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Name

As of 11/15/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

ETC Gavekal Asia Pacific Government Bond ETF

AGOV | Active ETF

$73.10

$36 M

2.38%

$1.74

0.50%

Vitals

YTD Return

-7.4%

1 yr return

-7.7%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$36 M

Holdings in Top 10

76.2%

52 WEEK LOW AND HIGH

$73.1
$71.91
$82.32

Expenses

OPERATING FEES

Expense Ratio 0.50%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/15/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

ETC Gavekal Asia Pacific Government Bond ETF

AGOV | Active ETF

$73.10

$36 M

2.38%

$1.74

0.50%

AGOV - Profile

Distributions

  • YTD Total Return -7.4%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 2.4%
  • Dividend Distribution Frequency Other

Fund Details

  • Legal Name
    ETC Gavekal Asia Pacific Government Bond ETF
  • Fund Family Name
    N/A
  • Inception Date
    Jul 22, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Todd Alberico

Fund Description

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in local currency bonds issued by national governments (i.e., sovereign bonds) and instrumentalities or political sub-divisions (i.e., quasi-sovereign bonds) in the Asia-Pacific region (“Asia-Pacific government bonds”). Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in Asia-Pacific government bonds. The Fund also may invest in bonds issued by supranational entities such as the World Bank, Asia Development Bank, and Asian Infrastructure Bank (i.e., supranational bonds). The Fund may invest without limit in securities of issuers in emerging markets, including frontier markets. The Asia-Pacific government bonds in which the Fund expects to invest are those from China, India, Indonesia, Singapore, South Korea, Russia, Japan, Malaysia, Taiwan, Thailand, Hong Kong, the Philippines, Pakistan, Vietnam, Sri Lanka, Kazakhstan, Australia, and New Zealand. Gavekal Capital Limited (“Gavekal”), the sub-adviser to the Fund that is primarily responsible for portfolio investment decisions, currently expects to allocate at least 3% of the Fund’s total assets to Asia-Pacific government bonds of each country. The list of countries in which the Fund may invest may change from time to time to include other countries in the Asia-Pacific region.

In selecting investments for the Fund, Gavekal considers (i) a bond’s liquidity, with an emphasis on bonds that can be purchased while having the smallest impact on price, and (ii) a bond’s expected yield, with an emphasis on bonds that have relatively higher yields. The Fund may invest in bonds rated in any category, including bonds that are rated below investment grade. Bonds rated below investment grade are commonly known as “junk bonds.” The Fund will normally maintain an average portfolio duration of at least five years, but may invest in bonds of any duration. Duration is a measure of the sensitivity of a fixed-income investment to a change in interest rates (e.g., for every 1% change in interest rates, a bond’s price will change by 1% for every year of duration). For example, if a bond has a duration of 5 years and interest rates increase by 1%, the value of that bond can be expected to decrease by 5%. The Fund will generally acquire bonds that have a remaining maturity of between 6 and 12 years at the time of investment and Gavekal expects to maintain for the Fund a dollar-weighted average portfolio maturity of at least five years. When a bond’s maturity falls below five years, Gavekal will seek to replace it with a bond with a longer remaining time to maturity. The Fund may also invest in inflation-protected bonds.

The Fund may invest in bonds of Chinese issuers through a Bond Connect Company Limited program (“Bond Connect”), which allows foreign investors, such as the Fund, to invest in such bonds through a Hong Kong account.

The Fund is a non-diversified investment company under the Investment Company Act of 1940 (the “1940 Act”) and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund.

Read More

AGOV - Performance

Return Ranking - Trailing

Period AGOV Return Category Return Low Category Return High Rank in Category (%)
YTD -7.4% -23.5% 4.6% 96.60%
1 Yr -7.7% -24.3% 3.5% N/A
3 Yr N/A* -18.9% 13.6% N/A
5 Yr N/A* -21.4% 6.5% N/A
10 Yr N/A* -15.8% 5.6% N/A

* Annualized

Return Ranking - Calendar

Period AGOV Return Category Return Low Category Return High Rank in Category (%)
2023 -19.5% -58.7% 15.1% N/A
2022 N/A -12.8% 25.4% N/A
2021 N/A -12.0% 25.9% N/A
2020 N/A -19.2% 4.2% N/A
2019 N/A -7.2% 9.9% N/A

Total Return Ranking - Trailing

Period AGOV Return Category Return Low Category Return High Rank in Category (%)
YTD -7.4% -23.5% 4.6% 98.02%
1 Yr -7.7% -24.3% 3.5% N/A
3 Yr N/A* -18.9% 13.6% N/A
5 Yr N/A* -21.4% 6.5% N/A
10 Yr N/A* -15.8% 9.6% N/A

* Annualized

Total Return Ranking - Calendar

Period AGOV Return Category Return Low Category Return High Rank in Category (%)
2023 -17.7% -58.7% 15.1% N/A
2022 N/A -12.8% 25.4% N/A
2021 N/A -7.1% 25.9% N/A
2020 N/A -19.2% 10.9% N/A
2019 N/A -7.2% 9.9% N/A

AGOV - Holdings

Concentration Analysis

AGOV Category Low Category High AGOV % Rank
Net Assets 36 M 49.1 K 15.5 B 72.11%
Number of Holdings 20 4 2121 97.13%
Net Assets in Top 10 28 M -134 M 1.25 B 51.58%
Weighting of Top 10 76.15% 2.2% 95.0% 0.58%

Top 10 Holdings

  1. Indonesia Treasury Bond 14.64%
  2. India Government Bond 12.78%
  3. China Government Bond 12.54%
  4. Malaysia Government Bond 9.08%
  5. Singapore Government Bond 4.62%
  6. Hong Kong Government Bond 4.58%
  7. Australia Government Bond 4.56%
  8. New Zealand Government Bond 4.47%
  9. Thailand Government Bond 4.45%
  10. Philippine Government Bond 4.42%

Asset Allocation

Weighting Return Low Return High AGOV % Rank
Bonds 		97.68% -0.02% 116.66% 10.89%
Cash 		2.32% -16.66% 101.67% 83.67%
Stocks 		0.00% -0.47% 2.07% 95.42%
Preferred Stocks 		0.00% 0.00% 0.00% 98.57%
Other 		0.00% -3.28% 3.53% 90.83%
Convertible Bonds 		0.00% 0.00% 26.58% 99.71%

AGOV - Expenses

Operational Fees

AGOV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.50% 0.01% 2.87% 92.84%
Management Fee 0.50% 0.00% 1.10% 18.54%
12b-1 Fee N/A 0.00% 1.00% 14.02%
Administrative Fee N/A 0.02% 0.65% N/A

Sales Fees

AGOV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

AGOV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

AGOV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 302.00% N/A

AGOV - Distributions

Dividend Yield Analysis

AGOV Category Low Category High AGOV % Rank
Dividend Yield 2.38% 0.00% 30.37% 88.76%

Dividend Distribution Analysis

AGOV Category Low Category High Category Mod
Dividend Distribution Frequency Other Monthly Monthly Monthly

Net Income Ratio Analysis

AGOV Category Low Category High AGOV % Rank
Net Income Ratio N/A -2.28% 9.04% 95.92%

Capital Gain Distribution Analysis

AGOV Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

AGOV - Fund Manager Analysis

Managers

Todd Alberico

Start Date

Tenure

Tenure Rank

Jul 21, 2021

0.86

0.9%

Mr. Alberico joined Exchange Traded Concepts, LLC in November 2020, having spent the past 14 years in ETF trading at Goldman Sachs, Cantor Fitzgerald, and, most recently, Virtu Financial. He spent most of that time focused on the Trading and Portfolio Risk Management of ETFs exposed to international and domestic equity. He has worked on several different strategies including lead market-making and electronic trading, to customer facing institutional business developing models for block trading as well as transitional trades. Mr. Alberico graduated from St. John’s University in NY with a Bachelor of Science degree in Finance.

Christine Cheung

Start Date

Tenure

Tenure Rank

Jul 21, 2021

0.86

0.9%

Before joining Gavekal in June 2012, Christine Cheung worked for the Hong Kong Monetary Authority as a Portfolio Manager for the China rates and EM credit portfolio of the Direct Investment Team under the Reserves Management Department. Prior to HKMA, Christine worked in the Investment Banking Divisions of Credit Suisse and Citigroup, as well as a pan-Asia private equity firm. Christine graduated from Wharton School, University of Pennsylvania, majoring in Finance and Accounting.

Andrew Serowik

Start Date

Tenure

Tenure Rank

Jul 21, 2021

0.86

0.9%

Mr. Serowik joined Exchange Traded Concepts, LLC from Goldman Sachs in May 2018. He began his career at Spear, Leeds & Kellogg, continuing with Goldman after its acquisition of SLK in September 2000. During his career of more than 18 years at the combined companies, he held various roles, including managing the global Quant ETF Strats team and One Delta ETF Strats. He designed and developed systems for portfolio risk calculation, algorithmic ETF trading, and execution monitoring, with experience across all asset classes. He graduated from the University of Michigan with a Bachelor of Business Administration degree in Finance.

Gabriel Tan

Start Date

Tenure

Tenure Rank

Jul 21, 2021

0.86

0.9%

Mr. Tan joined Exchange Traded Concepts, LLC in May 2019 as an Associate Portfolio Manager and was promoted to Portfolio Manager in December 2020. He began his career at UBS and BBR Partners where he worked as a financial planning analyst and a portfolio strategist for over four years. During his time there, he developed comprehensive wealth management solutions focused on portfolio optimization, trust and estate planning, and tax planning.

Anupam Ghose

Start Date

Tenure

Tenure Rank

Mar 28, 2022

0.18

0.2%

Mr. Ghose, Portfolio Manager of the System Two Advisors,LP. Mr. Ghose has been a Portfolio Manager for S2 since 2016. Mr. Ghose is a Founding Partner and CEO of System Two Advisors, where he focuses on the start-up business operations and strategic direction of the firm. Prior to System Two, Mr. Ghose was the Co-President and Chief Strategy Officer of Roc Capital, responsible for overseeing the firm's marketing and investor relations as well as implementing short-term and long-term firm strategies. Prior to joining Roc Capital, Mr. Ghose was a Senior Member of the Prime Services Group at Credit Suisse. Prior to joining Credit Suisse, he was a member of the Global Portfolio Trading & Equities Swaps desk at Goldman Sachs. Prior to that he was one of the limited partners at Spear, Leeds & Kellogg and was part of the integration team when the firm was acquired by Goldman Sachs in 2000. Mr. Ghose is the founder of Indus Advisors LLC, which launched the first India-focused exchange traded fund on the NYSE/ARCA in partnership with Invesco PowerShares. Mr. Ghose received his BA degree in Economics from Bombay University in India in 1988, and his MBA in Finance and Investments from the Zicklin School of Business at Baruch College in 1994. Mr. Ghose serves on the advisory board of the Weissman Center for International Business at Baruch College. He has also served on the board of Viteos Fund Services & Gravitas Technology, Inc.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 23.87 6.36 6.11

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