Fund Details

As of

Primary Exchange NYSE
Ticker CUBS
Cusip 30151E640
Median 30-Day Bid
# of Holdings
Fund Inception Date 06/16/21
Gross Expense Ratio 1.09%
Net Expense Ratio* 0.99%
Shares Outstanding
Investment Advisor ETC
Sub-Investment Advisor Kingsway Capital Partners Limited

*Contractual expense cap of 0.99% is in effect through June 21st, 2022

Fund Description

Asian Growth CUBS ETF is an actively managed, thematic ETF that seeks long-term growth of capital by investing in publicly listed companies in five large, fast-growing yet historically difficult to access Asian equity markets spanning over 860m people: Bangladesh, Indonesia, Pakistan, Philippines, and Vietnam. These burgeoning economies share common attributes including large young online populations, historically amongst the world’s fastest GDP growth since 2000, and manageable foreign-exchange depreciation vs the USD since 2000. Their collective population is forecast to exceed 1 billion people in the next 15 years.

Strategy Characteristics:
  • Actively managed investment process combines quantitative top-down company screening with an ESG filter, followed by qualitative bottom-up company analysis and a portfolio framework including equal-weighting at each semi-annual rebalancing. The environmental, social, and corporate governance (ESG) filter results in the exclusion of companies involved in defense, fossil fuels, gambling, mining, and tobacco;
  • Diversified portfolio geared to secular growth trends, expressed through bias to Technology Media Telecoms, Healthcare, Fast Moving Consumer Goods, and Financials
  • Benchmark agnostic approach with minimal overlap to traditional EM indices, thereby offering genuine diversification away from existing EM products, indices, and ETFs
  • Content strategy focused on research-driven, differentiated, and digestible insights shared through an omnichannel approach

Diversification does not ensure profits or prevent losses.

CUBS Nav/Market Price

As of

CUBS Performance

As of

CUBS 3 Months YTD 1 Year 3 Years 5 Years Since Inception
NAV
Market Price TBD TBD TBD TBD TBD TBD

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods of less than one year are not annualized.

The market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. The first trading date is typically several days after the fund inception date. Therefore, NAV is used to calculate market returns prior to the first trade date because there is no bid/ask spread until the fund starts trading.

Overview of CUBS Holdings

As of

% of Net Asset Values Company Ticker FIGI Shares Held Market Value

Diamond Vietnam ETF Explanation

The largest position in the CUBS ETF is the Diamond Vietnam ETF. This Vietnam ETF is listed locally in Vietnam and is concentrated on promising companies in Vietnam that are subject to Foreign Ownership Limit restrictions. The Foreign Ownership Limits are applied by the Vietnamese Government to select number of companies and once these limits have been reached, foreigners are only able to buy shares from selling foreign shareholders, often at a material premium to the existing share price of the respective company. The Diamond Vietnam ETF is the largest position in CUBS ETF for 5 reasons:

  • The CUBS ETF aims to offer investors the best liquid company exposure in each country. This foreign ownership limit restricts most foreign investors from accessing the most promising companies in Vietnam given the foreign ownership limit is full in most of the effected companies
  • The Diamond Vietnam ETF is locally listed in Vietnam and therefore not accessible to foreign investors unless they have a local trading account in Vietnam. The Diamond ETF is exclusively focused on foreign ownership restricted companies, and 80% of the exposure in the Diamond Vietnam ETF would otherwise be directly obtained in the CUBS ETF portfolio if this exposure was not foreign ownership restricted
  • The ~12% weighting of the Diamond Vietnam ETF reflects the fact that the largest 6 positions in the Diamond ETF successfully screened and qualified for the CUBS portfolio based on the investment process, yet couldn’t be included directly due to the foreign ownership limit – each position in the CUBS ETF is currently ~2%, which multiplied by 6 positions would get to the ~12% weighting
  • The cost of investing in the Diamond Vietnam ETF is absorbed by Dawn Global, meaning CUBS ETF investors get this Diamond Vietnam ETF exposure at no additional cost whereas one would otherwise be paying an additional ~80Bps. The Diamond Vietnam ETF is only one part of the overall Vietnam exposure in the CUBS ETF portfolio
  • The Diamond Vietnam ETF is overseen by Dragon Capital, one of the leading and largest foreign investment groups operating in Vietnam

Overview of Diamond Vietnam ETF Holdings

As of 10/29/2021

Company Name Company Ticker Company Sector ETF Weighting Company Market Cap ($m)

CUBS Premium/Discount Table

Days traded at Nav Days traded at Premium Days traded at Discount

CUBS Premium/Discount Chart

Participating Market Makers

*Neither Dawn Global, Kingsway Capital nor CUBS ETF are affiliated with these financial services firms. Their listing should not be viewed as a recommendation or endorsement.

How to buy CUBS ETF

*Neither Dawn Global, Kingsway Capital nor CUBS ETF are affiliated with these financial services firms. Their listing should not be viewed as a recommendation or endorsement.