The Approach

A quantitively-driven strategy emphasizing high quality small-cap stocks. Stocks are first screened to remove those that score poorly on financial and growth measures. Those stocks that pass the screen are then ranked on a stand-alone basis in relation to two factors – beta and value. The stocks that rank the highest for each factor are combined into one portfolio. Stocks that rank high in both factors are over-weighted.

The Features

A diversified portfolio of stocks that seeks to deliver superior risk-adjusted returns over the index. The investment objective of the fund is capital appreciation. Our research, as well as a large body of academic research, has found that low beta and value factors have been associated with long-term stock outperformance.

Data as of 05/21/2020

PERFORMANCE

MONTH END AS OF: TBD
1 Month 3 Month 6 Month YTD Since Inception 1 Year 3 Years 5 Years
Fund NAV TBD TBD TBD TBD TBD TBD TBD TBD
Market Price TBD TBD TBD TBD TBD TBD TBD TBD
QUARTER END AS OF: TBD
1 Month 3 Month 6 Month YTD Since Inception 1 Year 3 Years 5 Years
Fund NAV TBD TBD TBD TBD TBD TBD TBD TBD
Market Price TBD TBD TBD TBD TBD TBD TBD TBD

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Current performance may be lower or higher than the performance quoted.

SIXS Holdings as of 05/21/2020

COMPANY NAME TICKER CUSIP SHARES MARKET VALUE % OF NET ASSET VALUES
FGL HOLDINGS FG G3402M102 30432 324,100.80 2.015%
PARK AEROSPACE CORP PKE 70014A104 24408 281,180.16 1.748%
UNITED NATURAL FOODS INC UNFI 911163103 14784 257,832.96 1.603%
ALLEGIANT TRAVEL CO ALGT 01748X102 2352 210,833.28 1.311%
CHILDREN'S PLACE INC/THE PLCE 168905107 5664 208,435.20 1.296%
PENN VIRGINIA CORP PVAC 70788V102 26928 208,422.72 1.296%
ENCORE CAPITAL GROUP INC ECPG 292554102 6480 206,452.80 1.283%
BIG LOTS INC BIG 089302103 6264 204,644.88 1.272%
AMERICAN PUBLIC EDUCATION APEI 02913V103 6168 202,125.36 1.257%
M/I HOMES INC MHO 55305B101 6192 198,205.92 1.232%
CENTURY COMMUNITIES INC CCS 156504300 7008 194,752.32 1.211%
PROPETRO HOLDING CORP PUMP 74347M108 37752 192,912.72 1.199%
GROUP 1 AUTOMOTIVE INC GPI 398905109 3048 191,444.88 1.190%
RENT-A-CENTER INC RCII 76009N100 7464 187,271.76 1.164%
CONSOL ENERGY INC CEIX 20854L108 26568 185,178.96 1.151%
FUTUREFUEL CORP FF 36116M106 15408 185,050.08 1.150%
HARSCO CORP HSC 415864107 19248 184,973.28 1.150%
CORCEPT THERAPEUTICS INC CORT 218352102 12072 184,460.16 1.147%
WABASH NATIONAL CORP WNC 929566107 20040 182,764.80 1.136%
SKYWEST INC SKYW 830879102 6480 182,606.40 1.135%
DIAMONDROCK HOSPITALITY CO DRH 252784301 31200 180,024.00 1.119%
MOVADO GROUP INC MOV 624580106 16896 178,590.72 1.110%
OWENS & MINOR INC OMI 690732102 22272 178,176.00 1.108%
HAWAIIAN HOLDINGS INC HA 419879101 13200 177,276.00 1.102%
RENEWABLE ENERGY GROUP INC REGI 75972A301 6432 174,886.08 1.087%
WARRIOR MET COAL INC HCC 93627C101 12384 173,004.48 1.075%
SPARTANNASH CO SPTN 847215100 9696 172,200.96 1.071%
ADDUS HOMECARE CORP ADUS 006739106 1872 172,167.84 1.070%
DORMAN PRODUCTS INC DORM 258278100 2592 172,082.88 1.070%
CONN'S INC CONN 208242107 27456 170,776.32 1.062%
NATIONAL BEVERAGE CORP FIZZ 635017106 3096 170,094.24 1.057%
HCI GROUP INC HCI 40416E103 3720 170,078.40 1.057%
STURM RUGER & CO INC RGR 864159108 2832 169,523.52 1.054%
AMN HEALTHCARE SERVICES INC AMN 001744101 3672 167,516.64 1.041%
GUESS? INC GES 401617105 20424 167,272.56 1.040%
DESIGNER BRANDS INC DBI 250565108 28656 166,777.92 1.037%
B&G FOODS INC BGS 05508R106 7536 166,470.24 1.035%
CALAVO GROWERS INC CVGW 128246105 2784 166,344.00 1.034%
META FINANCIAL GROUP INC CASH 59100U108 9768 166,251.36 1.034%
GLU MOBILE INC GLUU 379890106 17424 165,528.00 1.029%
PC CONNECTION INC CNXN 69318J100 4032 165,150.72 1.027%
BROOKS AUTOMATION INC BRKS 114340102 4104 165,103.92 1.026%
CLEVELAND-CLIFFS INC CLF 185899101 35040 165,038.40 1.026%
CALERES INC CAL 129500104 24216 164,910.96 1.025%
MACY'S INC M 55616P104 30696 164,837.52 1.025%
AMERICAN STATES WATER CO AWR 029899101 2088 164,805.84 1.025%
WD-40 CO WDFC 929236107 888 164,288.88 1.021%
OLYMPIC STEEL INC ZEUS 68162K106 17520 164,162.40 1.021%
ENPRO INDUSTRIES INC NPO 29355X107 3600 163,872.00 1.019%
TRUEBLUE INC TBI 89785X101 10824 163,658.88 1.017%
GENESCO INC GCO 371532102 9288 163,561.68 1.017%
MERITOR INC MTOR 59001K100 8616 163,531.68 1.017%
DAVE & BUSTER'S ENTERTAINMEN PLAY 238337109 14160 163,264.80 1.015%
EXPONENT INC EXPO 30214U102 2376 163,183.68 1.014%
G-III APPAREL GROUP LTD GIII 36237H101 15960 162,153.60 1.008%
KRATON CORP KRA 50077C106 11664 162,129.60 1.008%
NATIONAL PRESTO INDS INC NPK 637215104 1944 161,410.32 1.003%
THIRD POINT REINSURANCE LTD TPRE G8827U100 21192 161,059.20 1.001%
ISTAR INC STAR 45031U101 16488 160,758.00 0.999%
EMPLOYERS HOLDINGS INC EIG 292218104 5328 159,840.00 0.994%
HEIDRICK & STRUGGLES INTL HSII 422819102 7344 159,585.12 0.992%
OSI SYSTEMS INC OSIS 671044105 2208 159,483.84 0.991%
PROGRESS SOFTWARE CORP PRGS 743312100 4080 158,630.40 0.986%
MESA LABORATORIES INC MLAB 59064R109 648 158,461.92 0.985%
APOLLO COMMERCIAL REAL ESTAT ARI 03762U105 19536 158,436.96 0.985%
KAMAN CORP KAMN 483548103 4248 158,195.52 0.983%
COCA-COLA CONSOLIDATED INC COKE 191098102 672 157,745.28 0.981%
HEALTHSTREAM INC HSTM 42222N103 6840 156,909.60 0.975%
VANDA PHARMACEUTICALS INC VNDA 921659108 13872 156,753.60 0.974%
VECTOR GROUP LTD VGR 92240M108 14256 155,818.08 0.969%
KEMET CORP KEM 488360207 5760 155,750.40 0.968%
RPT REALTY RPT 74971D101 26064 155,602.08 0.967%
ANIXTER INTERNATIONAL INC AXE 035290105 1656 155,581.20 0.967%
CINCINNATI BELL INC CBB 171871502 10536 155,511.36 0.967%
CENTRAL GARDEN & PET CO CENT 153527106 4536 155,312.64 0.966%
EL PASO ELECTRIC CO EE 283677854 2280 155,040.00 0.964%
EBIX INC EBIX 278715206 7464 154,654.08 0.961%
UNIVERSAL CORP/VA UVV 913456109 3600 154,152.00 0.958%
CSG SYSTEMS INTL INC CSGS 126349109 3360 153,955.20 0.957%
HMS HOLDINGS CORP HMSY 40425J101 5688 153,519.12 0.954%
QUALYS INC QLYS 74758T303 1392 152,563.20 0.948%
SHUTTERSTOCK INC SSTK 825690100 4248 152,290.80 0.947%
NMI HOLDINGS INC-CLASS A NMIH 629209305 10488 152,076.00 0.945%
NIC INC EGOV 62914B100 6600 150,744.00 0.937%
JOHN B. SANFILIPPO & SON INC JBSS 800422107 1776 150,285.12 0.934%
WASHINGTON REIT WRE 939653101 7224 148,669.92 0.924%
FRESH DEL MONTE PRODUCE INC FDP G36738105 6432 148,386.24 0.922%
COGENT COMMUNICATIONS HOLDIN CCOI 19239V302 1968 148,092.00 0.921%
BONANZA CREEK ENERGY INC BCEI 097793400 9096 144,171.60 0.896%
DONNELLEY FINANCIAL SOLUTION DFIN 25787G100 20040 143,686.80 0.893%
MERIDIAN BIOSCIENCE INC VIVO 589584101 9528 139,775.76 0.869%
GARRETT MOTION INC GTX 366505105 31200 138,840.00 0.863%
ORASURE TECHNOLOGIES INC OSUR 68554V108 9504 136,762.56 0.850%
LUMINEX CORP LMNX 55027E102 4008 125,450.40 0.780%
ISHARES CORE S&P SMALL-CAP E IJR 464287804 384 24,384.00 0.152%

Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security. Holdings are reflective of trading and creation/redemption activity as of the date indicated.

DISTRIBUTIONS

Month Notice Date Ex Date Record Date Pay Date Dividend Long Term Capital Gains Short Term Capital Gains
TBD TBD TBD TBD TBD TBD TBD TBD

There is no guarantee distributions will be paid.

PREMIUM DISCOUNT TABLE

Second Quarter 2020
Days traded at nav 0
Days traded at premium 9
Days traded at discount 0

PREMIUM AND DISCOUNT GRAPH

Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ prospectus or summary prospectuses, which may be obtained by visiting https://6meridianfunds.com/investor-materials. Investors should read it carefully before investing or sending money.

The Funds are distributed by SEI Investments Distribution Co. which is not affiliated with Exchange Traded Concepts, LLC or any of its affiliates.

Investing involves risk, including possible loss of principal.

The funds are non-diversified.

The funds are actively managed and there is no guarantee the securities selected or the strategies employed will achieve the intended results. The funds rely heavily on quantitative models as well as data and information supplied by third parties that are utilized by the models. To the extent the models do not perform as designed or as intended, the Funds’ strategies may not be successfully implemented and the Funds may lose value. If the models or data are incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities that would have been excluded or included had the models or data been correct and complete.

Small cap risk for SIXH, SIXL, SIXS: Investments in smaller companies typically exhibit higher volatility.

REIT risk for SIXL, SIXS: In addition to the normal risks associated with investing, narrowly focused investments typically exhibit higher volatility. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations.

SIXH-specific risk: By writing covered call options in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the reference index above the exercise prices of such options, but will continue to bear the risk of declines in the value of the reference index. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks over time. In addition, the Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options.

An inverse ETF is designed to lose value as the underlying benchmark increases in value, a result that is opposite from traditional mutual funds, and shareholders of inverse ETFs will lose money when the value of the underlying benchmark rises.

Definition of index call option copied from the prospectus: As the seller of an index call option, the Fund receives a premium from the purchaser. The purchaser of the index call option has the right to any appreciation in the value of the index over the exercise price upon the exercise of the call option or the expiration date. If, at expiration, the purchaser exercises the index option sold by the Fund, the Fund will pay the purchaser the difference between the cash value of the index and the exercise price of the index option. The premium, the exercise price and the market value of the index determine the gain or loss realized by the Fund as the seller of the index call option.

A covered call refers to transaction in the financial market in which the investor selling call options owns the equivalent amount of the underlying security. To execute this an investor holding a long position in an asset then writes (sells) call options on that same asset to generate an income stream.

Beta is a measure of the volatility, or systematic risk, of a security or portfolio, in comparison to the market as a whole.