ETF TEST 1

Investment Objective

To provide a long-term total return on capital, primarily through capital appreciation, but also some income.

Investment Strategy

The Fund seeks to achieve its investment objective by investing in blue-chip stocks. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in blue-chip stocks as determined at the time of purchase. For purposes of the Fund’s investments, Bridgeway considers “blue-chip stocks” to be stocks issued by the largest 150 US companies as defined by market capitalization. These stocks tend to be well-known and established companies.

Team Managed

John Montgomery

Elena Khoziaeva, CFA

Christine Wang, CFA, CPA

Michael Whipple, CFA, FRM

Daily Stats
(as of 07/13/2022)

As of Date	Premium/Discount (bps)
09/19/2022
09/20/2022
09/21/2022
09/22/2022
09/23/2022
09/26/2022
09/27/2022
09/28/2022
09/29/2022
09/30/2022
10/03/2022
10/04/2022
10/05/2022
10/06/2022
10/07/2022
10/10/2022
10/11/2022
10/12/2022
10/13/2022
10/14/2022
10/17/2022
10/18/2022
10/19/2022
10/20/2022
10/21/2022
10/24/2022
10/25/2022
10/26/2022
10/27/2022
10/28/2022
10/31/2022
11/01/2022
11/02/2022
11/03/2022
11/04/2022
11/07/2022
11/08/2022
11/09/2022
11/10/2022
11/11/2022
11/14/2022
11/15/2022
11/16/2022
11/17/2022
11/18/2022
11/21/2022
11/22/2022
11/23/2022
11/25/2022
11/28/2022
11/29/2022
11/30/2022
12/01/2022
12/02/2022
12/05/2022
12/06/2022
12/07/2022
12/08/2022
12/09/2022
12/12/2022
12/13/2022
12/14/2022
12/15/2022
12/16/2022
12/19/2022
12/20/2022
12/21/2022
12/22/2022
12/23/2022
12/27/2022
12/28/2022
12/29/2022
12/30/2022
01/03/2023
01/04/2023
01/05/2023
01/06/2023
01/09/2023
01/10/2023
01/11/2023
01/12/2023
01/13/2023
01/17/2023
01/18/2023
01/19/2023
01/20/2023
01/23/2023
01/24/2023
01/25/2023
01/26/2023
01/27/2023
01/30/2023
01/31/2023
02/01/2023
02/02/2023
02/03/2023
02/06/2023
02/07/2023
02/08/2023
02/09/2023
02/10/2023
02/13/2023
02/14/2023
02/15/2023
02/16/2023
02/17/2023
02/21/2023
02/22/2023
02/23/2023
02/24/2023
02/27/2023
02/28/2023
03/01/2023
03/02/2023
03/03/2023
03/06/2023
03/07/2023
03/08/2023
03/09/2023
03/10/2023	0.00
03/13/2023	11.49
03/14/2023	17.00
03/15/2023	34.80
03/16/2023	5.72
03/17/2023	0.00
03/20/2023	17.56
03/21/2023	11.42
03/22/2023	11.72
03/23/2023	11.86
03/24/2023	-5.88
03/27/2023	-5.80
03/28/2023	-11.59
03/29/2023	23.07
03/30/2023	17.39
03/31/2023	-5.70
04/03/2023	-17.06
04/04/2023	-11.62
04/05/2023	-5.84
04/06/2023	-29.24
04/10/2023	0.00
04/11/2023	0.00
04/12/2023	-17.24
04/13/2023	-5.70
04/14/2023	-11.49
04/17/2023	-17.11
04/18/2023	-17.22
04/19/2023	-17.14
04/20/2023	-17.26
04/21/2023	5.80
04/24/2023	5.78
04/25/2023	0.00
04/26/2023	30.03
04/27/2023	0.00
04/28/2023	0.00
05/01/2023	5.90
05/02/2023	30.38
05/03/2023	-30.62
05/04/2023	-37.64
05/05/2023	-36.52
05/08/2023	-18.39
05/09/2023	-6.15
05/10/2023	-18.48
05/11/2023	-12.38
05/12/2023	12.39
05/15/2023	0.00
05/16/2023	0.00
05/17/2023	30.07
05/18/2023	-5.96
05/19/2023	-5.99
05/22/2023	0.00
05/23/2023	17.75
05/24/2023	17.93
05/25/2023	30.12
05/26/2023	23.87
05/30/2023	24.10
05/31/2023	18.39
06/01/2023	24.27
06/02/2023	17.40
06/05/2023	35.50
06/06/2023	22.86
06/07/2023	33.33
06/08/2023	16.77
06/09/2023	16.94
06/12/2023	22.57
06/13/2023	27.86
06/14/2023	16.94
06/15/2023	0.00
06/16/2023	5.63
06/20/2023	16.97
06/21/2023	11.31
06/22/2023	11.43
06/23/2023	-11.55
06/26/2023	28.89
06/27/2023	5.70
06/28/2023	34.13
06/29/2023	22.42
06/30/2023	11.23
07/03/2023	11.11
07/05/2023	28.15
07/06/2023	28.59
07/07/2023	22.43
07/10/2023	22.30
07/11/2023	22.10
07/12/2023	32.79
07/13/2023	0.00
07/14/2023	16.44
07/17/2023	16.30
07/18/2023	21.32
07/19/2023	-10.55
07/20/2023	5.29
07/21/2023	37.25
07/24/2023	26.25
07/25/2023	21.00
07/26/2023	25.89
07/27/2023	26.11
07/28/2023	31.02
07/31/2023	20.54
08/01/2023	25.68
08/02/2023	20.73
08/03/2023	5.18
08/04/2023	10.29
08/07/2023	25.54
08/08/2023	-5.11
08/09/2023	15.36
08/10/2023	20.62
08/11/2023	-5.15
08/14/2023	10.37
08/15/2023	21.03
08/16/2023	10.60
08/17/2023	10.64
08/18/2023	10.62
08/21/2023	10.70
08/22/2023	5.40
08/23/2023	-21.46
08/24/2023	0.00
08/25/2023	0.00
08/28/2023	0.00
08/29/2023	0.00
08/30/2023	0.00
08/31/2023	-26.50
09/01/2023	10.43
09/05/2023	26.80
09/06/2023	16.21
09/07/2023	10.88
09/08/2023	10.88
09/11/2023	5.44
09/12/2023	5.43
09/13/2023	5.47
09/14/2023	10.72
09/15/2023	10.85
09/18/2023	21.85
09/19/2023	21.91
09/20/2023	11.01
09/21/2023	22.12
09/22/2023	22.21
09/25/2023	11.00
09/26/2023	16.72
09/27/2023	0.00
09/28/2023	0.00
09/29/2023	0.00
10/02/2023	22.21
10/03/2023	16.94
10/04/2023	-16.98
10/05/2023	28.23
10/06/2023	0.00
10/09/2023	38.95
10/10/2023	16.55
10/11/2023	33.06
10/12/2023	5.59
10/13/2023	5.64
10/16/2023	-11.14
10/17/2023	27.49
10/18/2023	16.79
10/19/2023	34.05
10/20/2023	11.48
10/23/2023	11.55
10/24/2023	17.33
10/25/2023	23.31
10/26/2023	-23.12
10/27/2023	-5.82
10/30/2023	0.00
10/31/2023	0.00
11/01/2023	11.43
11/02/2023	11.08
11/03/2023	0.00
11/06/2023	32.79
11/07/2023	16.60
11/08/2023	5.60
11/09/2023	28.30
11/10/2023	5.60
11/13/2023	16.79
11/14/2023	26.58
11/15/2023	5.30
11/16/2023	32.35
11/17/2023	26.57
11/20/2023	21.16
11/21/2023	37.43
11/22/2023	10.64
11/24/2023	5.28
11/27/2023	15.94
11/28/2023	42.76
11/29/2023	-10.59
11/30/2023	26.46
12/01/2023	15.35
12/04/2023	15.23
12/05/2023	36.16
12/06/2023	31.10
12/07/2023	0.00
12/08/2023	25.38
12/11/2023	0.00
12/12/2023	25.60
12/13/2023	29.64
12/14/2023	14.44
12/15/2023	14.51
12/18/2023	24.17
12/19/2023	23.62
12/20/2023	19.41
12/21/2023	4.78
12/22/2023	0.00
12/26/2023	14.07
12/27/2023	9.36
12/28/2023	9.40
12/29/2023	9.53
01/02/2024	9.55
01/03/2024	19.56
01/04/2024	9.78
01/05/2024	0.00
01/08/2024	-9.72
01/09/2024	0.00
01/10/2024	0.00
01/11/2024	4.96
01/12/2024	9.94
01/16/2024	5.05
01/17/2024	0.00
01/18/2024	5.05
01/19/2024	-9.98
01/22/2024	4.88
01/23/2024	9.81
01/24/2024	-9.80
01/25/2024	0.00
01/26/2024	4.83
01/29/2024	4.79
01/30/2024	4.80
01/31/2024	19.78
02/01/2024	0.00
02/02/2024	4.97
02/05/2024	5.05
02/06/2024	0.00
02/07/2024	5.06
02/08/2024	10.00
02/09/2024	19.77
02/12/2024	29.04
02/13/2024	10.09
02/14/2024	-19.77
02/15/2024	9.63
02/16/2024	14.66
02/20/2024	9.90
02/21/2024	4.95
02/22/2024	4.96
02/23/2024	4.94
02/26/2024	9.89
02/27/2024	14.71
02/28/2024	9.89
02/29/2024	-4.87
03/01/2024	4.87
03/04/2024	0.00
03/05/2024	9.82
03/06/2024	9.86
03/07/2024	9.78
03/08/2024	14.63
03/11/2024	19.60
03/12/2024	9.82
03/13/2024	0.00
03/14/2024	9.98
03/15/2024	0.00
03/18/2024	14.97
03/19/2024	9.90
03/20/2024	9.67
03/21/2024	14.33
03/22/2024	14.54
03/25/2024	19.32
03/26/2024	14.56
03/27/2024	4.74
03/28/2024	0.00
04/01/2024	4.76
04/02/2024	-4.82
04/03/2024	9.57
04/04/2024	4.83
04/05/2024	-9.63
04/08/2024	9.61
04/09/2024	4.80
04/10/2024	4.95
04/11/2024	-4.91
04/12/2024	10.00
04/15/2024	0.00
04/16/2024	10.16
04/17/2024	10.23
04/18/2024	10.20
04/19/2024	0.00
04/22/2024	9.95
04/23/2024	4.89
04/24/2024	9.82
04/25/2024	4.96
04/26/2024	4.92
04/29/2024	0.00
04/30/2024	15.06
05/01/2024	0.00
05/02/2024	4.89
05/03/2024	9.73
05/06/2024	4.83
05/07/2024	19.37
05/08/2024	0.00
05/09/2024	9.53
05/10/2024	9.58
05/13/2024	9.58
05/14/2024	0.00
05/15/2024	4.73
05/16/2024	9.47
05/17/2024	18.88
05/20/2024	0.00
05/21/2024	4.74
05/22/2024	0.00
05/23/2024	0.00
05/24/2024	4.81
05/28/2024	4.81
05/29/2024	4.89
05/30/2024	4.82
05/31/2024	0.00
06/03/2024	9.55
06/04/2024	4.86
06/05/2024	9.65
06/06/2024	4.86
06/07/2024	9.81
06/10/2024	14.77
06/11/2024	0.00
06/12/2024	9.78
06/13/2024	0.00
06/14/2024	5.05
06/17/2024	5.01
06/18/2024	10.02
06/20/2024	0.00
06/21/2024	5.01
06/24/2024	14.91
06/25/2024	10.04
06/26/2024	14.98
06/27/2024	0.00
06/28/2024	-19.60
07/01/2024	9.89
07/02/2024	19.70
07/03/2024	-4.93
07/05/2024	5.02
07/08/2024	0.00
07/09/2024	10.03
07/10/2024	4.96
07/11/2024	0.00
07/12/2024	9.46
07/15/2024	9.29
07/16/2024	13.38
07/17/2024	8.90
07/18/2024	9.06
07/19/2024	9.13
07/22/2024	8.97
07/23/2024	4.43
07/24/2024	9.02
07/25/2024	13.28
07/26/2024	0.00
07/29/2024	8.83
07/30/2024	13.15
07/31/2024	17.41
08/01/2024	-9.04
08/02/2024	0.00
08/05/2024	-9.77
08/06/2024	-4.85
08/07/2024	9.84
08/08/2024	-9.66
08/09/2024	4.86
08/12/2024	-4.90
08/13/2024	0.00
08/14/2024	0.00
08/15/2024	14.15
08/16/2024	0.00
08/19/2024	0.00
08/20/2024	4.71
08/21/2024	9.33
08/22/2024	-4.68
08/23/2024	0.00
08/26/2024	18.04
08/27/2024	9.08
08/28/2024	4.56
08/29/2024	13.59
08/30/2024	0.00
09/03/2024	9.25
09/04/2024	13.99
09/05/2024	4.68
09/06/2024	14.30
09/09/2024	9.58
09/10/2024	0.00
09/11/2024	-4.82
09/12/2024	14.31
09/13/2024	0.00

52-Week High $16.90 | 52-Week Low $11.75

Fund Basics

—	Last	1-Day Change ($)	1-Day Change (%)
NAV	$21.54	$0.57	2.71%
Market Price	$21.54	$0.54	2.57%
Premium / Discount	0%

As of 06/30/2022, Overall Morningstar Rating among 1244 Large Blend funds based on Morningstar weighted average of the Fund’s three, five, and ten year Risk-Adjusted return.

Performance (as of 06/30/2022)

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RETURNS LESS THAN ONE YEAR ARE NOT ANNUALIZED.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND IS NO GUARANTEE OF FUTURE RESULTS. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAT THE PERFORMANCE DATA QUOTED. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR’S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OF LESS THAN ORIGINAL COST. FOR THE MOST RECENT MONTH-END PERFORMANCE, PLEASE CLICK HERE OR CALL 800-661-3550.

Growth of $10,000 Investment (06/30/2012 to 06/30/2022)

Characteristics (as of 06/30/2022)

Equity Portfolio Statistics

wdt_ID	CATEGORY	STOCK PORTFOLIO AVG.
1	PRICE/EARNINGS	17.1
2	PRICE/BOOK	3.5
3	PRICE/CASH FLOW	13.2
4	PRICE/SALES	2.8
5	WEIGHTED AVG MARKET CAP (MIL)	$489,891
6	TOTAL # OF HOLDINGS	37
7	TURNOVER	24%
8	NET ASSETS (MIL)	$326

wdt_ID	COMPANY SIZE	% PORTFOLIO

Active Holdings

—	wdt_ID	QTR	1 YR	3 YR	5 YR	10 YR	Since Inception 07/31/1997
BRLIX	1	15.20	31.67	11.51	2.17	13.18	18.43
S&P 500 Index	2	16.00	32.39	13.69	1.38	11.96	21.83

Fees and Expenses

Please refer to the table for any fees and expenses associated with the current fund.

Fund_Ticker	Type	YTD	1 Month	3 Month	6 Month	1 Year	3 Year	5 Year	10 Year	Since Inception	As of Date
BBLU	MKT	20.04	2.13	6.40	10.36	26.20	11.81	15.87	13.10	9.01	08/31/2024
BBLU	NAV	20.10	1.92	6.25	10.35	25.98	11.9	15.93	13.13	9.02	08/31/2024

Distributions

1
1	Ticker	BSVO
2	Fund Type	Active ETF
3	CUSIP	02072L 532
4	Exchange	NASDAQ
5	Inception	2010-12-31
6	Expense Ratio	0.47%
7	30-Day Bid/Ask Spread	0.09%
8	AUM ($mm)	1400.54
9	As of Date	2024-09-16

Past performance is not an indication of future results.


Risk of Investing	BBLU	BSVO
Blue Chip Stocks Risk	X
Environmental, Social, & Governance Risk		X
Financial Sector Risk		X
Focus Investing Risk	X
Information Technology Risk	X
Sector Risk		X
Small-Cap Company Risk		X
Value Stocks Risk		X