USFE | US Equity ETF

Disclosures

“Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.

First Eagle defines "margin of safety" as the difference between a company's market price and our estimate of its intrinsic value. An investment made with a margin of safety is no guarantee against loss.

As with all ETFs, Shares may be bought and sold in the secondary market at market prices.

Investments involve risk. Principal loss is possible.

Definitions

Active Share: measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).

Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.

Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.

Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

Enterprise value to earnings before interest and taxes (EV/EBIT ratio) compares a company’s enterprise value to its annual operating income.

Enterprise value is a measure of a company’s total value, which is calculated by adding debt to market capitalization minus cash and cash equivalents.

Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.

Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation. 

S&P 500 Index (Gross/Total) measures the performance of 500 of the top companies in the leading industries of the US economy and is widely recognized as a proxy for the US market as a whole. A total-return index tracks price changes and reinvestment of distribution income.

Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.

Disclosures

As with all ETFs, Shares may be bought and sold in the secondary market at market prices.

Investments involve risk. Principal loss is possible.

Definitions

Active Share: measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).

Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.

Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.

Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

Enterprise value to earnings before interest and taxes (EV/EBIT ratio) compares a company’s enterprise value to its annual operating income.

Enterprise value is a measure of a company’s total value, which is calculated by adding debt to market capitalization minus cash and cash equivalents.

Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.

Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation. 

S&P 500 Index (Gross/Total) measures the performance of 500 of the top companies in the leading industries of the US economy and is widely recognized as a proxy for the US market as a whole. A total-return index tracks price changes and reinvestment of distribution income.

Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.

Disclosures

As with all ETFs, Shares may be bought and sold in the secondary market at market prices. 

Investments involve risk. Principal loss is possible. 

Definitions

Active Share: measures the percentage of a fund’s portfolio holdings differing from its benchmark. Active share can range from 0% (index fund) to 100% (no commonality with the benchmark index).

Distribution Rate: The amount of a fund’s most recent distribution divided by the fund’s current market price, then multiplied by the number of distribution payments made in a 12-month period.

Distribution Yield: The distribution yield of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution yield can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.

Dividend Yield: A financial ratio that shows how much a company pays out in dividends each year relative to its share price.

Enterprise value to earnings before interest and taxes (EV/EBIT ratio) compares a company’s enterprise value to its annual operating income.

Enterprise value is a measure of a company’s total value, which is calculated by adding debt to market capitalization minus cash and cash equivalents.

Median 30 Day Spread Percentage: The difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

Net Asset Value (NAV): The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once a day.

Premium/Discount Percentage: The difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time).

Price-to-Book Ratio (“P/B Ratio”): A weighted average ratio used to compare a stock's market value to its book value. It is calculated by dividing the current price of the stock by the latest quarter's book value per share.

Price-To-Cash-Flow Ratio: A weighted average measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Like the price-earnings ratio, this measure provides an indication of relative value.

Price-to-Earnings Ratio (“P/E Ratio”): A weighted average current share price of a stock divided by its earnings per share.

SEC Yield: The SEC yield is calculated with a standardized formula mandated by the SEC. The SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share. The Fund does not include fee waivers. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.

Sharpe Ratio: A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund’s Sharpe ratio, the better its risk-adjusted performance has been.

Standard Deviation: Standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility.

Taxable Distribution Rate: The portion of dividends or capital gains paid out by a fund that is subject to individual taxation. 

S&P 500 Index (Gross/Total) measures the performance of 500 of the top companies in the leading industries of the US economy and is widely recognized as a proxy for the US market as a whole. A total-return index tracks price changes and reinvestment of distribution income.

Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.