ETF Risk Report: ACWF Buyer beware: Every ETF holds the full risk of its underlying equities Disclosures in the best interest of investors iShares Edge MSCI Multifactor Global ETF Gray Swan Event Risks exist for every equity held by ACWF. Gray swan events include accounting fraud, management failures, failed internal controls, M&A problems, restatements, etc. These risks occur Gray Swan Event Factor for ACWF 1.18% infrequently, but consistently for all equities. Equities account for 97.66% of ACWF’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 ACWF 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 ACWF equity portfolio is 1.18%. However, individual equity risks vary signi cantly. This report helps investors know their risk exposure.
Inception Date: 04/28/2020 Year-to-Date Return: 8.36% The iShares MSCI Global Multifactor ETF tracks the investment results of the MSCI ACWI Diversi ed Multiple- Net Assets: $103m 1-Year Return: 55.28% Factor Index, composed of large- and mid-capitalization developed and emerging market stocks that have Price: $36.48 3-Year Return: 7.92% favorable value, quality, momentum and low size. The Net Asset Value (NAV): $36.22 5-Year Return: 12.20% Fund uses a passive or indexing approach and invests by sampling the Index, holding a collection of securities that Net Expense Ratio: 0.35% Yield: 1.60% approximates the full Index in key investment characteristics (such as market capitalization and As of: 03/31/2021 industry weightings), fundamentals (such as return variability and yield), and liquidity.
Company Ticker Held Current GSEF Category Value Top Holdings by Value
Intel Corp. INTC Long 1.66% Low $2.71m This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Sep 24, 2021. Applied Materials Inc. AMAT Long 0.87% Low $2.31m Investors should invest in ETFs only when they adequately Target Corp. TGT Long 0.57% Low $2.12m understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Micron Technology Inc. MU Long 1.05% Low $1.66m do NO traditional risk analysis on equities in their fund. Anthem, Inc. ANTM Long 0.52% Low $1.66m Our Gray Swan Event Factors are meant to inform investors of signi cant traditional accounting and Apple Inc. AAPL Long 1.20% Low $1.56m managerial risks for the equities in each ETF.
Fedex Corp. FDX Long 0.60% Low $1.31m ETF Risk Reports are published quarterly on dedicated General Motors Co. GM Long 1.47% Low $1.31m platforms like Factset, Re nitiv, Capital IQ etc. Weekly updates are available for a paid subscription. China Construction ... 939 Long - NA $1.3m For more details contact: [email protected] Ihs Markit Ltd. INFO Long 1.09% Low $1.28m
Company Ticker Held Current GSEF Category Value Riskiest Holdings
Discovery, Inc. DISCA Long 6.12% High $73k This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Sep 24, 2021. Jazz Pharmaceutical... JAZZ Long 6.04% High $184k The average equity GSEF across 6,500 public equities is Parsons Corporation PSN Long 5.50% High $83.5k 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Steris Plc. STE Long 5.09% High $289k extreme risks. Gray Swan Event Factors are derived from skilled analysts Borgwarner Inc. BWA Long 4.51% Mid $192k charting 15 years of negative gray swan event disclosures Horizon Pharma Plc. HZNP Long 4.34% Mid $354k against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the 51job, Inc. JOBS Long 3.65% Mid $24.7k likelihood of, and 12-month price risk for, gray swan Idex Corp. IEX Long 3.48% Mid $309k events for each equity.
Capital Senior Livi... CSU Long 3.35% Mid $555k
Hologic Inc. HOLX Long 3.23% Mid $273k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for iShares Edge MSCI Multifactor Global ETF ranked by highest GSE Factor (riskiest rst). We list all equities (US and foreign) for this ETF. However, some foreign listings only show via a ticker.
To further evaluate risks, you can access details for each company by opening its Brief Watchdog Report available for viewing and pdf download. The report is free to readers for their personal consumption and it includes the executive summary data pulled from the full Watchdog Report.
To learn more about the full Watchdog and GSEF Reports go to last page or visit watchdogresearch.com.
Company Access Details Ticker Held Current GSEF Category Value
Discovery, Inc. Watchdogresearch.com/watchdog/$DISCA DISCA Long 6.12% High $73k
Jazz Pharmaceuticals Plc. Watchdogresearch.com/watchdog/$JAZZ JAZZ Long 6.04% High $184k
Parsons Corporation Watchdogresearch.com/watchdog/$PSN PSN Long 5.50% High $83.5k
Steris Plc. Watchdogresearch.com/watchdog/$STE STE Long 5.09% High $289k
Borgwarner Inc. Watchdogresearch.com/watchdog/$BWA BWA Long 4.51% Mid $192k
Horizon Pharma Plc. Watchdogresearch.com/watchdog/$HZNP HZNP Long 4.34% Mid $354k
51job, Inc. Watchdogresearch.com/watchdog/$JOBS JOBS Long 3.65% Mid $24.7k
Idex Corp. Watchdogresearch.com/watchdog/$IEX IEX Long 3.48% Mid $309k
Capital Senior Living Corp. Watchdogresearch.com/watchdog/$CSU CSU Long 3.35% Mid $555k
Hologic Inc. Watchdogresearch.com/watchdog/$HOLX HOLX Long 3.23% Mid $273k
Biogen Inc. Watchdogresearch.com/watchdog/$BIIB BIIB Long 3.04% Mid $993k
Mohawk Industries Inc. Watchdogresearch.com/watchdog/$MHK MHK Long 2.98% Mid $211k
Citrix Systems Inc. Watchdogresearch.com/watchdog/$CTXS CTXS Long 2.98% Mid $236k
360 Digitech, Inc. Watchdogresearch.com/watchdog/$QFIN QFIN Long 2.97% Mid $177k
Tyson Foods Inc. Watchdogresearch.com/watchdog/$TSN TSN Long 2.90% Mid $373k
Noah Holdings Ltd. Watchdogresearch.com/watchdog/$NOAH NOAH Long 2.85% Mid $66.2k
Bentley Systems Inc Watchdogresearch.com/watchdog/$BSY BSY Long 2.80% Mid $198k
Allstate Corp. Watchdogresearch.com/watchdog/$ALL ALL Long 2.72% Mid $699k
Hewlett Packard Enterprise Co. Watchdogresearch.com/watchdog/$HPE HPE Long 2.69% Mid $323k
Daqo New Energy Watchdogresearch.com/watchdog/$DQ DQ Long 2.67% Mid $63.5k
Stewart Information Services Corp. Watchdogresearch.com/watchdog/$STC STC Long 2.65% Mid $372k
Newell Brands Inc. Watchdogresearch.com/watchdog/$NWL NWL Long 2.57% Mid $154k
On Semiconductor Corp. Watchdogresearch.com/watchdog/$ON ON Long 2.50% Mid $241k
Autohome Inc. Watchdogresearch.com/watchdog/$ATHM ATHM Long 2.45% Mid $78k
Ever Glory International Group, Inc. Watchdogresearch.com/watchdog/$EVK EVK Long 2.44% Mid $108k
Vipshop Holdings Ltd. Watchdogresearch.com/watchdog/$VIPS VIPS Long 2.44% Mid $163k
Monster Beverage Corp. Watchdogresearch.com/watchdog/$MNST MNST Long 2.42% Mid $635k
Ormat Technologies, Inc. Watchdogresearch.com/watchdog/$ORA ORA Long 2.38% Mid $330k
Hp Inc. Watchdogresearch.com/watchdog/$HPQ HPQ Long 1.92% Low $650k
Cisco Systems, Inc. Watchdogresearch.com/watchdog/$CSCO CSCO Long 1.86% Low $556k
News Corp. Watchdogresearch.com/watchdog/$NWSA NWSA Long 1.85% Low $170k
Huntington Ingalls Industries, Inc. Watchdogresearch.com/watchdog/$HII HII Long 1.79% Low $116k
Renesola Ltd. Watchdogresearch.com/watchdog/$SOL SOL Long 1.79% Low $73k
Knight Swift Transportation Holdings Watchdogresearch.com/watchdog/$KNX KNX Long 1.78% Low $97.1k Inc.
Waters Corp. Watchdogresearch.com/watchdog/$WAT WAT Long 1.73% Low $379k
Nxp Semiconductors N.V. Watchdogresearch.com/watchdog/$NXPI NXPI Long 1.71% Low $904k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Generac Holdings Inc. Watchdogresearch.com/watchdog/$GNRC GNRC Long 1.69% Low $481k
Bio Techne Corp. Watchdogresearch.com/watchdog/$TECH TECH Long 1.67% Low $302k
Intel Corp. Watchdogresearch.com/watchdog/$INTC INTC Long 1.66% Low $2.71m
Nucor Corp. Watchdogresearch.com/watchdog/$NUE NUE Long 1.65% Low $497k
Pentair Plc. Watchdogresearch.com/watchdog/$PNR PNR Long 1.54% Low $193k
General Motors Co. Watchdogresearch.com/watchdog/$GM GM Long 1.47% Low $1.31m
Nordson Corp. Watchdogresearch.com/watchdog/$NDSN NDSN Long 1.46% Low $214k
Henry Schein Inc. Watchdogresearch.com/watchdog/$HSIC HSIC Long 1.42% Low $190k
T. Rowe Price Group, Inc. Watchdogresearch.com/watchdog/$TROW TROW Long 1.41% Low $761k
Pool Corp. Watchdogresearch.com/watchdog/$POOL POOL Long 1.36% Low $336k
L Brands, Inc. Watchdogresearch.com/watchdog/$LB LB Long 1.36% Low $290k
Zebra Technologies Corp. Watchdogresearch.com/watchdog/$ZBRA ZBRA Long 1.32% Low $517k
Arrow Electronics Inc. Watchdogresearch.com/watchdog/$ARW ARW Long 1.29% Low $139k
Tradeweb Markets Inc. Watchdogresearch.com/watchdog/$TW TW Long 1.28% Low $150k
Lennox International Inc. Watchdogresearch.com/watchdog/$LII LII Long 1.25% Low $152k
Netapp, Inc. Watchdogresearch.com/watchdog/$NTAP NTAP Long 1.25% Low $299k
Seagate Technology Plc. Watchdogresearch.com/watchdog/$STX STX Long 1.21% Low $338k
Apple Inc. Watchdogresearch.com/watchdog/$AAPL AAPL Long 1.20% Low $1.56m
Cognex Corp. Watchdogresearch.com/watchdog/$CGNX CGNX Long 1.15% Low $256k
Monolithic Power Systems Inc. Watchdogresearch.com/watchdog/$MPWR MPWR Long 1.15% Low $296k
Humana Inc. Watchdogresearch.com/watchdog/$HUM HUM Long 1.12% Low $993k
J.M. Smucker Co. Watchdogresearch.com/watchdog/$SJM SJM Long 1.11% Low $261k
Tractor Supply Co. Watchdogresearch.com/watchdog/$TSCO TSCO Long 1.10% Low $386k
Ihs Markit Ltd. Watchdogresearch.com/watchdog/$INFO INFO Long 1.09% Low $1.28m
W.W. Grainger, Inc. Watchdogresearch.com/watchdog/$GWW GWW Long 1.08% Low $374k
Hca Healthcare, Inc. Watchdogresearch.com/watchdog/$HCA HCA Long 1.07% Low $520k
Carrier Global Corporation Watchdogresearch.com/watchdog/$CARR CARR Long 1.05% Low $746k
Micron Technology Inc. Watchdogresearch.com/watchdog/$MU MU Long 1.05% Low $1.66m
Whirlpool Corp. Watchdogresearch.com/watchdog/$WHR WHR Long 1.04% Low $239k
Mettler Toledo International Inc. Watchdogresearch.com/watchdog/$MTD MTD Long 1.03% Low $592k
Robert Half International Inc. Watchdogresearch.com/watchdog/$RHI RHI Long 1.02% Low $201k
International Paper Co. Watchdogresearch.com/watchdog/$IP IP Long 1.01% Low $396k
Corning Inc. Watchdogresearch.com/watchdog/$GLW GLW Long 1.01% Low $101k
Resmed Inc. Watchdogresearch.com/watchdog/$RMD RMD Long 1.00% Low $632k
Teradyne, Inc. Watchdogresearch.com/watchdog/$TER TER Long 1.00% Low $400k
Hormel Foods Corp. Watchdogresearch.com/watchdog/$HRL HRL Long 0.99% Low $265k
Microsoft Corp. Watchdogresearch.com/watchdog/$MSFT MSFT Long 0.97% Low $925k
Packaging Corp. Of America Watchdogresearch.com/watchdog/$PKG PKG Long 0.97% Low $231k
Dover Corp. Watchdogresearch.com/watchdog/$DOV DOV Long 0.96% Low $377k
Evercore Partners Inc. Watchdogresearch.com/watchdog/$EVR EVR Long 0.96% Low $49.9k
Abiomed Inc. Watchdogresearch.com/watchdog/$ABMD ABMD Long 0.96% Low $248k
Kellogg Co. Watchdogresearch.com/watchdog/$K K Long 0.96% Low $136k
Garmin Ltd. Watchdogresearch.com/watchdog/$GRMN GRMN Long 0.95% Low $362k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
United Rentals Inc. Watchdogresearch.com/watchdog/$URI URI Long 0.94% Low $428k
Qorvo, Inc. Watchdogresearch.com/watchdog/$QRVO QRVO Long 0.94% Low $406k
Lkq Corp. Watchdogresearch.com/watchdog/$LKQ LKQ Long 0.93% Low $234k
Bio Rad Laboratories Inc. Watchdogresearch.com/watchdog/$BIO BIO Long 0.93% Low $275k
Regions Financial Corp. Watchdogresearch.com/watchdog/$RF RF Long 0.92% Low $318k
Progressive Corp. Watchdogresearch.com/watchdog/$PGR PGR Long 0.92% Low $1m
Archer Daniels Midland Co. Watchdogresearch.com/watchdog/$ADM ADM Long 0.92% Low $580k
Agilent Technologies Inc. Watchdogresearch.com/watchdog/$A A Long 0.91% Low $811k
F5 Networks Inc. Watchdogresearch.com/watchdog/$FFIV FFIV Long 0.89% Low $203k
Ipg Photonics Corp. Watchdogresearch.com/watchdog/$IPGP IPGP Long 0.89% Low $141k
West Pharmaceutical Services Inc. Watchdogresearch.com/watchdog/$WST WST Long 0.88% Low $504k
Johnson Controls International Plc. Watchdogresearch.com/watchdog/$JCI JCI Long 0.87% Low $920k
A. O. Smith Corporation Watchdogresearch.com/watchdog/$AOS AOS Long 0.87% Low $167k
Textron Inc. Watchdogresearch.com/watchdog/$TXT TXT Long 0.87% Low $294k
Snap On Inc. Watchdogresearch.com/watchdog/$SNA SNA Long 0.87% Low $191k
Applied Materials Inc. Watchdogresearch.com/watchdog/$AMAT AMAT Long 0.87% Low $2.31m
Akamai Technologies Inc. Watchdogresearch.com/watchdog/$AKAM AKAM Long 0.86% Low $321k
Invesco Ltd. Watchdogresearch.com/watchdog/$IVZ IVZ Long 0.85% Low $183k
Nvr Inc. Watchdogresearch.com/watchdog/$NVR NVR Long 0.85% Low $303k
Cummins Inc. Watchdogresearch.com/watchdog/$CMI CMI Long 0.84% Low $625k
Skyworks Solutions, Inc. Watchdogresearch.com/watchdog/$SWKS SWKS Long 0.83% Low $572k
Corteva, Inc. Watchdogresearch.com/watchdog/$CTVA CTVA Long 0.83% Low $592k
Lear Corp. Watchdogresearch.com/watchdog/$LEA LEA Long 0.82% Low $160k
Ebay Inc. Watchdogresearch.com/watchdog/$EBAY EBAY Long 0.82% Low $851k
Globe Life Inc. Watchdogresearch.com/watchdog/$GL GL Long 0.82% Low $157k
Fastenal Co. Watchdogresearch.com/watchdog/$FAST FAST Long 0.82% Low $523k
Keysight Technologies, Inc. Watchdogresearch.com/watchdog/$KEYS KEYS Long 0.81% Low $499k
Molina Healthcare Inc. Watchdogresearch.com/watchdog/$MOH MOH Long 0.80% Low $254k
Mistras Group, Inc. Watchdogresearch.com/watchdog/$MG MG Long 0.80% Low $481k
Owens Corning Watchdogresearch.com/watchdog/$OC OC Long 0.80% Low $185k
Masco Corp. Watchdogresearch.com/watchdog/$MAS MAS Long 0.78% Low $252k
Amazon.Com Inc. Watchdogresearch.com/watchdog/$AMZN AMZN Long 0.77% Low $210k
Gold Fields Ltd. Watchdogresearch.com/watchdog/$GFI GFI Long 0.76% Low $135k
Texas Instruments Inc. Watchdogresearch.com/watchdog/$TXN TXN Long 0.75% Low $1.14m
Kroger Co. Watchdogresearch.com/watchdog/$KR KR Long 0.74% Low $483k
D.R. Horton, Inc. Watchdogresearch.com/watchdog/$DHI DHI Long 0.73% Low $557k
Steel Dynamics Inc. Watchdogresearch.com/watchdog/$STLD STLD Long 0.72% Low $225k
Wheaton Precious Metals Watchdogresearch.com/watchdog/$WPM WPM Long 0.71% Low $334k
At&T Inc. Watchdogresearch.com/watchdog/$T T Long 0.70% Low $26.8k
Universal Health Services Inc. Watchdogresearch.com/watchdog/$UHS UHS Long 0.69% Low $205k
Cognizant Technology Solutions Corp. Watchdogresearch.com/watchdog/$CTSH CTSH Long 0.68% Low $656k
Thomson Reuters Corp. Watchdogresearch.com/watchdog/$TRI TRI Long 0.68% Low $140k
Western Union Co. Watchdogresearch.com/watchdog/$WU WU Long 0.67% Low $164k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Davita Inc. Watchdogresearch.com/watchdog/$DVA DVA Long 0.66% Low $147k
Cadence Design Systems Inc. Watchdogresearch.com/watchdog/$CDNS CDNS Long 0.64% Low $684k
Autoliv Inc. Watchdogresearch.com/watchdog/$ALV ALV Long 0.64% Low $155k
Nrg Energy, Inc. Watchdogresearch.com/watchdog/$NRG NRG Long 0.63% Low $175k
Franklin Resources Inc. Watchdogresearch.com/watchdog/$BEN BEN Long 0.63% Low $152k
Pultegroup Inc. Watchdogresearch.com/watchdog/$PHM PHM Long 0.63% Low $256k
Avino Silver & Gold Mines Watchdogresearch.com/watchdog/$ASM ASM Long 0.61% Low $299k
Cerner Corp. Watchdogresearch.com/watchdog/$CERN CERN Long 0.61% Low $410k
Fedex Corp. Watchdogresearch.com/watchdog/$FDX FDX Long 0.60% Low $1.31m
Marketaxess Holdings Inc. Watchdogresearch.com/watchdog/$MKTX MKTX Long 0.60% Low $311k
Boston Beer Co. Inc. Watchdogresearch.com/watchdog/$SAM SAM Long 0.59% Low $187k
Juniper Networks Inc. Watchdogresearch.com/watchdog/$JNPR JNPR Long 0.59% Low $181k
Sei Investments Co. Watchdogresearch.com/watchdog/$SEIC SEIC Long 0.57% Low $129k
Target Corp. Watchdogresearch.com/watchdog/$TGT TGT Long 0.57% Low $2.12m
Yum China Holdings, Inc. Watchdogresearch.com/watchdog/$YUMC YUMC Long 0.57% Low $493k
Rollins Inc. Watchdogresearch.com/watchdog/$ROL ROL Long 0.56% Low $134k
Advance Auto Parts Inc. Watchdogresearch.com/watchdog/$AAP AAP Long 0.55% Low $238k
Raymond James Financial Inc. Watchdogresearch.com/watchdog/$RJF RJF Long 0.55% Low $261k
Iamgold Corp. Watchdogresearch.com/watchdog/$IAG IAG Long 0.55% Low $99.7k
J.B. Hunt Transport Services, Inc. Watchdogresearch.com/watchdog/$JBHT JBHT Long 0.54% Low $229k
Celanese Corp. Watchdogresearch.com/watchdog/$CE CE Long 0.53% Low $296k
Best Buy Co. Inc. Watchdogresearch.com/watchdog/$BBY BBY Long 0.53% Low $470k
Anthem, Inc. Watchdogresearch.com/watchdog/$ANTM ANTM Long 0.52% Low $1.66m
Ally Financial Inc. Watchdogresearch.com/watchdog/$ALLY ALLY Long 0.51% Low $325k
Loews Corp. Watchdogresearch.com/watchdog/$L L Long 0.50% Low $158k
C.H. Robinson Worldwide Inc. Watchdogresearch.com/watchdog/$CHRW CHRW Long 0.49% Low $211k
Kansas City Southern Watchdogresearch.com/watchdog/$KSU KSU Long 0.49% Low $467k
Hartford Financial Services Group Inc. Watchdogresearch.com/watchdog/$HIG HIG Long 0.48% Low $397k
Te Connectivity Ltd. Watchdogresearch.com/watchdog/$TEL TEL Long 0.46% Low $767k
State Street Corp. Watchdogresearch.com/watchdog/$STT STT Long 0.46% Low $462k
Fortune Brands Home & Security, Inc. Watchdogresearch.com/watchdog/$FBHS FBHS Long 0.46% Low $237k
Erie Indemnity Co. Watchdogresearch.com/watchdog/$ERIE ERIE Long 0.44% Low $94.4k
Amerco Watchdogresearch.com/watchdog/$UHAL UHAL Long 0.44% Low $108k
Quest Diagnostics Inc. Watchdogresearch.com/watchdog/$DGX DGX Long 0.43% Low $298k
Jack Henry & Associates Inc. Watchdogresearch.com/watchdog/$JKHY JKHY Long 0.43% Low $199k
Old Dominion Freight Line Inc. Watchdogresearch.com/watchdog/$ODFL ODFL Long 0.41% Low $433k
Laboratory Corp. Of America Holdings Watchdogresearch.com/watchdog/$LH LH Long 0.41% Low $437k
Epam Systems, Inc. Watchdogresearch.com/watchdog/$EPAM EPAM Long 0.40% Low $530k
Brown & Brown Inc. Watchdogresearch.com/watchdog/$BRO BRO Long 0.38% Low $178k
Synopsys Inc. Watchdogresearch.com/watchdog/$SNPS SNPS Long 0.38% Low $740k
Atmos Energy Corp. Watchdogresearch.com/watchdog/$ATO ATO Long 0.38% Low $109k
Expeditors International Of Washington Watchdogresearch.com/watchdog/$EXPD EXPD Long 0.38% Low $355k Inc.
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Bhp Billiton Ltd. Watchdogresearch.com/watchdog/$BHP BHP Long 0.37% Low $1.08m
Cincinnati Financial Corp. Watchdogresearch.com/watchdog/$CINF CINF Long 0.36% Low $299k
China Construction Bank Corp. - 939 Long - NA $1.3m
Hon Hai - 2317 Long - NA $981k
Stellantis Nv - STLA Long - NA $701k
Alexion Pharmaceuticals Inc - ALXN Long - NA $695k
Nippon Telegraph & Telephone - 9432 Long - NA $636k
Rio Tinto Ltd - RIO Long - NA $580k
Industrial And Commercial Bank Of - 1398 Long - NA $573k China Limited Class H
Koninklijke Ahold Delhaize N - AD Long - NA $573k
Fujitsu Ltd - 6702 Long - NA $562k
Maxim Integrated Products - MXIM Long - NA $527k
Fortescue Metals Group Ltd - FMG Long - NA $519k
Royal Philips Nv - PHIA Long - NA $508k
Bank Of China Ltd H - 3988 Long - NA $482k
Wolters Kluwer - WKL Long - NA $478k
United Microelectronics Corp - 2303 Long - NA $465k
Shenzhou International Group - 2313 Long - NA $462k
Michelin Cgde - ML Long - NA $454k
Bt Group Plc - BTA Long - NA $416k
Posco - 005490 Long - NA $415k
Cgi Inc /Cad/ - GIBA Long - NA $376k
Li Ning Co Ltd - 2331 Long - NA $372k
Kia Motors Corp - 000270 Long - NA $364k
Kuehne Nagel Intl Ag Reg Common - KNIN Long - NA $355k Stock Chf1.0
Ck Hutchison Holdings Ltd - 1 Long - NA $347k
Logitech International Sa Common - LOGN Long - NA $340k Stock Chf 0.25
The Cooper Companies Inc. - COO Long - NA $338k
Country Garden Services Hold Common - 6098 Long - NA $324k Stock Usd.0001
Nec Corp - 6701 Long - NA $304k
Ck Asset Holdings Ltd Common Stock - 1113 Long - NA $297k Hkd 1
Hellofresh Se Common Stock - HFG Long - NA $285k
Sumitomo Electric Industries - 5802 Long - NA $270k
Lg Electronics Inc - 066570 Long - NA $257k
Burning Rock Biotech Ltd. Watchdogresearch.com/watchdog/$BNR BNR Long - NA $255k
Otsuka Holdings Co Ltd - 4578 Long - NA $253k
Hcl Technologies Ltd - HCLT Long - NA $253k
Sekisui House Ltd - 1928 Long - NA $250k
China Petroleum & Chemic /Hkd/ - 386 Long - NA $247k
Nn Group Nv - NN Long - NA $236k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Wsp Global Inc - WSP Long - NA $235k
Novatek Microelectrnics - 3034 Long - NA $233k
Enn Energy - 2688 Long - NA $232k
Swatch Group Ltd. Bearer - UHR Long - NA $230k
Pandora A/S - PNDORA Long - NA $230k
Agc Inc /Jpy/ - 5201 Long - NA $227k
Kyowa Hakko Kirin Company Ltd /Jpy/ - 4151 Long - NA $217k
Mitsui Chemicals Inc - 4183 Long - NA $211k
Cspc Pharmaceutical Group Lt - 1093 Long - NA $208k
Great Wall Motor Company H - 2333 Long - NA $197k
Quanta Computer Inc - 2382 Long - NA $192k
Nippon Yusen Kk - 9101 Long - NA $188k
Volkswagen Ag - VOW Long - NA $180k
Nitto Denko Corp - 6988 Long - NA $179k
Boliden Ab Npv Post Split - BOL Long - NA $178k
Xinyi Solar Holdings Ltd - 968 Long - NA $177k
Rea Group Ltd - REA Long - NA $170k
Ap Moeller Maersk A/S A Common - MAERSKA Long - NA $169k Stock Dkk1000.
Discovery Communications C - DISCK Long - NA $168k
King sher Plc - KGF Long - NA $168k
Yamaha Motor Co Ltd - 7272 Long - NA $166k
Royal Kpn Nv - KPN Long - NA $165k
Wipro Ltd - WPRO Long - NA $165k
Dr. Reddys Laboratories Ltd - DRRD Long - NA $165k
Wh Group Ltd - 288 Long - NA $164k
Sk Telecom Co. Ltd. - 017670 Long - NA $162k
Anhui Conch Cement Co Ltd A - 914 Long - NA $162k
Randstad Holding Nv - RAND Long - NA $159k
Kinnevik Ab - KINVB Long - NA $159k
Tech Mahindra Limited - TECHM Long - NA $158k
Lixil Group Corp - 5938 Long - NA $158k
Iida Group Holdings Co Ltd - 3291 Long - NA $157k
Pearson Plc - PSON Long - NA $156k
Impala Platinum Holdings Ltd - IMP Long - NA $154k
Cosco Shipping Holdings Co H - 1919 Long - NA $154k
Toto Ltd - 5332 Long - NA $150k
La Francaise Des Jeux Saem - FDJ Long - NA $149k
Compal Electronics - 2324 Long - NA $147k
Arkema - AKE Long - NA $145k
Picc Property & Casualty H - 2328 Long - NA $145k
Samsung Electro Mechanics Co L - 009150 Long - NA $144k
Bluescope Steel Limited - BSL Long - NA $142k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Shizuoka Bank Ltd/The - 8355 Long - NA $142k
Yara International - YAR Long - NA $141k
Lenovo Group Ltd - 992 Long - NA $140k
Toromont Industries Ltd. - TIH Long - NA $138k
Medibank Pvt Ltd - MPL Long - NA $138k
Weichai Power Co Ltd H - 2338 Long - NA $136k
Wm Morrison Supermarkets - MRW Long - NA $135k
Ntpc Ltd - NTPC Long - NA $134k
Scout24 Ag - G24 Long - NA $134k
China Resources Gas Group Lt - 1193 Long - NA $132k
Fosun International Ltd - 656 Long - NA $132k
China Feihe Ltd Common Stock - 6186 Long - NA $132k Usd.000000025
So na - SOF Long - NA $132k
Citic Ltd - 267 Long - NA $131k
Singapore Exchange Ltd - SGX Long - NA $131k
Daito Trust Construct Co Ltd - 1878 Long - NA $131k
Ccl Industries Inc - CCLB Long - NA $131k
Xinyi Glass - 868 Long - NA $130k
Brother Industries Ltd - 6448 Long - NA $130k
Want Want China Holdings Ltd - 151 Long - NA $130k
China Conch Venture Holdings - 586 Long - NA $128k
Lite On Technology Corp Common Stock - 2301 Long - NA $126k Twd10.
Wharf Holdings Ltd - 4 Long - NA $126k
Jiangxi Copper Co Ltd H - 358 Long - NA $125k
Mediceo Paltac Holdin - 7459 Long - NA $124k
Kt & G Corporation - 033780 Long - NA $123k
Lundin Mining Corp - LUN Long - NA $120k
China Shenhua Energy Co H - 1088 Long - NA $120k
Synnex Tech Intl - 2347 Long - NA $119k
Gea Group Ag - G1A Long - NA $119k
Byd Electronic Intl Co Ltd - 285 Long - NA $118k
Norsk Hydro - NHY Long - NA $117k
Kingboard Holdings Ltd - 148 Long - NA $117k
Saudi Arabian Fertilizer Co - SAFCO Long - NA $117k
Sainsbury J Plc - SBRY Long - NA $116k
Canadian Tire Corp Class A - CTCA Long - NA $116k
Stanley Electric Co Ltd - 6923 Long - NA $116k
Tokyo Gas Co Ltd - 9531 Long - NA $115k
Inventec Corp - 2356 Long - NA $115k
Empire Co Ltd A - EMPA Long - NA $114k
Kunlun Energy Co. Ltd. - 135 Long - NA $112k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Isuzu Motors Ltd - 7202 Long - NA $112k
Chow Tai Fook Jewellery Group - 1929 Long - NA $111k
Guangdong Investment Ltd - 270 Long - NA $109k
Swire Properties Ltd - 1972 Long - NA $109k
Seiko Epson Corp - 6724 Long - NA $107k
Uss Co Ltd - 4732 Long - NA $107k
Mobile Telecommunications Co - ZAIN Long - NA $106k
Aurizon Holdings Ltd - AZJ Long - NA $106k
Tosoh Corp - 4042 Long - NA $105k
Kajima Corp - 1812 Long - NA $105k
Oji Holdings Corp - 3861 Long - NA $105k
Hikma Pharmaceuticals Plc - HIK Long - NA $105k
Orion Oyj Class B - ORNBV Long - NA $105k
Sekisui Chemical Co Ltd - 4204 Long - NA $104k
Cipla Ltd - CIPLA Long - NA $103k
China Longyuan Power Group H - 916 Long - NA $102k
Evolution Mining Ltd - EVN Long - NA $102k
Hankook Tire Co Ltd - 161390 Long - NA $101k
Lanxess Ag - LXS Long - NA $100k
Marico Ltd - MRCO Long - NA $99.8k
Au Optronics Corp - 2409 Long - NA $99.2k
Toppan Printing Co Ltd - 7911 Long - NA $98.1k
Woongjin Coway Co Ltd - 021240 Long - NA $98k
Apollo Hospitals Enterprise - APHS Long - NA $98k
Zalando Se Common Stock Eur - 1894239D Long - NA $97.7k
Obayashi Corp - 1802 Long - NA $97.1k
West Fraser Timber Co Ltd - WFT Long - NA $96.4k
Tohoku Electric Power Co Inc - 9506 Long - NA $95.6k
Cosco Shipping Ports Ltd - 1199 Long - NA $95.2k
Ricoh Company Ltd. - 7752 Long - NA $94.4k
Husqvarna Ab B Shs - HUSQB Long - NA $94.1k
George Weston Ltd Common Stock Cad - WN Long - NA $93.1k 0
Hero Motocorp Ltd - HMCL Long - NA $92.9k
Jubilant Foodworks Limited - JUBI Long - NA $92.7k
Diasorin Spa - DIA Long - NA $92.3k
Logan Property Holdings Co L - 3380 Long - NA $91.3k
Dali Foods Group Co Ltd - 3799 Long - NA $90.9k
Innolux Corp - 3481 Long - NA $90.9k
B2gold Corp - BTO Long - NA $89.9k
Rockwool Int B - ROCKB Long - NA $89.1k
Balkrishna Industries Ltd - BIL Long - NA $88.2k
Seb Sa - SK Long - NA $88.2k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Bosideng International Holdings Ltd - 3998 Long - NA $87.2k Common Stock
China National Building Ma H - 3323 Long - NA $86.9k
Citic Bank H - 998 Long - NA $86.7k
Direct Line Insurance Group - DLG Long - NA $86.7k
Pou Chen - 9904 Long - NA $86k
Jarir Marketing Co - JARIR Long - NA $85.9k
Ica Gruppen Ab - ICA Long - NA $85.2k
Yamada Denki Co Ltd - 9831 Long - NA $84.6k
Anhui Gujing Distillery Co B - 200596 Long - NA $84.5k
Kingsoft Corp Ltd - 3888 Long - NA $83.9k
Hopson Development Holdings - 754 Long - NA $83.9k
Mr Price Group Ltd - MRP Long - NA $83.6k
China Traditional Chinese Medicine - 570 Long - NA $83.6k
Biomerieux Common Stock - BIM Long - NA $83.4k
Industrivarden Ab A Shs - INDUA Long - NA $83.1k
Etihad Etisalat Co - EEC Long - NA $83k
China Hongqiao Group Ltd - 1378 Long - NA $82.6k
Ipsen - IPN Long - NA $82.5k
Postal Savings Bank Of Chi H - 1658 Long - NA $82.2k
Bank Of Communications Co H - 3328 Long - NA $82k
Lupin Ltd - LPC Long - NA $81.1k
Gf Securities Co Ltd - 1776 Long - NA $79k
Azbil Corp - 6845 Long - NA $78.8k
Aspen Pharmacare Holdings Lt - APN Long - NA $78.6k
Nine Dragons Paper Holdings - 2689 Long - NA $78.2k
Colruyt Sa - COLR Long - NA $76.8k
Adani Ports & Special Economic Zone - ADSEZ Long - NA $76.7k Ltd Common Stock Inr 2
Pegatron Corp - 4938 Long - NA $76.5k
Aurobindo Pharma Ltd - ARBP Long - NA $76k
Yamana Gold Inc - YRI Long - NA $75.1k
Yuexiu Property Co Ltd - 123 Long - NA $74.6k
Gail India Limited - GAIL Long - NA $74.4k
Bb Seguridade Participacoes - BBSE3 Long - NA $74.1k
Toyo Suisan Kaisha Ltd - 2875 Long - NA $73.2k
Abu Dhabi National Oil Co Fo Common - ADNOCDIS Long - NA $73.1k Stock Aed.08
Bharat Electronics Ltd Common Stock - BEL Long - NA $73k Inr1.0
Proximus - PROX Long - NA $73k
Sinopharm Group Co H - 1099 Long - NA $72.6k
Joyy Inc - YY Long - NA $72.4k
Zhuzhou Crrc Times Electric - 3898 Long - NA $72.1k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Nabtesco Corp - 6268 Long - NA $71.9k
Kumho Petrochemical Co Ltd - 011780 Long - NA $71.2k
Henderson Land Development - 12 Long - NA $71.1k
Chemical Works Of Gedeon Richter Plc - RICHT Long - NA $69.9k
E Mart Co Ltd - 139480 Long - NA $69.3k
Phison Elec - 8299 Long - NA $68.9k
Kingboard Laminates Hldg /Hkd/ - 1888 Long - NA $68.4k
Hellenic Telecommun Organiza - HTO Long - NA $68.3k
Advanced Petrochemicals Co - APPC Long - NA $68.2k
Wistron Corp - 3231 Long - NA $67.9k
Telefonica Brasil S.A. - VIVT3 Long - NA $67.1k
Petronet Lng Ltd - PLNG Long - NA $66.7k
Shanghai Pharmaceuticals Holding Co. - 2607 Long - NA $66.6k Ltd.
Abdullah Al Othaim Markets - AOTHAIM Long - NA $66.6k
Adani Gas Ltd Common Stock Inr 1 - 0907015D Long - NA $66.4k
Sinotruk Hong Kong Ltd - 3808 Long - NA $65.4k
Far East Horizon Ltd - 3360 Long - NA $63.8k
China Railway Group Ltd H - 390 Long - NA $63.6k
Hang Lung Properties Ltd - 101 Long - NA $60.7k
Lg Innotek Co Ltd - 011070 Long - NA $60.4k
Larsen + Toubro Infotech Ltd Common - LTI Long - NA $60.1k Stock Inr1.0
Igm Financial Inc - IGM Long - NA $58.2k
Yanzhou Coal Mining Co A - 600188 Long - NA $58k
Kumba Iron Ore Ltd - KIO Long - NA $57.5k
Bupa Arabia - BUPA Long - NA $56.6k
Tim Participacoes - TIMS3 Long - NA $56.1k
Aldar Properties Pjsc - ALDAR Long - NA $55.4k
Vopak - VPK Long - NA $55.4k
China Resources Cement - 1313 Long - NA $55.1k
Ooredoo Qsc - ORDS Long - NA $54.8k
Colgate Palmolive India - CLGT Long - NA $54k
Acom Co Ltd - 8572 Long - NA $53.2k
Shenergy Company Limited A - 600642 Long - NA $52.2k
Polskie Gornictwo Naftowe I - PGN Long - NA $52.1k
C&S Paper Co. Ltd. Class A - 2511 Long - NA $52k
Qatar Electricity & Water Co - QEWS Long - NA $51.7k
Boc Aviation Ltd - 2588 Long - NA $51.4k
Zoomlion Heavy Industry H - 1157 Long - NA $51.1k
Atco Ltd/Canada - ACOX Long - NA $50.9k
Pan Ocean Co. Ltd. - 028670 Long - NA $50.4k
S 1 Corporation - 012750 Long - NA $48.8k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Ipca Laboratories Ltd - IPCA Long - NA $48.2k
Lee & Man Paper Manufacturin - 2314 Long - NA $47.9k
China East Education Holding Common - 667 Long - NA $47.9k Stock Hkd.0001
Container Corp Of India Ltd Common - CCRI Long - NA $47.6k Stock Inr5.0
Telecom Italia Spa - TIT Long - NA $46.5k
Acc Ltd - ACC Long - NA $46.3k
National Petrochemical Co Common - PETROCH Long - NA $45.8k Stock Sar10.
Sun Art Retail Group Ltd - 6808 Long - NA $45.4k
Zhejiang Semir Garment Co A - 002563 Long - NA $45.1k
Shaanxi Coal Industry Co L A - 601225 Long - NA $44.8k
Saudi Cement - SACCO Long - NA $44.5k
Rec Ltd. - RECL Long - NA $44.3k
Mouwasat Medical Services Co - MOUWASAT Long - NA $44k
Inter Rao Ues Pjsc Common Stock Rub - IRAO Long - NA $43k 2.80977
Bharti Infratel Ltd - BHIN Long - NA $42.5k
Shenzhen International Holdings Ltd. - 152 Long - NA $42.2k
Tiger Brands Ltd - TBS Long - NA $42k
Hdfc Asset Management Co Ltd Inr5.0 - HDFCAMC Long - NA $41.6k
Kwg Group Holdings Ltd Common - 1813 Long - NA $40.8k Stock Hkd.1
Avichina Industry & Tech H - 2357 Long - NA $40.4k
Anhui Conch Cement Co Ltd A - 600585 Long - NA $38.8k
China Resources Pharmaceutic - 3320 Long - NA $38k
Harmony Gold Mining Co Ltd - HAR Long - NA $37.6k
African Rainbow Minerals Ltd - ARI Long - NA $37.1k
Zhuzhou Kibing Group Co Lt A Common - 601636 Long - NA $35k Stock Cny1.0
Beijing Yanjing Brewery Co A - 729 Long - NA $34.2k
Colbun Sa - COLBUN Long - NA $32.3k
Shandong Hualu Hengsheng A - 600426 Long - NA $29.2k
Shijiazhuang Yiling Pharma A - 2603 Long - NA $27.5k
Globe Telecom Inc - GLO Long - NA $27.5k
Apeloa Pharmaceutical Co. Ltd. Class A - 739 Long - NA $26.6k
Fujian Sunner Development Co. Ltd. - 002299 Long - NA $22.5k Class A
Sime Darby Berhad - SIME Long - NA $22.4k
Chongqing Brewery Co A Common - 600132 Long - NA $21.4k Stock Cny1.0
Barwa Real Estate Co - BRES Long - NA $20.6k
Weifu High Technology Grp A - 581 Long - NA $19.7k
Shanghai M&G Stationery In A - 603899 Long - NA $10.5k
China Railway Group Ltd A - 601390 Long - NA $10.1k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Baoshan Iron & Steel Co A - 600019 Long - NA $10.1k
China Shenhua Energy Co A - 601088 Long - NA $9.97k
Ff Group - FFGRP Long - NA $1.96
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 speci cally 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 identi ed 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 ful ll 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, Re nitiv (ex Thomson Reuters), Capital IQ or other platforms. Each company Watchdog Report identi es 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 identi es the percent a stock’s price is overstated when accounting for the likelihood of a future negative accounting or disclosure event. These risks are di cult 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, Re nitiv (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.
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Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272