RULE vs. DFND ETF Comparison

Comparison of Adaptive Core ETF (RULE) to Realty Shares DIVCON Dividend Defender ETF (DFND)

RULE

Adaptive Core ETF

RULE Description

Adaptive Core ETF seeks current income. The fund invests in individual equity securities without regard to market capitalization and ETFs that invest in equity securities of any market capitalization including convertible equity securities and fixed income ETFs. The fund’s portfolio may hold securities from issuers of any market capitalization, credit quality, maturity, or country. Fixed income securities may include securities with credit quality below investment grade (commonly referred to as “junk bond” credit quality).

Grade (RS Rating)

Last Trade

$21.75

Average Daily Volume

6,170

Number of Holdings ^*

* may have additional holdings in another (foreign) market

DFND

Realty Shares DIVCON Dividend Defender ETF

DFND Description

The investment seeks long-term capital appreciation by tracking the performance, before fees and expenses, of the Reality Shares DIVCON Dividend Defender Index. The index is designed to select the companies for a long position that have the highest probability of increasing their dividend in a 12-month period and select the companies for a short position that have the highest probability of decreasing their dividend in a 12-month period. Under normal circumstances, at least 80% of the fund's assets (other than collateral held from securities lending, if any) will be invested in component securities of the benchmark index. It is non-diversified.

Grade (RS Rating)

Last Trade

$42.27

Average Daily Volume

647

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	RULE	DFND
30 Days	0.14%	-1.30%
60 Days	-1.13%	12.34%
90 Days	3.97%	6.99%
12 Months	19.48%	15.77%

3 Overlapping Holdings

Symbol	Grade	Weight in RULE	Weight in DFND	Overlap
AON	A	2.93%	1.45%	1.45%
INTU	D	2.7%	0.68%	0.68%
VRSK	B	2.62%	2.28%	2.28%

RULE Overweight 33 Positions Relative to DFND

Symbol	Grade	Weight
BIL	A	4.41%
JPST	B	4.39%
VEEV	B	3.43%
NOW	A	3.4%
ISRG	B	3.35%
CRM	A	3.3%
APO	B	3.11%
EQIX	B	3.1%
XLG	B	3.09%
SPHQ	C	3.09%
FCNCA	C	3.08%
ZS	C	2.97%
IWF	B	2.94%
SPGI	D	2.92%
CPAY	B	2.89%
BK	B	2.88%
CAH	B	2.88%
IRM	B	2.78%
HD	B	2.73%
RMD	A	2.72%
PGR	D	2.69%
URI	B	2.62%
NFLX	A	2.55%
IBM	C	2.54%
WMT	A	2.48%
REGN	F	2.48%
FTNT	B	2.41%
PAYX	B	2.24%
GPN	D	2.22%
VRT	B	2.22%
ADBE	F	1.93%
ARES	B	1.91%
BLDR	F	0.0%

RULE Underweight 68 Positions Relative to DFND

Symbol	Grade	Weight
CTAS	B	-2.53%
KLAC	F	-2.51%
V	A	-2.48%
SNA	A	-2.43%
PG	D	-2.32%
MCD	C	-2.21%
LMT	D	-2.19%
NDSN	D	-2.18%
SHW	D	-2.11%
GWW	A	-2.1%
FDS	B	-2.09%
PHM	D	-2.07%
BRO	B	-2.07%
MPC	F	-2.06%
MPWR	F	-2.02%
CMI	B	-1.9%
MCO	D	-1.81%
PPG	F	-1.81%
MSI	B	-1.77%
MA	B	-1.74%
ETN	B	-1.67%
DHI	D	-1.63%
ITW	A	-1.63%
ALLE	C	-1.62%
AMAT	F	-1.57%
ROK	B	-1.54%
ADI	C	-1.47%
CSCO	B	-1.46%
CB	C	-1.44%
J	D	-1.43%
HSY	F	-1.39%
HON	B	-1.39%
CBOE	B	-1.36%
MSCI	C	-1.31%
HUBB	B	-1.29%
CME	B	-1.27%
LIN	C	-1.27%
MMC	D	-1.23%
AOS	F	-1.17%
COST	D	-1.17%
CMCSA	A	-1.1%
LW	B	-1.09%
FAST	A	-1.05%
MSFT	D	-1.0%
AAPL	C	-0.97%
GL	C	-0.96%
ALB	C	-0.93%
AVGO	B	-0.88%
MLM	A	-0.77%
ODFL	A	-0.75%
BR	C	-0.72%
ACN	C	-0.35%
MCHP	F	-0.1%
PPL	C	--0.21%
PARA	C	--0.31%
APA	F	--0.9%
VFC	A	--0.93%
INTC	C	--0.95%
DVN	F	--1.13%
NWS	A	--1.71%
LUV	A	--1.76%
SW	A	--2.0%
IP	A	--2.01%
FCX	D	--2.07%
T	A	--2.22%
F	D	--2.42%
CNP	C	--2.55%
D	B	--3.22%