CAMX vs. MRGR ETF Comparison

Comparison of The Advisors? Inner Circle Fund Cambiar Aggressive Value ETF (CAMX) to ProShares Merger ETF (MRGR)

CAMX

The Advisors? Inner Circle Fund Cambiar Aggressive Value ETF

CAMX Description

Under normal circumstances, the fund primarily invests in equity securities of companies located in the United States. The fund typically invests in a portfolio of 20-30 issuers that Cambiar Investors, the fund"s investment adviser, believes represent the best opportunities for long-term capital appreciation. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$30.26

Average Daily Volume

311

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

$42.09

Average Daily Volume

792

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CAMX	MRGR
30 Days	1.56%	0.12%
60 Days	3.04%	0.60%
90 Days	2.19%	1.82%
12 Months	21.57%	7.37%

0 Overlapping Holdings

	Symbol	Grade	Weight in CAMX	Weight in MRGR	Overlap

CAMX Overweight 24 Positions Relative to MRGR

Symbol	Grade	Weight
DAL	B	6.92%
CME	B	5.18%
AL	B	5.05%
BMY	B	4.65%
LH	B	4.59%
CMCSA	B	4.29%
MDT	D	4.19%
GOOGL	C	4.11%
TXN	C	4.0%
ET	A	3.9%
PPG	F	3.63%
UNP	C	3.28%
DEO	F	3.25%
ELV	F	3.01%
ABNB	C	2.94%
UBER	F	2.86%
CNC	D	2.78%
CVX	A	2.53%
CTVA	C	2.32%
EL	F	2.23%
GS	A	2.01%
WAT	C	1.96%
AXP	A	1.57%
AMAT	F	1.25%

CAMX Underweight 29 Positions Relative to MRGR

Symbol	Grade	Weight
HTLF	B	-3.58%
DFS	B	-3.14%
IBTX	B	-3.02%
SASR	B	-2.81%
EDR	A	-2.53%
INFN	D	-2.5%
LBPH	A	-2.43%
EVRI	A	-2.42%
NAPA	A	-2.42%
B	A	-2.41%
SMAR	B	-2.41%
ROIC	A	-2.41%
ALTR	B	-2.4%
ATSG	B	-2.4%
ZUO	B	-2.39%
K	A	-2.37%
RCM	A	-2.37%
ENV	B	-2.37%
CDMO	A	-2.36%
ANSS	B	-2.32%
ALE	A	-2.31%
HCP	B	-2.3%
MRO	B	-2.28%
LBRDK	C	-2.25%
CTLT	C	-2.2%
JNPR	D	-2.14%
SPR	D	-2.11%
CHX	C	-1.8%
RVNC	F	-1.42%