561,143) | |||
— | — | — | |||
— | — | — | |||
(3,725,875) | (5,616,269) | (3,561,143) | |||
(3,349,379) | (5,536,787) | (3,639,531) | |||
$(3,199,889) | $(5,230,811) | $(3,380,172) |
Developed International Equity Select ETF (RNDM) |
Emerging Markets Equity Select ETF (RNEM) |
Large Cap US Equity Select ETF (RNLC) | |||||||||
Six
Months Ended 9/30/2022 (Unaudited) |
Year Ended 3/31/2022 |
Six
Months Ended 9/30/2022 (Unaudited) |
Year Ended 3/31/2022 |
Six
Months Ended 9/30/2022 (Unaudited) |
Year Ended 3/31/2022 | ||||||
OPERATIONS: | |||||||||||
Net investment income (loss)
|
$ 353,033 | $ 612,626 | $ 251,954 | $ 242,593 | $ 168,337 | $ 322,827 | |||||
Net realized gain (loss)
|
(194,529) | 2,370,496 | (147,374) | 364,099 | 416,190 | 6,041,882 | |||||
Net change in unrealized appreciation
(depreciation)
|
(4,512,095) | (2,937,328) | (1,533,585) | (464,909) | (4,876,661) | (3,315,959) | |||||
Net increase (decrease) in net assets resulting
from operations
|
(4,353,591) | 45,794 | (1,429,005) | 141,783 | (4,292,134) | 3,048,750 | |||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||
Investment operations
|
(391,202) | (703,193) | (243,903) | (180,487) | (156,030) | (328,071) | |||||
Return of capital
|
— | — | — | (49,961) | — | — | |||||
Total distributions to shareholders
|
(391,202) | (703,193) | (243,903) | (230,448) | (156,030) | (328,071) | |||||
SHAREHOLDER TRANSACTIONS: | |||||||||||
Proceeds from shares sold
|
4,346,583 | 5,595,303 | 2,305,295 | — | 3,125,444 | 11,195,391 | |||||
Cost of shares redeemed
|
(7,143,304) | (5,356,575) | — | — | (2,954,881) | (17,927,661) | |||||
Net increase (decrease) in net assets resulting
from shareholder transactions
|
(2,796,721) | 238,728 | 2,305,295 | — | 170,563 | (6,732,270) | |||||
Total increase (decrease) in net assets
|
(7,541,514) | (418,671) | 632,387 | (88,665) | (4,277,601) | (4,011,591) | |||||
NET ASSETS: | |||||||||||
Beginning of period
|
23,506,840 | 23,925,511 | 7,292,308 | 7,380,973 | 21,677,835 | 25,689,426 | |||||
End of period
|
$15,965,326 | $23,506,840 | $7,924,695 | $7,292,308 | $17,400,234 | $21,677,835 | |||||
CHANGES IN SHARES OUTSTANDING: | |||||||||||
Shares outstanding, beginning of period
|
450,002 | 450,002 | 150,002 | 150,002 | 650,002 | 850,002 | |||||
Shares sold
|
100,000 | 100,000 | 50,000 | — | 100,000 | 350,000 | |||||
Shares redeemed
|
(150,000) | (100,000) | — | — | (100,000) | (550,000) | |||||
Shares outstanding, end of period
|
400,002 | 450,002 | 200,002 | 150,002 | 650,002 | 650,002 |
Mid Cap US Equity Select ETF (RNMC) |
Small Cap US Equity Select ETF (RNSC) |
US Equity Dividend Select ETF (RNDV) | ||||||||
Six
Months Ended 9/30/2022 (Unaudited) |
Year Ended 3/31/2022 |
Six
Months Ended 9/30/2022 (Unaudited) |
Year Ended 3/31/2022 |
Six
Months Ended 9/30/2022 (Unaudited) |
Year Ended 3/31/2022 | |||||
$ 149,490 | $ 241,500 | $ 305,976 | $ 274,780 | $ 259,359 | $ 374,454 | |||||
376,496 | 3,693,023 | 79,482 | 2,198,102 | (78,388) | 1,755,695 | |||||
(3,725,875) | (2,661,207) | (5,616,269) | (1,832,012) | (3,561,143) | (644,056) | |||||
(3,199,889) | 1,273,316 | (5,230,811) | 640,870 | (3,380,172) | 1,486,093 | |||||
(127,790) | (244,191) | (236,185) | (261,631) | (241,541) | (359,126) | |||||
— | — | — | — | — | — | |||||
(127,790) | (244,191) | (236,185) | (261,631) | (241,541) | (359,126) | |||||
5,684,607 | 13,029,289 | 9,895,658 | 18,629,899 | 1,508,047 | 19,135,641 | |||||
(2,898,643) | (14,535,290) | (4,268,854) | (7,148,164) | — | (10,393,637) | |||||
2,785,964 | (1,506,001) | 5,626,804 | 11,481,735 | 1,508,047 | 8,742,004 | |||||
(541,715) | (476,876) | 159,808 | 11,860,974 | (2,113,666) | 9,868,971 | |||||
16,170,603 | 16,647,479 | 21,725,346 | 9,864,372 | 18,290,893 | 8,421,922 | |||||
$15,628,888 | $16,170,603 | $21,885,154 | $21,725,346 | $16,177,227 | $18,290,893 | |||||
550,002 | 600,002 | 750,002 | 350,002 | 600,002 | 300,002 | |||||
200,000 | 450,000 | 350,000 | 650,000 | 50,000 | 650,000 | |||||
(100,000) | (500,000) | (150,000) | (250,000) | — | (350,000) | |||||
650,002 | 550,002 | 950,002 | 750,002 | 650,002 | 600,002 |
Six Months Ended 9/30/2022 (Unaudited) |
Year Ended | Period Ended 3/31/2018 (a) | ||||||||||
3/31/2022 | 3/31/2021 | 3/31/2020 | 3/31/2019 | |||||||||
Net asset value, beginning of period
|
$ 52.24 | $ 53.17 | $ 39.88 | $ 49.45 | $ 51.38 | $ 49.73 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss)
|
0.90 | 1.24 | 0.90 | 1.11 | 1.07 | 0.62 | ||||||
Net realized and unrealized gain (loss)
|
(12.25) | (0.73) | 13.01 | (9.02) | (1.90) | 1.48 | ||||||
Total from investment operations
|
(11.35) | 0.51 | 13.91 | (7.91) | (0.83) | 2.10 | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income
|
(0.98) | (1.44) | (0.62) | (1.66) | (1.10) | (0.45) | ||||||
Net asset value, end of period
|
$39.91 | $52.24 | $53.17 | $39.88 | $49.45 | $51.38 | ||||||
Total return
(b)
|
(21.91)% | 0.82% | 34.93% | (16.64)% | (1.71)% | 4.23% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s)
|
$ 15,965 | $ 23,507 | $ 23,926 | $ 23,929 | $ 24,727 | $ 12,846 | ||||||
Ratio of total expenses to average net
assets
|
0.65% (c) | 0.65% | 0.65% | 0.65% | 0.65% | 0.66% (c) (d) | ||||||
Ratio of net investment income (loss) to average
net assets
|
3.73% (c) | 2.26% | 1.86% | 2.24% | 2.32% | 1.74% (c) | ||||||
Portfolio turnover rate (e)
|
46% | 69% | 89% | 62% | 52% | 21% |
(a) | Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date the initial creation units were established. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(c) | Annualized. |
(d) | Includes excise tax. If this excise tax was not included, the expense ratio would have been 0.65%. |
(e) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
Six Months Ended 9/30/2022 (Unaudited) |
Year Ended | Period Ended 3/31/2018 (a) | ||||||||||
3/31/2022 | 3/31/2021 | 3/31/2020 | 3/31/2019 | |||||||||
Net asset value, beginning of period
|
$ 48.61 | $ 49.21 | $ 37.80 | $ 50.89 | $ 54.94 | $ 49.71 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss)
|
1.30 | 1.61 | 1.15 | 1.50 | 1.10 | 0.70 | ||||||
Net realized and unrealized gain (loss)
|
(9.07) | (0.67) | 11.64 | (13.22) | (3.62) | 5.78 | ||||||
Total from investment operations
|
(7.77) | 0.94 | 12.79 | (11.72) | (2.52) | 6.48 | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income
|
(1.22) | (1.20) | (1.38) | (1.37) | (1.19) | (0.67) | ||||||
Net realized gain
|
— | — | — | — | (0.34) | (0.58) | ||||||
Return of capital
|
— | (0.34) | — | — | — | — | ||||||
Total distributions
|
(1.22) | (1.54) | (1.38) | (1.37) | (1.53) | (1.25) | ||||||
Net asset value, end of period
|
$39.62 | $48.61 | $49.21 | $37.80 | $50.89 | $54.94 | ||||||
Total return
(b)
|
(16.02)% | 1.91% | 34.44% | (23.66)% | (4.48)% | 13.15% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s)
|
$ 7,925 | $ 7,292 | $ 7,381 | $ 7,561 | $ 12,723 | $ 5,494 | ||||||
Ratio of total expenses to average net
assets
|
0.75% (c) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% (c) | ||||||
Ratio of net investment income (loss) to average
net assets
|
5.97% (c) | 3.30% | 2.94% | 2.83% | 2.04% | 1.75% (c) | ||||||
Portfolio turnover rate (d)
|
35% | 72% | 75% | 82% | 69% | 111% |
(a) | Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date the initial creation units were established. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(c) | Annualized. |
(d) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
Six Months Ended 9/30/2022 (Unaudited) |
Year Ended | Period Ended 3/31/2018 (a) | ||||||||||
3/31/2022 | 3/31/2021 | 3/31/2020 | 3/31/2019 | |||||||||
Net asset value, beginning of period
|
$ 33.35 | $ 30.22 | $ 18.85 | $ 22.12 | $ 21.54 | $ 19.83 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss)
|
0.24 | 0.38 | 0.34 | 0.46 | 0.38 | 0.21 | ||||||
Net realized and unrealized gain (loss)
|
(6.60) | 3.13 | 11.39 | (3.27) | 0.56 | 1.68 | ||||||
Total from investment operations
|
(6.36) | 3.51 | 11.73 | (2.81) | 0.94 | 1.89 | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income
|
(0.22) | (0.38) | (0.36) | (0.46) | (0.36) | (0.18) | ||||||
Net asset value, end of period
|
$26.77 | $33.35 | $30.22 | $18.85 | $22.12 | $21.54 | ||||||
Total return
(b)
|
(19.08)% | 11.62% | 62.65% | (12.98)% | 4.45% | 9.54% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s)
|
$ 17,400 | $ 21,678 | $ 25,689 | $ 15,081 | $ 18,800 | $ 21,536 | ||||||
Ratio of total expenses to average net
assets
|
0.60% (c) | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% (c) | ||||||
Ratio of net investment income (loss) to average
net assets
|
1.61% (c) | 1.13% | 1.41% | 2.03% | 1.72% | 1.71% (c) | ||||||
Portfolio turnover rate (d)
|
16% | 21% | 34% | 24% | 28% | 11% |
(a) | Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date the initial creation units were established. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(c) | Annualized. |
(d) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
Six Months Ended 9/30/2022 (Unaudited) |
Year Ended | Period Ended 3/31/2018 (a) | ||||||||||
3/31/2022 | 3/31/2021 | 3/31/2020 | 3/31/2019 | |||||||||
Net asset value, beginning of period
|
$ 29.40 | $ 27.75 | $ 15.85 | $ 21.31 | $ 21.18 | $ 19.78 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss)
|
0.23 | 0.35 | 0.33 | 0.39 | 0.32 | 0.23 | ||||||
Net realized and unrealized gain (loss)
|
(5.39) | 1.65 | 11.90 | (5.45) | 0.12 | 1.36 | ||||||
Total from investment operations
|
(5.16) | 2.00 | 12.23 | (5.06) | 0.44 | 1.59 | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income
|
(0.20) | (0.35) | (0.33) | (0.40) | (0.31) | (0.19) | ||||||
Net asset value, end of period
|
$24.04 | $29.40 | $27.75 | $15.85 | $21.31 | $21.18 | ||||||
Total return
(b)
|
(17.58)% | 7.26% | 77.60% | (24.23)% | 2.16% | 8.03% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s)
|
$ 15,629 | $ 16,171 | $ 16,647 | $ 11,096 | $ 13,853 | $ 6,355 | ||||||
Ratio of total expenses to average net
assets
|
0.60% (c) | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% (c) | ||||||
Ratio of net investment income (loss) to average
net assets
|
1.74% (c) | 1.22% | 1.46% | 1.76% | 1.70% | 1.71% (c) | ||||||
Portfolio turnover rate (d)
|
24% | 43% | 60% | 43% | 42% | 40% |
(a) | Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date the initial creation units were established. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(c) | Annualized. |
(d) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
Six Months Ended 9/30/2022 (Unaudited) |
Year Ended | Period Ended 3/31/2018 (a) | ||||||||||
3/31/2022 | 3/31/2021 | 3/31/2020 | 3/31/2019 | |||||||||
Net asset value, beginning of period
|
$ 28.97 | $ 28.18 | $ 14.87 | $ 20.84 | $ 20.88 | $ 19.73 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss)
|
0.32 | 0.46 | 0.28 | 0.36 | 0.46 | 0.34 | ||||||
Net realized and unrealized gain (loss)
|
(6.00) | 0.78 | 13.34 | (5.98) | (0.09) | 1.10 | ||||||
Total from investment operations
|
(5.68) | 1.24 | 13.62 | (5.62) | 0.37 | 1.44 | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income
|
(0.25) | (0.45) | (0.31) | (0.35) | (0.41) | (0.29) | ||||||
Net asset value, end of period
|
$23.04 | $28.97 | $28.18 | $14.87 | $20.84 | $20.88 | ||||||
Total return
(b)
|
(19.62)% | 4.39% | 92.49% | (27.51)% | 1.78% | 7.26% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s)
|
$ 21,885 | $ 21,725 | $ 9,864 | $ 5,946 | $ 5,210 | $ 4,175 | ||||||
Ratio of total expenses to average net
assets
|
0.60% (c) | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% (c) | ||||||
Ratio of net investment income (loss) to average
net assets
|
2.61% (c) | 1.79% | 1.37% | 1.97% | 2.25% | 2.22% (c) | ||||||
Portfolio turnover rate (d)
|
33% | 49% | 71% | 52% | 52% | 49% |
(a) | Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date the initial creation units were established. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(c) | Annualized. |
(d) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
Six Months Ended 9/30/2022 (Unaudited) |
Year Ended | Period Ended 3/31/2018 (a) | ||||||||||
3/31/2022 | 3/31/2021 | 3/31/2020 | 3/31/2019 | |||||||||
Net asset value, beginning of period
|
$ 30.48 | $ 28.07 | $ 17.50 | $ 21.73 | $ 21.09 | $ 19.85 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss)
|
0.39 | 0.64 | 0.58 | 0.73 | 0.78 | 0.41 | ||||||
Net realized and unrealized gain (loss)
|
(5.61) | 2.40 | 10.61 | (4.24) | 0.58 | 1.18 | ||||||
Total from investment operations
|
(5.22) | 3.04 | 11.19 | (3.51) | 1.36 | 1.59 | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income
|
(0.37) | (0.63) | (0.62) | (0.72) | (0.72) | (0.35) | ||||||
Net asset value, end of period
|
$24.89 | $30.48 | $28.07 | $17.50 | $21.73 | $21.09 | ||||||
Total return
(b)
|
(17.16)% | 10.86% | 64.82% | (16.81)% | 6.64% | 8.00% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s)
|
$ 16,177 | $ 18,291 | $ 8,422 | $ 4,375 | $ 5,434 | $ 12,654 | ||||||
Ratio of total expenses to average net
assets
|
0.50% (c) | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% (c) (d) | ||||||
Ratio of net investment income (loss) to average
net assets
|
2.81% (c) | 2.33% | 2.65% | 3.23% | 2.98% | 3.32% (c) | ||||||
Portfolio turnover rate (e)
|
28% | 41% | 89% | 78% | 98% | 37% |
(a) | Inception date is June 20, 2017, which is consistent with the commencement of investment operations and is the date the initial creation units were established. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(c) | Annualized. |
(d) | Includes excise tax. |
(e) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
Fund | Index |
Developed International Equity Select ETF | Nasdaq Riskalyze Developed Markets IndexTM |
Emerging Markets Equity Select ETF | Nasdaq Riskalyze Emerging Markets IndexTM |
Large Cap US Equity Select ETF | Nasdaq Riskalyze US Large Cap IndexTM |
Mid Cap US Equity Select ETF | Nasdaq Riskalyze US Mid Cap IndexTM |
Small Cap US Equity Select ETF | Nasdaq Riskalyze US Small Cap IndexTM |
US Equity Dividend Select ETF | Nasdaq Riskalyze US Large Cap Select Dividend IndexTM |
1) | the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price; |
2) | the type of security; |
3) | the size of the holding; |
4) | the initial cost of the security; |
5) | transactions in comparable securities; |
6) | price quotes from dealers and/or third-party pricing services; |
7) | relationships among various securities; |
8) | information obtained by contacting the issuer, analysts, or the appropriate stock exchange; |
9) | an analysis of the issuer’s financial statements; |
10) | the existence of merger proposals or tender offers that might affect the value of the security; and |
11) | other relevant factors. |
1) | the value of similar foreign securities traded on other foreign markets; |
2) | ADR trading of similar securities; |
3) | closed-end fund or exchange-traded fund trading of similar securities; |
4) | foreign currency exchange activity; |
5) | the trading prices of financial products that are tied to baskets of foreign securities; |
6) | factors relating to the event that precipitated the pricing problem; |
7) | whether the event is likely to recur; |
8) | whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and |
9) | other relevant factors. |
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following: |
o | Quoted prices for similar investments in active markets. |
o | Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly. |
o | Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). |
o | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• | Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
Distributions paid from Ordinary Income |
Distributions paid from Capital Gains |
Distributions paid from Return of Capital | |||
Developed International Equity Select ETF
|
$ 703,193 | $ — | $ — | ||
Emerging Markets Equity Select ETF
|
180,487 | — | 49,961 | ||
Large Cap US Equity Select ETF
|
328,071 | — | — | ||
Mid Cap US Equity Select ETF
|
244,191 | — | — | ||
Small Cap US Equity Select ETF
|
261,631 | — | — | ||
US Equity Dividend Select ETF
|
359,126 | — | — |
Undistributed Ordinary Income |
Accumulated Capital and Other Gain (Loss) |
Net Unrealized Appreciation (Depreciation) | |||
Developed International Equity Select ETF
|
$ 76,952 | $ (2,360,196) | $ 425,255 | ||
Emerging Markets Equity Select ETF
|
— | (1,097,564) | 129,551 | ||
Large Cap US Equity Select ETF
|
12,444 | (1,515,163) | 2,418,226 | ||
Mid Cap US Equity Select ETF
|
12,795 | (1,848,227) | 848,639 | ||
Small Cap US Equity Select ETF
|
16,538 | (1,170,060) | 597,738 | ||
US Equity Dividend Select ETF
|
24,112 | (1,095,016) | 399,231 |
Non-Expiring Capital Loss Carryforward | |
Developed International Equity Select ETF
|
$ 2,360,196 |
Emerging Markets Equity Select ETF
|
1,095,270 |
Large Cap US Equity Select ETF
|
1,515,163 |
Mid Cap US Equity Select ETF
|
1,848,227 |
Small Cap US Equity Select ETF
|
1,170,060 |
US Equity Dividend Select ETF
|
1,095,016 |
Ordinary Losses | |
Developed International Equity Select ETF
|
$ — |
Emerging Markets Equity Select ETF
|
2,294 |
Large Cap US Equity Select ETF
|
— |
Mid Cap US Equity Select ETF
|
— |
Small Cap US Equity Select ETF
|
— |
US Equity Dividend Select ETF
|
— |
Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net
Unrealized Appreciation (Depreciation) | ||||
Developed International Equity Select ETF
|
$ 19,850,500 | $ 130,489 | $ (4,136,484) | $ (4,005,995) | |||
Emerging Markets Equity Select ETF
|
9,239,352 | 315,864 | (1,649,068) | (1,333,204) | |||
Large Cap US Equity Select ETF
|
19,664,995 | 763,727 | (3,063,415) | (2,299,688) | |||
Mid Cap US Equity Select ETF
|
18,320,787 | 473,640 | (3,176,945) | (2,703,305) | |||
Small Cap US Equity Select ETF
|
26,733,049 | 291,751 | (5,137,794) | (4,846,043) | |||
US Equity Dividend Select ETF
|
19,165,567 | 373,375 | (3,418,364) | (3,044,989) |
Rate | |
Developed International Equity Select ETF | 0.65% |
Emerging Markets Equity Select ETF | 0.75% |
Large Cap US Equity Select ETF | 0.60% |
Mid Cap US Equity Select ETF | 0.60% |
Small Cap US Equity Select ETF | 0.60% |
US Equity Dividend Select ETF | 0.50% |
Purchases | Sales | ||
Developed International Equity Select ETF | $ 8,632,235 | $ 8,674,260 | |
Emerging Markets Equity Select ETF | 4,741,584 | 2,851,421 | |
Large Cap US Equity Select ETF | 3,303,201 | 3,304,511 | |
Mid Cap US Equity Select ETF | 4,091,411 | 4,034,669 | |
Small Cap US Equity Select ETF | 7,506,021 | 7,403,890 | |
US Equity Dividend Select ETF | 5,161,985 | 5,151,722 | |
Purchases | Sales | ||
Developed International Equity Select ETF | $ 3,977,903 | $ 6,742,374 | |
Emerging Markets Equity Select ETF | 462,996 | — | |
Large Cap US Equity Select ETF | 3,120,346 | 2,947,553 | |
Mid Cap US Equity Select ETF | 5,678,930 | 2,907,493 | |
Small Cap US Equity Select ETF | 9,864,377 | 4,271,299 | |
US Equity Dividend Select ETF | 1,499,875 | — |
NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE |