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ETF Risk Report: WUGI Buyer Beware: Every ETF Holds the Full Risk of Its Underlying Equities Disclosures in the Best Interest of Investors

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ETF Risk Report: WUGI Buyer Beware: Every ETF Holds the Full Risk of Its Underlying Equities Disclosures in the Best Interest of Investors ETF Risk Report: WUGI Buyer beware: Every ETF holds the full risk of its underlying equities Disclosures in the best interest of investors Esoterica NextG Economy ETF Gray Swan Event Risks exist for every equity held by WUGI. Gray swan events include accounting fraud, management failures, failed internal controls, M&A problems, restatements, etc. These risks occur Gray Swan Event Factor for WUGI 1.11% infrequently, but consistently for all equities. Equities account for 99.98% of WUGI’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 WUGI 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 WUGI equity portfolio is 1.11%. However, individual equity risks vary signicantly. This report helps investors know their risk exposure. Inception Date: 03/31/2020 Year-to-Date Return: 0.19% The Esoterica NextG Economy ETF is an actively-managed ETF seeking capital appreciation by investing in stocks of Net Assets: $49m 1-Year Return: 104.72% global companies involved in fth-generation digital cellular network (5G) technology, including infrastructure, Price: $50.42 3-Year Return: NA advanced silicon architecture, edge devices, and software; Net Asset Value (NAV): $50.26 5-Year Return: NA services such as 5G wireless networks and cloud computing; and companies that benet from the use of Net Expense Ratio: 0.75% Yield: NA 5G, such as those engaged in e-commerce. The ETF uses both top down (changes in the market and underlying As of: 03/31/2021 technological cycle) and bottom up (valuation, fundamental and quantitative measures) approaches to identify equities. Company Ticker Held Current GSEF Category Value Top Holdings by Value Advanced Micro Devices AMD Long 1.08% Low $4.48m This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Sep 17, 2021. Nvidia Corp. NVDA Long 0.98% Low $4.21m Investors should invest in ETFs only when they adequately Sea Ltd. SE Long 0.63% Low $3.93m understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Meituan Dianping Cl... 3690 Long - NA $3.07m do NO traditional risk analysis on equities in their fund. Marvell Technology ... MRVLUW Long - NA $2.93m Our Gray Swan Event Factors are meant to inform investors of signicant traditional accounting and Qualcomm Inc. QCOM Long 1.59% Low $2.79m managerial risks for the equities in each ETF. Bilibili Inc. BILI Long 2.55% Mid $2.32m ETF Risk Reports are published quarterly on dedicated Taiwan Semiconducto... 2330 Long - NA $2.07m platforms like Factset, Renitiv, Capital IQ etc. Weekly updates are available for a paid subscription. Alphabet Inc. GOOG Long 0.46% Low $2.02m For more details contact: [email protected] Microsoft Corp. MSFT Long 0.97% Low $1.9m Company Ticker Held Current GSEF Category Value Riskiest Holdings Twilio Inc. TWLO Long 3.66% Mid $1.62m This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Sep 17, 2021. Zoom Video Communic... ZM Long 3.10% Mid $315k The average equity GSEF across 6,500 public equities is Baidu, Inc. BIDU Long 2.62% Mid $443k 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Pinduoduo Inc. PDD Long 2.59% Mid $701k extreme risks. Gray Swan Event Factors are derived from skilled analysts Bilibili Inc. BILI Long 2.55% Mid $2.32m charting 15 years of negative gray swan event disclosures Nxp Semiconductors ... NXPI Long 1.71% Low $1.09m against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the Qualcomm Inc. QCOM Long 1.59% Low $2.79m likelihood of, and 12-month price risk for, gray swan Advanced Micro Devices AMD Long 1.08% Low $4.48m events for each equity. Nvidia Corp. NVDA Long 0.98% Low $4.21m Microsoft Corp. MSFT Long 0.97% Low $1.9m Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for Esoterica NextG Economy ETF ranked by highest GSE Factor (riskiest rst). We list all equities (US and foreign) for this ETF. However, some foreign listings only show via a ticker. To further evaluate risks, you can access details for each company by opening its Brief Watchdog Report available for viewing and pdf download. The report is free to readers for their personal consumption and it includes the executive summary data pulled from the full Watchdog Report. To learn more about the full Watchdog and GSEF Reports go to last page or visit watchdogresearch.com. Company Access Details Ticker Held Current GSEF Category Value Twilio Inc. Watchdogresearch.com/watchdog/$TWLO TWLO Long 3.66% Mid $1.62m Zoom Video Communications, Inc. Watchdogresearch.com/watchdog/$ZM ZM Long 3.10% Mid $315k Baidu, Inc. Watchdogresearch.com/watchdog/$BIDU BIDU Long 2.62% Mid $443k Pinduoduo Inc. Watchdogresearch.com/watchdog/$PDD PDD Long 2.59% Mid $701k Bilibili Inc. Watchdogresearch.com/watchdog/$BILI BILI Long 2.55% Mid $2.32m Nxp Semiconductors N.V. Watchdogresearch.com/watchdog/$NXPI NXPI Long 1.71% Low $1.09m Qualcomm Inc. Watchdogresearch.com/watchdog/$QCOM QCOM Long 1.59% Low $2.79m Advanced Micro Devices Watchdogresearch.com/watchdog/$AMD AMD Long 1.08% Low $4.48m Nvidia Corp. Watchdogresearch.com/watchdog/$NVDA NVDA Long 0.98% Low $4.21m Microsoft Corp. Watchdogresearch.com/watchdog/$MSFT MSFT Long 0.97% Low $1.9m Square, Inc. Watchdogresearch.com/watchdog/$SQ SQ Long 0.86% Low $587k Amazon.Com Inc. Watchdogresearch.com/watchdog/$AMZN AMZN Long 0.77% Low $1.79m Splunk Inc. Watchdogresearch.com/watchdog/$SPLK SPLK Long 0.70% Low $573k Coupa Software Inc. Watchdogresearch.com/watchdog/$COUP COUP Long 0.67% Low $174k Sea Ltd. Watchdogresearch.com/watchdog/$SE SE Long 0.63% Low $3.93m Workday, Inc. Watchdogresearch.com/watchdog/$WDAY WDAY Long 0.55% Low $1.03m Paypal Holdings, Inc. Watchdogresearch.com/watchdog/$PYPL PYPL Long 0.55% Low $895k Datadog, Inc. Watchdogresearch.com/watchdog/$DDOG DDOG Long 0.55% Low $809k Netix Inc. Watchdogresearch.com/watchdog/$NFLX NFLX Long 0.52% Low $1.04m Cloudare, Inc. Watchdogresearch.com/watchdog/$NET NET Long 0.52% Low $843k Elastic N.V. Watchdogresearch.com/watchdog/$ESTC ESTC Long 0.52% Low $1.48m Mongodb, Inc. Watchdogresearch.com/watchdog/$MDB MDB Long 0.52% Low $1.2m Facebook Inc. Watchdogresearch.com/watchdog/$FB FB Long 0.47% Low $1.61m Alphabet Inc. Watchdogresearch.com/watchdog/$GOOG GOOG Long 0.46% Low $2.02m Snowake Inc. Watchdogresearch.com/watchdog/$SNOW SNOW Long 0.41% Low $374k Servicenow, Inc. Watchdogresearch.com/watchdog/$NOW NOW Long 0.41% Low $1.14m Zscaler, Inc. Watchdogresearch.com/watchdog/$ZS ZS Long 0.41% Low $567k Meituan Dianping Class B Common Stock - 3690 Long - NA $3.07m Usd.00001 Marvell Technology Group Ltd Mrvl - MRVLUW Long - NA $2.93m Taiwan Semiconductor Manufac - 2330 Long - NA $2.07m Mediatek Inc - 2454 Long - NA $1.31m Agora, Inc. Watchdogresearch.com/watchdog/$API API Long - NA $906k Tencent - 700 Long - NA $804k Adyen Nv Common Stock Eur.01 - ADYEN Long - NA $511k Weimob Inc - 2013HK Long - NA $159k China Youzan Ltd - 8083 Long - NA $93.8k 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.
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