Astoria Portfolio Advisors

Methodology

The Astoria US Quality Kings ETF is an actively managed Exchange Traded Fund (ETF) that seeks long-term capital appreciation by investing in 100 high-quality US large-cap and mid-cap stocks, equally weighted and sector optimized.

The fund allocates equal weights to the components to mitigate the potential issues associated with market cap-weighted indices. It is sector-optimized, screening for and selecting the highest quality stocks in each respective sector in their weight as they exist in the S&P 500.

Fund Objective

The fund seeks to provide long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stock principally traded in the U.S. The Fund seeks to invest in companies that exhibit robust quality characteristics across sectors, with attractive valuations and dividend-paying potential, as determined by the Fund’s sub-adviser, Astoria Portfolio Advisors, LLC (the “Sub-Adviser”). The Fund is not managed to mirror a particular securities index or securities benchmark. Rather, the Sub-Adviser uses a quantitative and systematic approach to select securities for the Fund.

Fund Documents

NAV and Market Price

Field	Last	1-Day Change ($)	1-Day Change (%)
NAV	$22.86	0.00	-1.53%
Market Price	$22.85	0.00	-1.56%
Premium / Discount	-0.04%

NAV is the sum of all assets less any liabilities, divided by the number of shares outstanding.

Why Invest in ROE?

Invests in 100 of the highest quality US large and mid-cap stocks.

Aims to diversify risk by equal-weighting its constituents, avoiding the concentration risk associated with market-cap weighting.

May be used as a component of core US large and mid-cap equity exposure or growth-oriented strategies.

Fund Details

1	Description	ROE
1	Ticker	ROE
4	Exchange	NASDAQ
5	Inception	2023-08-01
6	Expense Ratio	0.49%
7	30-Day Bid/Ask Spread	0.21%
8	AUM ($mm)	$55.77
9	As of Date	2023-10-04

Historical Performance

Month-End Performance

Quarter-End Performance

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 215.882.9983 or visit the Fund’s website at astoriaadvisorsetfs.com.

Historical Premium / Discount

Period	Days Traded at Premium	Days Traded at Discount
2023 Q3	41	1

Fund Distributions

Ex Date	Record Date	Payable Date	Income	Short Term Capital Gain	Long Term Capital Gain	Total Capital Gain	Total Distro
09/27/2023	09/28/2023	09/29/2023	0.0726				0.0726

Fund Holdings

Ticker	Name	CUSIP	Shares	Price	Market Value ($mm)	% of Net Assets	EFFECTIVE_DATE
AGCO	AGCO CORP	001084102	4,636	115.26	0.53	0.96	10/04/2023
A	AGILENT TECHNOLOGIES INC	00846U101	4,880	110.26	0.54	0.96	10/04/2023
MO	ALTRIA GROUP INC	02209S103	13,420	41.13	0.55	0.99	10/04/2023
COR	CENCORA INC	03073E105	3,172	180.27	0.57	1.03	10/04/2023
AMP	AMERIPRISE FINL INC	03076C106	1,708	317.06	0.54	0.97	10/04/2023
AMGN	AMGEN INC	031162100	2,684	261.01	0.70	1.26	10/04/2023
APH	AMPHENOL CORP NEW	032095101	7,076	82.18	0.58	1.04	10/04/2023
ELV	ELEVANCE HEALTH INC	036752103	1,220	433.51	0.53	0.95	10/04/2023
AAPL	APPLE INC	037833100	3,172	172.40	0.55	0.98	10/04/2023
AMAT	APPLIED MATLS INC	038222105	3,904	136.72	0.53	0.96	10/04/2023
ADM	ARCHER DANIELS MIDLAND CO	039483102	7,076	73.81	0.52	0.94	10/04/2023
ACLS	AXCELIS TECHNOLOGIES INC	054540208	3,172	158.56	0.50	0.90	10/04/2023
BBWI	BATH & BODY WORKS INC	070830104	16,592	32.44	0.54	0.97	10/04/2023
AVGO	BROADCOM INC	11135F101	732	814.83	0.60	1.07	10/04/2023
BLDR	BUILDERS FIRSTSOURCE INC	12008R107	4,148	117.18	0.49	0.87	10/04/2023
CDW	CDW CORP	12514G108	3,172	201.77	0.64	1.15	10/04/2023
CF	CF INDS HLDGS INC	125269100	7,564	82.29	0.62	1.12	10/04/2023
CI	THE CIGNA GROUP	125523100	2,196	284.41	0.62	1.12	10/04/2023
CAH	CARDINAL HEALTH INC	14149Y108	6,588	86.83	0.57	1.03	10/04/2023
CAT	CATERPILLAR INC	149123101	2,440	268.97	0.66	1.18	10/04/2023
CHTR	CHARTER COMMUNICATIONS INC NEW CL A	16119P108	1,464	432.17	0.63	1.13	10/04/2023
CSCO	CISCO SYS INC	17275R102	11,712	53.65	0.63	1.13	10/04/2023
CTSH	COGNIZANT TECHNOLOGY SOLUTIONS CL A	192446102	9,272	67.30	0.62	1.12	10/04/2023
CMCSA	COMCAST CORP NEW	20030N101	13,420	43.45	0.58	1.05	10/04/2023
CMA	COMERICA INC	200340107	11,224	39.61	0.44	0.80	10/04/2023
ED	CONSOLIDATED EDISON INC	209115104	6,344	83.18	0.53	0.95	10/04/2023
CFR	CULLEN FROST BANKERS INC	229899109	5,856	87.89	0.51	0.92	10/04/2023
DHI	D R HORTON INC	23331A109	4,880	102.85	0.50	0.90	10/04/2023
DFS	DISCOVER FINL SVCS	254709108	5,856	87.26	0.51	0.92	10/04/2023
DPZ	DOMINOS PIZZA INC	25754A201	1,464	364.18	0.53	0.96	10/04/2023
EWBC	EAST WEST BANCORP INC	27579R104	9,760	50.09	0.49	0.88	10/04/2023
EXPD	EXPEDITORS INTL WASH INC	302130109	4,880	113.91	0.56	1.00	10/04/2023
FOXA	FOX CORP	35137L105	18,300	30.20	0.55	0.99	10/04/2023
GILD	GILEAD SCIENCES INC	375558103	7,808	73.27	0.57	1.03	10/04/2023
GL	GLOBE LIFE INC	37959E102	5,368	108.31	0.58	1.04	10/04/2023
GWW	GRAINGER W W INC	384802104	732	687.03	0.50	0.90	10/04/2023
HD	HOME DEPOT INC	437076102	1,952	291.94	0.57	1.02	10/04/2023
HST	HOST HOTELS & RESORTS INC	44107P104	33,672	15.47	0.52	0.93	10/04/2023
HUM	HUMANA INC	444859102	1,220	488.44	0.60	1.07	10/04/2023
IBKR	INTERACTIVE BROKERS GROUP INC COM CL A	45841N107	7,076	86.89	0.61	1.10	10/04/2023
IPG	INTERPUBLIC GROUP COS INC	460690100	18,300	28.19	0.52	0.92	10/04/2023
INTU	INTUIT	461202103	1,220	507.48	0.62	1.11	10/04/2023
JBL	JABIL INC	466313103	5,612	127.58	0.72	1.28	10/04/2023
KLAC	KLA CORP	482480100	1,220	451.84	0.55	0.99	10/04/2023
KEYS	KEYSIGHT TECHNOLOGIES INC	49338L103	3,660	131.30	0.48	0.86	10/04/2023
KMB	KIMBERLY-CLARK CORP	494368103	4,636	120.55	0.56	1.00	10/04/2023
KR	KROGER CO	501044101	12,444	44.27	0.55	0.99	10/04/2023
LRCX	LAM RESEARCH CORP	512807108	732	618.11	0.45	0.81	10/04/2023
LEN	LENNAR CORP	526057104	4,880	108.23	0.53	0.95	10/04/2023
LMT	LOCKHEED MARTIN CORP	539830109	1,464	403.83	0.59	1.06	10/04/2023
MCK	MCKESSON CORP	58155Q103	1,464	438.49	0.64	1.15	10/04/2023
MRK	MERCK & CO INC	58933Y105	5,612	101.77	0.57	1.02	10/04/2023
MTH	MERITAGE HOMES CORP	59001A102	4,148	115.76	0.48	0.86	10/04/2023
MSFT	MICROSOFT CORP	594918104	1,708	313.39	0.54	0.96	10/04/2023
MCHP	MICROCHIP TECHNOLOGY INC.	595017104	6,588	76.75	0.51	0.91	10/04/2023
MPWR	MONOLITHIC PWR SYS INC	609839105	1,220	448.93	0.55	0.98	10/04/2023
MUSA	MURPHY USA INC	626755102	1,952	343.48	0.67	1.20	10/04/2023
NTAP	NETAPP INC	64110D104	7,808	74.86	0.58	1.05	10/04/2023
NFLX	NETFLIX INC	64110L106	1,464	376.75	0.55	0.99	10/04/2023
NYCB	NEW YORK CMNTY BANCORP INC	649445103	44,652	10.75	0.48	0.86	10/04/2023
NXST	NEXSTAR MEDIA GROUP INC	65336K103	3,416	135.64	0.46	0.83	10/04/2023
GEN	GEN DIGITAL INC	668771108	31,232	17.36	0.54	0.97	10/04/2023
NVDA	NVIDIA CORPORATION	67066G104	1,220	435.17	0.53	0.95	10/04/2023
CHRD	CHORD ENERGY CORPORATION	674215207	3,904	158.29	0.62	1.11	10/04/2023
OMC	OMNICOM GROUP INC	681919106	7,320	72.47	0.53	0.95	10/04/2023
ON	ON SEMICONDUCTOR CORP	682189105	5,856	89.76	0.53	0.94	10/04/2023
OGN	ORGANON & CO	68622V106	27,572	16.29	0.45	0.81	10/04/2023
OVV	OVINTIV INC	69047Q102	13,420	45.81	0.61	1.10	10/04/2023
OC	OWENS CORNING NEW	690742101	4,392	130.31	0.57	1.03	10/04/2023
PBF	PBF ENERGY INC	69318G106	12,932	49.36	0.64	1.14	10/04/2023
PFE	PFIZER INC	717081103	16,836	33.90	0.57	1.02	10/04/2023
PM	PHILIP MORRIS INTL INC	718172109	6,100	90.27	0.55	0.99	10/04/2023
PII	POLARIS INC	731068102	4,636	99.22	0.46	0.82	10/04/2023
PFG	PRINCIPAL FINANCIAL GROUP INC COM	74251V102	7,564	68.05	0.51	0.92	10/04/2023
PEG	PUBLIC SVC ENTERPRISE GRP INC COM	744573106	9,760	55.53	0.54	0.97	10/04/2023
PHM	PULTE GROUP INC	745867101	7,076	70.73	0.50	0.90	10/04/2023
QCOM	QUALCOMM INC	747525103	4,636	110.19	0.51	0.92	10/04/2023
RF	REGIONS FINANCIAL CORP NEW	7591EP100	30,256	16.38	0.50	0.89	10/04/2023
RHI	ROBERT HALF INC.	770323103	8,296	73.82	0.61	1.10	10/04/2023
SPG	SIMON PPTY GROUP INC NEW	828806109	4,880	103.37	0.50	0.90	10/04/2023
SWKS	SKYWORKS SOLUTIONS INC	83088M102	5,368	97.03	0.52	0.93	10/04/2023
STLD	STEEL DYNAMICS INC	858119100	5,856	106.21	0.62	1.12	10/04/2023
SMCI	SUPER MICRO COMPUTER INC	86800U104	1,708	269.97	0.46	0.83	10/04/2023
SYF	SYNCHRONY FINANCIAL	87165B103	17,568	29.10	0.51	0.92	10/04/2023
SYY	SYSCO CORP	871829107	8,052	64.28	0.52	0.93	10/04/2023
TER	TERADYNE INC	880770102	5,612	98.56	0.55	0.99	10/04/2023
TXN	TEXAS INSTRS INC	882508104	3,416	157.25	0.54	0.96	10/04/2023
TOL	TOLL BROTHERS INC	889478103	7,564	70.30	0.53	0.95	10/04/2023
URI	UNITED RENTALS INC	911363109	1,464	425.96	0.62	1.12	10/04/2023
UNH	UNITEDHEALTH GROUP INC	91324P102	1,220	509.47	0.62	1.11	10/04/2023
UNM	UNUM GROUP	91529Y106	12,444	48.11	0.60	1.07	10/04/2023
VLO	VALERO ENERGY CORP	91913Y100	4,636	133.58	0.62	1.11	10/04/2023
VZ	VERIZON COMMUNICATIONS INC	92343V104	17,812	31.98	0.57	1.02	10/04/2023
WY	WEYERHAEUSER CO MTN BE	962166104	18,056	29.50	0.53	0.96	10/04/2023
WSM	WILLIAMS SONOMA INC	969904101	4,392	150.68	0.66	1.19	10/04/2023
XEL	XCEL ENERGY INC	98389B100	9,760	55.84	0.54	0.98	10/04/2023
Cash&Other	Cash & Other		197,940	1.00	0.20	0.35	10/04/2023
ACN	ACCENTURE PLC IRELAND	G1151C101	1,952	306.23	0.60	1.07	10/04/2023
BG	BUNGE LIMITED	G16962105	5,612	105.73	0.59	1.06	10/04/2023
TEL	TE CONNECTIVITY LTD	H84989104	4,148	122.23	0.51	0.91	10/04/2023
NXPI	NXP SEMICONDUCTORS N V	N6596X109	2,684	195.20	0.52	0.94	10/04/2023

Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Fund_Ticker	Type	YTD	1 Month	3 Month	6 Month	1 Year	3 Year	5 Year	Since Inception	As of Date
ROE	NAV		-4.20						-6.68	09/30/2023
ROE	MKT		-4.29						-6.68	09/30/2023

Fund_Ticker	Type	YTD	1 Month	3 Month	6 Month	1 Year	3 Year	5 Year	Since Inception	As of Date
ROE	NAV		-4.20						-6.68	09/30/2023
ROE	MKT		-4.29						-6.68	09/30/2023