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

First Trust Small Cap Value AlphaDEX Fund Gray Swan Event Risks exist for every equity held by FYT. 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 FYT 1.32% consistently for all equities. Equities account for 88.58% of FYT’s assets. Most investors ignore these risks until after they are disclosed; whereupon a ’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 FYT 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 FYT equity portfolio is 1.32%. However, individual equity risks vary signicantly. This report helps investors know their risk exposure.

Inception Date: 04/19/2020 Year-to-Date Return: 21.31% The First Trust Small Cap Value AlphaDEX Fund tracks the investment results of the AlphaDEXSmall Cap Net Assets: $256m 1-Year Return: 131.28% Value Index, composed of value from U.S. companies from the NASDAQ US 700 Small Cap Index Price: $50.31 3-Year Return: 14.12% that are screened for liquidity, exhibit growth and value Net Asset Value (NAV): $50.13 5-Year Return: 13.72% factors, and may generate positive alpha, or outperform in risk-adjusted returns, relative to traditional indices. The Net Expense Ratio: 0.72% Yield: 0.97% Fund uses an indexing approach to replicate the performance of the Index by investing in the common As of: 03/31/2021 stocks that comprise the Index. The Index rebalances and reconstitutes quarterly.

Company Ticker Held Current GSEF Category Value Top Holdings by Value

American National G... ANAT Long - NA $2.8m This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Sep 17, 2021. Gray Television Inc. GTN Long 10.02% Extreme $2.59m Investors should invest in ETFs only when they adequately Prestige Brands Hol... PBH Long 0.44% Low $2.4m understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Supernus Pharmaceut... SUPN Long 4.76% Mid $2.39m do NO traditional risk analysis on equities in their fund. Methode Electronics... MEI Long 0.44% Low $2.39m Our Gray Swan Event Factors are meant to inform investors of signicant traditional accounting and Fresh Del Monte Pro... FDP Long 0.81% Low $2.34m managerial risks for the equities in each ETF.

Atlas Air Worldwide... AAWW Long 0.90% Low $2.29m ETF Risk Reports are published quarterly on dedicated Graham Holdings Co. GHC Long 1.66% Low $2.29m platforms like Factset, Renitiv, Capital IQ etc. Weekly updates are available for a paid subscription. Assured Guaranty Ltd. AGO Long 0.74% Low $2.28m For more details contact: [email protected] Innoviva, Inc. INVA Long 2.31% Mid $2.28m

Company Ticker Held Current GSEF Category Value Riskiest Holdings

Schweitzer Mauduit ... SWM Long 13.31% Extreme $1.34m This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Sep 17, 2021. Deluxe Corp. DLX Long 10.06% Extreme $455k The average equity GSEF across 6,500 public equities is Gray Television Inc. GTN Long 10.02% Extreme $2.59m 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Kar Auction Service... KAR Long 6.59% High $1.4m extreme risks. Gray Swan Event Factors are derived from skilled analysts Independent Bank Corp. INDB Long 6.04% High $358k charting 15 years of negative gray swan event disclosures Wsfs Financial Corp. WSFS Long 6.04% High $1.12m against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the United Community Ba... UCBI Long 5.53% High $764k likelihood of, and 12-month price risk for, gray swan Supernus Pharmaceut... SUPN Long 4.76% Mid $2.39m events for each equity.

Asbury Automotive G... ABG Long 4.61% Mid $711k

Pgt Innovations, Inc. PGTI Long 3.31% Mid $367k

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for First Trust Small Cap Value AlphaDEX Fund 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

Schweitzer Mauduit International Inc. Watchdogresearch.com/watchdog/$SWM SWM Long 13.31% Extreme $1.34m

Deluxe Corp. Watchdogresearch.com/watchdog/$DLX DLX Long 10.06% Extreme $455k

Gray Television Inc. Watchdogresearch.com/watchdog/$GTN GTN Long 10.02% Extreme $2.59m

Kar Auction Services, Inc. Watchdogresearch.com/watchdog/$KAR KAR Long 6.59% High $1.4m

Independent Bank Corp. Watchdogresearch.com/watchdog/$INDB INDB Long 6.04% High $358k

Wsfs Financial Corp. Watchdogresearch.com/watchdog/$WSFS WSFS Long 6.04% High $1.12m

United Community Banks Inc. Watchdogresearch.com/watchdog/$UCBI UCBI Long 5.53% High $764k

Supernus Pharmaceuticals, Inc. Watchdogresearch.com/watchdog/$SUPN SUPN Long 4.76% Mid $2.39m

Asbury Automotive Group Inc. Watchdogresearch.com/watchdog/$ABG ABG Long 4.61% Mid $711k

Pgt Innovations, Inc. Watchdogresearch.com/watchdog/$PGTI PGTI Long 3.31% Mid $367k

Cavco Industries Inc. Watchdogresearch.com/watchdog/$CVCO CVCO Long 3.14% Mid $393k

Adtalem Global Education Inc. Watchdogresearch.com/watchdog/$ATGE ATGE Long 3.00% Mid $1.83m

Mcgrath Rentcorp. Watchdogresearch.com/watchdog/$MGRC MGRC Long 2.94% Mid $1.65m

Gms Inc. Watchdogresearch.com/watchdog/$GMS GMS Long 2.87% Mid $938k

Horace Mann Educators Corp. Watchdogresearch.com/watchdog/$HMN HMN Long 2.72% Mid $1.41m

Gcp Applied Technologies Inc. Watchdogresearch.com/watchdog/$GCP GCP Long 2.67% Mid $1.14m

Stewart Information Services Corp. Watchdogresearch.com/watchdog/$STC STC Long 2.65% Mid $2.22m

Primoris Services Corp. Watchdogresearch.com/watchdog/$PRIM PRIM Long 2.61% Mid $1.45m

American Equity Investment Life Watchdogresearch.com/watchdog/$AEL AEL Long 2.49% Mid $2.09m Holding Co.

Innoviva, Inc. Watchdogresearch.com/watchdog/$INVA INVA Long 2.31% Mid $2.28m

Sprouts Farmers , Inc. Watchdogresearch.com/watchdog/$SFM SFM Long 2.29% Mid $1.52m

Columbia Banking System Inc. Watchdogresearch.com/watchdog/$COLB COLB Long 2.28% Mid $728k

Hostess Brands, Inc. Watchdogresearch.com/watchdog/$TWNK TWNK Long 2.28% Mid $1.84m

Strategic Education, Inc. Watchdogresearch.com/watchdog/$STRA STRA Long 2.28% Mid $1.68m

Abm Industries Inc. Watchdogresearch.com/watchdog/$ABM ABM Long 2.26% Mid $347k

Beacon Roong Supply Inc. Watchdogresearch.com/watchdog/$BECN BECN Long 2.13% Mid $828k

Compass Minerals International Inc. Watchdogresearch.com/watchdog/$CMP CMP Long 2.11% Mid $769k

Murphy Usa Inc. Watchdogresearch.com/watchdog/$MUSA MUSA Long 2.09% Mid $1.5m

Simmons First National Corp. Watchdogresearch.com/watchdog/$SFNC SFNC Long 2.09% Mid $1.61m

Ebix Inc. Watchdogresearch.com/watchdog/$EBIX EBIX Long 2.06% Mid $2.15m

Group 1 Automotive Inc. Watchdogresearch.com/watchdog/$GPI GPI Long 2.01% Mid $1.99m

Mi Homes Inc. Watchdogresearch.com/watchdog/$MHO MHO Long 1.99% Low $2.02m

Brady Corp. Watchdogresearch.com/watchdog/$BRC BRC Long 1.97% Low $853k

Fnb Corp. Watchdogresearch.com/watchdog/$FNB FNB Long 1.89% Low $1.58m

Cvb Financial Corp. Watchdogresearch.com/watchdog/$CVBF CVBF Long 1.88% Low $759k

Arcosa, Inc. Watchdogresearch.com/watchdog/$ACA ACA Long 1.86% Low $1.47m

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

Sally Beauty Holdings, Inc. Watchdogresearch.com/watchdog/$SBH SBH Long 1.85% Low $892k

Winnebago Industries Inc. Watchdogresearch.com/watchdog/$WGO WGO Long 1.84% Low $1.06m

Century Communities, Inc. Watchdogresearch.com/watchdog/$CCS CCS Long 1.82% Low $2.24m

Weis Markets Inc. Watchdogresearch.com/watchdog/$WMK WMK Long 1.81% Low $1.86m

Stepan Co. Watchdogresearch.com/watchdog/$SCL SCL Long 1.78% Low $1.13m

Insight Enterprises Inc. Watchdogresearch.com/watchdog/$NSIT NSIT Long 1.78% Low $853k

Southwest Gas Holdings, Inc. Watchdogresearch.com/watchdog/$SWX SWX Long 1.76% Low $1.96m

Graham Holdings Co. Watchdogresearch.com/watchdog/$GHC GHC Long 1.66% Low $2.29m

Spectrum Brands Holdings, Inc. Watchdogresearch.com/watchdog/$SPB SPB Long 1.65% Low $1.2m

Covanta Holding Corp. Watchdogresearch.com/watchdog/$CVA CVA Long 1.64% Low $507k

Kaiser Aluminum Corp. Watchdogresearch.com/watchdog/$KALU KALU Long 1.61% Low $445k

Virtu Financial, Inc. Watchdogresearch.com/watchdog/$VIRT VIRT Long 1.44% Low $1.45m

Azz Inc. Watchdogresearch.com/watchdog/$AZZ AZZ Long 1.44% Low $410k

Usana Health Sciences Inc. Watchdogresearch.com/watchdog/$USNA USNA Long 1.35% Low $1.26m

Jeld Wen Holding, Inc. Watchdogresearch.com/watchdog/$JELD JELD Long 1.34% Low $772k

Dillard's, Inc. Watchdogresearch.com/watchdog/$DDS DDS Long 1.34% Low $749k

Big Lots Inc. Watchdogresearch.com/watchdog/$BIG BIG Long 1.34% Low $1.97m

La Z Boy Inc. Watchdogresearch.com/watchdog/$LZB LZB Long 1.32% Low $710k

Fb Financial Corp. Watchdogresearch.com/watchdog/$FBK FBK Long 1.32% Low $335k

Ryder System Inc. Watchdogresearch.com/watchdog/$R R Long 1.28% Low $1.18m

Brightview Holdings, Inc. Watchdogresearch.com/watchdog/$BV BV Long 1.26% Low $381k

Buckle Inc. Watchdogresearch.com/watchdog/$BKE BKE Long 1.25% Low $1.52m

First Merchants Corp. Watchdogresearch.com/watchdog/$FRME FRME Long 1.23% Low $1.07m

Amn Healthcare Services Inc. Watchdogresearch.com/watchdog/$AMN AMN Long 1.22% Low $526k

Pra Group Inc. Watchdogresearch.com/watchdog/$PRAA PRAA Long 1.22% Low $2.11m

Pc Connection Inc. Watchdogresearch.com/watchdog/$CNXN CNXN Long 1.21% Low $1.19m

Cnx Resources Corp. Watchdogresearch.com/watchdog/$CNX CNX Long 1.21% Low $371k

Astec Industries Inc. Watchdogresearch.com/watchdog/$ASTE ASTE Long 1.20% Low $334k

United States Cellular Corp. Watchdogresearch.com/watchdog/$USM USM Long 1.19% Low $2.02m

Alamo Group Inc. Watchdogresearch.com/watchdog/$ALG ALG Long 1.14% Low $390k

Cbiz, Inc. Watchdogresearch.com/watchdog/$CBZ CBZ Long 1.14% Low $816k

Viasat Inc. Watchdogresearch.com/watchdog/$VSAT VSAT Long 1.10% Low $1.24m

Icf International, Inc. Watchdogresearch.com/watchdog/$ICFI ICFI Long 1.06% Low $818k

Treehouse Foods, Inc. Watchdogresearch.com/watchdog/$THS THS Long 1.06% Low $694k

Equitrans Midstream Corporation Watchdogresearch.com/watchdog/$ETRN ETRN Long 1.05% Low $2.12m

Mr. Cooper Group Inc. Watchdogresearch.com/watchdog/$COOP COOP Long 1.02% Low $1.94m

Associated Banc Corp. Watchdogresearch.com/watchdog/$ASB ASB Long 1.02% Low $1.95m

Meritage Homes Corp. Watchdogresearch.com/watchdog/$MTH MTH Long 1.02% Low $2.08m

Innospec Inc. Watchdogresearch.com/watchdog/$IOSP IOSP Long 1.01% Low $353k

Meritor Inc. Watchdogresearch.com/watchdog/$MTOR MTOR Long 1.01% Low $1.3m

Tennant Co. Watchdogresearch.com/watchdog/$TNC TNC Long 1.01% Low $399k

Marten Transport Ltd. Watchdogresearch.com/watchdog/$MRTN MRTN Long 1.01% Low $1.98m

Pacic Premier Bancorp Inc. Watchdogresearch.com/watchdog/$PPBI PPBI Long 1.00% Low $388k

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

Taylor Morrison Home Corp. Watchdogresearch.com/watchdog/$TMHC TMHC Long 0.99% Low $1.4m

First Midwest Bancorp Inc. Watchdogresearch.com/watchdog/$FMBI FMBI Long 0.99% Low $736k

Healthcare Services Group Inc. Watchdogresearch.com/watchdog/$HCSG HCSG Long 0.99% Low $917k

Tegna Inc. Watchdogresearch.com/watchdog/$TGNA TGNA Long 0.99% Low $2.03m

Alliance Data Systems Corp. Watchdogresearch.com/watchdog/$ADS ADS Long 0.98% Low $371k

Ameris Bancorp. Watchdogresearch.com/watchdog/$ABCB ABCB Long 0.97% Low $1.57m

Tootsie Roll Industries Inc. Watchdogresearch.com/watchdog/$TR TR Long 0.97% Low $409k

Cal Maine Foods Inc. Watchdogresearch.com/watchdog/$CALM CALM Long 0.96% Low $1.13m

Umb Financial Corp. Watchdogresearch.com/watchdog/$UMBF UMBF Long 0.96% Low $1.21m

Wesbanco Inc. Watchdogresearch.com/watchdog/$WSBC WSBC Long 0.95% Low $1.18m

Materion Corp. Watchdogresearch.com/watchdog/$MTRN MTRN Long 0.94% Low $453k

Barnes Group Inc. Watchdogresearch.com/watchdog/$B B Long 0.94% Low $842k

Univar Inc. Watchdogresearch.com/watchdog/$UNVR UNVR Long 0.93% Low $921k

Northwestern Corp. Watchdogresearch.com/watchdog/$NWE NWE Long 0.93% Low $1.5m

Comfort Systems Usa Inc. Watchdogresearch.com/watchdog/$FIX FIX Long 0.93% Low $1.26m

White Mountains Insurance Group Watchdogresearch.com/watchdog/$WTM WTM Long 0.90% Low $2.09m Ltd.

Atlas Air Worldwide Holdings Inc. Watchdogresearch.com/watchdog/$AAWW AAWW Long 0.90% Low $2.29m

Hilltop Holdings Inc. Watchdogresearch.com/watchdog/$HTH HTH Long 0.89% Low $2.17m

Cathay General Bancorp. Watchdogresearch.com/watchdog/$CATY CATY Long 0.88% Low $1.57m

Allete Inc. Watchdogresearch.com/watchdog/$ALE ALE Long 0.87% Low $2.12m

Renasant Corp. Watchdogresearch.com/watchdog/$RNST RNST Long 0.87% Low $787k

Amc Networks Inc. Watchdogresearch.com/watchdog/$AMCX AMCX Long 0.85% Low $2.05m

Hub Group, Inc. Watchdogresearch.com/watchdog/$HUBG HUBG Long 0.85% Low $1.6m

Mge Energy Inc. Watchdogresearch.com/watchdog/$MGEE MGEE Long 0.85% Low $849k

American Woodmark Corp. Watchdogresearch.com/watchdog/$AMWD AMWD Long 0.84% Low $1.35m

Navient Corp. Watchdogresearch.com/watchdog/$NAVI NAVI Long 0.84% Low $2.2m

Texas Capital Bancshares Inc. Watchdogresearch.com/watchdog/$TCBI TCBI Long 0.83% Low $357k

Sterling Bancorp. Watchdogresearch.com/watchdog/$STL STL Long 0.83% Low $1.29m

Heartland Express Inc. Watchdogresearch.com/watchdog/$HTLD HTLD Long 0.83% Low $1.78m

Greif Inc. Watchdogresearch.com/watchdog/$GEF GEF Long 0.82% Low $1.27m

Avista Corp. Watchdogresearch.com/watchdog/$AVA AVA Long 0.81% Low $1.45m

Fresh Del Monte Produce Inc. Watchdogresearch.com/watchdog/$FDP FDP Long 0.81% Low $2.34m

Avnet Inc. Watchdogresearch.com/watchdog/$AVT AVT Long 0.81% Low $1.16m

World Fuel Services Corp. Watchdogresearch.com/watchdog/$INT INT Long 0.80% Low $1.83m

Sanmina Corp. Watchdogresearch.com/watchdog/$SANM SANM Long 0.80% Low $1.53m

Sanderson Farms Inc. Watchdogresearch.com/watchdog/$SAFM SAFM Long 0.80% Low $982k

Steelcase Inc. Watchdogresearch.com/watchdog/$SCS SCS Long 0.80% Low $419k

H.B. Fuller Company Watchdogresearch.com/watchdog/$FUL FUL Long 0.79% Low $1.21m

Kennametal Inc. Watchdogresearch.com/watchdog/$KMT KMT Long 0.78% Low $359k

Home Bancshares Inc. Watchdogresearch.com/watchdog/$HOMB HOMB Long 0.78% Low $743k

M.D.C. Holdings, Inc. Watchdogresearch.com/watchdog/$MDC MDC Long 0.77% Low $1.73m

Kronos Worldwide Inc. Watchdogresearch.com/watchdog/$KRO KRO Long 0.77% Low $1.12m

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

Csg Systems International Inc. Watchdogresearch.com/watchdog/$CSGS CSGS Long 0.77% Low $856k

Albany International Corp. Watchdogresearch.com/watchdog/$AIN AIN Long 0.77% Low $871k

Griffon Corp. Watchdogresearch.com/watchdog/$GFF GFF Long 0.76% Low $1.13m

Cno Financial Group, Inc. Watchdogresearch.com/watchdog/$CNO CNO Long 0.76% Low $1.98m

Alcoa Corp. Watchdogresearch.com/watchdog/$AA AA Long 0.76% Low $453k

Harsco Corp. Watchdogresearch.com/watchdog/$HSC HSC Long 0.75% Low $475k

Worthington Industries Inc. Watchdogresearch.com/watchdog/$WOR WOR Long 0.75% Low $1.86m

Arcbest Corp. Watchdogresearch.com/watchdog/$ARCB ARCB Long 0.75% Low $1.35m

Assured Guaranty Ltd. Watchdogresearch.com/watchdog/$AGO AGO Long 0.74% Low $2.28m

Brighthouse Financial, Inc. Watchdogresearch.com/watchdog/$BHF BHF Long 0.74% Low $411k

Old National Bancorp. Watchdogresearch.com/watchdog/$ONB ONB Long 0.74% Low $1.48m

Hancock Holding Co. Watchdogresearch.com/watchdog/$HWC HWC Long 0.74% Low $422k

Wintrust Financial Corp. Watchdogresearch.com/watchdog/$WTFC WTFC Long 0.73% Low $1.62m

Murphy Oil Corporation Watchdogresearch.com/watchdog/$MUR MUR Long 0.73% Low $567k

Flagstar Bancorp Inc. Watchdogresearch.com/watchdog/$FBC FBC Long 0.72% Low $1.91m

Pdc Energy, Inc. Watchdogresearch.com/watchdog/$PDCE PDCE Long 0.72% Low $1.59m

Otter Tail Corp. Watchdogresearch.com/watchdog/$OTTR OTTR Long 0.71% Low $1.72m

Investors Bancorp, Inc. Watchdogresearch.com/watchdog/$ISBC ISBC Long 0.71% Low $1.16m

Spire Inc. Watchdogresearch.com/watchdog/$SR SR Long 0.71% Low $1.17m

Northwest Natural Holding Company Watchdogresearch.com/watchdog/$NWN NWN Long 0.69% Low $1.58m

Independent Bank Group, Inc. Watchdogresearch.com/watchdog/$IBTX IBTX Long 0.68% Low $1.23m

Bankunited, Inc. Watchdogresearch.com/watchdog/$BKU BKU Long 0.68% Low $791k

Sensient Technologies Corp. Watchdogresearch.com/watchdog/$SXT SXT Long 0.68% Low $443k

Atlantic Union Bankshares Watchdogresearch.com/watchdog/$AUB AUB Long 0.67% Low $1.13m Corporation

First Hawaiian, Inc. Watchdogresearch.com/watchdog/$FHB FHB Long 0.67% Low $1.24m

International Bancshares Corp. Watchdogresearch.com/watchdog/$IBOC IBOC Long 0.67% Low $1.11m

Washington Federal Inc. Watchdogresearch.com/watchdog/$WAFD WAFD Long 0.67% Low $1.68m

Community Bank System, Inc. Watchdogresearch.com/watchdog/$CBU CBU Long 0.67% Low $394k

First Bancorp. Watchdogresearch.com/watchdog/$FBP FBP Long 0.66% Low $862k

Firstcash, Inc. Watchdogresearch.com/watchdog/$FCFS FCFS Long 0.66% Low $948k

First Financial Bancorp. Watchdogresearch.com/watchdog/$FFBC FFBC Long 0.66% Low $1.6m

Fulton Financial Corp. Watchdogresearch.com/watchdog/$FULT FULT Long 0.66% Low $1.11m

Vishay Intertechnology Inc. Watchdogresearch.com/watchdog/$VSH VSH Long 0.65% Low $1.52m

Minerals Technologies Inc. Watchdogresearch.com/watchdog/$MTX MTX Long 0.65% Low $1.7m

Coca Cola Consolidated, Inc. Watchdogresearch.com/watchdog/$COKE COKE Long 0.65% Low $1.67m

Dycom Industries Inc. Watchdogresearch.com/watchdog/$DY DY Long 0.65% Low $653k

Commercial Metals Co. Watchdogresearch.com/watchdog/$CMC CMC Long 0.65% Low $2.03m

Bancrst Corp. Watchdogresearch.com/watchdog/$BANF BANF Long 0.64% Low $352k

Mercury General Corp. Watchdogresearch.com/watchdog/$MCY MCY Long 0.64% Low $2.17m

Central Garden & Pet Co. Watchdogresearch.com/watchdog/$CENTA CENTA Long 0.64% Low $1.12m

Graftech International Ltd. Watchdogresearch.com/watchdog/$EAF EAF Long 0.64% Low $1.55m

Tri Pointe Group, Inc. Watchdogresearch.com/watchdog/$TPH TPH Long 0.63% Low $2.14m

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

H&R Block Inc. Watchdogresearch.com/watchdog/$HRB HRB Long 0.62% Low $430k

Dana Inc. Watchdogresearch.com/watchdog/$DAN DAN Long 0.62% Low $390k

Domtar Corp. Watchdogresearch.com/watchdog/$UFS UFS Long 0.62% Low $1.78m

Korn Ferry International Watchdogresearch.com/watchdog/$KFY KFY Long 0.61% Low $464k

Hyster Yale Materials Handling, Inc. Watchdogresearch.com/watchdog/$HY HY Long 0.61% Low $334k

Patrick Industries Inc. Watchdogresearch.com/watchdog/$PATK PATK Long 0.60% Low $1.03m

Integer Holdings Corp. Watchdogresearch.com/watchdog/$ITGR ITGR Long 0.60% Low $833k

Spx Corp. Watchdogresearch.com/watchdog/$SPXC SPXC Long 0.59% Low $419k

Schneider National, Inc. Watchdogresearch.com/watchdog/$SNDR SNDR Long 0.59% Low $1.42m

Federal Signal Corp. Watchdogresearch.com/watchdog/$FSS FSS Long 0.59% Low $855k

Enersys Watchdogresearch.com/watchdog/$ENS ENS Long 0.59% Low $430k

Telephone & Data Systems Inc. Watchdogresearch.com/watchdog/$TDS TDS Long 0.58% Low $2.01m

Edgewell Personal Care Co. Watchdogresearch.com/watchdog/$EPC EPC Long 0.58% Low $1.33m

Plexus Corp. Watchdogresearch.com/watchdog/$PLXS PLXS Long 0.58% Low $810k

Raven Industries Inc. Watchdogresearch.com/watchdog/$RAVN RAVN Long 0.57% Low $603k

Marcus & Millichap, Inc. Watchdogresearch.com/watchdog/$MMI MMI Long 0.55% Low $939k

Werner Enterprises Inc. Watchdogresearch.com/watchdog/$WERN WERN Long 0.55% Low $1.54m

Transocean Ltd. Watchdogresearch.com/watchdog/$RIG RIG Long 0.54% Low $2.07m

Heartland Financial Usa Inc. Watchdogresearch.com/watchdog/$HTLF HTLF Long 0.54% Low $1.52m

Cannae Holdings, Inc. Watchdogresearch.com/watchdog/$CNNE CNNE Long 0.53% Low $1.74m

New Jersey Resources Corp. Watchdogresearch.com/watchdog/$NJR NJR Long 0.52% Low $1.19m

Skywest Inc. Watchdogresearch.com/watchdog/$SKYW SKYW Long 0.51% Low $1.29m

Nbt Bancorp Inc. Watchdogresearch.com/watchdog/$NBTB NBTB Long 0.51% Low $734k

Aar Corp. Watchdogresearch.com/watchdog/$AIR AIR Long 0.51% Low $371k

Mantech International Corp. Watchdogresearch.com/watchdog/$MANT MANT Long 0.50% Low $1.19m

Banner Corp. Watchdogresearch.com/watchdog/$BANR BANR Long 0.48% Low $1.65m

Rush Enterprises Inc. Watchdogresearch.com/watchdog/$RUSHA RUSHA Long 0.47% Low $1.41m

Netscout Systems Inc. Watchdogresearch.com/watchdog/$NTCT NTCT Long 0.47% Low $1.21m

G Iii Apparel Group Ltd. Watchdogresearch.com/watchdog/$GIII GIII Long 0.47% Low $1.77m

Gatx Corp. Watchdogresearch.com/watchdog/$GATX GATX Long 0.46% Low $1.55m

Greenbrier Companies Inc. Watchdogresearch.com/watchdog/$GBX GBX Long 0.46% Low $1.5m

Archrock, Inc. Watchdogresearch.com/watchdog/$AROC AROC Long 0.46% Low $764k

Knowles Corp. Watchdogresearch.com/watchdog/$KN KN Long 0.46% Low $377k

Ttm Technologies Inc. Watchdogresearch.com/watchdog/$TTMI TTMI Long 0.45% Low $394k

Provident Inc. Watchdogresearch.com/watchdog/$PFS PFS Long 0.45% Low $1.23m

Hni Corp. Watchdogresearch.com/watchdog/$HNI HNI Long 0.45% Low $905k

Prestige Brands Holdings, Inc. Watchdogresearch.com/watchdog/$PBH PBH Long 0.44% Low $2.4m

Methode Electronics Inc. Watchdogresearch.com/watchdog/$MEI MEI Long 0.44% Low $2.39m

Encore Wire Corp. Watchdogresearch.com/watchdog/$WIRE WIRE Long 0.44% Low $1.84m

Warrior Met Coal, Inc. Watchdogresearch.com/watchdog/$HCC HCC Long 0.42% Low $1.2m

Unirst Corp. Watchdogresearch.com/watchdog/$UNF UNF Long 0.42% Low $1.26m

Chesapeake Utilities Corp. Watchdogresearch.com/watchdog/$CPK CPK Long 0.42% Low $843k

Trustmark Corp. Watchdogresearch.com/watchdog/$TRMK TRMK Long 0.41% Low $1.49m

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

Kennedy Wilson Holdings, Inc. Watchdogresearch.com/watchdog/$KW KW Long 0.41% Low $1.18m

Axcelis Technologies Inc. Watchdogresearch.com/watchdog/$ACLS ACLS Long 0.40% Low $801k

Northwest Bancshares, Inc. Watchdogresearch.com/watchdog/$NWBI NWBI Long 0.39% Low $768k

Eagle Bancorp Inc. Watchdogresearch.com/watchdog/$EGBN EGBN Long 0.36% Low $1.72m

Nelnet Inc. Watchdogresearch.com/watchdog/$NNI NNI Long 0.33% Low $2.1m

First Interstate Bancsystem Inc. Watchdogresearch.com/watchdog/$FIBK FIBK Long 0.31% Low $1.09m

Sandy Spring Bancorp Inc. Watchdogresearch.com/watchdog/$SASR SASR Long 0.30% Low $827k

Westamerica Bancorporation Watchdogresearch.com/watchdog/$WABC WABC Long 0.29% Low $752k

Nmi Holdings, Inc. Watchdogresearch.com/watchdog/$NMIH NMIH Long 0.28% Low $1.93m

Park National Corp. Watchdogresearch.com/watchdog/$PRK PRK Long 0.28% Low $740k

Hope Bancorp Inc. Watchdogresearch.com/watchdog/$HOPE HOPE Long 0.27% Low $1.13m

Capitol Federal Financial Inc. Watchdogresearch.com/watchdog/$CFFN CFFN Long 0.27% Low $355k

American National Group Inc - ANAT Long - NA $2.8m Common Stock Usd.01

Federated Investors Inc Cl B - FII Long - NA $1.76m

Townebank/Portsmouth Va - TOWN Long - NA $1.63m

Sykes Enterprises Inc - SYKE Long - NA $1.46m

Bancorpsouth Inc - BXS Long - NA $1.42m

O I Glass Inc - 1771789D Long - NA $1.33m

Golub Capital Bdc Inc - GBDC Long - NA $1.26m

Mueller Industries Inc - MUD Long - NA $1.25m

Ufp Industries Inc - UFPIZZZZ Long - NA $1.17m

Super Micro Computer Inc - SMCI Long - NA $1.08m

Core Mark Holding Co Inc - CORE Long - NA $947k

Avient Corp - AVNTUN Long - NA $847k

Piper Jaffray Cos - PJC Long - NA $473k

Argo Group International - AGII Long - NA $411k

Msg Entertainment Spin A W/I - MSGEW Long - NA $409k

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 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