SEA

SEA is passively managed to track an index of "sea” and "sky” cargo companies from around the world, including emerging markets. The fund utilizes a tiered weighting scheme that combines fundamental factors that tilts more towards sea cargo (marine shipping and port/harbor companies) over sky (freight/courier companies). Sea cargo stocks comprise 70% of the portfolio, while sky cargo stocks make up 30%. Stocks selected are assigned composite scores that are based on rankings derived from fundamental factors. Sea cargo companies are weighted in three tiers based on composite scores and market size. The top sea cargo stocks are allocated percentages: 5% for the top six, 4% for the next seven, and 2% for the next six. Each of the 10 top-ranked sky cargo stocks get 2% of weighting allocation. The index is reconstituted and rebalanced quarterly.