ETF Risk Report: PQIN Buyer beware: Every ETF holds the full risk of its underlying equities Disclosures in the best interest of investors
PGIM QMA Strategic Alpha International Equity ETF Gray Swan Event Risks exist for every equity held by PQIN. 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 PQIN 1.52% consistently for all equities. Equities account for 92.09% of PQIN’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 ETF's Governance Risk Statement: "QMA tracks major adverse events related to driver’s future car accidents based on the driver’s history, fraud or nancial malfeasance, and impact the ranking of a stock within the we predict the likely cost (price drop) for PQIN following framework. If QMA feels that a particular company has issues of growing concern, gray swan disclosures within its holdings. The expected it's weighting in the portfolio can be reduced or the position may be removed price decrease across the PQIN equity portfolio is 1.52%. altogether." However, individual equity risks vary signi cantly. This report helps investors know their risk exposure.
Inception Date: 12/04/2020 Year-to-Date Return: 5.25% The fund's goal is to outperform the returns of the MSCI EAFE Index over the long term. Under normal Net Assets: $41.5m 1-Year Return: 46.76% circumstances, the fund invests at least 80% of its investable assets in equity and equity-related securities of Price: $59.76 3-Year Return: NA non-US companies. Actively managed, an equal-weight Net Asset Value (NAV): $59.33 5-Year Return: NA method is used when allocating to the stocks the multi- factor, quantitatively driven model deems attractive. The Net Expense Ratio: 0.29% Yield: 2.11% management team exercises judgment when evaluating underlying data and positions recommended by its As of: 03/31/2021 quantitative tools.
Company Ticker Held Current GSEF Category Value Top Holdings by Value
Wm Morrison Superma... MRW Long - NA $128k This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Sep 24, 2021. Hitachi Ltd 6501 Long - NA $110k Investors should invest in ETFs only when they adequately Fujitsu Ltd 6702 Long - NA $110k understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Seven & I Holdings ... 3382 Long - NA $109k do NO traditional risk analysis on equities in their fund. Mitsubishi Chemical... 4188 Long - NA $109k Our Gray Swan Event Factors are meant to inform investors of signi cant traditional accounting and Wolters Kluwer WKL Long - NA $107k managerial risks for the equities in each ETF.
Mazda Motor Corp 7261 Long - NA $107k ETF Risk Reports are published quarterly on dedicated Bureau Veritas Sa BVI Long - NA $107k platforms like Factset, Re nitiv, Capital IQ etc. Weekly updates are available for a paid subscription. Teleperformance TEP Long - NA $106k For more details contact: [email protected] Burning Rock Biotec... BNR Long - NA $106k
Company Ticker Held Current GSEF Category Value Riskiest Holdings
Novan, Inc. NOVN Long 7.47% High $91.4k This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Sep 24, 2021. Parsons Corporation PSN Long 5.50% High $89.8k The average equity GSEF across 6,500 public equities is Steris Plc. STE Long 5.09% High $94.4k 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Astrazeneca Plc. AZN Long 3.51% Mid $105k extreme risks. Merck & Co., Inc. MRK Long 3.34% Mid $97.8k Gray Swan Event Factors are derived from skilled analysts charting 15 years of negative gray swan event disclosures Dpw Holdings, Inc. DPW Long 3.32% Mid $94.9k against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the Jd.Com, Inc. JD Long 3.10% Mid $93.8k likelihood of, and 12-month price risk for, gray swan Allstate Corp. ALL Long 2.72% Mid $99k events for each equity.
Emergent Biosolutio... EBS Long 2.60% Mid $86.4k
Ever Glory Internat... EVK Long 2.44% Mid $89.1k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for PGIM QMA Strategic Alpha International Equity ETF ranked by highest GSE Factor (riskiest rst). We list all equities (US and foreign) for this ETF. However, some foreign listings only show via a ticker.
To further evaluate risks, you can access details for each company by opening its Brief Watchdog Report available for viewing and pdf download. The report is free to readers for their personal consumption and it includes the executive summary data pulled from the full Watchdog Report.
To learn more about the full Watchdog and GSEF Reports go to last page or visit watchdogresearch.com.
Company Access Details Ticker Held Current GSEF Category Value
Novan, Inc. Watchdogresearch.com/watchdog/$NOVN NOVN Long 7.47% High $91.4k
Parsons Corporation Watchdogresearch.com/watchdog/$PSN PSN Long 5.50% High $89.8k
Steris Plc. Watchdogresearch.com/watchdog/$STE STE Long 5.09% High $94.4k
Astrazeneca Plc. Watchdogresearch.com/watchdog/$AZN AZN Long 3.51% Mid $105k
Merck & Co., Inc. Watchdogresearch.com/watchdog/$MRK MRK Long 3.34% Mid $97.8k
Dpw Holdings, Inc. Watchdogresearch.com/watchdog/$DPW DPW Long 3.32% Mid $94.9k
Jd.Com, Inc. Watchdogresearch.com/watchdog/$JD JD Long 3.10% Mid $93.8k
Allstate Corp. Watchdogresearch.com/watchdog/$ALL ALL Long 2.72% Mid $99k
Emergent Biosolutions Inc. Watchdogresearch.com/watchdog/$EBS EBS Long 2.60% Mid $86.4k
Ever Glory International Group, Inc. Watchdogresearch.com/watchdog/$EVK EVK Long 2.44% Mid $89.1k
Ormat Technologies, Inc. Watchdogresearch.com/watchdog/$ORA ORA Long 2.38% Mid $85.1k
Equinor Asa Watchdogresearch.com/watchdog/$EQNR EQNR Long 2.38% Mid $88k
Glaxosmithkline Plc Watchdogresearch.com/watchdog/$GSK GSK Long 2.07% Mid $100k
Arcosa, Inc. Watchdogresearch.com/watchdog/$ACA ACA Long 1.86% Low $93.9k
Servotronics Inc. Watchdogresearch.com/watchdog/$SVT SVT Long 1.46% Low $96.6k
Cai International, Inc. Watchdogresearch.com/watchdog/$CAP CAP Long 1.37% Low $102k
Trinity Industries Inc. Watchdogresearch.com/watchdog/$TRN TRN Long 1.22% Low $92.5k
Genesis Healthcare, Inc. Watchdogresearch.com/watchdog/$GEN GEN Long 1.18% Low $83.9k
Sap Se Watchdogresearch.com/watchdog/$SAP SAP Long 1.17% Low $101k
Wide Open West, Inc. Watchdogresearch.com/watchdog/$WOW WOW Long 1.14% Low $81.2k
Elbit Systems Ltd. Watchdogresearch.com/watchdog/$ESLT ESLT Long 1.13% Low $95.5k
Stmicroelectronics N.V. Watchdogresearch.com/watchdog/$STM STM Long 1.10% Low $86.5k
Suncor Energy Inc. Watchdogresearch.com/watchdog/$SU SU Long 1.00% Low $92.3k
Alliance Data Systems Corp. Watchdogresearch.com/watchdog/$ADS ADS Long 0.98% Low $100k
Regions Financial Corp. Watchdogresearch.com/watchdog/$RF RF Long 0.92% Low $94k
Centerpoint Energy Inc. Watchdogresearch.com/watchdog/$CNP CNP Long 0.88% Low $92.7k
Playags, Inc. Watchdogresearch.com/watchdog/$AGS AGS Long 0.87% Low $91.1k
Telefonica Brasil S.A. Watchdogresearch.com/watchdog/$VIV VIV Long 0.86% Low $91.3k
Rogers Corp. Watchdogresearch.com/watchdog/$ROG ROG Long 0.82% Low $99.1k
Telos Corporation Pfd Exch 12% Watchdogresearch.com/watchdog/$TLS TLS Long 0.81% Low $99.4k
Hecla Mining Co. Watchdogresearch.com/watchdog/$HL HL Long 0.77% Low $91.5k
Leggett & Platt Inc. Watchdogresearch.com/watchdog/$LEG LEG Long 0.76% Low $91.6k
Moelis & Co. Watchdogresearch.com/watchdog/$MC MC Long 0.73% Low $92.5k
Dte Energy Co. Watchdogresearch.com/watchdog/$DTE DTE Long 0.69% Low $94.3k
Cullen/Frost Bankers, Inc. Watchdogresearch.com/watchdog/$CFR CFR Long 0.68% Low $90.9k
Novagold Resources Inc. Watchdogresearch.com/watchdog/$NG NG Long 0.66% Low $96k
Osisko Gold Royalties Ltd. Watchdogresearch.com/watchdog/$OR OR Long 0.65% Low $91.8k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Autoliv Inc. Watchdogresearch.com/watchdog/$ALV ALV Long 0.64% Low $94.5k
Englobal Corp. Watchdogresearch.com/watchdog/$ENG ENG Long 0.64% Low $100k
Dollar General Corp. Watchdogresearch.com/watchdog/$DG DG Long 0.63% Low $93.9k
Vodafone Group Public Ltd. Co. Watchdogresearch.com/watchdog/$VOD VOD Long 0.61% Low $88.7k
Genpact Ltd. Watchdogresearch.com/watchdog/$G G Long 0.59% Low $98.5k
Autoweb Inc. Watchdogresearch.com/watchdog/$AUTO AUTO Long 0.59% Low $90.4k
Information Services Group Inc. Watchdogresearch.com/watchdog/$III III Long 0.59% Low $89.1k
Heico Corp. Watchdogresearch.com/watchdog/$HEI HEI Long 0.58% Low $98.7k
Telefonica S.A. Watchdogresearch.com/watchdog/$TEF TEF Long 0.55% Low $90.2k
Check Point Software Technologies Ltd. Watchdogresearch.com/watchdog/$CHKP CHKP Long 0.50% Low $89.7k
Royal Dutch Shell Plc. Watchdogresearch.com/watchdog/$RDSA RDSA Long 0.49% Low $93.5k
Ing Groep N.V. Watchdogresearch.com/watchdog/$ISP ISP Long 0.44% Low $97.6k
Atmos Energy Corp. Watchdogresearch.com/watchdog/$ATO ATO Long 0.38% Low $88.7k
Bhp Billiton Ltd. Watchdogresearch.com/watchdog/$BHP BHP Long 0.37% Low $87.4k
Wm Morrison Supermarkets - MRW Long - NA $128k
Hitachi Ltd - 6501 Long - NA $110k
Fujitsu Ltd - 6702 Long - NA $110k
Seven & I Holdings Co Ltd - 3382 Long - NA $109k
Mitsubishi Chemical Holdings - 4188 Long - NA $109k
Wolters Kluwer - WKL Long - NA $107k
Mazda Motor Corp - 7261 Long - NA $107k
Bureau Veritas Sa - BVI Long - NA $107k
Teleperformance - TEP Long - NA $106k
Burning Rock Biotech Ltd. Watchdogresearch.com/watchdog/$BNR BNR Long - NA $106k
Ryohin Keikaku Co Ltd - 7453 Long - NA $106k
Tis Inc - 3626 Long - NA $104k
Fuji Electric Co. Ltd. - 6504 Long - NA $104k
Nordea Bank Abp Common Stock Sek - NDA Long - NA $104k
Randstad Holding Nv - RAND Long - NA $104k
Legrand Sa - LR Long - NA $104k
Shimano Inc - 7309 Long - NA $104k
Power Assets - 6 Long - NA $104k
Sage Group Plc/The - SGE Long - NA $103k
Nec Corp - 6701 Long - NA $103k
Michelin Cgde - ML Long - NA $103k
Coca Cola Hbc Ag - CCH Long - NA $103k
Oversea Chinese Banking Corp - OCBC Long - NA $102k
Spirax Sarco Engineering Plc - SPX Long - NA $102k
Ajinomoto Co Inc - 2802 Long - NA $102k
Fresenius Medical Care Ag & - FME Long - NA $102k
Pernod Ricard Sa - RI Long - NA $102k
Taiyo Nippon Sanso Corp - 4091 Long - NA $102k
Sg Holdings Co Ltd - 9143 Long - NA $102k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Bridgestone Corp - 5108 Long - NA $102k
Siemens Healthineers Ag - SEMHF Long - NA $101k
Puma Se - PUM Long - NA $101k
Toyota Motor Corp - 7203 Long - NA $101k
Electrolux Ab Ser B - ELUXB Long - NA $101k
Sainsbury J Plc - SBRY Long - NA $101k
Gea Group Ag - G1A Long - NA $101k
Agc Inc /Jpy/ - 5201 Long - NA $101k
Wesfarmers Ltd - WES Long - NA $101k
Shimadzu Corp - 7701 Long - NA $101k
Sonic Healthcare Limited - SHL Long - NA $101k
Schindler Holding Ag Common Stock Chf - SCHP Long - NA $101k 0.1
Nestle Sa Reg - NESN Long - NA $101k
Mondi Plc - MNDI Long - NA $101k
Dentsu Group Inc - 4324 Long - NA $100k
Biomerieux Common Stock - BIM Long - NA $100k
Amundi Sa - AMUN Long - NA $100k
Moncler Spa - MONC Long - NA $100k
Scout24 Ag - G24 Long - NA $99.8k
King sher Plc - KGF Long - NA $99.8k
Fuji lm Holdings Corp - 4901 Long - NA $99.8k
Sano - SAN Long - NA $99.7k
Kyowa Hakko Kirin Company Ltd /Jpy/ - 4151 Long - NA $99.7k
Nitori Holdings Co Ltd - 9843 Long - NA $99.6k
Chocoladefabriken Lindt Pc - LISP Long - NA $99.5k
Diasorin Spa - DIA Long - NA $99.5k
Ashtead Group Plc - AHT Long - NA $99.4k
Omron Corp - 6645 Long - NA $99.2k
Dassault Systemes Sa - DSY Long - NA $98.9k
Honda Motor Co Ltd - 7267 Long - NA $98.9k
Yakult Honsha Co Ltd - 2267 Long - NA $98.9k
Straumann Holding Ag Reg - STMN Long - NA $98.8k
Svenska Handelsbanken Ab Common - SHBA Long - NA $98.8k Stock Sek 0
Nomura Real Estate Holdings In - 3231 Long - NA $98.8k
Swisscom Ag Reg - SCMN Long - NA $98.8k
Azbil Corp - 6845 Long - NA $98.7k
Epiroc Ab A - EPIASS Long - NA $98.6k
Thales Sa - HO Long - NA $98.6k
Essilor International Sa - EI Long - NA $98.5k
Ferguson Plc - FERG Long - NA $98.4k
Welcia Holdings Co Ltd - 3141 Long - NA $98.3k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Uss Co Ltd - 4732 Long - NA $98.2k
Mitsui & Co Ltd - 8031 Long - NA $98.2k
Ck Hutchison Holdings Ltd - 1 Long - NA $98.1k
Ck Asset Holdings Ltd Common Stock Hkd - 1113 Long - NA $98.1k 1
Smc Japan Corp - 6273 Long - NA $98.1k
Softbank Corp - 9434 Long - NA $98k
Sumitomo Chemical Co. Ltd. - 4005 Long - NA $98k
Cosmos Pharm - 3349 Long - NA $98k
Jardine Matheson Hldgs Ltd - JM Long - NA $98k
Orkla - ORK Long - NA $98k
Smur t Kappa Group Plc - SK3 Long - NA $98k
Trend Micro Inc - 4704 Long - NA $98k
Boc Hong Kong Holdings Ltd - 2388 Long - NA $97.9k
Snam Spa - SRG Long - NA $97.9k
Coloplast B - COLOB Long - NA $97.8k
Qiagen N.V. - QIA Long - NA $97.8k
Daiwa House Industry Co Ltd - 1925 Long - NA $97.8k
Atlas Copco Ab A Shs /Sek/ - ATCOA Long - NA $97.7k
Nomura Research Institute Lt - 4307 Long - NA $97.7k
Hermes International - RMS Long - NA $97.6k
Mitsubishi Ufj Financial Gro - 8306 Long - NA $97.5k
Asahi Kasei Corp - 3407 Long - NA $97.3k
Prysmian Spa - PRY Long - NA $97.2k
Reece Ltd - REH Long - NA $97.2k
Panasonic Corp - 6752 Long - NA $97.2k
Daikin Inds - 6367 Long - NA $97.2k
Mediobanca Spa - MB Long - NA $97.1k
Rohm Co Ltd - 6963 Long - NA $97.1k
Itochu Techno Solutions Corp - 4739 Long - NA $97k
Nippon Shinyaku Co Ltd - 4516 Long - NA $96.8k
Koninklijke Ahold Delhaize N - AD Long - NA $96.8k
Geberit Ag Reg - GEBN Long - NA $96.8k
Voestalpine Ag - VOE Long - NA $96.7k
Tabcorp Holdings Ltd - TAH Long - NA $96.7k
Waterdrop Inc. Watchdogresearch.com/watchdog/$WDH WDH Long - NA $96.6k
Denso Corp - 6902 Long - NA $96.6k
Carlsberg As B - CARLB Long - NA $96.6k
Suntory Food Bev - 2587 Long - NA $96.5k
Abb Ltd Reg - ABBN Long - NA $96.5k
Mitsui Chemicals Inc - 4183 Long - NA $96.4k
Wh Group Ltd - 288 Long - NA $96.3k
Daiwa Securities Group Inc. - 8601 Long - NA $96.3k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Japan Post Bank Co Ltd - 7182 Long - NA $96.2k
Intertek Group Plc - ITRK Long - NA $96.2k
Sika Ag Common Stock Chf 0.01 - SIKA Long - NA $96.1k
Wharf Real Estate Investment - 1997 Long - NA $96.1k
Tokyo Electron Ltd - 8035 Long - NA $96.1k
Shionogi & Co Ltd - 4507 Long - NA $96.1k
Sino Land Co - 83 Long - NA $96k
Stora Enso Oyj R Shs - STERV Long - NA $96k
United Overseas Bank Ltd - UOB Long - NA $96k
Toshiba Corp - 6502 Long - NA $96k
Atlas Copco Ab Common Stock Sek 0 - ATCOB Long - NA $96k
Rockwool Int B - ROCKB Long - NA $95.9k
Sumitomo Dainippon Pharma Co - 4506 Long - NA $95.9k
Clp Holdings Ltd - 2 Long - NA $95.9k
Roche Holding Ag Br - RO Long - NA $95.9k
Coles Group Ltd /Aud/ - COL Long - NA $95.8k
Hoya Corp - 7741 Long - NA $95.7k
Logitech International Sa Common Stock - LOGN Long - NA $95.7k Chf 0.25
Rea Group Ltd - REA Long - NA $95.7k
Raiffeisen Bank Internationa - RBI Long - NA $95.6k
Covestro Ag - 1COV Long - NA $95.6k
British American Tobacco Plc - BATS Long - NA $95.6k
Kingspan Group Plc - KSP Long - NA $95.5k
Terumo Corp - 4543 Long - NA $95.4k
Japan Post Holdings Co Ltd - 6178 Long - NA $95.4k
Dbs Group Holdings Ltd - DBS Long - NA $95.4k
Kao Corp - 4452 Long - NA $95.4k
Barry Callebaut Ag Reg - BARN Long - NA $95.3k
Uniper Se - UN01 Long - NA $95.2k
Rentokil Initial Plc - RTO Long - NA $95.2k
Yara International - YAR Long - NA $95.2k
Nippon Telegraph & Telephone - 9432 Long - NA $95.2k
Smith & Nephew Plc - SN Long - NA $95.1k
Securitas Ab B Shs - SECUB Long - NA $95.1k
Telia Co Ab - TELIA Long - NA $95.1k
Taisei Corp - 1801 Long - NA $95k
Diageo Plc - DGE Long - NA $95k
Orix Corp - 8591 Long - NA $95k
Idemitsu Kosan Co Ltd - 5019 Long - NA $95k
Ono Pharma - 4528 Long - NA $94.9k
Ap Moller Maersk A/S B - MAERSKB Long - NA $94.8k
Essity Aktiebolag B Common Stock - ESSITYB Long - NA $94.7k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Alfa S.A.B. A Common Stock - ALFA Long - NA $94.7k
Royal Dutch Shell Plc B Shs - RDSB Long - NA $94.7k
Kubota Corp - 6326 Long - NA $94.6k
Suzuki Motor Corp - 7269 Long - NA $94.6k
Brambles Limited - BXB Long - NA $94.6k
Chugai Pharmaceutical Co Ltd - 4519 Long - NA $94.6k
Jxtg Holdings Inc - 5020 Long - NA $94.6k
Mizrahi Tefahot Bank Ltd - MZTF Long - NA $94.5k
Danone - BN Long - NA $94.5k
Ap Moeller Maersk A/S A Common Stock - MAERSKA Long - NA $94.4k Dkk1000.
Husqvarna Ab B Shs - HUSQB Long - NA $94.4k
Yamada Denki Co Ltd - 9831 Long - NA $94.4k
Nintendo Co Ltd - 7974 Long - NA $94.2k
Kion Group Ag - KGX Long - NA $94.2k
Minebea Co. Ltd. - 6479 Long - NA $94.2k
Seek Ltd - SEK Long - NA $94.1k
Johnson Matthey Plc - JMAT Long - NA $94.1k
Nitto Denko Corp - 6988 Long - NA $94k
Tele2 Ab B Shs - TEL2B Long - NA $94k
Fortescue Metals Group Ltd - FMG Long - NA $94k
United Internet Ag Reg Share - UTDI Long - NA $93.9k
Toyota Tsusho Corp - 8015 Long - NA $93.9k
Nokia Oyj - NOKIA Long - NA $93.8k
Hamamatsu Photonics Kk - 6965 Long - NA $93.8k
Lixil Group Corp - 5938 Long - NA $93.8k
Rinnai Corp - 5947 Long - NA $93.8k
Hongkong Land Holdings Ltd - HKL Long - NA $93.8k
Rio Tinto Ltd - RIO Long - NA $93.6k
Crh Plc - CRG Long - NA $93.6k
Epiroc Ab B - EPIBSS Long - NA $93.6k
Pandora A/S - PNDORA Long - NA $93.6k
Ing Groep Nv - INGA Long - NA $93.5k
Toyo Suisan Kaisha Ltd - 2875 Long - NA $93.5k
Kering - KER Long - NA $93.5k
Mizuho Financial Group Inc - 8411 Long - NA $93.5k
Lundbergs Ab B Shs Common Stock - LUNDB Long - NA $93.5k
Astellas Pharma Inc - 4503 Long - NA $93.5k
Shin Etsu Chemical Co Ltd - 4063 Long - NA $93.5k
Royal Bank Of Scotland Group - RBS Long - NA $93.4k
Red Electrica Corp Sa - REE Long - NA $93.4k
Oji Holdings Corp - 3861 Long - NA $93.4k
Mcdonalds Holdings Co Japan Ltd - 2702 Long - NA $93.4k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Itochu Corp - 8001 Long - NA $93.4k
Naturgy Energy Group Sa /Eur/ - GAS Long - NA $93.3k
Pan Paci c International Ho Common - 7532 Long - NA $93.3k Stock
Henderson Land Development - 12 Long - NA $93.3k
Tosoh Corp - 4042 Long - NA $93.3k
Carrefour Sa - CA Long - NA $93.3k
Yamato Holdings Co Ltd - 9064 Long - NA $93.2k
Seiko Epson Corp - 6724 Long - NA $93.2k
Chiba Bank Ltd/The - 8331 Long - NA $93.2k
Iida Group Holdings Co Ltd - 3291 Long - NA $93.2k
Australia & New Zealand Banking Group - ANZ Long - NA $93.2k Ltd.
Bunzl Plc - BNZL Long - NA $93.2k
Nh Foods Ltd - 2282 Long - NA $93.1k
Aisin Seiki Co Ltd - 7259 Long - NA $93.1k
Tohoku Electric Power Co Inc - 9506 Long - NA $93k
Disco Corp - 6146 Long - NA $92.9k
Makita Corp - 6586 Long - NA $92.9k
Unilever Plc - ULVR Long - NA $92.9k
Mediceo Paltac Holdin - 7459 Long - NA $92.8k
Dai Nippon Printing Co Ltd - 7912 Long - NA $92.8k
Sumitomo Corp - 8053 Long - NA $92.8k
Kuehne Nagel Intl Ag Reg Common Stock - KNIN Long - NA $92.7k Chf1.0
Inpex Corporation - 1605 Long - NA $92.7k
Hakuhodo Dy Holdings Inc - 2433 Long - NA $92.7k
Royal Kpn Nv - KPN Long - NA $92.7k
Sm Trust Hd - 8309 Long - NA $92.6k
Rwe Ag - RWE Long - NA $92.5k
Meiji Hd - 2269 Long - NA $92.5k
Nippon Express Co Ltd - 9062 Long - NA $92.4k
Telefonica Deutschland Holdi - O2D Long - NA $92.4k
Upm Kymmene Oyj - UPM Long - NA $92.4k
Bank Hapoalim Bm - POLI Long - NA $92.4k
Sekisui House Ltd - 1928 Long - NA $92.3k
Assa Abloy Ab - ASSAB Long - NA $92.3k
Temenos Group Ag Reg - TEMN Long - NA $92.2k
Japan Tobacco Inc - 2914 Long - NA $92.2k
Skanska Ab B Shs - SKAB Long - NA $92.1k
Hikma Pharmaceuticals Plc - HIK Long - NA $92.1k
Compagnie De Saint Gobain - SGO Long - NA $92.1k
Lundin Petroleum Ab - LUPE Long - NA $92.1k
Akzo Nobel Nv - AKZA Long - NA $92k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Lloyds Banking Group Plc - LLOY Long - NA $92k
New World Development - 17 Long - NA $92k
Bank Leumi Le Israel Common Stock Ils.1 - LUMI Long - NA $92k
Reckitt Benckiser Group Plc - RB Long - NA $91.9k
Hang Lung Properties Ltd - 101 Long - NA $91.8k
Arkema - AKE Long - NA $91.8k
Aviva Plc - AV Long - NA $91.8k
Lafargeholcim Ltd Reg - LHN Long - NA $91.8k
Next Plc - NXT Long - NA $91.7k
Fresenius Se & Co. Kgaa - FRE Long - NA $91.7k
Treasury Wine Estates Limited - TWE Long - NA $91.6k
Stanley Electric Co Ltd - 6923 Long - NA $91.4k
Mitsubishi Corporation - 8058 Long - NA $91.4k
Volvo Ab B Shs - VOLVB Long - NA $91.4k
Swatch Group Ag/The Reg - UHRN Long - NA $91.3k
Marubeni Corp - 8002 Long - NA $91.3k
Swiss Prime Site Reg - SPSN Long - NA $91.3k
Resona Holdings Inc - 8308 Long - NA $91.2k
Hoshizaki Corp - 6465 Long - NA $91.2k
Jeronimo Martins - JMT Long - NA $91.2k
Adecco Group Ag Reg - ADEN Long - NA $91.1k
Direct Line Insurance Group - DLG Long - NA $91.1k
Swire Properties Ltd - 1972 Long - NA $91.1k
Shizuoka Bank Ltd/The - 8355 Long - NA $91k
Tokyo Gas Co Ltd - 9531 Long - NA $91k
Kajima Corp - 1812 Long - NA $90.9k
Imperial Brands Plc - IMB Long - NA $90.8k
Misumi Group Inc - 9962 Long - NA $90.7k
Canon Inc - 7751 Long - NA $90.7k
Henkel Ag Pfd - HEN Long - NA $90.7k
Hirose Electric Co Ltd - 6806 Long - NA $90.7k
Novo Nordisk A/S - NOVOB Long - NA $90.6k
Ucb Sa - UCB Long - NA $90.6k
Ubs Group Ag Reg - UBSG Long - NA $90.6k
Osaka Gas Co Ltd - 9532 Long - NA $90.5k
Ipsen - IPN Long - NA $90.5k
Advantest Corp - 6857 Long - NA $90.4k
Isuzu Motors Ltd - 7202 Long - NA $90.4k
Scsk Corporation - 9719 Long - NA $90.3k
Mitsui Fudosan Co Ltd - 8801 Long - NA $90.3k
E.On Se Common Stock - EOAN Long - NA $90.3k
Israel Discount Bank A - DSCT Long - NA $90.3k
Subaru Corp - 7270 Long - NA $90.2k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Mitsubishi Gas Chemical Company Inc. - 4182 Long - NA $90.2k
Swire Paci c Ltd Cl A - 19 Long - NA $90.2k
Fortum Oyj - FORTUM Long - NA $90.2k
Seb Sa - SK Long - NA $90k
Barclays Plc - BARC Long - NA $89.9k
Publicis Groupe Sa - PUB Long - NA $89.9k
Cheung Kong Infrastructure - 1038 Long - NA $89.8k
Toray Industries Inc - 3402 Long - NA $89.7k
Solvay Sa - SOLB Long - NA $89.7k
Daimler Ag Registered Shares - DAI Long - NA $89.7k
Standard Life Aberdeen Plc Common Stock - SLA Long - NA $89.7k Gbp
Orion Oyj Class B - ORNBV Long - NA $89.7k
Toppan Printing Co Ltd - 7911 Long - NA $89.7k
Barratt Dev - BDEV Long - NA $89.7k
Kone Oyj B - KNEBV Long - NA $89.7k
Telecom Italia Spa - TIT Long - NA $89.6k
Scottish & Southern Energy Plc - SSE Long - NA $89.6k
Basf Se Common Stock Eur 0 - BAS Long - NA $89.6k
Wilmar International Ltd - WIL Long - NA $89.6k
Dcc Plc - DCC Long - NA $89.6k
Mitsubishi Estate Co Ltd - 8802 Long - NA $89.6k
United Utilities Group Plc - UU Long - NA $89.5k
Vonovia Se - VNA Long - NA $89.5k
Ntt Data Corp - 9613 Long - NA $89.5k
Nn Group Nv - NN Long - NA $89.4k
Smiths Group Plc - SMIN Long - NA $89.4k
Schroders Plc - SDR Long - NA $89.2k
Omv Ag - OMV Long - NA $89k
Knorr Bremse Ag Common Stock - KBX Long - NA $88.9k
Total Sa - FP Long - NA $88.8k
Eiffage - FGR Long - NA $88.7k
Bmw Ag - BMW Long - NA $88.6k
Mitsubishi Heavy Industries - 7011 Long - NA $88.6k
Mowi Asa - MHG Long - NA $88.6k
Sumitomo Electric Industries - 5802 Long - NA $88.6k
Sun Hung Kai Properties - 16 Long - NA $88.5k
Standard Chartered Plc - STAN Long - NA $88.5k
Skf Ab B Shares - SKFB Long - NA $88.4k
Engie - ENGI Long - NA $88.4k
Hikari Tsushin Inc - 9435 Long - NA $88.3k
Yamaha Motor Co Ltd - 7272 Long - NA $88.3k
Elisa Oyj - ELISA Long - NA $88.2k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Chubu Electric Power Co Inc - 9502 Long - NA $88.2k
Bnp Paribas - BNP Long - NA $88.1k
Otsuka Holdings Co Ltd - 4578 Long - NA $88k
Toyota Industries Corp - 6201 Long - NA $88k
Industria De Diseno Textil - ITX Long - NA $88k
Nsk Ltd - 6471 Long - NA $87.9k
Asahi Group Holdings Ltd - 2502 Long - NA $87.9k
Burberry Group Plc - BRBY Long - NA $87.8k
Brother Industries Ltd - 6448 Long - NA $87.8k
Volkswagen Ag - VOW Long - NA $87.6k
Swiss Life Holding Ag Reg - SLHN Long - NA $87.5k
Poste Italiane Spa - PST Long - NA $87.4k
Sumitomo Mitsui Financial Gr - 8316 Long - NA $87.3k
Ricoh Company Ltd. - 7752 Long - NA $87.1k
Caixabank S.A - CABK Long - NA $87.1k
Persol Holdings Co Ltd /Jpy/ - 2181 Long - NA $87k
Kddi Corp - 9433 Long - NA $86.8k
Zurich Insurance Group Ag - ZURN Long - NA $86.7k
Repsol Sa - REP Long - NA $86.6k
Kirin Holdings Co Ltd - 2503 Long - NA $86.5k
Sgs Sa Reg - SGSN Long - NA $86.4k
Komatsu Ltd - 6301 Long - NA $86.3k
Sohgo Security Services Co - 2331 Long - NA $86.2k
Takeda Pharmaceutical Co Ltd - 4502 Long - NA $86.2k
Ericsson Lm B Shs - ERICB Long - NA $85.7k
Nabtesco Corp - 6268 Long - NA $85.7k
Iberdrola S.A. - IBE Long - NA $85.4k
Siemens Ag - SIE Long - NA $85.1k
Royal Philips Nv - PHIA Long - NA $85k
Kansai Electric Power Co Inc - 9503 Long - NA $84.8k
Ica Gruppen Ab - ICA Long - NA $84.3k
Neste Oyj - NESTE Long - NA $83.3k
Endesa Sa - ELE Long - NA $83.2k
Actividades De Construccion Y Servicios Sa - ACS Long - NA $83.1k
Lanxess Ag - LXS Long - NA $83k
Colruyt Sa - COLR Long - NA $82.8k
N.G.K.Insulators Npv - 5333 Long - NA $82.7k
Enel Spa - ENEL Long - NA $82.7k
Agilon Health, Inc. Watchdogresearch.com/watchdog/$AGL AGL Long - NA $82.3k
Aurizon Holdings Ltd - AZJ Long - NA $82.2k
Oracle Corp Japan - 4716 Long - NA $81.8k
Proximus - PROX Long - NA $81.6k
Mitsubishi Electric Corp - 6503 Long - NA $81.3k
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value
Bouygues Sa - EN Long - NA $80.5k
Endeavour Group Ltd/Australi - EDVAU Long - NA $13.4k
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.
Subscription Information: Subscriptions can be initiated at watchdogresearch.com.
Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272