BERZ vs. FPAG ETF Comparison

Comparison of MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ) to FPA Global Equity ETF (FPAG)

BERZ

MicroSectors FANG & Innovation -3x Inverse Leveraged ETN

BERZ Description

BERZ provides daily -3x inverse exposure to an index of FANG and technology companies that meet certain requirements. The fund will consistently comprise eight core components (Alphabet, Amazon, Apple, Facebook, Microsoft, Netflix, NVIDIA, and Tesla) and include seven companies determined through a selection methodology. Eligible securities must be listed on a US exchange, classified in the technology sector, and have a market cap of at least 10 billion USD. Selection will begin with ranking the securities by market cap and selecting the 30 largest companies which will then be sorted by 12-month average daily value traded. The top seven stocks will complete the index along with the eight core components and are then equally weighted. The index is rebalanced monthly and reconstituted quarterly. As a leveraged inverse product with -3x factor that resets daily, BERZ is not a buy-and-hold investment and should not be expected to provide index leverage return greater than a one day period.

Grade (RS Rating)

Last Trade

$21.10

Average Daily Volume

130,735

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FPAG

FPA Global Equity ETF

FPAG Description

Although the adviser has adopted a policy to invest at least 80% of its assets in equity securities, the adviser expects to invest, under normal circumstances, at least 95% of the fund?s assets in equity securities. The fund invests primarily in publicly traded common stocks of mid- and large-cap U.S. and non-U.S. companies, including companies in emerging market countries. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$30.00

Average Daily Volume

13,716

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BERZ	FPAG
30 Days	9.95%	-0.45%
60 Days	4.15%	0.38%
90 Days	3.69%	1.54%
12 Months	-68.65%	23.54%

5 Overlapping Holdings

Symbol	Grade	Weight in BERZ	Weight in FPAG	Overlap
AMZN	C	6.67%	3.39%	3.39%
AVGO	C	6.67%	2.26%	2.26%
GOOGL	D	6.67%	6.38%	6.38%
META	A	6.67%	5.35%	5.35%
NFLX	B	6.67%	0.66%	0.66%

BERZ Overweight 10 Positions Relative to FPAG

Symbol	Grade	Weight
TSLA	C	6.67%
CRM	D	6.67%
PANW	D	6.67%
NVDA	D	6.67%
MU	F	6.67%
INTC	F	6.67%
AMD	F	6.67%
ADBE	D	6.67%
AAPL	D	6.67%
MSFT	C	6.67%

BERZ Underweight 20 Positions Relative to FPAG

Symbol	Grade	Weight
ADI	D	-5.13%
C	D	-4.88%
CMCSA	D	-4.78%
TEL	D	-4.58%
GOOG	D	-4.17%
IFF	B	-3.84%
WFC	D	-3.66%
AON	B	-2.69%
NXPI	D	-2.21%
KMX	D	-1.85%
CHTR	D	-1.75%
KMI	A	-1.72%
MAR	C	-1.69%
FE	C	-1.49%
HWM	B	-1.29%
ICLR	D	-1.26%
WAB	A	-1.23%
UBER	C	-1.16%
BABA	C	-0.29%
PCG	C	-0.21%