MADE vs. RULE ETF Comparison

Comparison of iShares U.S. Manufacturing ETF (MADE) to Adaptive Core ETF (RULE)

MADE

iShares U.S. Manufacturing ETF

MADE Description

The underlying index is designed to measure the performance of equity securities of U.S.-domiciled companies that are involved in manufacturing and manufacturing-related industries and that generate a certain amount of revenues in the U.S., among other eligibility criteria, as determined by SPDJI. The fund generally will invest at least 80% of its assets in the component securities of its underlying index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$26.27

Average Daily Volume

6,141

Number of Holdings ^*

* may have additional holdings in another (foreign) market

RULE

Adaptive Core ETF

RULE Description

Adaptive Core ETF seeks current income. The fund invests in individual equity securities without regard to market capitalization and ETFs that invest in equity securities of any market capitalization including convertible equity securities and fixed income ETFs. The fund’s portfolio may hold securities from issuers of any market capitalization, credit quality, maturity, or country. Fixed income securities may include securities with credit quality below investment grade (commonly referred to as “junk bond” credit quality).

Grade (RS Rating)

Last Trade

$23.19

Average Daily Volume

5,927

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MADE	RULE
30 Days	4.04%	4.17%
60 Days	6.40%	5.40%
90 Days	10.30%	5.82%
12 Months		21.04%

2 Overlapping Holdings

	Symbol	Grade	Weight in MADE	Weight in RULE	Overlap
	PCAR	B	4.43%	3.04%	3.04%
	PH	A	3.1%	2.87%	2.87%

MADE Overweight 96 Positions Relative to RULE

Symbol	Grade	Weight
GM	C	4.6%
ETN	A	4.44%
APH	A	4.15%
HON	C	4.11%
CMI	A	3.93%
AME	A	3.63%
DE	B	3.63%
F	C	3.47%
TT	A	3.21%
RTX	D	2.7%
ROK	C	2.54%
DOV	A	2.25%
CARR	C	2.19%
FTV	C	2.12%
LMT	D	1.99%
HUBB	B	1.96%
JCI	B	1.95%
TDY	B	1.85%
FSLR	F	1.55%
SNA	A	1.54%
BA	F	1.37%
GD	D	1.32%
COHR	B	1.29%
TDG	D	1.25%
NOC	D	1.21%
SWK	D	1.09%
NVT	B	1.03%
LECO	C	0.98%
GNRC	C	0.93%
RRX	B	0.91%
AYI	B	0.83%
ALSN	B	0.83%
LHX	C	0.8%
HWM	A	0.78%
FN	C	0.75%
AXON	A	0.73%
TTC	C	0.7%
LII	A	0.69%
ENPH	F	0.64%
PNR	A	0.61%
OSK	C	0.59%
RIVN	F	0.59%
MIDD	C	0.59%
IEX	C	0.59%
MKSI	C	0.58%
MSA	F	0.53%
LFUS	D	0.51%
GGG	B	0.51%
VNT	C	0.49%
THO	B	0.48%
LDOS	C	0.45%
FSS	B	0.45%
BC	C	0.44%
ITRI	C	0.44%
BDC	C	0.41%
AEIS	C	0.35%
AAON	B	0.34%
ENS	F	0.33%
HOG	D	0.31%
CR	A	0.31%
ESE	B	0.3%
AOS	F	0.3%
JBT	B	0.29%
CW	C	0.26%
SPXC	A	0.26%
CSWI	B	0.25%
LCII	C	0.25%
TRN	B	0.25%
TXT	D	0.25%
ATKR	D	0.24%
GTLS	A	0.24%
CXT	C	0.23%
BMI	B	0.23%
BE	B	0.22%
GT	C	0.22%
WTS	B	0.21%
HEI	A	0.19%
ZWS	B	0.19%
WWD	C	0.17%
BWXT	B	0.17%
AIN	C	0.17%
KBR	F	0.16%
MWA	B	0.15%
FELE	B	0.15%
SAIC	F	0.14%
LCID	F	0.13%
HII	F	0.13%
NPO	A	0.12%
MOG.A	B	0.11%
FOXF	F	0.11%
PLUG	F	0.1%
ARRY	F	0.08%
SHLS	F	0.07%
KTOS	B	0.07%
SEDG	F	0.06%
SPR	D	0.06%

MADE Underweight 33 Positions Relative to RULE

Symbol	Grade	Weight
BIL	A	-4.27%
JPST	A	-4.26%
CRM	B	-3.6%
APO	B	-3.39%
WMB	A	-3.07%
EQIX	A	-3.05%
XLG	B	-3.04%
AON	A	-3.04%
SPHQ	A	-3.03%
CAH	B	-3.0%
VST	A	-2.96%
INTU	B	-2.95%
V	A	-2.95%
IWF	B	-2.91%
FI	A	-2.91%
BK	A	-2.88%
CTAS	B	-2.84%
GWW	B	-2.82%
UBER	F	-2.8%
NFLX	A	-2.78%
PGR	A	-2.72%
HD	B	-2.7%
FTNT	C	-2.67%
RMD	C	-2.65%
FCNCA	A	-2.59%
URI	C	-2.57%
GPN	B	-2.51%
IRM	C	-2.47%
VRT	B	-2.41%
IBM	C	-2.35%
PAYX	B	-2.18%
ADBE	C	-1.94%
ARES	A	-1.81%