VFMV vs. MNA ETF Comparison

Comparison of Vanguard U.S. Minimum Volatility ETF (VFMV) to IQ Merger Arbitrage ETF (MNA)

VFMV

Vanguard U.S. Minimum Volatility ETF

VFMV Description

The investment seeks to provide long-term capital appreciation with lower volatility relative to the broad U.S. equity market. The fund invests primarily in a group of U.S. common stocks that together are deemed by the advisor to have the potential to generate lower volatility relative to the broad U.S. equity market. The portfolio will include a diverse mix of companies representing many different market sectors and industry groups. Under normal circumstances, at least 80% of the fund's assets will be invested in securities issued by U.S. companies.

Grade (RS Rating)

Last Trade

$121.10

Average Daily Volume

7,210

Number of Holdings ^*

146

* may have additional holdings in another (foreign) market

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

$32.93

Average Daily Volume

40,856

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	VFMV	MNA
30 Days	0.83%	0.77%
60 Days	3.76%	2.55%
90 Days	6.93%	4.21%
12 Months	27.18%	5.44%

2 Overlapping Holdings

	Symbol	Grade	Weight in VFMV	Weight in MNA	Overlap
	INST	D	0.83%	2.62%	0.83%
	K	A	0.4%	1.9%	0.4%

VFMV Overweight 144 Positions Relative to MNA

Symbol	Grade	Weight
CVLT	B	1.63%
NTAP	D	1.57%
TJX	C	1.56%
TMUS	B	1.56%
TXN	B	1.54%
ROP	C	1.5%
MCK	F	1.5%
PGR	C	1.49%
VECO	F	1.49%
EA	D	1.48%
WMT	B	1.47%
WM	D	1.46%
CSCO	B	1.46%
JNJ	C	1.46%
PG	C	1.45%
LMT	A	1.44%
GD	C	1.43%
MUSA	D	1.43%
XOM	D	1.42%
ADI	C	1.42%
KEX	C	1.4%
RSG	D	1.39%
MRK	F	1.39%
IDT	C	1.35%
ABBV	B	1.34%
ORLY	B	1.33%
DUK	B	1.31%
IBM	B	1.31%
CHD	C	1.28%
REGN	D	1.27%
NOC	B	1.27%
MCD	B	1.24%
FCN	C	1.21%
VZ	A	1.2%
CME	B	1.19%
IDCC	B	1.14%
CBOE	C	1.13%
DLB	D	1.06%
LRN	B	1.05%
CL	C	1.05%
DOX	C	1.03%
GIS	B	0.98%
WMB	C	0.97%
HSTM	D	0.97%
MGEE	C	0.96%
LLY	D	0.92%
GILD	B	0.89%
GOOGL	D	0.87%
CRUS	D	0.86%
SAFT	D	0.86%
GPOR	C	0.85%
UNH	C	0.85%
NSIT	C	0.83%
CHE	C	0.81%
LAUR	C	0.79%
NABL	F	0.78%
BLKB	C	0.78%
CVX	F	0.77%
CAH	C	0.75%
WTM	F	0.75%
HPQ	C	0.72%
AVGO	C	0.71%
GOOG	D	0.7%
OSIS	C	0.7%
QCOM	D	0.69%
AMGN	D	0.64%
AAPL	C	0.64%
YELP	D	0.63%
MCS	B	0.61%
META	B	0.6%
INSW	C	0.55%
MATX	B	0.54%
PBH	C	0.52%
ED	B	0.51%
T	B	0.51%
NEU	D	0.49%
FLO	C	0.47%
KO	B	0.46%
MSFT	C	0.45%
FANG	F	0.45%
HSY	D	0.45%
V	C	0.44%
AJG	D	0.43%
TRV	C	0.43%
THFF	D	0.42%
AZO	B	0.42%
WEC	B	0.39%
MDLZ	C	0.39%
RLI	B	0.36%
NVEC	D	0.35%
OLLI	C	0.34%
AMSF	C	0.34%
JBSS	F	0.33%
RTX	B	0.33%
CASS	D	0.32%
BMY	C	0.31%
ROL	C	0.29%
LDOS	A	0.29%
BRK.A	C	0.29%
IMMR	D	0.28%
MO	C	0.28%
MTSI	C	0.26%
LOPE	D	0.25%
KMI	C	0.24%
EBF	C	0.24%
EQC	D	0.24%
ACN	C	0.23%
EXEL	C	0.23%
JJSF	B	0.23%
OLED	D	0.19%
SPOK	C	0.19%
DECK	C	0.19%
SPNS	D	0.17%
QNST	C	0.15%
PSX	F	0.14%
AMAT	D	0.13%
DGICA	C	0.12%
TNK	D	0.12%
AMZN	C	0.11%
CLBK	D	0.1%
DJCO	C	0.1%
DTM	C	0.1%
KLAC	D	0.09%
CNXN	B	0.08%
CB	B	0.08%
LRCX	D	0.08%
KMB	C	0.07%
GLRE	C	0.06%
PEP	D	0.06%
LANC	F	0.06%
REYN	C	0.06%
UNM	B	0.06%
ATR	B	0.05%
SFL	D	0.05%
EIG	C	0.04%
DTE	A	0.04%
MU	D	0.04%
AKAM	D	0.04%
VRTX	D	0.04%
NBIX	F	0.04%
CNA	D	0.04%
SPOT	C	0.03%
CMS	B	0.03%
MSI	B	0.03%

VFMV Underweight 47 Positions Relative to MNA

Symbol	Grade	Weight
DFS	C	-6.74%
CTLT	B	-5.71%
JNPR	A	-5.05%
HCP	A	-4.32%
MRO	D	-3.16%
SHV	B	-2.91%
BALY	C	-2.73%
SRCL	B	-2.65%
ALE	A	-2.6%
SQSP	B	-2.59%
ENV	C	-2.56%
AXNX	B	-2.34%
CHX	F	-2.26%
PWSC	C	-2.26%
PRFT	B	-2.0%
IBTX	C	-1.82%
INFN	B	-1.72%
AY	B	-1.64%
SPR	D	-1.63%
RCM	C	-1.6%
EVRI	B	-1.52%
SRCL	B	-1.26%
VZIO	B	-1.25%
TELL	C	-1.21%
FBMS	C	-1.01%
HTLF	C	-0.86%
AGS	D	-0.76%
HAYN	D	-0.74%
PETQ	B	-0.68%
AAN	C	-0.63%
CHUY	C	-0.44%
PFC	D	-0.41%
CFB	D	-0.3%
RVNC	D	-0.28%
SRDX	D	-0.27%
PGRU	A	-0.27%
CLF	F	--0.23%
BUSE	D	--0.3%
FA	B	--0.4%
WSBC	D	--0.41%
UMBF	C	--0.88%
RNST	D	--1.02%
BA	F	--1.38%
SSB	C	--1.85%
SLB	F	--2.3%
IP	C	--3.71%
COF	B	--7.42%