IPO vs. BERZ ETF Comparison

Comparison of Renaissance IPO ETF (IPO) to MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ)

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

$45.56

Average Daily Volume

29,456

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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

$14.33

Average Daily Volume

105,192

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	IPO	BERZ
30 Days	2.13%	-14.14%
60 Days	6.15%	-23.70%
90 Days	8.19%	-27.15%
12 Months	37.53%	-70.21%

0 Overlapping Holdings

	Symbol	Grade	Weight in IPO	Weight in BERZ	Overlap

IPO Overweight 17 Positions Relative to BERZ

Symbol	Grade	Weight
NU	C	9.95%
KVUE	A	9.28%
ARM	F	8.6%
RIVN	F	6.46%
CRBG	B	5.74%
GTLB	B	4.71%
TPG	A	3.62%
HCP	B	3.13%
GFS	C	2.72%
RDDT	A	2.19%
RBRK	A	1.62%
BRZE	C	1.56%
INFA	D	1.34%
BIRK	D	1.15%
FLNC	D	0.8%
BLCO	B	0.52%
ZK	D	0.4%

IPO Underweight 15 Positions Relative to BERZ

Symbol	Grade	Weight
TSLA	B	-6.67%
CRM	B	-6.67%
PANW	B	-6.67%
NVDA	B	-6.67%
NFLX	A	-6.67%
MU	D	-6.67%
INTC	C	-6.67%
GOOGL	C	-6.67%
AVGO	D	-6.67%
AMZN	C	-6.67%
AMD	F	-6.67%
ADBE	C	-6.67%
AAPL	C	-6.67%
MSFT	D	-6.67%
META	D	-6.67%