IPO vs. KBE ETF Comparison

Comparison of Renaissance IPO ETF (IPO) to SPDR S&P Bank ETF (KBE)

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

$38.52

Average Daily Volume

51,952

Number of Holdings ^*

* may have additional holdings in another (foreign) market

KBE

SPDR S&P Bank ETF

KBE Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded national money centers and leading regional banks. In seeking to track the performance of the S&P Banks Select Industry Index (the "index"), the fund employs a replication strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the banks industry group of the S&P Total Market Index ("S&P TMI"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$46.39

Average Daily Volume

2,457,996

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	IPO	KBE
30 Days	-5.01%	1.93%
60 Days	-3.09%	5.86%
90 Days	9.84%	6.15%
12 Months	40.33%	50.17%

1 Overlapping Holdings

	Symbol	Grade	Weight in IPO	Weight in KBE	Overlap
	CRBG	A	2.24%	1.55%	1.55%

IPO Overweight 44 Positions Relative to KBE

Symbol	Grade	Weight
KVUE	D	9.85%
COIN	D	9.62%
NU	C	9.54%
APP	B	5.48%
HOOD	C	4.18%
ARM	F	3.87%
CNM	A	3.67%
PATH	D	2.73%
ONON	C	2.56%
BZ	A	2.42%
DUOL	A	2.41%
RIVN	F	2.26%
YMM	A	2.17%
CFLT	D	2.1%
PCOR	D	2.06%
S	D	1.91%
GTLB	F	1.86%
MNDY	D	1.74%
RYAN	D	1.74%
DV	D	1.57%
EDR	A	1.55%
GFS	D	1.4%
HCP	B	1.17%
TPG	C	1.16%
GLBE	F	1.14%
FRSH	F	1.09%
DOCS	F	0.99%
MQ	D	0.93%
BRZE	D	0.82%
DOCN	D	0.75%
SQSP	B	0.74%
NUVL	D	0.65%
AGL	F	0.54%
YOU	F	0.53%
INFA	D	0.51%
BROS	F	0.5%
DLO	F	0.48%
BIRK	D	0.42%
PYCR	F	0.42%
FLNC	B	0.36%
PWSC	F	0.36%
ACT	A	0.32%
BLCO	F	0.19%
INST	F	0.14%

IPO Underweight 90 Positions Relative to KBE

Symbol	Grade	Weight
JXN	A	-1.68%
FCNCA	B	-1.65%
EQH	A	-1.57%
C	A	-1.53%
BAC	B	-1.51%
WFC	B	-1.49%
PNC	A	-1.48%
CADE	B	-1.48%
OZK	B	-1.48%
BK	A	-1.47%
MTG	C	-1.47%
BPOP	A	-1.47%
RDN	C	-1.46%
JPM	B	-1.46%
APO	D	-1.46%
MTB	A	-1.46%
AX	A	-1.46%
PB	B	-1.45%
COOP	A	-1.45%
CFG	A	-1.45%
NTRS	C	-1.45%
CFR	C	-1.45%
ASB	A	-1.44%
FITB	A	-1.44%
TFC	A	-1.44%
WTFC	A	-1.44%
HBAN	A	-1.43%
RF	B	-1.42%
FHN	A	-1.41%
CMA	B	-1.41%
VOYA	C	-1.41%
ONB	A	-1.41%
EWBC	A	-1.41%
COLB	C	-1.39%
PNFP	C	-1.39%
VLY	D	-1.39%
ZION	A	-1.39%
KEY	C	-1.39%
WAL	C	-1.38%
USB	C	-1.35%
BANC	C	-1.35%
SSB	D	-1.34%
WBS	D	-1.33%
BKU	B	-1.32%
SNV	C	-1.31%
TCBI	B	-1.29%
NYCB	D	-1.28%
CBSH	A	-1.26%
ESNT	D	-1.23%
FNB	A	-1.19%
HOMB	A	-1.19%
GBCI	C	-1.18%
HWC	A	-1.06%
BOH	D	-1.02%
UBSI	D	-1.02%
WD	C	-1.02%
PFSI	A	-0.97%
FBP	A	-0.97%
ABCB	B	-0.93%
FIBK	B	-0.92%
UMBF	B	-0.84%
TBBK	F	-0.82%
FULT	A	-0.79%
UCBI	B	-0.79%
FHB	A	-0.76%
CVBF	D	-0.74%
NMIH	A	-0.71%
INDB	C	-0.69%
FFIN	C	-0.67%
CBU	C	-0.64%
BOKF	A	-0.64%
WSFS	A	-0.62%
PPBI	D	-0.58%
IBOC	A	-0.55%
SFBS	C	-0.53%
SBCF	C	-0.5%
EBC	C	-0.49%
HTH	C	-0.48%
CATY	D	-0.47%
AUB	C	-0.46%
WAFD	B	-0.44%
BANR	B	-0.42%
SFNC	D	-0.42%
IBTX	D	-0.42%
FRME	B	-0.39%
TRMK	A	-0.39%
FFBC	A	-0.38%
RNST	C	-0.34%
LKFN	D	-0.3%
WSBC	D	-0.25%