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AVDE Avantis International Equity ETF Gray Swan ETF Risk Report: AVDE Buyer beware: Every ETF holds the full risk of its underlying equities Disclosures in the best interest of investors Avantis International Equity ETF Gray Swan Event Risks exist for every equity held by AVDE. Gray swan events include accounting fraud, management failures, failed internal controls, M&A problems, restatements, etc. These risks occur Gray Swan Event Factor for AVDE 1.10% infrequently, but consistently for all equities. Equities account for 94.19% of AVDE’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 AVDE 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 AVDE equity portfolio is 1.10%. However, individual equity risks vary signicantly. This report helps investors know their risk exposure. Inception Date: 09/24/2020 Year-to-Date Return: 5.80% Actively managed, the fund seeks long-term capital appreciation by investing in a diverse group of non-U.S. Net Assets: $663m 1-Year Return: 55.03% companies across countries, market sectors, and industry groups. The fund seeks securities of companies that it Price: $60.51 3-Year Return: NA expects to have higher returns by placing an enhanced Net Asset Value (NAV): $60.30 5-Year Return: NA emphasis on securities of companies with smaller market capitalizations and securities of companies it denes as Net Expense Ratio: 0.23% Yield: 1.54% high protability or value companies. As of: 03/31/2021 Company Ticker Held Current GSEF Category Value Top Holdings by Value Rogers Corp. ROG Long 0.87% Low $10.4m This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Oct 1, 2021. Novo Nordisk A S NVO Long 3.03% Mid $6.3m Investors should invest in ETFs only when they adequately Nestle Sa Reg NESN Long - NA $6.27m understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Novartis Ag NVS Long 1.89% Low $6.18m do NO traditional risk analysis on equities in their fund. Moelis & Co. MC Long 0.72% Low $6.17m Our Gray Swan Event Factors are meant to inform investors of signicant traditional accounting and Astrazeneca Plc. AZN Long 3.31% Mid $6.04m managerial risks for the equities in each ETF. Toyota Motor Corp. TM Long 1.02% Low $5.92m ETF Risk Reports are published quarterly on dedicated Sony Corp. SNE Long 0.83% Low $4.9m platforms like Factset, Renitiv, Capital IQ etc. Weekly updates are available for a paid subscription. Royal Bank Of Canada RY Long 0.47% Low $4.9m For more details contact: [email protected] Total Se TOT Long 0.53% Low $4.46m Company Ticker Held Current GSEF Category Value Riskiest Holdings Materion Corp. MTRN Long 12.32% Extreme $67k This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Oct 1, 2021. Enerplus Corp. ERF Long 9.77% High $394k The average equity GSEF across 6,500 public equities is Ritchie Bros Auctio... RBA Long 9.40% High $237k 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Teligent, Inc. IG Long 8.46% High $465k extreme risks. Gray Swan Event Factors are derived from skilled analysts Neogenomics Inc. NEO Long 6.26% High $113k charting 15 years of negative gray swan event disclosures Maximus Inc. MMS Long 6.06% High $115k against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the Aercap Holdings N.V. AER Long 5.90% High $1.05m likelihood of, and 12-month price risk for, gray swan Hyatt Hotels Corp. H Long 5.85% High $425k events for each equity. Digital Turbine, Inc. APPS Long 5.62% High $131k Nantkwest, Inc. NK Long 5.28% High $219k Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for Avantis International Equity ETF ranked by highest GSE Factor (riskiest rst). We list all equities (US and foreign) for this ETF. However, some foreign listings only show via a ticker. To further evaluate risks, you can access details for each company by opening its Brief Watchdog Report available for viewing and pdf download. The report is free to readers for their personal consumption and it includes the executive summary data pulled from the full Watchdog Report. To learn more about the full Watchdog and GSEF Reports go to last page or visit watchdogresearch.com. Company Access Details Ticker Held Current GSEF Category Value Materion Corp. Watchdogresearch.com/watchdog/$MTRN MTRN Long 12.32% Extreme $67k Enerplus Corp. Watchdogresearch.com/watchdog/$ERF ERF Long 9.77% High $394k Ritchie Bros Auctioneers Inc. Watchdogresearch.com/watchdog/$RBA RBA Long 9.40% High $237k Teligent, Inc. Watchdogresearch.com/watchdog/$IG IG Long 8.46% High $465k Neogenomics Inc. Watchdogresearch.com/watchdog/$NEO NEO Long 6.26% High $113k Maximus Inc. Watchdogresearch.com/watchdog/$MMS MMS Long 6.06% High $115k Aercap Holdings N.V. Watchdogresearch.com/watchdog/$AER AER Long 5.90% High $1.05m Hyatt Hotels Corp. Watchdogresearch.com/watchdog/$H H Long 5.85% High $425k Digital Turbine, Inc. Watchdogresearch.com/watchdog/$APPS APPS Long 5.62% High $131k Nantkwest, Inc. Watchdogresearch.com/watchdog/$NK NK Long 5.28% High $219k Spark Networks Se Watchdogresearch.com/watchdog/$LOV LOV Long 5.27% High $83.4k Pingtan Marine Enterprise Ltd. Watchdogresearch.com/watchdog/$PME PME Long 4.90% Mid $82.9k Clarivate Plc Watchdogresearch.com/watchdog/$CCC CCC Long 4.66% Mid $260k Steris Plc. Watchdogresearch.com/watchdog/$STE STE Long 4.59% Mid $234k Five Point Holdings, Llc Watchdogresearch.com/watchdog/$FPH FPH Long 4.23% Mid $203k Kar Auction Services, Inc. Watchdogresearch.com/watchdog/$KAR KAR Long 4.14% Mid $41.6k Grupo Simec, S.A.B. De C.V. Watchdogresearch.com/watchdog/$SIM SIM Long 3.92% Mid $471k Icl Group Ltd. Watchdogresearch.com/watchdog/$ICL ICL Long 3.80% Mid $271k Bill.Com Holdings, Inc. Watchdogresearch.com/watchdog/$BILL BILL Long 3.67% Mid $319k Acadia Pharmaceuticals Inc. Watchdogresearch.com/watchdog/$ACAD ACAD Long 3.60% Mid $52.4k Cae Inc. Watchdogresearch.com/watchdog/$CAE CAE Long 3.45% Mid $543k Parsons Corporation Watchdogresearch.com/watchdog/$PSN PSN Long 3.42% Mid $576k Scienjoy Holding Corp Watchdogresearch.com/watchdog/$SJ SJ Long 3.32% Mid $186k Merck & Co., Inc. Watchdogresearch.com/watchdog/$MRK MRK Long 3.32% Mid $736k Astrazeneca Plc. Watchdogresearch.com/watchdog/$AZN AZN Long 3.31% Mid $6.04m Advantage Solutions Inc. Watchdogresearch.com/watchdog/$ADV ADV Long 3.19% Mid $96.3k Spi Energy Co., Ltd. Watchdogresearch.com/watchdog/$SPI SPI Long 3.07% Mid $93.9k Jd.Com, Inc. Watchdogresearch.com/watchdog/$JD JD Long 3.05% Mid $754k Aim Immunotech Inc. Watchdogresearch.com/watchdog/$AIM AIM Long 3.04% Mid $29.8k Novo Nordisk A S Watchdogresearch.com/watchdog/$NVO NVO Long 3.03% Mid $6.3m Sano Watchdogresearch.com/watchdog/$SNY SNY Long 2.97% Mid $2.3m Sasol Watchdogresearch.com/watchdog/$SSL SSL Long 2.96% Mid $66.6k Collegium Pharmaceutical, Inc. Watchdogresearch.com/watchdog/$COLL COLL Long 2.93% Mid $32.1k Dpw Holdings, Inc. Watchdogresearch.com/watchdog/$DPW DPW Long 2.93% Mid $2.98m Canadian Pacic Railway Ltd. Watchdogresearch.com/watchdog/$CP CP Long 2.87% Mid $1.46m Capital Senior Living Corp. Watchdogresearch.com/watchdog/$CSU CSU Long 2.83% Mid $1.29m Emergent Biosolutions Inc. Watchdogresearch.com/watchdog/$EBS EBS Long 2.78% Mid $321k Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value Global Cord Blood Corporation Watchdogresearch.com/watchdog/$CO CO Long 2.77% Mid $22k Bausch Health Companies Inc. Watchdogresearch.com/watchdog/$BHC BHC Long 2.76% Mid $398k Onesmart International Education Watchdogresearch.com/watchdog/$ONE ONE Long 2.73% Mid $69.4k Group Ltd. Hailiang Education Group Inc. Watchdogresearch.com/watchdog/$HLG HLG Long 2.73% Mid $17.4k China Online Education Group Watchdogresearch.com/watchdog/$COE COE Long 2.71% Mid $11.2k Taro Pharmaceutical Industries Ltd. Watchdogresearch.com/watchdog/$TARO TARO Long 2.69% Mid $45.2k Melco Resorts & Entertainment Ltd. Watchdogresearch.com/watchdog/$MLCO MLCO Long 2.62% Mid $133k Gent S.A. Watchdogresearch.com/watchdog/$GNFT GNFT Long 2.56% Mid $992 Sinopec Shanghai Petrochemical Co. Watchdogresearch.com/watchdog/$SHI SHI Long 2.55% Mid $43.4k Ltd. Charles River Laboratories Watchdogresearch.com/watchdog/$CRL CRL Long 2.51% Mid $88.9k International Inc. Teva Pharmaceutical Industries Ltd. Watchdogresearch.com/watchdog/$TEVA TEVA Long 2.51% Mid $258k It Tech Packaging, Inc. Watchdogresearch.com/watchdog/$ITP ITP Long 2.50% Mid $172k Delta Technology Holdings Ltd. Watchdogresearch.com/watchdog/$DELT DELT Long 2.48% Mid $48.8k Ever Glory International Group, Inc. Watchdogresearch.com/watchdog/$EVK EVK Long 2.44% Mid $382k Aurinia Pharmaceuticals Inc. Watchdogresearch.com/watchdog/$AUPH AUPH Long 2.39% Mid $53.8k Stratus Properties Inc. Watchdogresearch.com/watchdog/$STRS STRS Long 2.34% Mid $92k Bristol Myers Squibb Co. Watchdogresearch.com/watchdog/$BMY BMY Long 2.15% Mid $10.9k Equinor Asa Watchdogresearch.com/watchdog/$EQNR EQNR Long 2.06% Mid $834k Genesco Inc.
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