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Investment Type: coli

TOPS Managed Risk Balanced ETF Division

Portfolio Composition

  as of 06/30/2025
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Asset Type Net Short Long U.S. Bonds 34.44% 0.02%   34.46%   U.S. Stocks 28.65% 0.0%   28.65%   Non-U.S. Stocks 16.21% 0.0%   16.21%   Cash 13.22% 0.71%   13.93%   Non-U.S. Bonds 7.43% 0.0%   7.43%   Other 0.04% 0.0%   0.05%   Total 99.99%

Top 10 Holdings   as of 06/30/2025    What's this? % of Net Assets Invesco Shrt-Trm Inv Gov&Agcy Instl 11.44 Vanguard Short-Term Infl-Prot Secs ETF 10.75 Vanguard FTSE Developed Markets ETF 8.18 Vanguard S&P 500 ETF 8.14 iShares iBoxx $ Invmt Grade Corp Bd ETF 7.18 SPDR(R) Portfolio S&P 500 Value ETF 6.32 SPDR(R) Portfolio Short Term Corp Bd ETF 6.27 SPDR(R) Portfolio S&P 400(TM) Mid Cap ETF 4.53 Vanguard Intmdt-Term Trs ETF 4.47 SPDR(R) Portfolio S&P 600(TM) Sm Cap ETF 3.62 Total*: 70.92 *Values may exceed 100% if both long and short positions are included in the portfolio

Morningstar Style Box™   as of 06/30/2025    What's this?

Stock Sector Breakdown   as of 06/30/2025    What's this? % of Net Assets Cyclical 42.76 Basic Materials 6.67 Consumer Cyclical 9.27 Financial Svcs 15.61 Real Estate 11.21 Defensive 16.22 Consumer Defensive 5.58 Healthcare 7.97 Utilities 2.67 Sensitive 41.03 Comm Svcs 5.06 Energy 5.38 Industrials 11.25 Technology 19.34

Analysis   as of 06/30/2025 Average Market Cap (mil): $51,726.77 Price/Earnings Ratio: 17.66 Price/Book Ratio: 2.18 Price/Cash Flow Ratio: 10.26 Turnover Ratio: 13.00% # Stock Holdings: 0 # Bond Holdings: 0 # Other Holdings: 30 Total # of Holdings: 30

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