EVLU

EVLU tracks an index of emerging market value stocks. The starting universe begins with large- and mid-cap stocks from the MSCI Emerging Markets Index. For each security, the fund calculates both a Value Score and a Quality Score based on various fundamental metrics. The fund selects securities with higher value scores until it covers approximately 30% of the market-cap within each country in the parent index. The fund then assigns weights by multiplying each securitys market-cap weight in the parent index by a Tilt Score. The Tilt Score accounts for the securitys value and quality score and its relative market-cap position. The resulting weights are normalized to build the portfolio. Issuers are capped at 5%, along with other country and sector weight limits. The fund may invest in derivatives or engage in securities lending. The index is reviewed and rebalanced semi-annually.