GOTHAMETFS

Gotham Free Cash Flow Yield and Gotham Return on Tangible Capital estimates are based on Gotham's proprietary methodology. Gotham's proprietary free cash flow yield and proprietary return on tangible capital metrics are used to compare companies in a consistently meaningful way. Gotham's analyst team uses some discretion in calculating a company's pre-tax cash flow, return on capital as well as enterprise value. This information is updated throughout the year to account for company performance. The metrics for any one company or portfolio can change daily to reflect either new information and/or changing stock price. The aggregate cash flow and return on capital metrics combine the metrics for the individual companies held by the fund or index. Gotham Free Cash Flow Yield and Gotham Return on Tangible Capital are position-weighted averages that take each company's Gotham Free Cash Flow Yield or Gotham Return on Tangible Capital divided by its adjusted enterprise value. Gotham Free Cash..