Midyear Equity Markets Outlook with Portfolio Managers MJ Matts and Saverio Papagno
North Square Head of Distribution Phil Callahan is joined by MJ Matts, the lead Portfolio Manager for the North Square Disciplined Value ETF (NSIV) and Saverio Papagno, the lead portfolio manager for the North Square Growth Opportunities ETF (NSIG) to discuss their midyear economic outlook. Please click on the arrow below to view the video.
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This discussion was recorded on July 2, 2026. Nothing contained in this communication constitutes tax, legal, or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. This transcript contains certain statements that may include forward-looking statements. Although North Square Investments believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Actual events could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. You should not place undue reliance on these forward-looking statements.
This discussion reflects CS McKee’s views and opinions as of July 2, 2026, which are subject to change at any time based on market and other conditions. We disclaim any responsibility to update these views. These views should not be relied on as investment advice or an indication of trading intention.
Principal Risks of Investing, North Square Disciplined Value ETF: Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including, the following principal risks, among others: Market Risk, Equity Risk, Value-Oriented Investment Strategies Risk, Large-Cap Company Risk, Sector Focus Risk, New Fund Risk, Authorized Participant Concentration Risk, Cash Transactions Risk, Convertible Securities Risk, Cybersecurity Risk, ETF Structure Risk, Fixed Income Securities Risk, Foreign Investment Risk, Gap Risk, High Portfolio Turnover Risk, Inflation and Deflation Risk, Large Shareholder Risk, Management and Strategy Risk, Preferred Securities Risk, Reliance on Technology Risk and Valuation Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Each risk summarized below is a principal risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions or other factors. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objectives. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Principal Risks of Investing, North Square Growth Opportunities ETF: Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including, the following principal risks, among others: Market Risk, Equity Risk, Growth-Oriented Investment Strategies Risk, Large-Cap Company Risk, Mid-Cap Company Risk, Sector Focus Risk, Derivatives Risk, New Fund Risk, Authorized Participant Concentration Risk, Cash Transactions Risk, Convertible Securities Risk, Cybersecurity Risk, ETF Structure Risk, Fixed Income Securities Risk, Gap Risk, High Portfolio Turnover Risk, Inflation and Deflation Risk, Large Shareholder Risk, Management and Strategy Risk, Preferred Securities Risk, Reliance on Technology Risk and Valuation Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Each risk summarized below is a principal risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions or other factors. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objectives. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 855-551-5521 or by clicking on the attached link here. Please read the prospectus carefully before you invest.
The securities mentioned in this discussion represented the following percentage of each ETF’s net assets as of July 14, 2026:
North Square Disciplined Value ETF (NSIV)
Intel 0.0%
Micron Tech 0.60%
SanDisk 0.0%
Caterpillar 1.84%
Cummins 2.77%
Alphabet (Google) 2.37%
Apple 4.20%
Microsoft 2.35%
Meta 0.0%
NVIDIA 1.28%
Citigroup 2.68%
North Square Growth Opportunities ETF (NSIG)
ARM Holdings PLC ADR 0.56%
Definitions of terms used in this discussion:
Arbitrage is the strategy of buying an asset in one market and simultaneously selling it in another to profit from a temporary price discrepancy.
Alpha is the measure of an investment’s performance that indicates its ability to generate returns in excess of its benchmark.
Dispersion in investing measures the spread of individual asset returns around a group average, which indicates how widely individual stock or portfolio returns differ from a benchmark.
Free Cash Flow in investing measures the actual cash a company generates after paying its operating expenses and capital expenditures (such as equipment, property, and infrastructure).
Consensus earnings estimates represent the average or median financial forecasts made by a group of analysts regarding a company’s future financial performance. Consensus earnings estimates are primarily used as a benchmark to gauge the market’s expectations for key metrics like earnings per share (EPS) and total revenue.
Earnings Per Share (EPS) represents the portion of a company’s profit that is allocated to each outstanding share of common stock. EPS is widely used by investors as an indicator of a company’s overall profitability.
The S&P 500 (Standard & Poor’s 500) is a stock market index weighted by market capitalization that is made up of 500 of the largest public companies in the United States. Covering approximately 80% of the total U.S. equity market value, it is widely considered the premier benchmark for the broader American economy.
The Russell 2000® Index is a stock market index that measures the performance of approximately 2,000 small-cap U.S. companies. The Russell 2000 represents the smallest two-thirds of the broader Russell 3000 Index and serves as a primary benchmark for tracking the health of smaller, domestically-focused American businesses.
The Russell 1000 Index tracks the performance of the 1,000 largest publicly traded companies in the U.S., representing a significant portion of the overall market capitalization of U.S. equities.
The Russell 1000® Value Index measures the performance of large-cap U.S. equities that exhibit value characteristics, selecting constituents from the Russell 1000 Index. It includes companies with relatively lower price-to-book ratios, lower forecast growth, and lower historical sales growth.
The Russell 1000® Growth Index measures the performance of US large cap growth stocks. The index includes US large cap stocks with relatively higher price-to-book ratios, higher 2-year I/B/E/S forecast growth and higher historical 5-year sales growth.
The Russell 2000® Value Index is a prominent U.S. stock market index that tracks the performance of 2,000 smaller companies in the broader Russell 3000 Index, offering a comprehensive view of the small-cap sector. It is not possible to invest directly in an index.
The Russell Reconstitution (commonly called the “Russell Rebalance” or” Russell Rebalancing”) is the massive, twice-yearly overhaul of the FTSE Russell family of stock indexes performed by the company FTSE Russell, most notably the Russell 1000 Index and the Russell 2000 Index. The Russell Rebalancing acts as a complete refresh of the U.S. equity market, adjusting the memberships, weightings, and size or style classifications (Growth versus Value) of thousands of companies.
North Square is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Information contained herein is as of July 14, 2026 and derives from third-party sources believed to be reliable by the Adviser. However the accuracy and completeness cannot be guaranteed. The opinions contained herein are of North Square as of the date of this publication and are subject to change without notice.
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Not FDIC Insured · May Lose Value · No Bank Guarantee