ETF Risk Report: DGT Buyer beware: Every ETF holds the full risk of its underlying equities Disclosures in the best interest of investors

SPDR Global Dow ETF Gray Swan Event Risks exist for every equity held by DGT. Gray swan events include accounting fraud, management failures, failed internal controls, M&A problems, restatements, etc. These risks occur infrequently, but Gray Swan Event Factor for DGT 1.19% consistently for all equities. Equities account for 96.34% of DGT’s assets. Most investors ignore these risks until after they are disclosed; whereupon a stock’s price drops precipitously. Just as insurance companies can predict likely costs for a driver’s future car accidents based on the driver’s history, Watchdog Research contacts each ETF asking how they notify investors about we predict the likely cost (price drop) for DGT following accounting governance risks in equities in their fund. We will publish their response gray swan disclosures within its holdings. The expected when received. price decrease across the DGT equity portfolio is 1.19%. However, individual equity risks vary signicantly. This report helps investors know their risk exposure.

Inception Date: 09/25/2020 Year-to-Date Return: 10.49% The SPDR Global Dow ETF tracks the investment results of The Global Dow, an equal-weighted index that tracks Net Assets: $89.7m 1-Year Return: 59.25% the performance of multinational blue-chip securities. The Fund employs a sampling strategy, holding a portfolio of Price: $105.59 3-Year Return: 10.59% securities with generally the same risk and return Net Asset Value (NAV): $105.44 5-Year Return: 13.03% characteristics of the Index. The Index rebalances quarterly. Net Expense Ratio: 0.50% Yield: 1.93%

As of: 03/31/2021

Company Ticker Held Current GSEF Category Value Top Holdings by Value

Arcelormittal MT Long 0.94% Low $1.18m This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Sep 24, 2021. Co. GE Long 1.30% Low $1.11m Investors should invest in ETFs only when they adequately Banco Bilbao Vizcay... BBVA Long - NA $1.05m understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Vail Resorts Inc. MTN Long 0.62% Low $1.03m do NO traditional risk analysis on equities in their fund. Howmet Aerospace Inc. HWM Long 1.55% Low $949k Our Gray Swan Event Factors are meant to inform investors of signicant traditional accounting and Societe Generale GLE Long - NA $949k managerial risks for the equities in each ETF.

Goldman Sachs Group... GS Long 1.39% Low $932k ETF Risk Reports are published quarterly on dedicated Wells Fargo & Company WFC Long 1.10% Low $921k platforms like Factset, Renitiv, Capital IQ etc. Weekly updates are available for a paid subscription. Conocophillips COP Long 1.81% Low $906k For more details contact: [email protected] Limited SLB Long 0.43% Low $884k

Company Ticker Held Current GSEF Category Value Riskiest Holdings

Novan, Inc. NOVN Long 7.47% High $496k This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Sep 24, 2021. Baxter Internationa... BAX Long 4.92% Mid $478k The average equity GSEF across 6,500 public equities is Astrazeneca Plc. AZN Long 3.51% Mid $543k 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Merck & Co., Inc. MRK Long 3.34% Mid $452k extreme risks. Gray Swan Event Factors are derived from skilled analysts Pzer Inc. PFE Long 3.27% Mid $563k charting 15 years of negative gray swan event disclosures Mondelez Internatio... MDLZ Long 3.24% Mid $533k against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the Alibaba Group Holdi... BABA Long 2.82% Mid $411k likelihood of, and 12-month price risk for, gray swan Visa Inc. V Long 2.70% Mid $574k events for each equity.

Abbott Laboratories ABT Long 2.54% Mid $538k

Philip Morris Inter... PM Long 2.44% Mid $597k

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for SPDR Global Dow ETF ranked by highest GSE Factor (riskiest rst). We list all equities (US and foreign) for this ETF. However, some foreign listings only show via a ticker.

To further evaluate risks, you can access details for each company by opening its Brief Watchdog Report available for viewing and pdf download. The report is free to readers for their personal consumption and it includes the executive summary data pulled from the full Watchdog Report.

To learn more about the full Watchdog and GSEF Reports go to last page or visit watchdogresearch.com.

Company Access Details Ticker Held Current GSEF Category Value

Novan, Inc. Watchdogresearch.com/watchdog/$NOVN NOVN Long 7.47% High $496k

Baxter International Inc. Watchdogresearch.com/watchdog/$BAX BAX Long 4.92% Mid $478k

Astrazeneca Plc. Watchdogresearch.com/watchdog/$AZN AZN Long 3.51% Mid $543k

Merck & Co., Inc. Watchdogresearch.com/watchdog/$MRK MRK Long 3.34% Mid $452k

Pzer Inc. Watchdogresearch.com/watchdog/$PFE PFE Long 3.27% Mid $563k

Mondelez International, Inc. Watchdogresearch.com/watchdog/$MDLZ MDLZ Long 3.24% Mid $533k

Alibaba Group Holding Ltd. Watchdogresearch.com/watchdog/$BABA BABA Long 2.82% Mid $411k

Visa Inc. Watchdogresearch.com/watchdog/$V V Long 2.70% Mid $574k

Abbott Laboratories Watchdogresearch.com/watchdog/$ABT ABT Long 2.54% Mid $538k

Philip Morris International Inc. Watchdogresearch.com/watchdog/$PM PM Long 2.44% Mid $597k

Johnson & Johnson Watchdogresearch.com/watchdog/$JNJ JNJ Long 2.34% Mid $545k

Raytheon Technologies Corp Watchdogresearch.com/watchdog/$RTX RTX Long 2.17% Mid $692k

Gilead Sciences Inc. Watchdogresearch.com/watchdog/$GILD GILD Long 2.15% Mid $519k

Amgen Inc. Watchdogresearch.com/watchdog/$AMGN AMGN Long 2.07% Mid $486k

Glaxosmithkline Plc Watchdogresearch.com/watchdog/$GSK GSK Long 2.07% Mid $491k

Hp Inc. Watchdogresearch.com/watchdog/$HPQ HPQ Long 1.92% Low $773k

Cisco Systems, Inc. Watchdogresearch.com/watchdog/$CSCO CSCO Long 1.86% Low $655k

Exxon Mobil Corp. Watchdogresearch.com/watchdog/$XOM XOM Long 1.82% Low $842k

Conocophillips Watchdogresearch.com/watchdog/$COP COP Long 1.81% Low $906k

Dupont De Nemours, Inc. Watchdogresearch.com/watchdog/$DD DD Long 1.76% Low $654k

Intel Corp. Watchdogresearch.com/watchdog/$INTC INTC Long 1.66% Low $559k

Qualcomm Inc. Watchdogresearch.com/watchdog/$QCOM QCOM Long 1.59% Low $619k

3m Co. Watchdogresearch.com/watchdog/$MMM MMM Long 1.56% Low $581k

Howmet Aerospace Inc. Watchdogresearch.com/watchdog/$HWM HWM Long 1.55% Low $949k

Boeing Co. Watchdogresearch.com/watchdog/$BA BA Long 1.49% Low $550k

Nike Inc. Watchdogresearch.com/watchdog/$NKE NKE Long 1.45% Low $636k

International Business Machines Corp. Watchdogresearch.com/watchdog/$IBM IBM Long 1.43% Low $586k (Ibm)

Colgate Palmolive Co. Watchdogresearch.com/watchdog/$CL CL Long 1.43% Low $526k

Goldman Sachs Group Inc. Watchdogresearch.com/watchdog/$GS GS Long 1.39% Low $932k

General Electric Co. Watchdogresearch.com/watchdog/$GE GE Long 1.30% Low $1.11m

Chevron Corp. Watchdogresearch.com/watchdog/$CVX CVX Long 1.26% Low $666k

Procter & Gamble Co. Watchdogresearch.com/watchdog/$PG PG Long 1.23% Low $478k

Apple Inc. Watchdogresearch.com/watchdog/$AAPL AAPL Long 1.20% Low $595k

Sap Se Watchdogresearch.com/watchdog/$SAP SAP Long 1.17% Low $429k

Wells Fargo & Company Watchdogresearch.com/watchdog/$WFC WFC Long 1.10% Low $921k

Medtronic Plc. Watchdogresearch.com/watchdog/$MDT MDT Long 1.09% Low $576k

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value

Caterpillar Inc. Watchdogresearch.com/watchdog/$CAT CAT Long 1.06% Low $693k

Jpmorgan Chase & Co. Watchdogresearch.com/watchdog/$JPM JPM Long 1.04% Low $754k

Cvs Health Corp. Watchdogresearch.com/watchdog/$CVS CVS Long 1.04% Low $715k

Coca Cola Co. Watchdogresearch.com/watchdog/$KO KO Long 1.03% Low $523k

Taiwan Semiconductor Manufacturing Co. Watchdogresearch.com/watchdog/$TSM TSM Long 1.01% Low $731k Ltd.

Microsoft Corp. Watchdogresearch.com/watchdog/$MSFT MSFT Long 0.97% Low $654k

Arcelormittal Watchdogresearch.com/watchdog/$MT MT Long 0.94% Low $1.18m

Walmart Inc. Watchdogresearch.com/watchdog/$WMT WMT Long 0.94% Low $507k

Bp Plc. Watchdogresearch.com/watchdog/$BP BP Long 0.88% Low $635k

Honeywell International Inc. Watchdogresearch.com/watchdog/$HON HON Long 0.85% Low $652k

Deere & Co. Watchdogresearch.com/watchdog/$DE DE Long 0.84% Low $805k

Starbucks Corp. Watchdogresearch.com/watchdog/$SBUX SBUX Long 0.84% Low $644k

Southwest Airlines Co. Watchdogresearch.com/watchdog/$LUV LUV Long 0.83% Low $673k

Ebay Inc. Watchdogresearch.com/watchdog/$EBAY EBAY Long 0.82% Low $651k

Rogers Corp. Watchdogresearch.com/watchdog/$ROG ROG Long 0.82% Low $508k

Bank Of New York Mellon Corp. Watchdogresearch.com/watchdog/$BK BK Long 0.79% Low $701k

Adobe Inc. Watchdogresearch.com/watchdog/$ADBE ADBE Long 0.79% Low $610k

American Airlines Group Inc. Watchdogresearch.com/watchdog/$AAL AAL Long 0.77% Low $789k

Amazon.Com Inc. Watchdogresearch.com/watchdog/$AMZN AMZN Long 0.77% Low $544k

Bank Of America Corp. Watchdogresearch.com/watchdog/$BAC BAC Long 0.74% Low $798k

Moelis & Co. Watchdogresearch.com/watchdog/$MC MC Long 0.73% Low $779k

Unitedhealth Group Inc. Watchdogresearch.com/watchdog/$UNH UNH Long 0.72% Low $656k

At&T Inc. Watchdogresearch.com/watchdog/$T T Long 0.70% Low $490k

Carnival Corp. Watchdogresearch.com/watchdog/$CCL CCL Long 0.67% Low $729k

Novagold Resources Inc. Watchdogresearch.com/watchdog/$NG NG Long 0.66% Low $577k

American International Group Inc. Watchdogresearch.com/watchdog/$AIG AIG Long 0.66% Low $820k

United Parcel Service Inc. Watchdogresearch.com/watchdog/$UPS UPS Long 0.65% Low $636k

Home Depot Inc. Watchdogresearch.com/watchdog/$HD HD Long 0.65% Low $570k

Autoliv Inc. Watchdogresearch.com/watchdog/$ALV ALV Long 0.64% Low $569k

Dollar General Corp. Watchdogresearch.com/watchdog/$DG DG Long 0.63% Low $570k

Vail Resorts Inc. Watchdogresearch.com/watchdog/$MTN MTN Long 0.62% Low $1.03m

Vodafone Group Public Ltd. Co. Watchdogresearch.com/watchdog/$VOD VOD Long 0.61% Low $582k

Verizon Communications Inc. Watchdogresearch.com/watchdog/$VZ VZ Long 0.61% Low $458k

Mcdonalds Corp. Watchdogresearch.com/watchdog/$MCD MCD Long 0.60% Low $514k

Fedex Corp. Watchdogresearch.com/watchdog/$FDX FDX Long 0.60% Low $631k

Genpact Ltd. Watchdogresearch.com/watchdog/$G G Long 0.59% Low $644k

Paypal Holdings, Inc. Watchdogresearch.com/watchdog/$PYPL PYPL Long 0.55% Low $782k

Telefonica S.A. Watchdogresearch.com/watchdog/$TEF TEF Long 0.55% Low $593k

Facebook Inc. Watchdogresearch.com/watchdog/$FB FB Long 0.54% Low $646k

The Walt Disney Company Watchdogresearch.com/watchdog/$DIS DIS Long 0.54% Low $653k

Nextera Energy Inc. Watchdogresearch.com/watchdog/$NEE NEE Long 0.53% Low $515k

Netix Inc. Watchdogresearch.com/watchdog/$NFLX NFLX Long 0.52% Low $542k

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value

Travelers Companies, Inc. Watchdogresearch.com/watchdog/$TRV TRV Long 0.49% Low $642k

Royal Dutch Shell Plc. Watchdogresearch.com/watchdog/$RDSA RDSA Long 0.49% Low $372k

Williams Companies Inc. Watchdogresearch.com/watchdog/$WMB WMB Long 0.49% Low $649k

Petrobras Petroleo Brasileiro S.A. Watchdogresearch.com/watchdog/$PBRA PBRA Long 0.49% Low $441k

Royal Bank Of Canada Watchdogresearch.com/watchdog/$RY RY Long 0.49% Low $675k

Infosys Ltd. Watchdogresearch.com/watchdog/$INFY INFY Long 0.47% Low $804k

Alphabet Inc. Watchdogresearch.com/watchdog/$GOOGL GOOGL Long 0.46% Low $405k

Alphabet Inc. Watchdogresearch.com/watchdog/$GOOG GOOG Long 0.46% Low $396k

Duke Energy Corp. Watchdogresearch.com/watchdog/$DUK DUK Long 0.44% Low $588k

Schlumberger Limited Watchdogresearch.com/watchdog/$SLB SLB Long 0.43% Low $884k

Union Pacic Corp. Watchdogresearch.com/watchdog/$UNP UNP Long 0.43% Low $554k

Accenture Plc. Watchdogresearch.com/watchdog/$ACN ACN Long 0.43% Low $619k

American Express Co. Watchdogresearch.com/watchdog/$AXP AXP Long 0.42% Low $777k

Berkshire Hathaway Inc. Watchdogresearch.com/watchdog/$BRKB BRKB Long 0.38% Low $628k

Bhp Billiton Ltd. Watchdogresearch.com/watchdog/$BHP BHP Long 0.37% Low $669k

Booking Holdings Inc. (Priceline) Watchdogresearch.com/watchdog/$BKNG BKNG Long 0.36% Low $606k

Banco Bilbao Vizcaya Argentaria S.A. - BBVA Long - NA $1.05m

Societe Generale - GLE Long - NA $949k

Banco Santander S.A. - SAN Long - NA $874k

Daimler Ag Registered Shares - DAI Long - NA $800k

Gazprom Pjsc Spon Adr - OGZD Long - NA $792k

National Australia Bank Limited - NAB Long - NA $769k

Compagnie De Saint Gobain - SGO Long - NA $767k

Nippon Steel + Sumitomo Meta Common - 5401 Long - NA $764k Stock

Nutrien Ltd - NTR Long - NA $744k

Petrochina Co Ltd H - 857 Long - NA $741k

Seven & I Holdings Co Ltd - 3382 Long - NA $736k

Bnp Paribas - BNP Long - NA $718k

Deutsche Bank Ag Registered - DBK Long - NA $689k

Bridgestone Corp - 5108 Long - NA $684k

Hsbc Holdings Plc - HSBA Long - NA $683k

Canon Inc - 7751 Long - NA $668k

Toyota Motor Corp - 7203 Long - NA $656k

Mitsubishi Ufj Financial Gro - 8306 Long - NA $647k

Rio Tinto Plc - RIO Long - NA $638k

Abb Ltd Reg - ABBN Long - NA $633k

Softbank Group Corp - 9984 Long - NA $627k

Honda Motor Co Ltd - 7267 Long - NA $627k

Anheuser Busch Inbev Sa/Nv Common - ABI Long - NA $624k Stock

Panasonic Corp - 6752 Long - NA $620k

Siemens Ag - SIE Long - NA $619k

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value

Sony Group Corp Common Stock Jpy - 6758 Long - NA $617k

Mitsui & Co Ltd - 8031 Long - NA $614k

Ubs Group Ag Reg - UBSG Long - NA $611k

Unicredit Spa - UCG Long - NA $604k

Basf Se Common Stock Eur 0 - BAS Long - NA $599k

America Movil Sab De C Ser L - AMXL Long - NA $585k

Naspers Ltd N Shs - NPN Long - NA $581k

Total Sa - FP Long - NA $575k

China Petroleum & Chemic /Hkd/ - 386 Long - NA $573k

Ericsson Lm B Shs - ERICB Long - NA $561k

Tencent - 700 Long - NA $557k

Carrefour Sa - CA Long - NA $556k

Mitsubishi Corporation - 8058 Long - NA $554k

Sampo Oyj A Shs - SAMPO Long - NA $546k

Komatsu Ltd - 6301 Long - NA $546k

China Construction Bank Corp. - 939 Long - NA $545k

Industrial And Commercial Bank Of China - 1398 Long - NA $524k Limited Class H

Mizuho Financial Group Inc - 8411 Long - NA $524k

C3.Ai, Inc. Watchdogresearch.com/watchdog/$AI AI Long - NA $517k

Nestle Sa Reg - NESN Long - NA $504k

Clp Holdings Ltd - 2 Long - NA $503k

Engie - ENGI Long - NA $487k

E.On Se Common Stock - EOAN Long - NA $482k

Credit Suisse Group Ag Reg - CSGN Long - NA $473k

Takeda Pharmaceutical Co Ltd - 4502 Long - NA $446k

Royal Dutch Shell Plc B Shs - RDSB Long - NA $331k

Reliance Industries Limited - RIL Long - NA $326k

Samsung Electronics Co. Ltd. - 005930 Long - NA $80k

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This is a story about four people investing in ETFs. They are named Everybody, Somebody, Anybody and Nobody.

Everybody wanted to buy ETFs because ETFs are such great investments. “Not so fast,” said Somebody. “Nobody should buy an ETF without rst understanding the accounting and disclosure risks for the ETF’s basket of stocks.”

Everybody scoffed: “Don’t be silly! What could go wrong? Let’s just BUY immediately! Somebody at the ETF must have done that work for us.” Anybody explained how Everybody was wrong in their thinking: “Most ETF prospectuses specically say Nobody at the ETF actually does traditional stock risk analysis.” Everybody read many ETF prospectuses, and, sure enough, Anybody was right! So, while Everybody should know the risks before buying an ETF, Nobody was actually doing it.

Until this report was created.

Watchdog Research, Inc. educates investors on accounting and disclosure risks.

Full Watchdog and Gray Swan Event Factor Reports offer in-depth information about identied risks. See more about Watchdog Research Inc. and available subscriptions below.

Watchdog Research, Inc. is an independent research organization that does not make "buy", "sell" or "hold" recommendations and does not trade in public stocks.

About Watchdog Research, Inc.

Watchdog Research, Inc. is an independent research provider and publisher of Watchdog Reports.

Watchdog Research analysts track gray swan events and critical disclosures for over 4,500 public companies. Gray swan events are reliably predictable, yet infrequent disclosures that expose a company's failures in accounting, internal controls, management integrity and which negatively impact stock prices or increase probabilities for a lawsuit.

Watchdog Reports identify red ags, issues, and other anomalies in nancial reporting. The reports contain warning signs, red ags, material disclosures, and peer analysis for use in valuation, risk analysis, due diligence research, and idea generation. Watchdog Reports are designed to assist investment professionals fulll their duciary or suitability obligations and to help investors, executives, board members, regulators and educators learn what they need to know about publicly traded companies.

Watchdog Research, Inc. is headquartered in Ave Maria, FL, and it utilizes over 75 specialists and analysts to provide accurate and timely information to its readers. So far, it has delivered 300,000 public company reports to over 27,000 individuals, from over 9,000 investment rms and to 4,000+ public company corporate board members.

Watchdog Reports

An annual subscription to Watchdog Reports costs $5,000 per year per individual subscriber (group subscription rates available). Subscriptions provide unlimited access to 4,500+ public company Watchdog Reports. Reports are updated weekly. A subscription can also entitle users to download the reports weekly on Factset, Renitiv (ex Thomson Reuters), Capital IQ or other platforms. Each company Watchdog Report identies red and yellow ags, issues and other risks for the named company. A full report includes in-depth details and lists original SEC lings and source documents. Reports contain warning signs, attention ags, material disclosures, and peer analysis for use in valuation, risk analysis, due diligence research, and D&O insurance underwriting.

Gray Swan Event Factor Reports

An annual subscription to our Gray Swan Event Factor Reports costs $8,000 per year per individual subscriber (group subscription rates available). A GSEF annual subscription automatically includes a subscription to our Watchdog Reports. The GSEF is a forward looking valuation factor. It identies the percent a stock’s price is overstated when accounting for the likelihood of a future negative accounting or disclosure event. These risks are dicult to quantify and tend to be ignored or disregarded as negligible. However, they often lead to substantial losses with each underlying stock. Before buying, selling or recommending a stock, anyone with a duciary or suitability obligation should review the stock’s Gray Swan Event Factor to quantify the stock’s potential losses for future accounting and disclosure risks. GSEF Reports are updated weekly on our website and quarterly on Factset, Renitiv (ex Thomson Reuters), Capital IQ and other platforms. The full paid version includes detailed break-outs of contributing risk factors, with links to original source materials.

Subscription Information: Subscriptions can be initiated at watchdogresearch.com.

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272