IPO vs. ADPV ETF Comparison

Comparison of Renaissance IPO ETF (IPO) to Adaptiv Select ETF (ADPV)

IPO

Renaissance IPO ETF

IPO Description

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Renaissance IPO Index (the "index"). The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index, the Renaissance IPO Index. The remaining 20% may be used to purchase securities not in the index that are an appropriate substitute for certain securities in the index in order to track the index. The index is comprised of common stocks, American Depositary Receipts ("ADRs"), real estate investment trusts ("REITS") and master limited partnerships ("MLPs"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$46.12

Average Daily Volume

29,831

Number of Holdings ^*

* may have additional holdings in another (foreign) market

ADPV

Adaptiv Select ETF

ADPV Description

To achieve its investment objective of long-term capital appreciation, the fund will invest substantially all of its net assets in a portfolio of publicly-listed equity securities of U.S. large capitalization companies during broad U.S. equity market uptrends. The fund will primarily own common stocks, but may also invest in equity securities of REITS to the extent such REITS are among the 1,000 largest capitalized U.S.-listed stocks. It is non-diversified.

Grade (RS Rating)

Last Trade

$37.72

Average Daily Volume

6,580

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	IPO	ADPV
30 Days	5.01%	14.99%
60 Days	7.00%	17.87%
90 Days	9.52%	18.61%
12 Months	39.22%	60.39%

2 Overlapping Holdings

	Symbol	Grade	Weight in IPO	Weight in ADPV	Overlap
	CRBG	B	5.74%	3.28%	3.28%
	NU	C	9.95%	4.23%	4.23%

IPO Overweight 15 Positions Relative to ADPV

Symbol	Grade	Weight
KVUE	A	9.28%
ARM	D	8.6%
RIVN	F	6.46%
GTLB	B	4.71%
TPG	A	3.62%
HCP	B	3.13%
GFS	C	2.72%
RDDT	B	2.19%
RBRK	A	1.62%
BRZE	C	1.56%
INFA	D	1.34%
BIRK	D	1.15%
FLNC	C	0.8%
BLCO	D	0.52%
ZK	D	0.4%

IPO Underweight 23 Positions Relative to ADPV

Symbol	Grade	Weight
PLTR	B	-7.92%
APP	B	-6.12%
HOOD	B	-5.75%
PPC	C	-5.68%
HBAN	A	-5.31%
T	A	-4.74%
VIRT	B	-4.7%
AMCR	D	-4.61%
KEY	B	-4.53%
KMI	A	-3.92%
MDU	D	-3.65%
RF	A	-3.54%
MTG	C	-3.43%
VST	B	-3.39%
TOST	B	-3.29%
CPNG	D	-3.22%
OWL	A	-3.14%
HIW	D	-3.07%
AM	A	-2.76%
VKTX	F	-2.72%
GTES	A	-2.29%
EXEL	B	-1.94%
HAYW	B	-1.84%