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The Fund is an actively managed exchange-traded fund ("ETF") that seeks to invest in a portfolio of approximately 400 to 500 of the largest publicly traded U.S. companies by market capitalization, with the exclusion of companies that the Fund's investment sub-adviser, Azoria Capital, Inc. (the "Sub-Adviser"), determines have disclosed explicit quantitative demographic hiring targets. The Fund's investment process begins with an initial universe of the 500 largest publicly traded U.S. companies by market capitalization. The Sub-Adviser applies a proprietary research methodology to evaluate whether each company has publicly disclosed an explicit quantitative demographic hiring target, goal, quota, or aspiration. Companies that have disclosed such policies are excluded from the Fund's portfolio. To make this determination, the Sub-Adviser reviews publicly available filings, including but not limited to Form 10-K filings, ESG reports, diversity and inclusion statements, and corporate social responsibility reports. Additionally, the Sub-Adviser contacts the investor relations teams of these companies to verify the accuracy of their public disclosures. If a company does not respond to such inquiries, the determination is made based solely on the company's public statements.
Azoria 500 Meritocracy ETF trades on the BATS stock market under the symbol SPXM.
As of December 15, 2025, SPXM stock price was flat at $21.80 with million shares trading.
SPXM has a market cap of $29.97 million. This is considered a Sub-Micro Cap stock.
SPXM support price is $21.63 and resistance is $21.97 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that SPXM shares will trade within this expected range on the day.
