MNA vs. FOVL ETF Comparison

Comparison of IQ Merger Arbitrage ETF (MNA) to iShares Focused Value Factor ETF (FOVL)

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

$32.77

Average Daily Volume

48,164

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FOVL

iShares Focused Value Factor ETF

FOVL Description

The investment seeks to track the to track the investment results of the Focused Value Select Index, which is an objective, rules-based, equal-weighted equity index provided by FTSE Russell. The underlying index measures the performance of large- and mid-capitalization U.S. companies with prominent value factor characteristics, as determined by Russell. The fund generally will invest at least 90% of its assets in the component securities of the underlying index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents. It is non-diversified.

Grade (RS Rating)

Last Trade

$73.57

Average Daily Volume

2,250

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MNA	FOVL
30 Days	-0.36%	5.56%
60 Days	-0.40%	9.08%
90 Days	0.52%	12.44%
12 Months	6.64%	44.84%

1 Overlapping Holdings

	Symbol	Grade	Weight in MNA	Weight in FOVL	Overlap
	DFS	B	8.65%	3.0%	3.0%

MNA Overweight 43 Positions Relative to FOVL

Symbol	Grade	Weight
CTLT	C	5.63%
JNPR	D	4.99%
HCP	B	4.36%
FYBR	C	3.64%
MRO	B	3.51%
SMAR	A	3.2%
ALTR	B	3.12%
BALY	A	2.82%
ALE	A	2.69%
ENV	B	2.59%
K	A	2.47%
AXNX	A	2.39%
AY	A	2.1%
B	A	2.08%
IBTX	B	2.04%
RCM	A	2.01%
SPR	D	1.97%
INFN	D	1.72%
NAPA	A	1.6%
EVRI	A	1.59%
SASR	B	1.5%
VZIO	A	1.31%
HTLF	B	1.25%
FBMS	B	1.19%
ZUO	B	1.18%
AGS	A	0.84%
HAYN	A	0.77%
PFC	B	0.65%
GATO	C	0.41%
CFB	B	0.4%
PGRU	A	0.35%
RVNC	F	0.32%
SRDX	B	0.27%
BUSE	B	-0.42%
WSBC	B	-0.66%
RNST	B	-1.2%
CDE	C	-1.2%
UMBF	B	-1.28%
AUB	B	-1.5%
BA	F	-1.63%
SSB	B	-2.03%
IP	A	-4.24%
COF	C	-9.37%

MNA Underweight 39 Positions Relative to FOVL

Symbol	Grade	Weight
FHN	A	-3.03%
MTB	A	-2.84%
FHB	B	-2.82%
FNB	A	-2.81%
NTRS	A	-2.81%
CMA	B	-2.77%
JHG	B	-2.77%
BAC	A	-2.74%
ALK	B	-2.7%
PNC	B	-2.7%
ETR	B	-2.69%
RF	A	-2.66%
WTM	A	-2.65%
OZK	B	-2.65%
USB	A	-2.63%
FITB	B	-2.61%
HPE	B	-2.52%
CMCSA	B	-2.5%
OGE	A	-2.5%
VOYA	B	-2.49%
AXS	A	-2.49%
PNW	A	-2.43%
EVRG	A	-2.43%
PFG	D	-2.4%
PRGO	C	-2.38%
AVT	C	-2.36%
MET	A	-2.36%
D	C	-2.34%
CNA	C	-2.34%
MTG	C	-2.31%
RNR	C	-2.29%
UGI	C	-2.25%
RPRX	D	-2.18%
BG	D	-2.14%
VZ	C	-2.13%
CWEN	C	-2.08%
ADM	D	-2.04%
CRI	F	-1.91%
CNXC	F	-1.88%