Gotham 1000 Value ETF

Gotham 1000 Value ETF (GVLU) is an actively managed fund. It holds 400 to 600 mid-size and large U.S.-listed stocks and puts more money into the ones Gotham Asset Management judges most undervalued. Each position is small: as of June 30, 2026, it held 485 stocks, and its top 10 made up just 4.85% of assets. It also trades heavily, and its 0.50% expense ratio is above the 0.31% average of similar funds.

• Over the year to Oct 27, 2026, GVLU returned +19.7%, 4th of 9 among similar funds.
• Its worst full calendar year was 2024 (+11.1%); its best was 2023 (+18.0%).
• The deepest fall in its price history was 20.8% (Nov 25, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.

As of Jun 30, 2026, the fund held 485 securities; the ten largest made up 4.85% of assets. It also reported 16.67% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $10.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +4.57%, +0.04%, -0.38%.

GVLU does not track an index. Its sub-adviser, Gotham Asset Management, LLC, starts with the 1,400 largest companies listed on U.S. stock exchanges by market value and picks 400 to 600 of them. Its analysts study each company's recurring earnings, cash flows, how well it uses its capital, its debt and its valuation. They compare each stock's price with its own history and with the other companies on the list. They drop companies that don't fit the method or whose financial reporting looks questionable.

The cheaper a stock looks against Gotham's estimate of its value, the bigger its weight, within preset risk and diversification limits. As of June 30, 2026, the largest positions were BrightSpring Health Services, TD SYNNEX, Mercury General, MYR Group and Exelixis, each about 0.5% of assets. About 13% was in companies based outside the U.S., mostly Canada (8.2%).

The fund is generally rebalanced daily as earnings reports come out and prices move. Its portfolio turnover was 210%, which means it traded roughly twice the value of its portfolio in a year. Heavy trading raises costs and can create taxable short-term capital gains. The strategy also depends on Gotham's own database and computer systems, so the prospectus lists data and system errors as risks.

• GVLU charges 0.5% a year, versus an average of 0.31% for the similar funds below (7th of 9, cheapest first).
• Of that, 0.65% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.15% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $796 over 10 years (assuming a 5% annual return).

It adds a broad tilt toward cheaper mid-size and large stocks that can sit alongside a market-weighted core fund.

GVLU launched June 7, 2022, after the 2022 bear market had begun. It has no history through 2008, 2020 or that full decline. It has not had a losing calendar year; its weakest, 2024, returned 11.15%. Its deepest drop was 20.8%, from November 25, 2024 to April 8, 2025. It got back to its old high by August 22, 2025, about 4.5 months after the low. Anyone who sold shares in early 2025 to cover spending would have locked in part of that loss.

The fund pays out once a year: $1.59 per share over the past 12 months, a 5.53% yield as of October 27, 2026. With 210% turnover, those payouts may include capital gains, which can change from year to year. In the SEC's standard example, $10,000 invested costs $51 in fees after one year and $796 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.