MNA vs. BOUT ETF Comparison

Comparison of IQ Merger Arbitrage ETF (MNA) to Innovator IBD Breakout Opportunities ETF (BOUT)

MNA

IQ Merger Arbitrage ETF

MNA Description

The investment seeks investment results that correspond generally to the price and yield performance of its underlying index, the IQ Merger Arbitrage Index. The fund employs a "passive management" to track the performance of the underlying index, which was developed by Financial Development Holdco LLC ("IndexIQ"). The underlying index seeks to employ a systematic investment process designed to identify opportunities in companies whose equity securities trade in developed markets, including the U.S., and which are involved in announced mergers, acquisitions and other buyout-related transactions. It is non-diversified.

Grade (RS Rating)

Last Trade

$30.80

Average Daily Volume

52,500

Number of Holdings ^*

* may have additional holdings in another (foreign) market

BOUT

Innovator IBD Breakout Opportunities ETF

BOUT Description

The investment seeks to track, before fees and expenses, the performance of the IBD® Breakout Stocks Index (the "index"). The fund will normally invest at least 80% of its net assets (including investment borrowings) in the equity securities that comprise the index. The index seeks to provide opportunistic investment exposure to those stocks with the potential to "break out," or experience a period of sustained price growth beyond the stock's recent "resistance level," with consideration for various market conditions. The fund is non-diversified. BOUT uses technical analysis to find stocks that are likely to breakout. The funds index relies on an algorithm that establishes a base price (a recent high) for each eligible security. The index then follows the trend for each stock. Selected stocks are ranked by a combination of relative strength and fundamental factors, and then weighted in fixed tiers according to this ranking. In addition, BOUT will move 50% of its portfolio into T-bills based on market signals: a rapid increase in either margin debt or overall stock prices, combined with slowing reversing momentum in the S&P 500. The T-bill position will remain in place until the S&P 500 falls by 50% or show indications of rising momentum. BOUT is rebalanced and reconstituted weekly after the close on Friday. The frequent rebalance schedule means the fund will be highly responsive to the technical factors that drive its strategy, but could also experience high turnover.

Grade (RS Rating)

Last Trade

$33.41

Average Daily Volume

2,194

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MNA	BOUT
30 Days	-1.88%	-7.23%
60 Days	-1.60%	-4.07%
90 Days	-1.88%	1.18%
12 Months	-1.61%	10.91%

0 Overlapping Holdings

	Symbol	Grade	Weight in MNA	Weight in BOUT	Overlap

MNA Overweight 32 Positions Relative to BOUT

Symbol	Grade	Weight
PXD	A	7.33%
HES	A	7.07%
X	F	6.79%
ANSS	C	6.42%
DFS	A	6.26%
ETRN	A	5.74%
CTLT	D	5.56%
JNPR	D	4.99%
MDC	A	4.46%
CPRI	F	4.23%
CERE	C	2.78%
AMED	D	2.65%
SIX	F	2.49%
FUSN	A	2.47%
AXNX	C	2.38%
DOOR	A	2.12%
OLK	D	1.82%
MGRC	D	1.11%
VZIO	C	1.1%
SRCL	C	0.86%
HAYN	A	0.8%
SP	C	0.76%
EVBG	A	0.74%
HA	D	0.63%
INBX	D	0.61%
NS	C	0.59%
NWLI	A	0.52%
KAMN	A	0.49%
NGMS	A	0.42%
TAST	A	0.37%
XT	D	-0.24%
XOP	A	-6.49%

MNA Underweight 59 Positions Relative to BOUT

Symbol	Grade	Weight
FTI	A	-3.47%
KSPI	A	-3.34%
AZEK	D	-3.2%
MSDL	A	-3.17%
TBBB	D	-3.16%
BLDR	C	-3.16%
HEAR	B	-3.15%
TXRH	A	-3.14%
LEN	C	-3.13%
WING	A	-3.09%
HUBS	A	-2.97%
GPS	D	-2.84%
IBKR	A	-2.8%
CELH	D	-2.8%
XYL	A	-2.75%
JPM	B	-2.73%
SAP	B	-2.72%
FROG	C	-2.7%
DUOL	B	-2.7%
PCOR	D	-2.63%
APPF	D	-2.61%
IOT	B	-2.48%
GOOGL	A	-1.87%
GOOG	A	-1.87%
CRM	D	-1.85%
PCAR	D	-1.82%
RCL	A	-1.81%
IRM	B	-1.81%
SHAK	C	-1.8%
FOR	D	-1.8%
AXP	A	-1.8%
ERJ	A	-1.77%
CROX	C	-1.72%
SEMR	B	-0.93%
PWR	A	-0.93%
NTAP	B	-0.93%
GVA	A	-0.92%
ERIE	C	-0.92%
URI	C	-0.91%
TOL	B	-0.89%
ISRG	D	-0.89%
RL	C	-0.85%
KNSL	C	-0.78%
ELF	C	-0.76%
WAB	A	-0.35%
SKWD	B	-0.35%
PSTG	B	-0.35%
NVDA	D	-0.35%
ANET	D	-0.35%
WMS	C	-0.34%
PLTR	D	-0.34%
KKR	C	-0.34%
OKTA	D	-0.33%
LRN	B	-0.33%
FIHL	A	-0.33%
DFH	D	-0.33%
ASML	D	-0.33%
TREX	D	-0.32%
RYAN	C	-0.32%