LOGO Quicktakes

Our work indicates, TSMC, at current valuations is one of the highest-quality businesses in the world still trading at a discount to its intrinsic value, primarily because investors demand a geopolitical discount for Taiwan risk. Meanwhile, looking backward, TSM stock has annualized at 31% for the last 5 years so the stock hasn't cared about the geopolitical risk other than in short periods of heightened geopolitical risk. That discount creates the opportunity. As Arizona production scales, as Japan and Europe fabs come online, and as TSMC's manufacturing geography diversifies over the next five years, that discount will compress. Meanwhile, revenue & earnings should grow at 20%+ annually over the next 3 years at a minimum as AI chip demand compounds. TSMC’s management has been executing with remarkable consistency and capital discipline. In an inflationary world where physical things — factories, equipment, infrastructure — cost more to build, TSMC's already-built, impossible-to-replicate manufacturing base becomes more valuable, not less. Owning TSMC is owning the cornerstone of the AI economy — the single company without which none of the rest of the story can be told.

Important Information

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at LogoETF.com. Read the prospectus carefully before investing.

Every single day, four billion people type a question into Google expecting an answer. That behavior — the reflexive turn to Google when you do not know something — is one of the most deeply ingrained habits in human history, built over twenty-five years of consistent, reliable answers. The narrative that AI will destroy Google's search business misunderstands why people use Google in the first place. They use it to get answers, not to see ten blue links. When Google delivers AI Overviews — a direct, synthesized answer powered by Gemini — it is not losing the search business. It is evolving it. The company that built the index of the entire internet, that has the world's most sophisticated natural language models, and that processes more queries per day than any other entity in history is not going to be defeated by a chatbot. It is going to absorb the chatbot revolution into its own moat.

Important Information

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at LogoETF.com. Read the prospectus carefully before investing.

Spotify has evolved from a music streaming platform into one of the world’s most powerful global audio ecosystems, sitting at the intersection of music, podcasts, audiobooks, advertising, and AI-driven content discovery. With hundreds of millions of users worldwide and deep engagement across daily listening habits, Spotify increasingly resembles a recurring-consumption platform with significant pricing power and expanding monetization opportunities. The company benefits from enormous scale advantages, personalized recommendation algorithms, and a growing ecosystem that becomes more valuable as creators, advertisers, and listeners all deepen their participation. After years of prioritizing growth over profitability, Spotify is now entering a phase of meaningful operating leverage, margin expansion, and improving free cash flow generation as subscription pricing rises and advertising infrastructure matures. Podcasts, creator tools, and audiobooks provide additional long-term growth vectors that can expand Spotify far beyond traditional music streaming economics. Despite concerns about competition and content costs, Spotify’s global brand, user engagement, and data-driven personalization create a powerful moat that becomes harder to replicate as the platform scales. For long-term portfolios, Spotify represents a unique digital media compounder tied to the secular growth of global streaming consumption, recurring subscriptions, and the ongoing shift toward personalized on-demand audio entertainment.

Important Information

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at LogoETF.com. Read the prospectus carefully before investing.

CME Group and Cboe Global Markets represent the financial market equivalent of toll roads, collecting fees every time investors, institutions, hedge funds, or corporations trade, hedge, or speculate across global markets. These businesses sit at the center of rising volatility, growing derivatives usage, and the increasing complexity of global finance, benefiting whether markets rise, fall, or simply become more active. CME dominates futures and interest-rate trading globally, making it a major beneficiary of inflation volatility, shifting Federal Reserve expectations, commodity swings, and macro uncertainty. Cboe owns some of the most important options exchanges in the world, including the VIX ecosystem, and benefits from the structural growth in retail options trading, institutional hedging, and volatility products. Both companies possess extraordinary competitive moats because liquidity tends to concentrate on dominant exchanges, creating network effects that are incredibly difficult to replicate. Recent market pullbacks and concerns around slowing trading activity may be obscuring the larger long-term trend that modern markets are becoming more hedged, more algorithmic, more volatile, and increasingly dependent on derivatives infrastructure. For long-term portfolios, CME and Cboe offer a rare combination of recurring fee-based revenue, high margins, strong free cash flow, and durable participation in the continued financialization of the global economy.

Important Information

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at LogoETF.com. Read the prospectus carefully before investing.

GE Aerospace, HEICO, and TransDigm Group represent one of the most powerful long-term aerospace duopolies and aftermarket ecosystems in the global economy. Together, they sit at the center of a multi-decade commercial aviation cycle driven by rising global travel demand, constrained aircraft production, and aging fleets requiring constant maintenance and replacement parts. GE Aerospace owns one of the world’s largest installed engine bases, creating decades of recurring high-margin service revenue tied to every additional hour flown. HEICO and TransDigm operate like aerospace toll booths, supplying thousands of mission-critical FAA-approved parts with enormous switching costs and exceptional pricing power. The recent geopolitical and oil-driven selloff has temporarily pressured these stocks despite little change to their long-term structural advantages, creating what many investors view as a rare opportunity to buy elite aerospace franchises “on sale.” Unlike cyclical industrial companies, these businesses increasingly resemble recurring-revenue infrastructure platforms supported by long-duration aftermarket cash flows and global aviation dependency. For portfolios seeking durable compounders tied to global mobility, aerospace scarcity, and rising installed-base economics, this trio remains one of the highest-quality industrial ecosystems in the market today.

Important Information

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at LogoETF.com. Read the prospectus carefully before investing.

Alibaba & Tencent: The Next Decade is Asias. These Ai Leaders are Just gearing up.The AI Race Has Two Sides. America did not win the AI race. The race is still being run. China's AI development has accelerated dramatically and the evidence showed up in both companies' results today, May 13th 2026. Alibaba's Cloud Intelligence Group posted 38 percent revenue growth, with AI-related products now comprising 30 percent of all cloud revenue — and this marks the eleventh consecutive quarter of triple-digit annual growth in AI product revenue. Eleven quarters. That is not a trend. That is a compounding engine that has been running quietly while Western investors looked elsewhere. Alibaba is not chasing AWS and Microsoft Azure. It is competing with them directly across Asia, and winning meaningful ground every quarter.

Important Information

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at LogoETF.com. Read the prospectus carefully before investing.

Profitability That Sets These mega brands Apart. This is where Visa and Mastercard move from great businesses to genuinely rare ones. Visa generated $21.6 billion in free cash flow in 2025. Mastercard generated $16.4 billion, up 21 percent year over year. Visa converts roughly 55 cents of every dollar of revenue directly into free cash flow — an operating margin of 61.8 percent. Mastercard runs at 55.8 percent. To put that in plain language: more than half of every dollar these companies bring in drops straight to the bottom line as cash. Both fully fund their buybacks and dividends from free cash flow alone — no financial engineering required. If either chose to pay all that cash out as a dividend instead of buybacks, each would yield approximately 3 percent today. In a world of rising rates, geopolitical uncertainty, and volatile earnings across most of the market, that kind of consistency is genuinely rare — and genuinely valuable.

Important Information

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at LogoETF.com. Read the prospectus carefully before investing.

Apple's Quiet Revolution: Why The Next Five Years Could Redefine The World's Most Valuable Company

For the better part of three years, Apple has been the most dismissed name in mega-cap tech. The narrative was easy. Apple "missed AI." Apple "fell behind." Apple "doesn't innovate" while Microsoft, Google, and Nvidia ran the table. The stock spent two years trading sideways while the rest of the Magnificent Seven sprinted. Headlines about Vision Pro disappointments, Siri embarrassments, and stalled foldables piled up. To be clear, while we think Apple is the greatest consumer staple brand ever created we agree they have become a company that moves slow, over-thinks everything, and needs fresh thinking and new leadership. Well, we are getting it soon and we couldn't be more excited about the future of Apple. What's coming next in Cupertino is the most consequential transition in the company's modern history — bigger than the iPhone 4, bigger than the Apple Watch, bigger than AirPods. The stock has been a solid performer of late, sitting at all time highs and we think it has plenty of room to run from here, even as the stock looks optically expensive.

Important Information

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at LogoETF.com. Read the prospectus carefully before investing.

Quick take on Nvidia and why we continue to like the story and leadership position while also admitting there will be wicked corrections in the whole group along the way. In 2023, the world generated a few trillion tokens. In 2024, hundreds of trillions. In 2025, quadrillions. The hyperscalers reported token throughput growing at 5x, 10x, even 20x year over year — and they're still capacity-constrained. Yes, much of this growth happens at the inference layer, where competition is real — AMD, Google's TPU's, AWS Trainium, and custom silicon from Meta and Microsoft are all chasing share. But Nvidia owns the highest-value real estate in the AI economy: frontier model training, where there is essentially no substitute. Every new foundation model — from OpenAI, Anthropic, Google, Meta, xAI, Mistral — is trained on Nvidia.

Important Information

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at LogoETF.com. Read the prospectus carefully before investing.

Whats the story with MELI + MercadoLibre's Q1 2026 financial results, highlighting a period of exceptional top-line expansion contrasted by significant margin pressure. While the company achieved a massive revenue beat of $8.8 billion, net income fell to $417 million as management prioritized aggressive investments in logistics infrastructure, free shipping subsidies, and credit expansion. Experts compare this strategy to the "Amazon playbook," where short-term profitability is sacrificed to solidify a dominant ecosystem moat across Latin America. Despite a negative market reaction to declining margins, the underlying metrics show robust growth in unique active users, advertising revenue, and fintech engagement via Mercado Pago. Ultimately, the reports suggest that while investor patience is being tested, the business remains operationally strong and is successfully capturing market share in an underpenetrated digital economy.

Important Information

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at LogoETF.com. Read the prospectus carefully before investing.