TOPS Growth ETF Division

Portfolio Composition

as of 12/31/2024

Asset Type	Net	Short	Long
U.S. Stocks	53.79%	0.0%	53.79%
Non-U.S. Stocks	30.46%	0.0%	30.46%
U.S. Bonds	10.05%	0.01%	10.06%
Cash	2.99%	0.2%	3.19%
Non-U.S. Bonds	2.64%	0.0%	2.64%
Other	0.07%	0.0%	0.07%
Total	100%

Top 10 Holdings

as of 12/31/2024

What's this?

% of Net Assets

Vanguard S&P 500 ETF	20.94
Vanguard FTSE Developed Markets ETF	17.01
SPDR(R) Portfolio S&P 400(TM) Mid Cap ETF	11.01
SPDR(R) Portfolio S&P 600(TM) Sm Cap ETF	6.00
SPDR(R) Portfolio S&P 500 Value ETF	4.98
SPDR(R) Portfolio S&P 500 Growth ETF	4.93
iShares Global REIT ETF	4.03
FlexShares Mstar Glbl Upstrm Nat Res ETF	4.03
iShares MSCI Emerging Mkts ex China ETF	3.99
Vanguard FTSE Emerging Markets ETF	3.98

Total*: 80.91

*Values may exceed 100% if both long and short positions are included in the portfolio

Morningstar Style Box™

as of 12/31/2024

What's this?

Stock Sector Breakdown

as of 12/31/2024

What's this?

% of Net Assets

Cyclical

40.44

Basic Materials	6.03
Consumer Cyclical	10.71
Financial Svcs	15.52
Real Estate	8.18

Defensive

16.62

Consumer Defensive	5.51
Healthcare	8.56
Utilities	2.55

Sensitive

42.93

Comm Svcs	5.58
Energy	5.23
Industrials	11.46
Technology	20.66

Analysis

as of 12/31/2024

Average Market Cap (mil):	$52,487.06
Price/Earnings Ratio:	16.47
Price/Book Ratio:	2.20
Price/Cash Flow Ratio:	10.26
Turnover Ratio:	13.00%
# Stock Holdings:	0
# Bond Holdings:	0
# Other Holdings:	19
Total # of Holdings:	19

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