Gavekal Knowledge Leaders Developed World ETF

Holdings (as of 3/29/2017)

Security Description
Stock Ticker
Shares/Par (Full)
ABC-MART INC
2670
4600
ACTELION LTD
ATLN
1012
ACTIVISION BLIZZARD INC
ATVI
3404
ACUITY BRANDS INC
AYI
644
ADOBE SYSTEMS INC
ADBE
2024
AGILENT TECHNOLOGIES INC
A
3496
AIR LIQUIDE SA
AI
1343
AIR PRODUCTS & CHEMICALS INC
APD
1380
ALBEMARLE CORP
ALB
1702
ALEXION PHARMACEUTICALS INC
ALXN
1104
ALS LTD
ALQ
30360
AMADEUS IT GROUP SA
AMS
4278
AMDOCS LTD
DOX
3128
AMGEN INC
AMGN
874
AMPHENOL CORP-CL A
APH
2714
ANA HOLDINGS INC
9202
92000
ANALOG DEVICES INC
ADI
2668
ANHEUSER-BUSCH INBEV SA/NV
ABI
1518
AP MOLLER-MAERSK A/S-B
MAERSKB
92
APPLE INC
AAPL
1426
ASML HOLDING NV
ASML
2024
ASOS PLC
ASC
2760
AT&T INC
T
3312
ATLAS COPCO AB
ATCOA
7636
AUTODESK INC
ADSK
2070
B&M EUROPEAN VALUE RETAIL SA
BME
35742
BANDAI NAMCO HOLDINGS INC
7832
4600
BASF SE
BAS
2530
BENESSE HOLDINGS INC
9783
4600
BLACKBERRY LTD
BB
16790
BORAL LTD
BLD
39836
BORGWARNER INC
BWA
5428
BROADRIDGE FINANCIAL SOLUTIO
BR
2668
BROTHER INDUSTRIES LTD
6448
13800
BTG PLC
BTG
16606
BURBERRY GROUP PLC
BRBY
7084
CA INC
CA
5658
CAE INC
CAE
11730
CAESARSTONE LTD
CSTE
2944
CALBEE INC
2229
4600
CANON INC
7751
4600
CARSALES.COM LTD
CAR
18354
CBRE GROUP INC - A
CBG
4876
CDK GLOBAL INC
CDK
2622
CELANESE CORP-SERIES A
CE
2622
CHECK POINT SOFTWARE TECH
CHKP
6256
CHR HANSEN HOLDING A/S
CHR
3174
CHRISTIAN DIOR SE
CDI
1012
CIE DE SAINT-GOBAIN
SGO
4140
CIE FINANCIERE RICHEMONT SA
CFR
2806
CIE GENERALE DES ETABLISSEMENTS MICHELIN
ML
1334
CINTAS CORP
CTAS
1564
CISCO SYSTEMS INC
CSCO
5796
COBHAM PLC
COB
84134
COCA-COLA HBC AG
CCH
6716
COCA-COLA WEST CO LTD
2579
9200
COLOPLAST A/S
COLOB
1978
CONTINENTAL AG
CON
920
COOPER COS INC/THE
COO
782
COSTAR GROUP INC
CSGP
736
CR BARD INC
BCR
828
CRODA INTERNATIONAL PLC
CRDA
3956
CSL LTD
CSL
2622
CUMMINS INC
CMI
1288
CYBERAGENT INC
4751
8860
DAICEL CORP
4202
13800
DAIICHI SANKYO CO LTD
4568
13800
DANAHER CORP
DHR
2070
DASSAULT SYSTEMES SE
DSY
2806
DAVIDE CAMPARI-MILANO SPA
CPR
17848
DENKA CO LTD
4061
46000
DENTSPLY SIRONA INC
XRAY
2760
DIP CORP
2379
4600
DOLLAR TREE INC
DLTR
2024
DOMETIC GROUP AB
DOM
14996
DOMINO'S PIZZA ENTERPRISES L
DMP
2714
DON QUIJOTE HOLDINGS CO LTD
7532
4600
DOVER CORP
DOV
1978
DR PEPPER SNAPPLE GROUP INC
DPS
1840
DS SMITH PLC
SMDS
30176
DULUXGROUP LTD
DLX
36340
EATON CORP PLC
ETN
2300
EBARA CORP
6361
9200
EBAY INC
EBAY
4324
EDWARDS LIFESCIENCES CORP
EW
1472
EI DU PONT DE NEMOURS & CO
DD
2530
ELEKTA AB
EKTAB
13478
ELI LILLY & CO
LLY
2024
EMERSON ELECTRIC CO
EMR
4002
EQUIFAX INC
EFX
1748
ESSILOR INTERNATIONAL SA
EI
1242
ESTEE LAUDER COMPANIES-CL A
EL
1748
EVONIK INDUSTRIES AG
EVK
5934
EXPEDIA INC
EXPE
1564
EXPERIAN PLC
EXPN
8234
EZAKI GLICO CO LTD
2206
4600
F5 NETWORKS INC
FFIV
1564
FACEBOOK INC-A
FB
1426
FACTSET RESEARCH SYSTEMS INC
FDS
1196
FASTENAL CO
FAST
3956
FLETCHER BUILDING LTD
FBU
21666
FOOT LOCKER INC
FL
2668
FRESENIUS MEDICAL CARE AG & CO KGAA
FME
2024
FUJI HEAVY INDUSTRIES LTD
7270
9200
FUJI MEDIA HOLDINGS INC
4676
18400
FUJITSU LTD
6702
46000
GAP INC/THE
GPS
5980
GEBERIT AG
GEBN
506
GENERAL MILLS INC
GIS
2208
GILEAD SCIENCES INC
GILD
1656
GUNGHO ONLINE ENTERTAINMENT INC
3765
50600
H LUNDBECK A/S
LUN
3680
HAMAMATSU PHOTONICS KK
6965
4600
HANESBRANDS INC
HBI
5888
HARVEY NORMAN HOLDINGS LTD
HVN
43332
HASBRO INC
HAS
1978
HEIDELBERGCEMENT AG
HEI
1932
HENNES & MAURITZ AB
HMB
5106
HENRY SCHEIN INC
HSIC
1518
HEXPOL AB
HPOLB
17572
HISAMITSU PHARMACEUTICAL CO INC
4530
4600
HITACHI CHEMICAL CO LTD
4217
9200
HITACHI KOKUSAI ELECTRIC INC
6756
4600
HONEYWELL INTERNATIONAL INC
HON
1564
HORIBA LTD
6856
4600
HOUSE FOODS GROUP INC
2810
4600
HOYA CORP
7741
4600
HUSQVARNA AB
HUSQB
25760
IBIDEN CO LTD
4062
13800
IDEX CORP
IEX
2070
ILLUMINA INC
ILMN
782
IMI PLC
IMI
13432
INGERSOLL-RAND PLC
IR
2392
INGREDION INC
INGR
1242
INTEL CORP
INTC
4048
INTUIT INC
INTU
1564
ITO EN LTD
2593
9200
ITOCHU TECHNO-SOLUTIONS CORP
4739
4600
JAPAN AIRPORT TERMINAL CO LTD
9706
4600
JCDECAUX SA
DEC
4554
JD SPORTS FASHION PLC
JD/
36800
JP MORGAN USD GOVT MMKT INSTL 3915
138371
JUNIPER NETWORKS INC
JNPR
7222
JUST EAT PLC
JE/
23736
K'S HOLDINGS CORP
8282
13800
KANSAI PAINT CO LTD
4613
9200
KDDI CORP
9433
4600
KERING
KER
782
KINGFISHER PLC
KGF
25438
KINGSPAN GROUP PLC
KSP
4830
KIRIN HOLDINGS CO LTD
2503
4600
KOMATSU LTD
6301
9200
KONAMI HOLDINGS CORP
9766
4600
KONE OYJ
KNEBV
4370
KONINKLIJKE DSM NV
DSM
3404
KYOCERA CORP
6971
4600
KYOWA HAKKO KIRIN CO LTD
4151
13800
LAFARGEHOLCIM LTD
LHN
3726
LAM RESEARCH CORP
LRCX
1840
LEGGETT & PLATT INC
LEG
3818
LEGRAND SA
LR
3174
LOBLAW COMPANIES LTD
L
4600
LOWE'S COS INC
LOW
2254
LULULEMON ATHLETICA INC
LULU
4600
M3 INC
2413
4600
MACY'S INC
M
3680
MAKITA CORP
6586
9200
MALLINCKRODT PLC
MNK
1840
MATSUMOTOKIYOSHI HOLDINGS CO LTD
3088
4600
MATTEL INC
MAT
4830
MCCORMICK & CO-NON VTG SHRS
MKC
1840
MEAD JOHNSON NUTRITION CO
MJN
1610
MERCK KGAA
MRK
1840
MERLIN ENTERTAINMENTS PLC
MERL
24794
METSO OYJ
METSO
7636
METTLER-TOLEDO INTERNATIONAL
MTD
414
MICROCHIP TECHNOLOGY INC
MCHP
2852
MICRON TECHNOLOGY INC
MU
10212
MILLICOM INTL CELLULAR-SDR
MIC
2300
MINEBEA MITSUMI INC
6479
18400
MIRACA HOLDINGS INC
4544
4600
MITSUBISHI CHEMICAL HOLDINGS CORP
4188
32200
MITSUBISHI HEAVY INDUSTRIES LTD
7011
46000
MOBILEYE NV
MBLY
4600
MOLSON COORS BREWING CO -B
TAP
1196
MONCLER SPA
MONC
8878
MONDI PLC
MNDI
6532
MONOTARO CO LTD
3064
4600
MONSANTO CO
MON
1288
NABTESCO CORP
6268
9200
NEWELL BRANDS INC
NWL
4094
NEXON CO LTD
3659
13800
NGK INSULATORS LTD
5333
9200
NGK SPARK PLUG CO LTD
5334
9200
NICE LTD
NICE
2208
NIPPON PAINT HOLDINGS CO LTD
4612
9200
NIPPON PAPER INDUSTRIES CO LTD
3863
4600
NIPPON SHINYAKU CO LTD
4516
4600
NIPPON TELEGRAPH & TELEPHONE CORP
9432
4600
NIPPON TELEVISION HOLDINGS INC
9404
9200
NISSAN CHEMICAL INDUSTRIES LTD
4021
9200
NISSHINBO HOLDINGS INC
3105
23000
NISSIN ELECTRIC CO LTD
6641
4600
NISSIN FOODS HOLDINGS CO LTD
2897
4600
NITTO DENKO CORP
6988
4600
NOKIAN RENKAAT OYJ
NRE1V
4370
NOMURA RESEARCH INSTITUTE LTD
4307
5000
NOVARTIS AG
NOVN
2576
NSK LTD
6471
18400
NUFARM LTD/AUSTRALIA
NUF
19688
NVIDIA CORP
NVDA
2070
O'REILLY AUTOMOTIVE INC
ORLY
736
OBIC CO LTD
4684
4600
OJI HOLDINGS CORP
3861
46000
OLYMPUS CORP
7733
4600
ONO PHARMACEUTICAL CO LTD
4528
9200
OPEN TEXT CORP
OTEX
4600
ORACLE CORP
ORCL
4370
ORION OYJ
ORNBV
4186
ORKLA ASA
ORK
22862
OSG CORP
6136
4600
OSRAM LICHT AG
OSR
1702
OWENS CORNING
OC
2668
PANDORA A/S
PNDORA
1518
PARK24 CO LTD
4666
4600
PARKER HANNIFIN CORP
PH
1840
PAYPAL HOLDINGS INC
PYPL
3726
PENTAIR PLC
PNR
2162
PERNOD RICARD SA
RI
1380
PERRIGO CO PLC
PRGO
4600
PIGEON CORP
7956
9200
PPG INDUSTRIES INC
PPG
2070
PRICELINE GROUP INC/THE
PCLN
184
PRIMARY HEALTH CARE LTD
PRY
51244
PVH CORP
PVH
1334
Paddy Power Betfair PLC
PPB
1242
QUALCOMM INC
QCOM
2070
RECKITT BENCKISER GROUP PLC
RB/
1656
RED HAT INC
RHT
2024
RESORTTRUST INC
4681
9200
REYNOLDS AMERICAN INC
RAI
3588
RITCHIE BROS AUCTIONEERS
RBA
4600
ROCHE HOLDING AG
ROG
644
ROCKWELL AUTOMATION INC
ROK
1656
ROHM CO LTD
6963
4600
ROLLS-ROYCE HOLDINGS PLC
RR/
15180
SAGE GROUP PLC/THE
SGE
20516
SALMAR ASA
SALM
4692
SALVATORE FERRAGAMO SPA
SFER
6624
SANDVIK AB
SAND
18170
SANKYO CO LTD
6417
9200
SANOFI
SAN
2162
SANRIO CO LTD
8136
9200
SANWA HOLDINGS CORP
5929
18400
SATS LTD
SATS
27600
SAWAI PHARMACEUTICAL CO LTD
4555
4600
SCHLUMBERGER LTD
SLB
3220
SCSK CORP
9719
4600
SEI INVESTMENTS COMPANY
SEIC
4370
SEVEN & I HOLDINGS CO LTD
3382
4600
SGS SA
SGSN
138
SHIN-ETSU CHEMICAL CO LTD
4063
4600
SHIRE PLC
SHP
2714
SHISEIDO CO LTD
4911
4600
SIEMENS AG
SIE
2070
SINGAPORE TELECOMMUNICATIONS LTD
ST
82800
SKF AB
SKFB
9200
SKYLARK CO LTD
3197
13800
SMITH & NEPHEW PLC
SN/
9062
SMITHS GROUP PLC
SMIN
11132
SNAP-ON INC
SNA
1104
SOCIETE BIC SA
BB
1104
SOLVAY SA
SOLB
1840
SONIC HEALTHCARE LTD
SHL
10534
SONOVA HOLDING AG
SOON
1196
SOUTHWEST AIRLINES CO
LUV
4784
SPARK NEW ZEALAND LTD
SPK
45724
SPIRAX-SARCO ENGINEERING PLC
SPX
2944
SPLUNK INC
SPLK
2668
SQUARE ENIX HOLDINGS CO LTD
9684
4600
STANLEY BLACK & DECKER INC
SWK
1564
STANTEC INC
STN
6118
STORA ENSO OYJ
STERV
19688
STRYKER CORP
SYK
1518
SUMITOMO CHEMICAL CO LTD
4005
46000
SUMITOMO DAINIPPON PHARMA CO LTD
4506
13800
SUMITOMO OSAKA CEMENT CO LTD
5232
46000
SUMITOMO RUBBER INDUSTRIES LTD
5110
13800
SUNTORY BEVERAGE & FOOD LTD
2587
4600
SUZUKI MOTOR CORP
7269
4600
SVENSKA CELLULOSA AB SCA
SCAB
5612
SYMRISE AG
SY1
2622
SYNGENTA AG
SYNN
414
SYNOPSYS INC
SNPS
3450
SYSMEX CORP
6869
4600
TAIYO NIPPON SANSO CORP
4091
13800
TAKARA BIO INC
4974
9200
TAKARA HOLDINGS INC
2531
13800
TAKEDA PHARMACEUTICAL CO LTD
4502
4600
TARGET CORP
TGT
2346
TENARIS SA
TEN
6486
TERUMO CORP
4543
4600
TEXTRON INC
TXT
4600
THERMO FISHER SCIENTIFIC INC
TMO
1150
THK CO LTD
6481
4600
TIME WARNER INC
TWX
1656
TOHO CO LTD/TOKYO
9602
9200
TOKYO ELECTRON LTD
8035
4600
TOKYO GAS CO LTD
9531
46000
TOTO LTD
5332
4600
TOYO SUISAN KAISHA LTD
2875
4600
TRELLEBORG AB
TRELB
11730
TRIPADVISOR INC
TRIP
2116
UGI CORP
UGI
3404
ULTA SALON COSMETICS & FRAGR
ULTA
230
UNILEVER PLC
ULVR
4784
USHIO INC
6925
9200
VARIAN MEDICAL SYSTEMS INC
VAR
1610
VMWARE INC-CLASS A
VMW
1840
VODAFONE GROUP PLC
VOD
71852
WABTEC CORP
WAB
2116
WALGREENS BOOTS ALLIANCE INC
WBA
2208
WARTSILA OYJ ABP
WRT1V
2944
WEST FRASER TIMBER CO LTD
WFT
7820
WESTERN DIGITAL CORP
WDC
2300
WESTON (GEORGE) LTD
WN
1840
WHITBREAD PLC
WTB
3036
WILLIAM DEMANT HOLDING A/S
WDH
7820
WOOLWORTHS LTD
WOW
11960
WPP PLC
WPP
6578
X 5 RETAIL GROUP NV-REGS GDR
FIVE
4232
XILINX INC
XLNX
3128
XYLEM INC/NY
XYL
4140
YAKULT HONSHA CO LTD
2267
4600
YAMAHA CORP
7951
9200
YASKAWA ELECTRIC CORP
6506
13800
ZENSHO HOLDINGS CO LTD
7550
13800
ZIMMER BIOMET HOLDINGS INC
ZBH
1288
ZOETIS INC
ZTS
2990

Equity securities, such as common stocks, are subject to market, economic and business risks that may cause their prices to fluctuate. Currency Risk is the risk that the values of foreign investments may be affected by changes in the currency rates or exchange control regulations. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index.
 
Please consider the Fund’s investment objectives, risks, charges and expenses before investing. The prospectus or summary prospectus that contains this and other information about the Funds is available by calling 844-428-3525 and should be read carefully.

Holdings are subject to change.

The Gavekal ETFs are distributed by Foreside Fund Services, LLC.

Shares of the Funds may be sold throughout the day on the exchange through any brokerage account. However, shares are not individually redeemable, and may only be redeemed directly from the Fund by Authorized Participants, in very large creation/redemption units. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained. Shares may trade above or below NAV.

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