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

Wedbush ETFMG Tech ETF Gray Swan Event Risks exist for every equity held by GAMR. Gray swan events include accounting fraud, management failures, failed internal controls, M&A problems, restatements, etc. These risks occur Gray Swan Event Factor for GAMR 1.81% infrequently, but consistently for all equities. Equities account for 96.88% of GAMR’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 ’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 GAMR 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 GAMR equity portfolio is 1.81%. However, individual equity risks vary signicantly. This report helps investors know their risk exposure.

Inception Date: 03/09/2020 Year-to-Date Return: 23.08% The Wedbush ETFMG Video Game Tech ETF tracks the investment results of the EEFund Video Game Tech Index, Net Assets: $116m 1-Year Return: 130.85% composed of global companies, screened for size and investibility, involved in the video game technology Price: $97.07 3-Year Return: 27.64% industry, including entertainment, education and Net Asset Value (NAV): $96.30 5-Year Return: 30.93% simulation segments; game developers, console and chip manufacturers; and game retailers. The Fund is managed Net Expense Ratio: 0.75% Yield: 0.84% passively, investing in stocks of the Index with a replication or representative sampling strategy. The Index As of: 03/31/2021 uses a hybrid of market-cap- and equal-weighting; it rebalances and reconstitutes quarterly.

Company Ticker Held Current GSEF Category Value Top Holdings by Value

Pearlabyss Corp Com... 263750 Long - NA $3.41m This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Sep 17, 2021. Unity Software Inc. U Long 0.50% Low $3.15m Investors should invest in ETFs only when they adequately Bilibili Inc. BILI Long 2.55% Mid $3.09m understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Cd Projekt Sa CDR Long - NA $2.99m do NO traditional risk analysis on equities in their fund. Nhn Entertainment Corp 181710 Long - NA $2.91m Our Gray Swan Event Factors are meant to inform investors of signicant traditional accounting and Group Plc TM17LN Long - NA $2.84m managerial risks for the equities in each ETF.

Paradox Interactive Ab PDX Long - NA $2.8m ETF Risk Reports are published quarterly on dedicated Archosaur Games Inc 9990HK Long - NA $2.79m platforms like Factset, Renitiv, Capital IQ etc. Weekly updates are available for a paid subscription. Gree Electric Appli... 3632 Long - NA $2.79m For more details contact: [email protected] Kakao Games Corp Co... 293490KS Long - NA $2.73m

Company Ticker Held Current GSEF Category Value Riskiest Holdings

Gamestop Corp. GME Long 4.69% Mid $2.25m This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Sep 17, 2021. Cheetah Mobile Inc. CMCM Long 4.47% Mid $269k The average equity GSEF across 6,500 public equities is Douyu International... DOYU Long 3.49% Mid $2.51m 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Sohu.Com Ltd. SOHU Long 3.05% Mid $277k extreme risks. Gray Swan Event Factors are derived from skilled analysts Huya Inc. HUYA Long 2.75% Mid $270k charting 15 years of negative gray swan event disclosures Take Two Interactiv... TTWO Long 2.70% Mid $2.66m against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the Zynga Inc. ZNGA Long 2.62% Mid $2.73m likelihood of, and 12-month price risk for, gray swan Momo Inc. MOMO Long 2.57% Mid $255k events for each equity.

Bilibili Inc. BILI Long 2.55% Mid $3.09m

Netease, Inc. NTES Long 2.50% Mid $970k

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for Wedbush ETFMG Video Game Tech 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

Gamestop Corp. Watchdogresearch.com/watchdog/$GME GME Long 4.69% Mid $2.25m

Cheetah Mobile Inc. Watchdogresearch.com/watchdog/$CMCM CMCM Long 4.47% Mid $269k

Douyu International Holdings Ltd. Watchdogresearch.com/watchdog/$DOYU DOYU Long 3.49% Mid $2.51m

Sohu.Com Ltd. Watchdogresearch.com/watchdog/$SOHU SOHU Long 3.05% Mid $277k

Huya Inc. Watchdogresearch.com/watchdog/$HUYA HUYA Long 2.75% Mid $270k

Take Two Interactive Software Inc. Watchdogresearch.com/watchdog/$TTWO TTWO Long 2.70% Mid $2.66m

Zynga Inc. Watchdogresearch.com/watchdog/$ZNGA ZNGA Long 2.62% Mid $2.73m

Momo Inc. Watchdogresearch.com/watchdog/$MOMO MOMO Long 2.57% Mid $255k

Bilibili Inc. Watchdogresearch.com/watchdog/$BILI BILI Long 2.55% Mid $3.09m

Netease, Inc. Watchdogresearch.com/watchdog/$NTES NTES Long 2.50% Mid $970k

Gravity Co., Ltd. Watchdogresearch.com/watchdog/$GRVY GRVY Long 2.38% Mid $204k

Intel Corp. Watchdogresearch.com/watchdog/$INTC INTC Long 1.66% Low $983k

Qualcomm Inc. Watchdogresearch.com/watchdog/$QCOM QCOM Long 1.59% Low $1.04m

Activision Blizzard, Inc. Watchdogresearch.com/watchdog/$ATVI ATVI Long 1.24% Low $2.69m

Apple Inc. Watchdogresearch.com/watchdog/$AAPL AAPL Long 1.20% Low $1.1m

Advanced Micro Devices Watchdogresearch.com/watchdog/$AMD AMD Long 1.08% Low $1.16m

Immersion Corp. Watchdogresearch.com/watchdog/$IMMR IMMR Long 1.05% Low $259k

Nvidia Corp. Watchdogresearch.com/watchdog/$NVDA NVDA Long 0.98% Low $1.12m

Microsoft Corp. Watchdogresearch.com/watchdog/$MSFT MSFT Long 0.97% Low $1.09m

Sony Corp. Watchdogresearch.com/watchdog/$SNE SNE Long 0.90% Low $976k

Telefonica Brasil S.A. Watchdogresearch.com/watchdog/$VIV VIV Long 0.86% Low $896k

Corsair Gaming, Inc. Watchdogresearch.com/watchdog/$CRSR CRSR Long 0.77% Low $2.62m

Sciplay Corporation Watchdogresearch.com/watchdog/$SCPL SCPL Long 0.66% Low $2.7m

Sea Ltd. Watchdogresearch.com/watchdog/$SE SE Long 0.63% Low $258k

Kopin Corp. Watchdogresearch.com/watchdog/$KOPN KOPN Long 0.57% Low $262k

Ptc Inc. Watchdogresearch.com/watchdog/$PTC PTC Long 0.55% Low $245k

Turtle Beach Corp. Watchdogresearch.com/watchdog/$HEAR HEAR Long 0.51% Low $250k

Unity Software Inc. Watchdogresearch.com/watchdog/$U U Long 0.50% Low $3.15m

Alphabet Inc. Watchdogresearch.com/watchdog/$GOOG GOOG Long 0.46% Low $1.02m

Pearlabyss Corp Common Stock Krw - 263750 Long - NA $3.41m 500

Cd Projekt Sa - CDR Long - NA $2.99m

Nhn Entertainment Corp - 181710 Long - NA $2.91m

Team17 Group Plc - TM17LN Long - NA $2.84m

Paradox Interactive Ab - PDX Long - NA $2.8m

Archosaur Games Inc - 9990HK Long - NA $2.79m

Gree Electric Appliances Inc Of Zhuhai - 3632 Long - NA $2.79m

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

Kakao Games Corp Common Stock Krw - 293490KS Long - NA $2.73m 100

Ubisoft Entertainment Sa - UBI Long - NA $2.73m

Skillz Inc - SKLZ Long - NA $2.72m

Nexon Co Ltd - 3659 Long - NA $2.7m

Stillfront Group Ab Common Stock - SFSS Long - NA $2.67m

Capcom Co Ltd - 9697 Long - NA $2.62m

Konami Holdings Corp - 9766 Long - NA $2.62m

Keywords Studios Plc - KWS Long - NA $2.59m

Embracer Group Ab - EMBRACBSS Long - NA $2.55m

Square Enix Hd - 9684 Long - NA $2.55m

Nintendo Co Ltd - 7974 Long - NA $2.53m

Netmarble Games Corp Common Stock - 251270 Long - NA $2.53m Krw100.0

Ncsoft Corp - 036570 Long - NA $2.52m

Razer Inc - 1337 Long - NA $2.52m

Roblox Corp Watchdogresearch.com/watchdog/$RBLX RBLX Long - NA $2.49m

Com2uscorp - 078340 Long - NA $2.49m

Playtika Holding Corp. Watchdogresearch.com/watchdog/$PLTK PLTK Long - NA $2.48m

Webzen Inc - 069080 Long - NA $2.48m

Frontier Developments Plc - FDEV Long - NA $2.47m

Netdragon Websoft Holdings L - 777 Long - NA $2.43m

Igg Inc - 799 Long - NA $2.39m

International Games System C - 3293 Long - NA $2.39m Common Stock Twd10.0

Micro Star International Co - 2377 Long - NA $2.36m

Doubleugames Co Ltd - 192080 Long - NA $2.33m

Htc - 2498 Long - NA $978k

Tencent - 700 Long - NA $934k

Asustek Computer Inc - 2357 Long - NA $889k

Nic Semiconductor - NOD Long - NA $875k

Acer Inc - 2353 Long - NA $855k

Softstar Entertain - 6111 Long - NA $310k

Joycity Corp. - 067000 Long - NA $291k

Idreamsky Technolo - 1119HK Long - NA $285k

Solidare Real Estate Holding - BCK Long - NA $283k

Wysiwyg Studios Co - 299900KS Long - NA $281k

Mgame Corp - 058630K Long - NA $277k

Nat Games Co Ltd - 225570KS Long - NA $270k

Sumo Group Plc - SUMOLN Long - NA $266k

Homeland Interactive Technol Common - 3798HK Long - NA $265k Stock Usd.000005

Klab Inc - 3656 Long - NA $263k

Happinet Corp - 7552 Long - NA $263k

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

Colopl Inc - 3668 Long - NA $262k

Marvelous Inc - 7844 Long - NA $258k

Dena Co Ltd - 2432 Long - NA $258k

Ten Square Games Sa Common Stock - TENPW Long - NA $258k Pln.1

Digital Bros Spa - DIB Long - NA $258k

Hanbit Soft Inc - 047080KS Long - NA $257k

Imagineer Co Ltd - 4644 Long - NA $256k

Xd Inc - 2400HK Long - NA $256k

Koei Tecmo Holdings Co Ltd - 3635 Long - NA $255k

Neowiz Games Corp - 095660 Long - NA $255k

Cmge Technology Group Ltd Common - 302HK Long - NA $254k Stock Hkd 0.0001

G5 Entertainment Ab - G5EN Long - NA $249k

Cyberagent Inc. - 4751 Long - NA $248k

Soft World Intl Corp Common Stock - 5478 Long - NA $247k Twd10.

Drecom Co Ltd - 3793 Long - NA $246k

Tobii Ab - TOBII Long - NA $245k

Mixi Inc - 2121 Long - NA $244k

Userjoy Techonolog - 3546 Long - NA $242k

Gamania Digital Entertainmen Common - 6180 Long - NA $242k Stock Twd10.

Gungho Online Entertainment - 3765 Long - NA $242k

Nexon Gt Co. Ltd. - 041140 Long - NA $242k

Akatsuki Inc - 3932 Long - NA $242k

Chinese Gamer Intl - 3083TT Long - NA $242k

Sega Sammy Holdings Inc - 6460 Long - NA $240k

Applovin Corp Watchdogresearch.com/watchdog/$APP APP Long - NA $239k

Remedy Entertainment - REMEDY Long - NA $239k

Aiming Inc - 3911 Long - NA $238k

11 Bit Studios Sa Common Stock Pln.1 - 11B Long - NA $235k

Gamevil Inc - 063080 Long - NA $234k

Esports Entertainment Group Inc - GMBL Long - NA $234k

Aeria Inc - 3758 Long - NA $234k

Guillemot Corporation - GUI Long - NA $233k

Actoz Soft Co Ltd Common Stock - 052790 Long - NA $232k Krw500.

Me2on Co Ltd Common Stock - 201490 Long - NA $231k Krw500.0

Friendtimes Inc Common Stock - 6820HK Long - NA $231k

Wemade Ltd - 112040 Long - NA $230k

Bandai Holdings Inc - 7832 Long - NA $228k

Baioo Family Interactive Ltd - 2100 Long - NA $228k

Enthusiast Gaming Holdings I - EGLXCN Long - NA $227k

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

Modern Times Group B Shs - MTGB Long - NA $226k

Thermaltake Techno - 3540TT Long - NA $226k

Tinybuild Inc - TBLDLN Long - NA $225k

Huuuge Inc - HUGEPW Long - NA $224k

Focus Home Interactive - ALFOC Long - NA $224k

Leovegas Ab - LEO Long - NA $221k

Thunderful Group - THUNDRSS Long - NA $221k

Coly Inc - 4175JP Long - NA $218k

Ateam Inc - 3662 Long - NA $215k

Joyy Inc - YY Long - NA $210k

Vstecs Holdings Ltd Common Stock - 856 Long - NA $207k Hkd 0.1

Gumi Inc - 3903 Long - NA $199k

Kingsoft Corp Ltd - 3888 Long - NA $198k

Atari Sa - ATA Long - NA $197k

Enad Global 7 Ab - EG7SS Long - NA $186k

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.

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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.

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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.

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