IPO vs. INDY ETF Comparison

Comparison of Renaissance IPO ETF (IPO) to iShares S&P India Nifty 50 Index Fund (INDY)

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

$45.93

Average Daily Volume

29,358

Number of Holdings ^*

* may have additional holdings in another (foreign) market

INDY

iShares S&P India Nifty 50 Index Fund

INDY Description

The investment seeks to track the investment results of an index composed of 50 of the largest Indian equities. The Subsidiary and the fund will collectively invest at least 80% of the fund's total assets in securities that comprise the underlying index and in depositary receipts representing securities of the underlying index. It seeks to track the investment results of the CNX Nifty IndexTM (the "underlying index"), which measures the equity performance of the top 50 companies by free float market capitalization whose equity securities trade in the Indian securities markets. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$52.62

Average Daily Volume

71,705

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	IPO	INDY
30 Days	4.58%	-2.12%
60 Days	6.56%	-7.57%
90 Days	9.07%	-4.07%
12 Months	38.65%	15.53%

0 Overlapping Holdings

	Symbol	Grade	Weight in IPO	Weight in INDY	Overlap

IPO Overweight 17 Positions Relative to INDY

Symbol	Grade	Weight
NU	C	9.95%
KVUE	A	9.28%
ARM	D	8.6%
RIVN	F	6.46%
CRBG	B	5.74%
GTLB	B	4.71%
TPG	A	3.62%
HCP	B	3.13%
GFS	C	2.72%
RDDT	B	2.19%
RBRK	A	1.62%
BRZE	C	1.56%
INFA	D	1.34%
BIRK	D	1.15%
FLNC	C	0.8%
BLCO	D	0.52%
ZK	D	0.4%

IPO Underweight 3 Positions Relative to INDY

Symbol	Grade	Weight
HDB	C	-12.47%
IBN	C	-8.31%
WIT	A	-0.75%