KEY DOCUMENTS & LITERATURE
Premium Discount/History
Prospectus

Characteristics

  • As of Dec 19, 2024

Investment Philosophy

The Global Equity ETF philosophy reflects the teachings of Benjamin Graham and Warren Buffett: We believe there is a persistent market failure to recognize a company’s intrinsic value. The Fund attempts to exploit this failure on behalf of our investors through a bottom-up, fundamental investment approach.

  • Seeking Resilient Wealth Creation

    The team builds long-term-oriented portfolios that seek to persevere across disparate market conditions and in the face of periodic challenges.

  • Scarcity-Driven Selectivity

    The team focuses on persistent businesses that possess scarce assets, sound balance sheets and prudent management teams, and invests in these companies only when they are trading at a discount to our calculation of intrinsic value.

  • Experienced Approach to Global Value Investment

    Access to the Global Value team’s experience in stock picking as a pioneer in global value investing since 1979.

KEY DOCUMENTS & LITERATURE
Premium Discount/History
Prospectus

Characteristics

  • As of Dec 19, 2024

Our Process

The Fund looks for opportunities in companies that have temporarily disappointed investors; industries in turmoil or out of favor; and countries in economic downturns or overlooked by the market.

The investment process involves the following steps:

  • 01

    Analyze, Understand Business Models

    Thoroughly understand a company and the market in which it operates. Among other critical factors, the team’s document-driven analysis examines:

    • A company’s market share.
    • The nature of its products and its business contingencies.
  • 02

    Recast Financial Statements

    Financial statements are recast because:

    • Conservative accounting practices can mask the true earnings power of a company.
    • In our view, accounting practices are sometimes too liberal.
    • Our goal is to uncover a company’s true economic earnings using only demonstrated results.
  • 03

    Calculate Intrinsic Value

    The team places great emphasis on: 

    • Balance sheet valuation (such as Enterprise Value to Asset Replacement Value)
    • Cash flow valuation (such as EV/EBIT)
    • Investments are made based on significant discounts to what is believed to be a company’s intrinsic value.
  • 04

    Typically Invest for the Long Term

    The team typically seeks a discount to what they believe is a company’s intrinsic value:

    • They seek further downside mitigation by determining a “margin of safety” in each holding.
    • This “margin of safety” is viewed as a form of risk mitigation against uncertainty in a fundamentally unknowable future.

  1. Disclosures

  2. “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.

  3. 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.

  4. One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.

  5. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-617-0004. Read the prospectus or summary prospectus carefully before investing. 

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

    Investments involve risk. Principal loss is possible. 

    Distributed by Quasar Distributors, LLC

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  1. Definitions

  2. 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.

    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. 

    MSCI World: The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested. 

    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.

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ETF Holdings

As of Jan 27, 2025

Download as CSV
Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
ORCL 68389X105 Oracle Corp 11,622 183.60 $2,133,799.20 3.91%
META 30303M102 Meta Platforms Inc 3,278 647.49 $2,122,472.22 3.89%
GOOG 02079K107 Alphabet Inc 8,940 201.90 $1,804,986.00 3.31%
PM 718172109 Philip Morris International Inc 11,473 127.28 $1,460,283.44 2.68%
HCA 40412C101 HCA Healthcare Inc 4,172 313.07 $1,306,128.04 2.39%
BATS LN 0287580 British American Tobacco PLC 33,376 30.08 $1,253,636.95 2.30%
ELV 036752103 ELEVANCE HEALTH INC 3,129 400.96 $1,254,603.84 2.30%
005930 KS 6771720 Samsung Electronics Co Ltd 32,901 53,700.00 $1,234,477.15 2.26%
CFR SW BCRWZ18 Cie Financiere Richemont SA 6,109 171.70 $1,157,934.87 2.12%
CMCSA 20030N101 Comcast Corp 30,545 37.62 $1,149,102.90 2.11%
SLB 806857108 Schlumberger NV 26,969 42.25 $1,139,440.25 2.09%
BK 064058100 Bank of New York Mellon Corp/The 12,814 85.32 $1,093,290.48 2.00%
CHRW 12541W209 CH Robinson Worldwide Inc 9,983 108.16 $1,079,761.28 1.98%
WPM 962879102 Wheaton Precious Metals Corp 17,731 60.00 $1,063,860.00 1.95%
WTW G96629103 Willis Towers Watson PLC 3,278 322.37 $1,056,728.86 1.94%
IMO CN 2454241 Imperial Oil Ltd 14,453 100.75 $1,014,979.09 1.86%
UNA NA BLRB262 Unilever PLC 16,539 53.96 $936,664.36 1.72%
GOLD 067901108 Barrick Gold Corp 57,216 16.13 $922,894.08 1.69%
PRX NA BJDS7L3 Prosus NV 23,691 35.46 $881,583.98 1.62%
TSM 874039100 Taiwan Semiconductor Manufacturing Co Ltd 3,874 221.88 $859,563.12 1.57%
XOM 30231G102 Exxon Mobil Corp 7,897 108.66 $858,088.02 1.57%
UHS 913903100 Universal Health Services Inc 4,470 185.77 $830,391.90 1.52%
BDX 075887109 Becton Dickinson & Co 3,278 243.45 $798,029.10 1.46%
MDT G5960L103 Medtronic PLC 8,791 90.19 $792,860.29 1.45%
NE G65431127 Noble Corp PLC 23,691 33.25 $787,725.75 1.44%
NEM 651639106 Newmont Corp 18,476 42.04 $776,731.04 1.42%
AXP 025816109 American Express Co 2,384 321.34 $766,074.56 1.40%
BN FP B1Y9TB3 Danone SA 11,175 64.94 $761,662.59 1.40%
RKT LN B24CGK7 Reckitt Benckiser Group PLC 12,069 50.72 $764,381.55 1.40%
CRM 79466L302 Salesforce Inc 2,235 333.88 $746,221.80 1.37%
FMX 344419106 Fomento Economico Mexicano SAB de CV 8,791 85.33 $750,136.03 1.37%
SCHP SW B11TCY0 Schindler Holding AG 2,533 257.80 $720,878.07 1.32%
CL 194162103 Colgate-Palmolive Co 7,748 87.88 $680,894.24 1.25%
HLN LN BMX86B7 Haleon PLC 139,613 3.72 $647,830.26 1.19%
BRK/B 084670702 Berkshire Hathaway Inc 1,341 463.19 $621,137.79 1.14%
8725 JP B2Q4CS1 MS&AD Insurance Group Holdings Inc 29,800 3,224.00 $616,182.66 1.13%
INVEB SS BMV7PQ4 Investor AB 20,860 315.20 $601,801.45 1.10%
6954 JP 6356934 FANUC Corp 19,400 4,763.00 $592,625.71 1.09%
BA/ LN 0263494 BAE Systems PLC 38,293 12.38 $591,970.01 1.08%
AEM CN 2009823 Agnico Eagle Mines Ltd 6,407 128.97 $575,966.81 1.06%
TXN 882508104 Texas Instruments Inc 3,129 185.52 $580,492.08 1.06%
ADI 032654105 Analog Devices Inc 2,533 217.37 $550,598.21 1.01%
EQR 29476L107 Equity Residential 8,046 68.25 $549,139.50 1.01%
CMI 231021106 Cummins Inc 1,490 367.62 $547,753.80 1.00%
NESN SW 7123870 Nestle SA 6,407 74.68 $528,205.29 0.97%
SAN FP 5671735 Sanofi SA 4,917 100.16 $516,889.05 0.95%
6503 JP 6597045 Mitsubishi Electric Corp 29,800 2,671.00 $510,491.28 0.94%
9735 JP 6791591 Secom Co Ltd 14,900 5,199.00 $496,825.94 0.91%
6465 JP B3FF8W8 Hoshizaki Corp 12,900 5,844.00 $483,501.80 0.89%
FLS 34354P105 Flowserve Corp 7,450 64.08 $477,396.00 0.87%
9988 HK BK6YZP5 Alibaba Group Holding Ltd 41,900 84.75 $455,961.09 0.84%
MC FP 4061412 LVMH Moet Hennessy Louis Vuitton SE 596 734.10 $459,202.55 0.84%
RGLD 780287108 Royal Gold Inc 3,278 139.44 $457,084.32 0.84%
POW CN 2697701 Power Corp of Canada 14,006 43.33 $423,016.05 0.77%
8630 JP B62G7K6 Sompo Holdings Inc 14,900 4,241.00 $405,277.71 0.74%
EXPD 302130109 Expeditors International of Washington Inc 3,576 112.99 $404,052.24 0.74%
HEN3 GR 5076705 HENKEL AG & CO KGAA 4,619 83.78 $406,154.37 0.74%
WY 962166104 Weyerhaeuser Co 13,559 29.99 $406,634.41 0.74%
ABEV 02319V103 Ambev SA 222,755 1.79 $398,731.45 0.73%
LLOY LN 0870612 Lloyds Banking Group PLC 511,666 0.62 $394,980.11 0.72%
DIS 254687106 Walt Disney Co/The 3,427 112.16 $384,372.32 0.70%
JM SP 6472119 Jardine Matheson Holdings Ltd 9,387 40.45 $379,704.15 0.70%
USB 902973304 US Bancorp 7,748 49.07 $380,194.36 0.70%
DG 256677105 Dollar General Corp 5,215 71.78 $374,332.70 0.69%
FNV CN B29NF31 Franco-Nevada Corp 2,831 186.69 $368,396.05 0.67%
SHELL NA BP6MXT4 Shell PLC 10,877 31.29 $357,147.90 0.65%
PPG 693506107 PPG Industries Inc 2,831 122.78 $347,590.18 0.64%
7309 JP 6804820 Shimano Inc 2,300 21,645.00 $319,288.74 0.58%
FNF 31620R303 Fidelity National Financial Inc 5,513 57.70 $318,100.10 0.58%
NTR 67077M108 Nutrien Ltd 5,960 52.77 $314,509.20 0.58%
OKE 682680103 ONEOK Inc 2,682 104.53 $280,349.46 0.51%
DGE LN 0237400 Diageo PLC 8,493 25.04 $265,502.36 0.49%
XRAY 24906P109 DENTSPLY SIRONA Inc 13,708 19.53 $267,717.24 0.49%
MSFT 594918104 Microsoft Corp 596 444.06 $264,659.76 0.48%
ITSA4 BZ 2458771 Itausa SA 165,048 9.18 $256,178.25 0.47%
HEIA NA 7792559 Heineken NV 3,576 66.34 $248,986.49 0.46%
RI FP 4682329 Pernod Ricard SA 2,086 110.50 $241,924.24 0.44%
6273 JP 6763965 SMC Corp 500 59,520.00 $190,867.11 0.35%
ADS GR 4031976 adidas AG 596 254.50 $159,197.72 0.29%
SGSN SW BMBQHZ4 SGS SA 1,639 85.02 $153,830.97 0.28%
Cash&Other Cash&Other Cash & Other 50,902 1.00 $50,902.34 0.09%

  1. Holdings are subject to change. Copyright ©2024, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved

  1. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.

  2. Percentages may not sum to 100% due to rounding.

  1. Definitions

  2. 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.

    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. 

    MSCI World: The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested. 

    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.

Ticker: FEGE

Expense Ratio of December 19, 2024

 
Annual Fund Operating Expenses (%)
Management Fees0.79
Distribution and/or Service (12b-1) Fees0.00
Other Expenses10.00
Total Annual Fund Operating Expenses0.79
Fee Waiver and/or Expense Reimbursement2-0.29
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement0.50

  1. “Other Expenses” are estimated for the current fiscal year. 

  2. First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses (“AFFE”), brokerage commissions, extraordinary items, interest or taxes) (“annual operating expenses”) is limited to 0.50% of the Fund’s average daily net assets. These contractual limitations are in effect until December 31, 2025, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of The RBB Fund Trust (the“Trust”)

    1. Disclosures

    2. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-617-0004. Read the prospectus or summary prospectus carefully before investing. 

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

      Investments involve risk. Principal loss is possible. 

      Distributed by Quasar Distributors, LLC

    3. Definitions

    4. 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.

      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. 

      MSCI World: The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested. 

      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.

    Fund Management

    • Julien Albertini Headshot

      Julien Albertini

      Portfolio Manager and Senior Research Analyst
      Industry start:  
      2003
      Year joined:  
      2013
    • Brooker Kimball Headshot

      Kimball Brooker Jr.

      Co-Head of Global Value Team and Portfolio Manager
      Industry start:  
      1992
      Year joined:  
      2009
    • Manish Gupta Headshot

      Manish Gupta

      Portfolio Manager and Senior Research Analyst
      Industry start:  
      2005
      Year joined:  
      2009
    • Adrian Jones Headshot

      Adrian Jones

      Portfolio Manager, Senior Research Analyst
      Industry start:  
      1988
      Year joined:  
      2018
    • Matthew McLennan Headshot

      Matthew McLennan

      Co-Head of Global Value Team and Portfolio Manager
      Industry start:  
      1991
      Year joined:  
      2008

    Investment Process

    The Fund looks for opportunities in companies that have temporarily disappointed investors; industries in turmoil or out of favor; and countries in economic downturns or overlooked by the market.

    The investment process involves the following steps:

    • 01

      Analyze, Understand Business Models

      Thoroughly understand a company and the market in which it operates. Among other critical factors, the team’s document-driven analysis examines:

      • A company’s market share. 
      • The nature of its products and its business contingencies.
    • 02

      Recast Financial Statements

      Financial statements are recast because:

      • Conservative accounting practices can mask the true earnings power of a company.
      • In our view, accounting practices are sometimes too liberal.
      • Our goal is to uncover a company's true economic earnings using only demonstrated results.
    • 03

      Calculate Intrinsic Value

      The team places great emphasis on: 

      • Balance sheet valuation (such as Enterprise Value to Asset Replacement Value)
      • Cash flow valuation (such as EV/EBIT)
      • Investments are made based on significant discounts to what is believed to be a company’s intrinsic value.
    • 04

      Typically Invest for the Long Term

      The team typically seeks a discount to what they believe is a company’s intrinsic value:

      • They seek further downside mitigation by determining a “margin of safety” in each holding.
      • This “margin of safety” is viewed as a form of risk mitigation against uncertainty in a fundamentally unknowable future.

    1. Disclosures

    2. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-617-0004. Read the prospectus or summary prospectus carefully before investing. 

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

      Investments involve risk. Principal loss is possible. 

      Distributed by Quasar Distributors, LLC

    3. Definitions

    4. 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.

      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. 

      MSCI World: The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested. 

      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.

    Show More Show Less

    Fund Information

    First Eagle Global Equity ETF Profile
    An Introduction to Exchange-Traded Funds (ETFs)

    1. Risk Disclosures 

      All investments involve the risk of loss of principal.

      The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. 

      To the extent the Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those other investment companies. The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. An investment made at a perceived “margin of safety” or “discount to intrinsic or fundamental value” can trade at prices substantially lower than when an investment is made, so that any perceived “margin of safety” or “discount to value” is no guarantee against loss.

      The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, and ADRs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund. Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, the Fund’s investment sub-adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions.