SPAX vs. FDNI ETF Comparison

Comparison of Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) to First Trust Dow Jones International Internet ETF (FDNI)

SPAX

Robinson Alternative Yield Pre-merger SPAC ETF

SPAX Description

The Robinson Alternative Yield Pre-Merger SPAC ETF (SPAX) is an actively managed exchange-trade fund (ETF) that invests in Special Purpose Acquisition Companies (SPACs), also known as blank check companies. SPAX seeks to provide total return while minimizing downside risk. SPAX invests primarily in equity securities, specifically units and shares of common stock and warrants of U.S.-listed SPACs. SPAX expects to invest the majority of its assets in SPACs which are small capitalization companies. The Fund intends to exit any SPAC units, common shares and warrants prior to the completion of a business combination, seeking to minimize downside risk.

Grade (RS Rating)

Last Trade

$20.27

Average Daily Volume

3,060

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FDNI

First Trust Dow Jones International Internet ETF

FDNI Description

The investment seeks the results that correspond generally to the price and yield (before the fund’s fees and expenses) of an equity index called the Dow Jones International Internet Index (the “index”). The fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the index. The index is developed, maintained and sponsored by S&P Dow Jones Indices LLC and is designed to measure the performance of securities of non-U.S. issuers whose primary business focus is Internet-related. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$28.06

Average Daily Volume

7,618

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	SPAX	FDNI
30 Days	0.41%	-0.30%
60 Days	0.45%	8.38%
90 Days	1.14%	12.04%
12 Months	1.77%	27.14%

0 Overlapping Holdings

	Symbol	Grade	Weight in SPAX	Weight in FDNI	Overlap

SPAX Overweight 18 Positions Relative to FDNI

Symbol	Grade	Weight
AOGO	B	2.97%
CNDA	B	2.87%
FLD	A	2.6%
TGAA	C	2.22%
CFFS	C	1.87%
ONYX	B	1.79%
PRLH	B	1.57%
IVCP	B	1.55%
BLEU	B	1.36%
GHIX	F	1.35%
GAQ	B	0.71%
IMAQ	C	0.56%
PWUP	D	0.43%
PPYA	D	0.28%
ROCL	B	0.24%
MSSA	A	0.19%
BRKH	A	0.12%
VMCA	C	0.03%

SPAX Underweight 13 Positions Relative to FDNI

Symbol	Grade	Weight
SHOP	B	-10.91%
BABA	D	-8.71%
PDD	F	-7.29%
SPOT	B	-5.98%
SE	B	-3.46%
CPNG	D	-2.69%
BIDU	F	-2.13%
XRX	F	-1.41%
WIX	B	-1.01%
TME	D	-0.66%
VIPS	F	-0.43%
BZ	F	-0.39%
MBAVU	D	-0.33%

SPAX: Top Represented Industries & Keywords

Industries: Shell Companies

Keywords: Mergers And Acquisitions Private Equity Special Purpose Acquisition Company Reverse Takeover Alec Gores Enterprise Software Financial Capital