BUSA vs. MRGR ETF Comparison

Comparison of Brandes U.S. Value ETF (BUSA) to ProShares Merger ETF (MRGR)

BUSA

Brandes U.S. Value ETF

BUSA Description

The fund is an actively managed exchange-traded fund ("ETF") that seeks to attain its investment objective by investing primarily in equity securities of U.S. companies. Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes), measured at the time of purchase, in securities of U.S. companies.

Grade (RS Rating)

Last Trade

$29.67

Average Daily Volume

28,935

Number of Holdings ^*

* may have additional holdings in another (foreign) market

MRGR

ProShares Merger ETF

MRGR Description

The investment seeks investment results, before fees and expenses, that track the performance of the S&P Merger Arbitrage Index (the "index"). The fund is designed to track the performance of the index and provide exposure to a global merger arbitrage strategy. The index, and by extension the fund, seeks to produce consistent, positive returns in virtually all market environments, although there are no assurances it will achieve this result. The fund is non-diversified. The index seeks to provide a risk arbitrage strategy that exploits commonly observed price changes associated with a global selection of publicly announced mergers, acquisitions and other corporate reorganizations. Historically, the index has exhibited market neutral characteristics, lower volatility compared to the S&P 500, and a low correlation to S&P 500 returns.

Grade (RS Rating)

Last Trade

$40.38

Average Daily Volume

826

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BUSA	MRGR
30 Days	-0.54%	0.69%
60 Days	-0.10%	0.76%
90 Days	-2.75%	0.05%
12 Months		7.06%

0 Overlapping Holdings

	Symbol	Grade	Weight in BUSA	Weight in MRGR	Overlap

BUSA Overweight 10 Positions Relative to MRGR

Symbol	Grade	Weight
CVX	D	3.7%
BAC	B	3.07%
WFC	C	2.97%
GOOG	A	2.8%
HAL	F	2.75%
MRK	C	2.71%
FI	C	2.67%
CMCSA	F	2.55%
FLEX	D	2.48%
DOX	D	2.42%

BUSA Underweight 32 Positions Relative to MRGR

Symbol	Grade	Weight
WRK	C	-3.22%
EVBG	B	-2.99%
ETRN	D	-2.86%
HTLF	B	-2.56%
EDR	A	-2.53%
AIRC	A	-2.52%
MODN	B	-2.5%
SBOW	B	-2.49%
PRFT	B	-2.49%
HCP	A	-2.48%
SILK	B	-2.47%
HIBB	A	-2.47%
DFS	B	-2.46%
DO	C	-2.46%
AMK	B	-2.46%
SQSP	B	-2.45%
WIRE	A	-2.44%
MRO	B	-2.43%
ALE	C	-2.43%
ANSS	C	-2.4%
SRCL	B	-2.39%
AXNX	B	-2.38%
SLCA	B	-2.37%
JNPR	B	-2.32%
CTLT	B	-2.28%
IBTX	B	-2.27%
CERE	C	-2.26%
HES	D	-2.17%
MGRC	D	-2.08%
CHX	C	-2.07%
HA	C	-2.07%
X	C	-1.82%