ETF Research Center

XNAV is an active, global fund-of-funds that primarily invests in sector and aggressive equity ETFs based on global market trends.

FUND BASICS
Category	Global Equities
Fund Sponsor	CI Financial
Website	fundxfunds.com/fundx-fundx-aggressive-etf-xnav
Inception date	Oct 17, 2022
Assets (mns)	$26
Currency	USD
Expense ratio	141 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	16
Wgt avg mkt cap (mns)	$801,677
Large cap (>$10bn)	92.6%
Mid cap ($2-10bn)	2.0%
Small cap (<$2bn)	0.1%
Developed mkts	90.3%
Emerging mkts	4.4%

TOP TEN HOLDINGS
Total	72.3 %
VANGUARD GROWTH ETF	10.3 %
INVESCO KBW BANK ETF	9.2 %
SCHWAB U.S. LARGE-CAP GROWTH ETF	8.7 %
ENERGY SELECT SECTOR SPDR FUND	7.9 %
ISHARES MSCI EAFE VALUE ETF	6.5 %
ISHARES S&P EUROPE 350 INDEX FUND	6.5 %
FIRST TRUST EXCHANGE-TRADED FUND-F	6.1 %
ISHARES U.S. BROKER-DEALERS & SECU	6.0 %
ISHARES CHINA LARGE-CAP ETF	5.8 %
SPDR GOLD SHARES	5.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	57.0 %
	GERMANY	9.4 %
	CHINA	5.6 %
	FRANCE	4.6 %
	BRITAIN	3.2 %
	JAPAN	2.7 %
	NETHERLANDS	1.9 %
	SWITZERLAND	1.9 %
	SPAIN	1.4 %
	ITALY	1.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-8.8%	7.3%	--	--	14.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.28	94%
MSCI EAFE	0.59	23%
MSCI Emg. Mkts.	0.63	17%

Technical Indicators
Recent close	$66.77
30d moving avg.	$63.71
Annualized volatility	17.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$99,815

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 9 potential alternatives to the FundX Aggressive ETF ETF based on the alternatives' overlap in portfolio holdings with XNAV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XNAV

Expense:

141 bp

ALTAR Score™:

6.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XNAV
Ticker	Fund Name	Overlap¹ vs XNAV (%)	Expense ratio (bp)	Savings vs XNAV (bp)	ALTAR Score™ (%)	ALTAR vs XNAV (%)
XCOR	FundX ETF	28.0	139	2	4.8	-1.7
EQL	Alps Equal Sector Weight ETF	7.9	25	116	5.9	-0.6
LIVR	Intelligent Livermore ETF	5.3	69	72	6.7	+0.3
CCMG	CCM Global Equity ETF	4.5	34	107	9.1	+2.6
AESR	Anfield U.S. Equity Sector Rotation ETF	2.9	108	33	3.6	-2.9
SSUS	Day Hagan/Ned Davis Research Smart Sector ETF	2.0	79	62	4.9	-1.6
AVGE	Avantis All Equity Markets ETF	1.2	23	118	7.6	+1.1
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	1.0	45	96	6.9	+0.4
XLSR	SPDR SSGA U.S. Sector Rotation ETF	0.0	70	71	0.0	-6.5

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	FundX Aggressive ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.0	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	141	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.