IPO vs. DDIV ETF Comparison

Comparison of Renaissance IPO ETF (IPO) to First Trust Dorsey Wright Momentum & Dividend ETF (DDIV)

IPO

Renaissance IPO ETF

IPO Description

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Renaissance IPO Index (the "index"). The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index, the Renaissance IPO Index. The remaining 20% may be used to purchase securities not in the index that are an appropriate substitute for certain securities in the index in order to track the index. The index is comprised of common stocks, American Depositary Receipts ("ADRs"), real estate investment trusts ("REITS") and master limited partnerships ("MLPs"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$40.94

Average Daily Volume

23,500

Number of Holdings ^*

* may have additional holdings in another (foreign) market

DDIV

First Trust Dorsey Wright Momentum & Dividend ETF

DDIV Description

The First Trust Dorsey Wright Momentum & Dividend ETF, formerly the First Trust RBA Quality Income ETF, seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Dorsey Wright Momentum Plus Dividend Yield Index (the "Index"). Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund's investment advisor seeks a correlation of 0.95 or better (before fees and expenses) between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Index is owned and was developed by Nasdaq, Inc. (the "Index Provider"). The Dorsey Wright Momentum Plus Dividend Yield Index is a rules-based equity index that is designed to track the overall performance of the 50 highest dividend yielding stocks within the NASDAQ US Large Mid Cap Index that maintain high levels of relative strength. To construct the index, Dorsey, Wright & Associates (DWA) begins with the eligible constituents of the NASDAQ US Large Mid Cap Index. These eligible constituents are determined after meeting certain criteria, including maintaining a minimum average daily dollar volume of $1 million for the 30-day period prior to evaluation. Each security is assigned a relative strength score based on its forward price momentum compared to the momentum of a broad market benchmark index. Securities that exhibit a minimum level of relative strength are eligible for inclusion in the index. Eligible securities are then ranked based upon their current dividend yield, and the top 50 securities with the highest dividend yield are selected for inclusion in the index. The securities are then weighted, with greater weights given to securities with higher dividend yields. The index is reconstituted and rebalanced quarterly.

Grade (RS Rating)

Last Trade

$33.31

Average Daily Volume

10,985

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	IPO	DDIV
30 Days	2.94%	-0.07%
60 Days	4.73%	1.26%
90 Days	1.99%	-0.79%
12 Months	26.42%	21.93%

1 Overlapping Holdings

	Symbol	Grade	Weight in IPO	Weight in DDIV	Overlap
	CRBG	C	3.69%	3.0%	3.0%

IPO Overweight 27 Positions Relative to DDIV

Symbol	Grade	Weight
NU	B	10.57%
KVUE	F	9.8%
ARM	A	9.05%
HOOD	B	7.44%
RIVN	C	5.9%
ONON	C	4.79%
CNM	D	4.03%
DUOL	F	3.79%
RYAN	B	2.96%
GTLB	C	2.9%
GFS	C	2.47%
S	C	2.36%
BROS	B	1.91%
TPG	D	1.74%
HCP	A	1.6%
FRSH	D	1.27%
NUVL	C	1.21%
BRZE	D	0.98%
INFA	B	0.98%
RDDT	B	0.8%
BIRK	B	0.68%
PWSC	B	0.66%
FLNC	F	0.57%
ACT	C	0.44%
RBRK	C	0.35%
BLCO	F	0.3%
INST	B	0.26%

IPO Underweight 49 Positions Relative to DDIV

Symbol	Grade	Weight
STWD	D	-5.17%
OMF	D	-4.96%
SPG	C	-4.1%
OKE	B	-3.99%
LAMR	B	-3.68%
IRM	B	-3.08%
STX	B	-3.05%
ORI	D	-2.97%
HRB	B	-2.67%
TPR	C	-2.66%
DRI	D	-2.65%
IBM	B	-2.61%
WELL	A	-2.56%
RHP	D	-2.53%
ARES	C	-2.41%
OWL	D	-2.27%
GPS	C	-2.24%
PKG	C	-2.17%
CG	C	-2.06%
WSO	B	-2.01%
PSX	D	-2.0%
BX	C	-1.94%
AFL	B	-1.88%
SSB	D	-1.78%
NRG	D	-1.75%
JPM	B	-1.7%
VLO	D	-1.59%
DKS	C	-1.53%
NTAP	A	-1.53%
ALL	D	-1.48%
GRMN	C	-1.4%
ITW	D	-1.35%
KR	C	-1.23%
RGA	C	-1.21%
AIG	D	-1.19%
FAST	D	-1.11%
TRGP	A	-1.09%
RL	C	-1.08%
CAH	D	-1.06%
TRV	D	-0.99%
TXRH	B	-0.97%
FANG	B	-0.97%
AVGO	B	-0.91%
HLI	A	-0.9%
NXPI	B	-0.83%
COF	D	-0.8%
RPM	D	-0.77%
CE	F	-0.75%
PBF	F	-0.72%