ETF Risk Report: FYT Buyer beware: Every ETF holds the full risk of its underlying equities Disclosures in the best interest of investors
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 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 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 signi cantly. 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 NASDAQ AlphaDEX Small Cap Net Assets: $256m 1-Year Return: 131.28% Value Index, composed of value stocks 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 signi cant 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, Re nitiv, 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 $2.28m
Sprouts Farmers Market, Inc. Watchdogresearch.com/watchdog/$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 $347k
Beacon Roo ng Supply Inc. Watchdogresearch.com/watchdog/$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 $1.98m
Paci c Premier Bancorp Inc. Watchdogresearch.com/watchdog/$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 $2.03m
Banc rst Corp. Watchdogresearch.com/watchdog/$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 $394k
Provident Financial Services Inc. Watchdogresearch.com/watchdog/$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 $1.2m
Uni rst Corp. Watchdogresearch.com/watchdog/$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 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