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)	$29
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	15
Wgt avg mkt cap (mns)	$926,197
Large cap (>$10bn)	88.9%
Mid cap ($2-10bn)	9.4%
Small cap (<$2bn)	1.1%
Developed mkts	98.2%
Emerging mkts	1.2%

TOP TEN HOLDINGS
Total	82.6 %
ISHARES EXPANDED TECH SECTOR ETF	11.8 %
SCHWAB U.S. LARGE-CAP GROWTH ETF	10.2 %
ISHARES RUSSELL TOP 200 GROWTH ETF	10.0 %
VANGUARD GROWTH ETF	9.8 %
VANGUARD MEGA CAP GROWTH ETF	9.8 %
VANECK SEMICONDUCTOR ETF	9.0 %
INVESCO KBW BANK ETF	7.7 %
INVESCO QQQ TRUST SERIES 1	6.3 %
ARK NEXT GENERATION INTERNET ETF	4.0 %
INVESCO S&P 500 MOMENTUM ETF	4.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.0 %
	TAIWAN	1.2 %
	NETHERLANDS	0.8 %
	IRELAND	0.5 %
	BRITAIN	0.4 %
	CANADA	0.4 %
	SWITZERLAND	0.1 %
	BERMUDA	0.1 %
	ARGENTINA	0.1 %
	LUXEMBOURG	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
23.1%	23.1%	--	--	29.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.24	95%
MSCI EAFE	0.68	41%
MSCI Emg. Mkts.	0.67	30%

Technical Indicators
Recent close	$71.35
30d moving avg.	$73.19
Annualized volatility	15.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.2%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$99,815

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 3 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™:

3.0%

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	43.8	139	2	2.7	-0.3
AESR	Anfield U.S. Equity Sector Rotation ETF	15.3	108	33	4.5	+1.4
MOHR	Collaborative Investment Series Trust - Mohr Growth ETF	3.9	106	35	3.4	+0.4

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.4	%
Divided by: Fwd. P/BV	3.9	x
Less: Expense ratio	141	bp
Equals: ALTAR Score	3.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.54

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.