BERZ vs. SMH ETF Comparison

Comparison of MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ) to Market Vectors Semiconductor ETF (SMH)

BERZ

MicroSectors FANG & Innovation -3x Inverse Leveraged ETN

BERZ Description

BERZ provides daily -3x inverse exposure to an index of FANG and technology companies that meet certain requirements. The fund will consistently comprise eight core components (Alphabet, Amazon, Apple, Facebook, Microsoft, Netflix, NVIDIA, and Tesla) and include seven companies determined through a selection methodology. Eligible securities must be listed on a US exchange, classified in the technology sector, and have a market cap of at least 10 billion USD. Selection will begin with ranking the securities by market cap and selecting the 30 largest companies which will then be sorted by 12-month average daily value traded. The top seven stocks will complete the index along with the eight core components and are then equally weighted. The index is rebalanced monthly and reconstituted quarterly. As a leveraged inverse product with -3x factor that resets daily, BERZ is not a buy-and-hold investment and should not be expected to provide index leverage return greater than a one day period.

Grade (RS Rating)

Last Trade

$17.08

Average Daily Volume

126,302

Number of Holdings ^*

* may have additional holdings in another (foreign) market

SMH

Market Vectors Semiconductor ETF

SMH Description

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors US Listed Semiconductor 25 Index (the "Semiconductor Index"). The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The Semiconductor Index is comprised of common stocks and depositary receipts of U.S. exchange-listed companies in the semiconductor industry. Such companies may include medium-capitalization companies and foreign companies that are listed on a U.S. exchange. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$247.74

Average Daily Volume

8,944,078

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BERZ	SMH
30 Days	-20.41%	2.84%
60 Days	-22.19%	3.83%
90 Days	-13.52%	-4.97%
12 Months	-77.47%	71.70%

5 Overlapping Holdings

Symbol	Grade	Weight in BERZ	Weight in SMH	Overlap
AMD	C	6.67%	5.4%	5.4%
AVGO	C	6.67%	9.1%	6.67%
INTC	D	6.67%	3.35%	3.35%
MU	D	6.67%	3.22%	3.22%
NVDA	C	6.67%	20.55%	6.67%

BERZ Overweight 10 Positions Relative to SMH

Symbol	Grade	Weight
TSLA	C	6.67%
CRM	C	6.67%
PANW	D	6.67%
NFLX	B	6.67%
GOOGL	D	6.67%
AMZN	C	6.67%
ADBE	F	6.67%
AAPL	C	6.67%
MSFT	C	6.67%
META	B	6.67%

BERZ Underweight 20 Positions Relative to SMH

Symbol	Grade	Weight
TSM	C	-14.32%
TXN	B	-5.1%
ASML	F	-4.13%
ADI	C	-4.06%
AMAT	D	-4.04%
QCOM	D	-3.91%
KLAC	D	-3.64%
LRCX	D	-3.6%
SNPS	F	-2.8%
CDNS	D	-2.61%
MRVL	D	-1.95%
NXPI	D	-1.88%
MCHP	D	-1.42%
MPWR	B	-1.38%
ON	D	-0.85%
STM	F	-0.81%
TER	C	-0.63%
SWKS	F	-0.54%
OLED	D	-0.36%
QRVO	F	-0.34%