KEY DOCUMENTS & LITERATURE
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
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 Dec 27, 2024

Download as CSV
Stock TickerCUSIP/OtherSecurity NameSharesPriceMarket ValueWeightings
ORCL 68389X105 Oracle Corp 234 171.68 $40,173.12 3.80%
META 30303M102 Meta Platforms Inc 66 603.35 $39,821.10 3.77%
GOOG 02079K107 Alphabet Inc 180 197.10 $35,478.00 3.36%
PM 718172109 Philip Morris International Inc 231 121.71 $28,115.01 2.66%
HCA 40412C101 HCA Healthcare Inc 84 302.76 $25,431.84 2.41%
005930 KS 6771720 Samsung Electronics Co Ltd 672 53,239.00 $24,415.89 2.31%
BATS LN 0287580 British American Tobacco PLC 672 28.80 $24,212.28 2.29%
CMCSA 20030N101 Comcast Corp 615 38.25 $23,523.75 2.23%
ELV 036752103 ELEVANCE HEALTH INC 63 373.66 $23,540.58 2.23%
CHRW 12541W209 CH Robinson Worldwide Inc 201 104.32 $20,968.32 1.99%
WTW G96629103 Willis Towers Watson PLC 66 317.87 $20,979.42 1.99%
SLB 806857108 Schlumberger NV 543 37.73 $20,487.39 1.94%
WPM 962879102 Wheaton Precious Metals Corp 357 57.40 $20,491.80 1.94%
BK 064058100 Bank of New York Mellon Corp/The 258 78.35 $20,214.30 1.91%
PRX NA BJDS7L3 Prosus NV 477 38.90 $19,316.16 1.83%
UNA NA BLRB262 Unilever PLC 333 55.02 $19,072.94 1.81%
CFR SW BCRWZ18 Cie Financiere Richemont SA 123 136.10 $18,591.04 1.76%
IMO CN 2454241 Imperial Oil Ltd 291 90.65 $18,302.97 1.73%
GOLD 067901108 Barrick Gold Corp 1,152 15.74 $18,132.48 1.72%
XOM 30231G102 Exxon Mobil Corp 159 106.49 $16,931.91 1.60%
UHS 913903100 Universal Health Services Inc 90 181.13 $16,301.70 1.54%
TSM 874039100 Taiwan Semiconductor Manufacturing Co Ltd 78 203.06 $15,838.68 1.50%
FMX 344419106 Fomento Economico Mexicano SAB de CV 177 87.79 $15,538.83 1.47%
CRM 79466L302 Salesforce Inc 45 341.72 $15,377.40 1.46%
BDX 075887109 Becton Dickinson & Co 66 228.12 $15,055.92 1.43%
BN FP B1Y9TB3 Danone SA 225 64.06 $15,004.53 1.42%
RKT LN B24CGK7 Reckitt Benckiser Group PLC 243 48.16 $14,640.86 1.39%
AXP 025816109 American Express Co 48 303.99 $14,591.52 1.38%
CL 194162103 Colgate-Palmolive Co 156 92.37 $14,409.72 1.36%
MDT G5960L103 Medtronic PLC 177 80.90 $14,319.30 1.36%
NE G65431127 Noble Corp PLC 477 29.88 $14,252.76 1.35%
NEM 651639106 Newmont Corp 372 38.09 $14,169.48 1.34%
SCHP SW B11TCY0 Schindler Holding AG 51 249.00 $14,102.95 1.34%
HLN LN BMX86B7 Haleon PLC 2,811 3.82 $13,447.84 1.27%
8725 JP B2Q4CS1 MS&AD Insurance Group Holdings Inc 600 3,433.00 $13,031.35 1.23%
BRK/B 084670702 Berkshire Hathaway Inc 27 459.08 $12,395.16 1.17%
TXN 882508104 Texas Instruments Inc 63 191.73 $12,078.99 1.14%
6465 JP B3FF8W8 Hoshizaki Corp 300 6,193.00 $11,754.03 1.11%
EQR 29476L107 Equity Residential 162 72.37 $11,723.94 1.11%
BA/ LN 0263494 BAE Systems PLC 771 11.59 $11,174.40 1.06%
ADI 032654105 Analog Devices Inc 51 218.06 $11,121.06 1.05%
INVEB SS BMV7PQ4 Investor AB 420 291.20 $11,055.78 1.05%
CMI 231021106 Cummins Inc 30 354.15 $10,624.50 1.01%
NESN SW 7123870 Nestle SA 129 74.08 $10,612.83 1.01%
6503 JP 6597045 Mitsubishi Electric Corp 600 2,680.00 $10,173.03 0.96%
9735 JP 6791591 Secom Co Ltd 300 5,353.00 $10,159.74 0.96%
AEM CN 2009823 Agnico Eagle Mines Ltd 129 113.01 $10,115.03 0.96%
Cash&Other Cash&Other Cash & Other 9,879 1.00 $9,879.21 0.94%
9988 HK BK6YZP5 Alibaba Group Holding Ltd 900 83.15 $9,633.57 0.91%
SAN FP 5671735 Sanofi SA 99 91.75 $9,455.71 0.90%
POW CN 2697701 Power Corp of Canada 282 45.28 $8,859.64 0.84%
RGLD 780287108 Royal Gold Inc 66 134.64 $8,886.24 0.84%
FLS 34354P105 Flowserve Corp 150 58.25 $8,737.50 0.83%
ABEV 02319V103 Ambev SA 4,485 1.89 $8,476.65 0.80%
HEN3 GR 5076705 HENKEL AG & CO KGAA 93 83.78 $8,111.03 0.77%
EXPD 302130109 Expeditors International of Washington Inc 72 111.27 $8,011.44 0.76%
DG 256677105 Dollar General Corp 105 75.63 $7,941.15 0.75%
MC FP 4061412 LVMH Moet Hennessy Louis Vuitton SE 12 630.80 $7,879.99 0.75%
6954 JP 6356934 FANUC Corp 300 4,116.00 $7,811.98 0.74%
8630 JP B62G7K6 Sompo Holdings Inc 300 4,140.00 $7,857.53 0.74%
DIS 254687106 Walt Disney Co/The 69 112.55 $7,765.95 0.74%
JM SP 6472119 Jardine Matheson Holdings Ltd 189 40.66 $7,684.74 0.73%
WY 962166104 Weyerhaeuser Co 273 28.17 $7,690.41 0.73%
USB 902973304 US Bancorp 156 49.01 $7,645.56 0.72%
LLOY LN 0870612 Lloyds Banking Group PLC 10,302 0.54 $6,988.03 0.66%
PPG 693506107 PPG Industries Inc 57 121.23 $6,910.11 0.65%
FNV CN B29NF31 Franco-Nevada Corp 57 170.67 $6,749.83 0.64%
SHELL NA BP6MXT4 Shell PLC 219 29.55 $6,735.67 0.64%
FNF 31620R303 Fidelity National Financial Inc 111 57.00 $6,327.00 0.60%
ITSA4 BZ 2458771 Itausa SA 4,041 8.89 $5,838.77 0.55%
OKE 682680103 ONEOK Inc 54 101.25 $5,467.50 0.52%
DGE LN 0237400 Diageo PLC 171 24.98 $5,342.88 0.51%
MSFT 594918104 Microsoft Corp 12 438.11 $5,257.32 0.50%
NTR 67077M108 Nutrien Ltd 120 44.42 $5,330.40 0.50%
XRAY 24906P109 DENTSPLY SIRONA Inc 276 19.00 $5,244.00 0.50%
HEIA NA 7792559 Heineken NV 72 68.46 $5,131.24 0.49%
RI FP 4682329 Pernod Ricard SA 42 107.60 $4,704.51 0.45%
SGSN SW BMBQHZ4 SGS SA 33 90.64 $3,321.81 0.31%
ADS GR 4031976 adidas AG 12 234.90 $2,934.39 0.28%

  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.