ETF Risk Report: ACWV Buyer beware: Every ETF holds the full risk of its underlying equities Disclosures in the best interest of investors iShares MSCI Global Minimum Volatility Factor ETF Gray Swan Event Risks exist for every equity held by ACWV. Gray swan events include accounting fraud, management failures, failed internal controls, M&A problems, restatements, etc. These risks occur Gray Swan Event Factor for ACWV 1.26% infrequently, but consistently for all equities. Equities account for 94.99% of ACWV’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 ACWV 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 ACWV equity portfolio is 1.26%. However, individual equity risks vary signi cantly. This report helps investors know their risk exposure.
Inception Date: 10/18/2020 Year-to-Date Return: 1.81% The iShares MSCI Global Minimum Volatility Factor ETF tracks the investment results of the MSCI ACWI Minimum Net Assets: $5.18b 1-Year Return: 25.13% Volatility Index, composed of large- and mid-capitalization developed and emerging market equities with lower Price: $98.66 3-Year Return: 7.98% volatility. The Fund uses a passive or indexing approach Net Asset Value (NAV): $98.67 5-Year Return: 8.42% and invests by sampling the Index, holding a collection of securities that approximates the full Index in key Net Expense Ratio: 0.20% Yield: 1.73% investment characteristics (such as market capitalization and industry weightings), fundamentals (such as return As of: 03/31/2021 variability and yield), and liquidity.
Company Ticker Held Current GSEF Category Value Top Holdings by Value
Rogers Corp. ROG Long 0.82% Low $79.4m This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Sep 24, 2021. Nestle Sa Reg NESN Long - NA $65.9m Investors should invest in ETFs only when they adequately Verizon Communicati... VZ Long 0.61% Low $65.7m understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Waste Management Inc. WM Long 0.50% Low $65.6m do NO traditional risk analysis on equities in their fund. Newmont Corp /De/ NEM Long 0.35% Low $61.3m Our Gray Swan Event Factors are meant to inform investors of signi cant traditional accounting and Regeneron Pharmaceu... REGN Long 2.30% Mid $59.2m managerial risks for the equities in each ETF.
Dte Energy Co. DTE Long 0.69% Low $54.8m ETF Risk Reports are published quarterly on dedicated Visa Inc. V Long 2.70% Mid $54.6m platforms like Factset, Re nitiv, Capital IQ etc. Weekly updates are available for a paid subscription. Eli Lilly And Company LLY Long 2.99% Mid $54.1m For more details contact: [email protected] Merck & Co., Inc. MRK Long 3.34% Mid $51.7m
Company Ticker Held Current GSEF Category Value Riskiest Holdings
Enerplus Corp. ERF Long 9.77% High $6.41m This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Sep 24, 2021. Novan, Inc. NOVN Long 7.47% High $24.2m The average equity GSEF across 6,500 public equities is Baxter Internationa... BAX Long 4.92% Mid $12.6m 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Intuit Inc. INTU Long 4.62% Mid $10.1m extreme risks. Horizon Pharma Plc. HZNP Long 4.34% Mid $8.02m Gray Swan Event Factors are derived from skilled analysts charting 15 years of negative gray swan event disclosures Five Point Holdings... FPH Long 4.20% Mid $3.91m against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the Astrazeneca Plc. AZN Long 3.51% Mid $3.95m likelihood of, and 12-month price risk for, gray swan Merck & Co., Inc. MRK Long 3.34% Mid $51.7m events for each equity.
P zer Inc. PFE Long 3.27% Mid $17.2m
Mondelez Internatio... MDLZ Long 3.24% Mid $5.52m
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for iShares MSCI Global Minimum Volatility Factor ETF ranked by highest GSE Factor (riskiest rst). We list all equities (US and foreign) for this ETF. However, some foreign listings only show via a ticker.
To further evaluate risks, you can access details for each company by opening its Brief Watchdog Report available for viewing and pdf download. The report is free to readers for their personal consumption and it includes the executive summary data pulled from the full Watchdog Report.
To learn more about the full Watchdog and GSEF Reports go to last page or visit watchdogresearch.com.
Company Access Details Ticker Held Current GSEF Category Value
Enerplus Corp. Watchdogresearch.com/watchdog/$ERF ERF Long 9.77% High $6.41m
Novan, Inc. Watchdogresearch.com/watchdog/$NOVN NOVN Long 7.47% High $24.2m
Baxter International Inc. Watchdogresearch.com/watchdog/$BAX BAX Long 4.92% Mid $12.6m
Intuit Inc. Watchdogresearch.com/watchdog/$INTU INTU Long 4.62% Mid $10.1m
Horizon Pharma Plc. Watchdogresearch.com/watchdog/$HZNP HZNP Long 4.34% Mid $8.02m
Five Point Holdings, Llc Watchdogresearch.com/watchdog/$FPH FPH Long 4.20% Mid $3.91m
Astrazeneca Plc. Watchdogresearch.com/watchdog/$AZN AZN Long 3.51% Mid $3.95m
Merck & Co., Inc. Watchdogresearch.com/watchdog/$MRK MRK Long 3.34% Mid $51.7m
P zer Inc. Watchdogresearch.com/watchdog/$PFE PFE Long 3.27% Mid $17.2m
Mondelez International, Inc. Watchdogresearch.com/watchdog/$MDLZ MDLZ Long 3.24% Mid $5.52m
Broadridge Financial Solutions, Inc. Watchdogresearch.com/watchdog/$BR BR Long 3.17% Mid $19m
Zoom Video Communications, Inc. Watchdogresearch.com/watchdog/$ZM ZM Long 3.10% Mid $8.07m
Eli Lilly And Company Watchdogresearch.com/watchdog/$LLY LLY Long 2.99% Mid $54.1m
Citrix Systems Inc. Watchdogresearch.com/watchdog/$CTXS CTXS Long 2.98% Mid $22.4m
Tyler Technologies Inc. Watchdogresearch.com/watchdog/$TYL TYL Long 2.83% Mid $28.5m
Allstate Corp. Watchdogresearch.com/watchdog/$ALL ALL Long 2.72% Mid $18.3m
Take Two Interactive Software Inc. Watchdogresearch.com/watchdog/$TTWO TTWO Long 2.70% Mid $21.5m
Visa Inc. Watchdogresearch.com/watchdog/$V V Long 2.70% Mid $54.6m
Stewart Information Services Corp. Watchdogresearch.com/watchdog/$STC STC Long 2.65% Mid $21.6m
Abbott Laboratories Watchdogresearch.com/watchdog/$ABT ABT Long 2.54% Mid $10.6m
Zto Express (Cayman) Inc. Watchdogresearch.com/watchdog/$ZTO ZTO Long 2.51% Mid $11.9m
Ormat Technologies, Inc. Watchdogresearch.com/watchdog/$ORA ORA Long 2.38% Mid $16.2m
Johnson & Johnson Watchdogresearch.com/watchdog/$JNJ JNJ Long 2.34% Mid $49m
Regeneron Pharmaceuticals Inc. Watchdogresearch.com/watchdog/$REGN REGN Long 2.30% Mid $59.2m
Bristol Myers Squibb Co. Watchdogresearch.com/watchdog/$BMY BMY Long 2.24% Mid $6.52m
Gilead Sciences Inc. Watchdogresearch.com/watchdog/$GILD GILD Long 2.15% Mid $49.5m
Amgen Inc. Watchdogresearch.com/watchdog/$AMGN AMGN Long 2.07% Mid $6.54m
Beigene, Ltd. Watchdogresearch.com/watchdog/$BGNE BGNE Long 1.97% Low $12m
Cisco Systems, Inc. Watchdogresearch.com/watchdog/$CSCO CSCO Long 1.86% Low $35.7m
Seagen Inc. Watchdogresearch.com/watchdog/$SGEN SGEN Long 1.76% Low $4.07m
Vertex Pharmaceuticals Inc. Watchdogresearch.com/watchdog/$VRTX VRTX Long 1.75% Low $33.1m
Container Store Group, Inc. Watchdogresearch.com/watchdog/$TCS TCS Long 1.66% Low $11.2m
Intel Corp. Watchdogresearch.com/watchdog/$INTC INTC Long 1.66% Low $2.95m
Danaher Corp. Watchdogresearch.com/watchdog/$DHR DHR Long 1.63% Low $19.6m
Liberty Broadband Corp. Watchdogresearch.com/watchdog/$LBRDK LBRDK Long 1.45% Low $31.6m
International Business Machines Corp. Watchdogresearch.com/watchdog/$IBM IBM Long 1.43% Low $5.42m (Ibm)
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Colgate Palmolive Co. Watchdogresearch.com/watchdog/$CL CL Long 1.43% Low $13.4m
Henry Schein Inc. Watchdogresearch.com/watchdog/$HSIC HSIC Long 1.42% Low $3.35m
Clorox Co. Watchdogresearch.com/watchdog/$CLX CLX Long 1.41% Low $23.9m
Stryker Corp. Watchdogresearch.com/watchdog/$SYK SYK Long 1.37% Low $5.63m
Pool Corp. Watchdogresearch.com/watchdog/$POOL POOL Long 1.36% Low $4.08m
Dominos Pizza Inc. Watchdogresearch.com/watchdog/$DPZ DPZ Long 1.29% Low $3.69m
Tradeweb Markets Inc. Watchdogresearch.com/watchdog/$TW TW Long 1.28% Low $7.32m
Moderna, Inc. Watchdogresearch.com/watchdog/$MRNA MRNA Long 1.27% Low $3.67m
T Mobile Us, Inc. Watchdogresearch.com/watchdog/$TMUS TMUS Long 1.24% Low $25.4m
Activision Blizzard, Inc. Watchdogresearch.com/watchdog/$ATVI ATVI Long 1.24% Low $33.4m
Procter & Gamble Co. Watchdogresearch.com/watchdog/$PG PG Long 1.23% Low $35.2m
Palo Alto Networks Inc. Watchdogresearch.com/watchdog/$PANW PANW Long 1.18% Low $6.28m
Wide Open West, Inc. Watchdogresearch.com/watchdog/$WOW WOW Long 1.14% Low $15.6m
Humana Inc. Watchdogresearch.com/watchdog/$HUM HUM Long 1.12% Low $6.9m
J.M. Smucker Co. Watchdogresearch.com/watchdog/$SJM SJM Long 1.11% Low $10.7m
Ihs Markit Ltd. Watchdogresearch.com/watchdog/$INFO INFO Long 1.09% Low $11.3m
Medtronic Plc. Watchdogresearch.com/watchdog/$MDT MDT Long 1.09% Low $24.8m
Motorola Solutions, Inc. Watchdogresearch.com/watchdog/$MSI MSI Long 1.08% Low $44.6m
Agnico Eagle Mines Watchdogresearch.com/watchdog/$AEM AEM Long 1.01% Low $15.5m
Pepsico Inc. Watchdogresearch.com/watchdog/$PEP PEP Long 1.01% Low $51.5m
Kimberly Clark Corp. Watchdogresearch.com/watchdog/$KMB KMB Long 1.01% Low $16.1m
Hershey Co. Watchdogresearch.com/watchdog/$HSY HSY Long 1.00% Low $33.6m
Mccormick & Co. Inc. Watchdogresearch.com/watchdog/$MKC MKC Long 0.99% Low $21.2m
Hormel Foods Corp. Watchdogresearch.com/watchdog/$HRL HRL Long 0.99% Low $22m
Nice Ltd. Watchdogresearch.com/watchdog/$NICE NICE Long 0.99% Low $5.18m
Evergy, Inc. Watchdogresearch.com/watchdog/$EVRG EVRG Long 0.97% Low $3.35m
Microsoft Corp. Watchdogresearch.com/watchdog/$MSFT MSFT Long 0.97% Low $10.3m
Kellogg Co. Watchdogresearch.com/watchdog/$K K Long 0.96% Low $18.2m
Walmart Inc. Watchdogresearch.com/watchdog/$WMT WMT Long 0.94% Low $47.3m
Bio Rad Laboratories Inc. Watchdogresearch.com/watchdog/$BIO BIO Long 0.93% Low $3.86m
Campbell Soup Co. Watchdogresearch.com/watchdog/$CPB CPB Long 0.92% Low $6.75m
Progressive Corp. Watchdogresearch.com/watchdog/$PGR PGR Long 0.92% Low $16.4m
Archer Daniels Midland Co. Watchdogresearch.com/watchdog/$ADM ADM Long 0.92% Low $3.95m
Amphenol Corp. Watchdogresearch.com/watchdog/$APH APH Long 0.91% Low $13.7m
Wipro Ltd. Watchdogresearch.com/watchdog/$WIT WIT Long 0.89% Low $7.98m
F5 Networks Inc. Watchdogresearch.com/watchdog/$FFIV FFIV Long 0.89% Low $6.95m
American Electric Power Co. Inc. Watchdogresearch.com/watchdog/$AEP AEP Long 0.89% Low $15.3m
West Pharmaceutical Services Inc. Watchdogresearch.com/watchdog/$WST WST Long 0.88% Low $19.8m
Booz Allen Hamilton Holding Corp. Watchdogresearch.com/watchdog/$BAH BAH Long 0.87% Low $11m
Republic Services, Inc. Watchdogresearch.com/watchdog/$RSG RSG Long 0.85% Low $38.2m
Starbucks Corp. Watchdogresearch.com/watchdog/$SBUX SBUX Long 0.84% Low $10.6m
Genuine Parts Co. Watchdogresearch.com/watchdog/$GPC GPC Long 0.84% Low $5.61m
Rogers Corp. Watchdogresearch.com/watchdog/$ROG ROG Long 0.82% Low $79.4m
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Church & Dwight Co. Inc. Watchdogresearch.com/watchdog/$CHD CHD Long 0.81% Low $17.6m
Keysight Technologies, Inc. Watchdogresearch.com/watchdog/$KEYS KEYS Long 0.81% Low $44.8m
Xcel Energy Inc. Watchdogresearch.com/watchdog/$XEL XEL Long 0.78% Low $36.9m
Amazon.Com Inc. Watchdogresearch.com/watchdog/$AMZN AMZN Long 0.77% Low $19m
Kroger Co. Watchdogresearch.com/watchdog/$KR KR Long 0.74% Low $43.2m
Unitedhealth Group Inc. Watchdogresearch.com/watchdog/$UNH UNH Long 0.72% Low $12m
At&T Inc. Watchdogresearch.com/watchdog/$T T Long 0.70% Low $14.9m
Dte Energy Co. Watchdogresearch.com/watchdog/$DTE DTE Long 0.69% Low $54.8m
Cognizant Technology Solutions Corp. Watchdogresearch.com/watchdog/$CTSH CTSH Long 0.68% Low $2.88m
Masimo Corp. Watchdogresearch.com/watchdog/$MASI MASI Long 0.68% Low $3.66m
Intercontinental Exchange, Inc. Watchdogresearch.com/watchdog/$ICE ICE Long 0.68% Low $8.02m
Thomson Reuters Corp. Watchdogresearch.com/watchdog/$TRI TRI Long 0.68% Low $14m
Western Union Co. Watchdogresearch.com/watchdog/$WU WU Long 0.67% Low $14.5m
Wec Energy Group, Inc. Watchdogresearch.com/watchdog/$WEC WEC Long 0.67% Low $35.6m
Southern Co. Watchdogresearch.com/watchdog/$SO SO Long 0.66% Low $29.7m
Autozone Inc. Watchdogresearch.com/watchdog/$AZO AZO Long 0.65% Low $19.4m
Home Depot Inc. Watchdogresearch.com/watchdog/$HD HD Long 0.65% Low $19.7m
Dollar General Corp. Watchdogresearch.com/watchdog/$DG DG Long 0.63% Low $41.7m
Costco Wholesale Corp. Watchdogresearch.com/watchdog/$COST COST Long 0.63% Low $10.2m
Verizon Communications Inc. Watchdogresearch.com/watchdog/$VZ VZ Long 0.61% Low $65.7m
Dominion Energy Inc. Watchdogresearch.com/watchdog/$D D Long 0.60% Low $24.1m
Mcdonalds Corp. Watchdogresearch.com/watchdog/$MCD MCD Long 0.60% Low $42.1m
Marketaxess Holdings Inc. Watchdogresearch.com/watchdog/$MKTX MKTX Long 0.60% Low $5.43m
Arthur J. Gallagher & Co. Watchdogresearch.com/watchdog/$AJG AJG Long 0.60% Low $8.37m
Bce Inc. Watchdogresearch.com/watchdog/$BCE BCE Long 0.59% Low $5.6m
Juniper Networks Inc. Watchdogresearch.com/watchdog/$JNPR JNPR Long 0.59% Low $3.03m
Target Corp. Watchdogresearch.com/watchdog/$TGT TGT Long 0.57% Low $31.4m
Eversource Energy Watchdogresearch.com/watchdog/$ES ES Long 0.57% Low $7.35m
Mastercard Inc. Watchdogresearch.com/watchdog/$MA MA Long 0.57% Low $15.1m
Ameren Corp. Watchdogresearch.com/watchdog/$AEE AEE Long 0.56% Low $5.13m
Aon Plc Watchdogresearch.com/watchdog/$AON AON Long 0.56% Low $19.7m
The Walt Disney Company Watchdogresearch.com/watchdog/$DIS DIS Long 0.54% Low $9.3m
Nextera Energy Inc. Watchdogresearch.com/watchdog/$NEE NEE Long 0.53% Low $47.7m
Anthem, Inc. Watchdogresearch.com/watchdog/$ANTM ANTM Long 0.52% Low $8.37m
Consolidated Edison Inc. Watchdogresearch.com/watchdog/$ED ED Long 0.51% Low $38m
Oracle Corp. Watchdogresearch.com/watchdog/$ORCL ORCL Long 0.50% Low $13.4m
Check Point Software Technologies Ltd. Watchdogresearch.com/watchdog/$CHKP CHKP Long 0.50% Low $2.83m
Loews Corp. Watchdogresearch.com/watchdog/$L L Long 0.50% Low $8.98m
Comcast Corp. Watchdogresearch.com/watchdog/$CMCSA CMCSA Long 0.50% Low $16.4m
Waste Management Inc. Watchdogresearch.com/watchdog/$WM WM Long 0.50% Low $65.6m
Travelers Companies, Inc. Watchdogresearch.com/watchdog/$TRV TRV Long 0.49% Low $3.26m
O'reilly Automotive Inc. Watchdogresearch.com/watchdog/$ORLY ORLY Long 0.49% Low $13.9m
Cms Energy Corp. Watchdogresearch.com/watchdog/$CMS CMS Long 0.49% Low $7.58m
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
C.H. Robinson Worldwide Inc. Watchdogresearch.com/watchdog/$CHRW CHRW Long 0.49% Low $19.6m
American Water Works Company, Inc. Watchdogresearch.com/watchdog/$AWK AWK Long 0.48% Low $14.5m
Schnitzer Steel Industries Inc. Watchdogresearch.com/watchdog/$SCHN SCHN Long 0.48% Low $8.95m
Marsh & Mclennan Companies, Inc. Watchdogresearch.com/watchdog/$MMC MMC Long 0.47% Low $29.9m
Te Connectivity Ltd. Watchdogresearch.com/watchdog/$TEL TEL Long 0.46% Low $10.2m
Alphabet Inc. Watchdogresearch.com/watchdog/$GOOG GOOG Long 0.46% Low $15.1m
Franco Nevada Corp. Watchdogresearch.com/watchdog/$FNV FNV Long 0.46% Low $43.3m
Waste Connections, Inc. Watchdogresearch.com/watchdog/$WCN WCN Long 0.45% Low $13.5m
Cme Group Inc. Watchdogresearch.com/watchdog/$CME CME Long 0.45% Low $16m
Cboe Global Markets, Inc. Watchdogresearch.com/watchdog/$CBOE CBOE Long 0.45% Low $9.81m
Erie Indemnity Co. Watchdogresearch.com/watchdog/$ERIE ERIE Long 0.44% Low $7.65m
Duke Energy Corp. Watchdogresearch.com/watchdog/$DUK DUK Long 0.44% Low $38.3m
Jack Henry & Associates Inc. Watchdogresearch.com/watchdog/$JKHY JKHY Long 0.43% Low $19.3m
Accenture Plc. Watchdogresearch.com/watchdog/$ACN ACN Long 0.43% Low $11.3m
Verisign Inc. Watchdogresearch.com/watchdog/$VRSN VRSN Long 0.42% Low $8.81m
Old Dominion Freight Line Inc. Watchdogresearch.com/watchdog/$ODFL ODFL Long 0.41% Low $2.35m
Fiserv Inc. Watchdogresearch.com/watchdog/$FISV FISV Long 0.41% Low $19.9m
Paychex Inc. Watchdogresearch.com/watchdog/$PAYX PAYX Long 0.39% Low $39.3m
Credicorp Ltd. Watchdogresearch.com/watchdog/$BAP BAP Long 0.39% Low $2.15m
Berkshire Hathaway Inc. Watchdogresearch.com/watchdog/$BRKB BRKB Long 0.38% Low $25.8m
Brown & Brown Inc. Watchdogresearch.com/watchdog/$BRO BRO Long 0.38% Low $11.6m
Expeditors International Of Washington Watchdogresearch.com/watchdog/$EXPD EXPD Long 0.38% Low $19.6m Inc.
Black Knight, Inc. Watchdogresearch.com/watchdog/$BKI BKI Long 0.37% Low $19m
Newmont Corp /De/ Watchdogresearch.com/watchdog/$NEM NEM Long 0.35% Low $61.3m
Nestle Sa Reg - NESN Long - NA $65.9m
Novo Nordisk A/S - NOVOB Long - NA $41.6m
Logitech International Sa Common - LOGN Long - NA $32.6m Stock Chf 0.25
Hermes International - RMS Long - NA $32.3m
Coloplast B - COLOB Long - NA $30.2m
Kuehne Nagel Intl Ag Reg Common - KNIN Long - NA $28.8m Stock Chf1.0
Nippon Telegraph & Telephone - 9432 Long - NA $28.1m
Keyence Corp - 6861 Long - NA $27.4m
Softbank Corp - 9434 Long - NA $26.7m
Oriental Land Co Ltd - 4661 Long - NA $25.1m
Chunghwa Telecom Co Ltd - 2412 Long - NA $24.2m
Hang Seng Bank Ltd - 11 Long - NA $23.6m
Canon Inc - 7751 Long - NA $22.8m
Swisscom Ag Reg - SCMN Long - NA $22.7m
Chugai Pharmaceutical Co Ltd - 4519 Long - NA $22.3m
Secom Co Ltd - 9735 Long - NA $21.8m
Kerry Group Plc A - KRZ Long - NA $21m
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Jardine Matheson Hldgs Ltd - JM Long - NA $20.8m
Mega Financial - 2886 Long - NA $20m
Nec Corp - 6701 Long - NA $19.7m
Singapore Telecommunications - Z74 Long - NA $19.5m
Hong Kong & China Gas - 3 Long - NA $18.4m
Nintendo Co Ltd - 7974 Long - NA $17.8m
Chocoladefabriken Lindt Reg - LISN Long - NA $17.7m
Asian Paints Ltd - APNT Long - NA $17.7m
Koninklijke Ahold Delhaize N - AD Long - NA $17.7m
Kddi Corp - 9433 Long - NA $17.4m
Xiaomi Corp Class B Common Stock - 1810 Long - NA $17.2m Usd.0000025
Sysmex Corp - 6869 Long - NA $16.9m
Obic Co Ltd - 4684 Long - NA $16.7m
Intact Financial Corp - IFC Long - NA $16.6m
Cgi Inc /Cad/ - GIBA Long - NA $15.5m
Clp Holdings Ltd - 2 Long - NA $15.2m
Asustek Computer Inc - 2357 Long - NA $14.7m
Givaudan Reg Common Stock Chf10.0 - GIVN Long - NA $14.1m
Nitori Holdings Co Ltd - 9843 Long - NA $14m
Mizuho Financial Group Inc - 8411 Long - NA $13.9m
Tencent - 700 Long - NA $13.8m
Mtr Corp - 66 Long - NA $13.3m
Hamamatsu Photonics Kk - 6965 Long - NA $13.2m
Elisa Oyj - ELISA Long - NA $13.2m
Fuji lm Holdings Corp - 4901 Long - NA $13.2m
First Financial Holding Co - 2892 Long - NA $13m
Shimano Inc - 7309 Long - NA $12.9m
Quanta Computer Inc - 2382 Long - NA $12.4m
Hcl Technologies Ltd - HCLT Long - NA $12.2m
China Steel Corp - 2002 Long - NA $12.1m
Japan Post Holdings Co Ltd - 6178 Long - NA $12m
Taiwan Semiconductor Manufac - 2330 Long - NA $11.7m
Partners Group Holding Ag - PGHN Long - NA $11.4m
Sonova Holding Ag - SOON Long - NA $11.3m
Sk Telecom Co. Ltd. - 017670 Long - NA $11.2m
Taiwan Cooperative Financial - 5880 Long - NA $11.1m
Pan Paci c International Ho Common - 7532 Long - NA $11m Stock
Ericsson Lm B Shs - ERICB Long - NA $10.8m
Ems Chemie Holding Ag Reg - EMSN Long - NA $10.8m
Ntt Data Corp - 9613 Long - NA $10.4m
Qatar National Bank - QNBK Long - NA $10.3m
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
China Devt - 2883 Long - NA $10.2m
Polyus Pjsc Common Stock Rub1.0 - PLZL Long - NA $10.2m
Emirates Telecom Group Co - ETISALAT Long - NA $10.1m
Nexon Co Ltd - 3659 Long - NA $10.1m
Country Garden Services Hold Common - 6098 Long - NA $10.1m Stock Usd.0001
Au Optronics Corp - 2409 Long - NA $9.56m
Roche Holding Ag Br - RO Long - NA $9.5m
Saudi Arabian Fertilizer Co - SAFCO Long - NA $9.48m
Taiwan Mobile Co Ltd - 3045 Long - NA $9.39m
Monotaro Co Ltd - 3064 Long - NA $9.28m
Novatek Microelectrnics - 3034 Long - NA $8.97m
Wuxi Biologics Cayman Inc - 2269 Long - NA $8.96m
Hua Nan Fncl - 2880 Long - NA $8.6m
China Construction Bank Corp. - 939 Long - NA $8.59m
Alinma Bank - ALINMA Long - NA $8.54m
China International Travel A - 601888 Long - NA $8.52m
Shenzhen Mindr A - 300760C2 Long - NA $8.45m
Postal Savings Bank Of Chi H - 1658 Long - NA $8.37m
Hansoh Pharmaceuti - 3692HK Long - NA $8.22m
E.Sun Financial Holding Co - 2884 Long - NA $8.22m
Suntory Food Bev - 2587 Long - NA $8.06m
Swiss Prime Site Reg - SPSN Long - NA $8.06m
Capcom Co Ltd - 9697 Long - NA $8.04m
Evergreen Marine Corp Ltd - 2603 Long - NA $7.98m
Hellofresh Se Common Stock - HFG Long - NA $7.86m
Tobu Railway Co Ltd - 9001 Long - NA $7.6m
China Conch Venture Holdings - 586 Long - NA $7.58m
Advantech Co Ltd - 2395 Long - NA $7.5m
Diasorin Spa - DIA Long - NA $7.4m
Hirose Electric Co Ltd - 6806 Long - NA $7.38m
Keio Corp - 9008 Long - NA $7.17m
Pidilite Industries Ltd - PIDI Long - NA $6.89m
Lite On Technology Corp Common Stock - 2301 Long - NA $6.82m Twd10.
China Yangtze Power Co Ltd A - 600900 Long - NA $6.8m
Industrial And Commercial Bank Of - 1398 Long - NA $6.77m China Limited Class H
Eicher Motors Ltd - EIM Long - NA $6.66m
Mobile Telecommunications Co - ZAIN Long - NA $6.6m
Power Assets - 6 Long - NA $6.46m
Public Bk Bhd - PBK Long - NA $6.37m
Dabur India Ltd - DABUR Long - NA $6.33m
Ping An Bank Co Ltd A - 000001 Long - NA $6.31m
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Jiangsu Hengrui Medicine C A - 600276 Long - NA $6.3m
Toho Co Ltd - 9602 Long - NA $6.26m
Kintetsu Group Holdings Co L - 9041 Long - NA $6.04m
Bdo Unibank Inc - BDO Long - NA $6.03m
Ultratech Cement Ltd - UTCEM Long - NA $5.84m
Spark New Zealand Ltd - SPK Long - NA $5.75m
Ajinomoto Co Inc - 2802 Long - NA $5.73m
Avenue Supermarts Ltd Common Stock - DMART Long - NA $5.7m Inr10.0
Toho Gas Co Ltd - 9533 Long - NA $5.66m
Malayan Banking Bhd - MAY Long - NA $5.64m
Tech Mahindra Limited - TECHM Long - NA $5.58m
Far Eastone Telecomm Co Ltd - 4904 Long - NA $5.53m
Hindustan Unilever Limited - HUVR Long - NA $5.41m
Rinnai Corp - 5947 Long - NA $5.39m
Toyo Suisan Kaisha Ltd - 2875 Long - NA $5.38m
Metro Inc - MRU Long - NA $5.33m
Japan Post Bank Co Ltd - 7182 Long - NA $5.32m
Compal Electronics - 2324 Long - NA $5.24m
East Japan Railway Co - 9020 Long - NA $5.21m
Recordati Spa - REC Long - NA $5.18m
Jarir Marketing Co - JARIR Long - NA $5.17m
Polymetal International Plc - POLY Long - NA $5.16m
Mcdonalds Holdings Co Japan Ltd - 2702 Long - NA $5.1m
Tryg A/S - TRYG Long - NA $5.09m
Royal Kpn Nv - KPN Long - NA $5.02m
Taishin Financial Holding - 2887 Long - NA $4.98m
Ambuja Cements Ltd - ACEM Long - NA $4.95m
Welcia Holdings Co Ltd - 3141 Long - NA $4.93m
Yamada Denki Co Ltd - 9831 Long - NA $4.88m
China Tower Corp Ltd H Common Stock - 788 Long - NA $4.88m Cny1.0
Bank Leumi Le Israel Common Stock Ils.1 - LUMI Long - NA $4.83m
Colruyt Sa - COLR Long - NA $4.75m
Ind & Comm Bk Of China A - 601398 Long - NA $4.69m
Nomura Research Institute Lt - 4307 Long - NA $4.67m
Oracle Corp Japan - 4716 Long - NA $4.62m
Dr. Reddys Laboratories Ltd - DRRD Long - NA $4.6m
Hong Leong Bank Berhad - HLBK Long - NA $4.58m
Koei Tecmo Holdings Co Ltd - 3635 Long - NA $4.57m
Wpg - 3702 Long - NA $4.56m
Lenovo Group Ltd - 992 Long - NA $4.52m
Alibaba Group Holding Ltd. - 9988 Long - NA $4.48m
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
The Cooper Companies Inc. - COO Long - NA $4.46m
Oversea Chinese Banking Corp - OCBC Long - NA $4.44m
Proximus - PROX Long - NA $4.38m
Wuxi Apptec Co Ltd A - 603259 Long - NA $4.36m
Peptidream Inc - 4587 Long - NA $4.31m
Chongqing Zhifei Biologica A - 300122 Long - NA $4.31m
Naver Corp - 035420 Long - NA $4.3m
Cosco Shipping Holdings Co A - 601919 Long - NA $4.27m
Indian Oil Corp Ltd - IOCL Long - NA $4.24m
Acer Inc - 2353 Long - NA $4.24m
Bharat Petroleum Corp Ltd - BPCL Long - NA $4.2m
Larsen & Toubro Ltd - LT Long - NA $4.17m
Singapore Exchange Ltd - SGX Long - NA $4.16m
S F Holding Co Ltd A - 2352 Long - NA $4.15m
Qiagen N.V. - QIA Long - NA $4.13m
Telefonica Deutschland Holdi - O2D Long - NA $4.12m
Hindustan Petroleum Corp - HPCL Long - NA $4.1m
Will Semiconductor Ltd A - 603501 Long - NA $4.09m
I Mab Imab - IMABUS Long - NA $4.04m
Zhangzhou Pientzehuang Pha A - 600436 Long - NA $3.88m
Adani Green Energy Ltd Common Stock - ADANIGR Long - NA $3.88m Inr10.0
Takeda Pharmaceutical Co Ltd - 4502 Long - NA $3.85m
Sun Pharmaceutical Industries Limited - SUNP Long - NA $3.85m
Maruti Suzuki India Ltd - MSIL Long - NA $3.84m
Wipro Ltd - WPRO Long - NA $3.83m
Saudi Basic Industries Corp - SABIC Long - NA $3.82m
Synnex Tech Intl - 2347 Long - NA $3.81m
Adani Gas Ltd Common Stock Inr 1 - 0907015D Long - NA $3.78m
Chang Hwa Commercial Bank - 2801 Long - NA $3.76m
Bank Of Communications Co H - 3328 Long - NA $3.68m
Bajaj Auto Ltd Common Stock Inr10. - BJAUT Long - NA $3.66m
Bank Albilad - ALBI Long - NA $3.63m
Lawson Inc - 2651 Long - NA $3.63m
Seven & I Holdings Co Ltd - 3382 Long - NA $3.61m
Longi Green Energy Technol A - 601012 Long - NA $3.6m
Bank Hapoalim Bm - POLI Long - NA $3.56m
Petronet Lng Ltd - PLNG Long - NA $3.54m
Yanbu National Petrochemical - YANSAB Long - NA $3.5m
Odakyu Electric Railway Co - 9007 Long - NA $3.34m
Chow Tai Fook Jewellery Group - 1929 Long - NA $3.3m
Microport Scienti c Corp - 853 Long - NA $3.26m
National Bank Of Kuwait - NBK Long - NA $3.25m
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Empire Co Ltd A - EMPA Long - NA $3.24m
Maxis Bhd - MAXIS Long - NA $3.23m
Agricultural Bank Of China A - 601288 Long - NA $3.22m
Abu Dhabi National Oil Co Fo Common - ADNOCDIS Long - NA $3.2m Stock Aed.08
Petronas Chemicals Group Bhd - PCHEM Long - NA $3.17m
Acc Ltd - ACC Long - NA $3.16m
Inventec Corp - 2356 Long - NA $3.15m
Beijing Shanghai High Spe A Common - 601816 Long - NA $3.12m Stock Cny1.0
East Money Information Co. Ltd. Class A - 300059 Long - NA $3.12m
Nan Ya Plastics Corp - 1303 Long - NA $3.1m
Hero Motocorp Ltd - HMCL Long - NA $3.1m
Bank Al Jazira Common Stock Sar10. - BJAZ Long - NA $3.09m
Formosa Petro - 6505 Long - NA $3.05m
Ctbc Financial - 2891 Long - NA $3.05m
Xinyi Glass - 868 Long - NA $3.02m
Sg Holdings Co Ltd - 9143 Long - NA $2.98m
Abc Mart Inc - 2670 Long - NA $2.97m
Ipca Laboratories Ltd - IPCA Long - NA $2.95m
Yes Bank Ltd - YESBANK Long - NA $2.9m
Azrieli Group Ltd - AZRG Long - NA $2.9m
Larsen + Toubro Infotech Ltd Common - LTI Long - NA $2.8m Stock Inr1.0
China Meidong Auto Holdings - 1268 Long - NA $2.77m
Bank Of Communications Co A - 601328 Long - NA $2.74m
Ono Pharma - 4528 Long - NA $2.7m
Telia Co Ab - TELIA Long - NA $2.7m
Yadea Group Holdings Ltd - 1585 Long - NA $2.69m
Mrf Ltd - MRF Long - NA $2.61m
Uss Co Ltd - 4732 Long - NA $2.58m
Nissin Foods Holdings Co Ltd - 2897 Long - NA $2.57m
Endeavour Group Ltd/Australi - EDVAU Long - NA $2.57m
Ihh Healthcare Bhd - IHH Long - NA $2.56m
Shionogi & Co Ltd - 4507 Long - NA $2.54m
Anhui Conch Cement Co Ltd A - 600585 Long - NA $2.53m
Kirin Holdings Co Ltd - 2503 Long - NA $2.51m
Citic Securities Co A - 600030 Long - NA $2.51m
Hankyu Hanshin Holdings Inc - 9042 Long - NA $2.5m
Guangdong Investment Ltd - 270 Long - NA $2.48m
Qatar Islamic Bank - QIBK Long - NA $2.47m
Baoshan Iron & Steel Co A - 600019 Long - NA $2.46m
Shenzhen International Holdings Ltd. - 152 Long - NA $2.42m
Japan Tobacco Inc - 2914 Long - NA $2.4m
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Changchun High & New Tech A - 661 Long - NA $2.34m
China Feihe Ltd Common Stock - 6186 Long - NA $2.34m Usd.000000025
Asahi Intecc Co Ltd - 7747 Long - NA $2.33m
Agricultural Bank Of China Ltd. - 1288 Long - NA $2.25m
Infrastrutture Wireless Ital - INW Long - NA $2.24m
Nippon Paint Holdings Co Ltd - 4612 Long - NA $2.21m
Adani Transmission Ltd - ADANIT Long - NA $1.86m
Perennial Energy Holdings Lt Common - 2798 Long - NA $306k Stock Hkd.01
China Huishan Dairy Holdings - 6863 Long - NA $2.7
Isracard Ltd - ISCD Long - NA $0.57
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