RULE vs. MNA ETF Comparison

Comparison of Adaptive Core ETF (RULE) to IQ Merger Arbitrage ETF (MNA)

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

$23.09

Average Daily Volume

6,126

Number of Holdings ^*

* may have additional holdings in another (foreign) market

MNA

IQ Merger Arbitrage ETF

MNA Description

The investment seeks investment results that correspond generally to the price and yield performance of its underlying index, the IQ Merger Arbitrage Index. The fund employs a "passive management" to track the performance of the underlying index, which was developed by Financial Development Holdco LLC ("IndexIQ"). The underlying index seeks to employ a systematic investment process designed to identify opportunities in companies whose equity securities trade in developed markets, including the U.S., and which are involved in announced mergers, acquisitions and other buyout-related transactions. It is non-diversified.

Grade (RS Rating)

Last Trade

$32.77

Average Daily Volume

48,516

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	RULE	MNA
30 Days	2.39%	-0.55%
60 Days	3.77%	-0.70%
90 Days	4.66%	0.34%
12 Months	19.90%	6.38%

0 Overlapping Holdings

	Symbol	Grade	Weight in RULE	Weight in MNA	Overlap

RULE Overweight 35 Positions Relative to MNA

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%
PCAR	C	3.04%
XLG	A	3.04%
AON	B	3.04%
SPHQ	B	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	B	2.88%
PH	B	2.87%
CTAS	B	2.84%
GWW	B	2.82%
UBER	F	2.8%
NFLX	A	2.78%
PGR	B	2.72%
HD	C	2.7%
FTNT	B	2.67%
RMD	C	2.65%
FCNCA	A	2.59%
URI	B	2.57%
GPN	C	2.51%
IRM	C	2.47%
VRT	A	2.41%
IBM	C	2.35%
PAYX	B	2.18%
ADBE	D	1.94%
ARES	A	1.81%

RULE Underweight 44 Positions Relative to MNA

Symbol	Grade	Weight
DFS	B	-8.65%
CTLT	D	-5.63%
JNPR	D	-4.99%
HCP	B	-4.36%
FYBR	C	-3.64%
MRO	A	-3.51%
SMAR	A	-3.2%
ALTR	B	-3.12%
BALY	A	-2.82%
ALE	A	-2.69%
ENV	B	-2.59%
K	A	-2.47%
AXNX	A	-2.39%
AY	A	-2.1%
B	A	-2.08%
IBTX	B	-2.04%
RCM	A	-2.01%
SPR	D	-1.97%
INFN	D	-1.72%
NAPA	A	-1.6%
EVRI	A	-1.59%
SASR	B	-1.5%
VZIO	A	-1.31%
HTLF	B	-1.25%
FBMS	B	-1.19%
ZUO	B	-1.18%
AGS	A	-0.84%
HAYN	A	-0.77%
PFC	B	-0.65%
GATO	C	-0.41%
CFB	B	-0.4%
PGRU	A	-0.35%
RVNC	F	-0.32%
SRDX	B	-0.27%
BUSE	B	--0.42%
WSBC	B	--0.66%
RNST	B	--1.2%
CDE	C	--1.2%
UMBF	B	--1.28%
AUB	B	--1.5%
BA	D	--1.63%
SSB	B	--2.03%
IP	A	--4.24%
COF	B	--9.37%