SMH vs. BERZ ETF Comparison

Comparison of Market Vectors Semiconductor ETF (SMH) to MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ)

SMH

Market Vectors Semiconductor ETF

SMH Description

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors US Listed Semiconductor 25 Index (the "Semiconductor Index"). The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The Semiconductor Index is comprised of common stocks and depositary receipts of U.S. exchange-listed companies in the semiconductor industry. Such companies may include medium-capitalization companies and foreign companies that are listed on a U.S. exchange. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$269.72

Average Daily Volume

6,986,360

Number of Holdings ^*

* may have additional holdings in another (foreign) market

BERZ

MicroSectors FANG & Innovation -3x Inverse Leveraged ETN

BERZ Description

BERZ provides daily -3x inverse exposure to an index of FANG and technology companies that meet certain requirements. The fund will consistently comprise eight core components (Alphabet, Amazon, Apple, Facebook, Microsoft, Netflix, NVIDIA, and Tesla) and include seven companies determined through a selection methodology. Eligible securities must be listed on a US exchange, classified in the technology sector, and have a market cap of at least 10 billion USD. Selection will begin with ranking the securities by market cap and selecting the 30 largest companies which will then be sorted by 12-month average daily value traded. The top seven stocks will complete the index along with the eight core components and are then equally weighted. The index is rebalanced monthly and reconstituted quarterly. As a leveraged inverse product with -3x factor that resets daily, BERZ is not a buy-and-hold investment and should not be expected to provide index leverage return greater than a one day period.

Grade (RS Rating)

Last Trade

$16.83

Average Daily Volume

116,922

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	SMH	BERZ
30 Days	6.02%	-29.64%
60 Days	21.13%	-37.22%
90 Days	21.15%	-36.87%
12 Months	81.13%	-77.65%

6 Overlapping Holdings

Symbol	Grade	Weight in SMH	Weight in BERZ	Overlap
AMD	B	4.96%	6.67%	4.96%
AVGO	B	7.71%	6.67%	6.67%
INTC	C	4.27%	6.67%	4.27%
MU	C	4.6%	6.67%	4.6%
NVDA	B	20.39%	6.67%	6.67%
QCOM	B	4.16%	6.67%	4.16%

SMH Overweight 19 Positions Relative to BERZ

Symbol	Grade	Weight
TSM	A	12.89%
ASML	A	4.8%
LRCX	B	4.48%
AMAT	B	4.44%
TXN	B	4.41%
ADI	B	3.71%
KLAC	B	3.55%
SNPS	B	3.01%
CDNS	B	2.68%
NXPI	B	1.98%
MRVL	C	1.64%
MCHP	C	1.51%
MPWR	B	1.15%
STM	C	1.05%
ON	C	0.75%
TER	A	0.65%
SWKS	C	0.53%
QRVO	B	0.34%
OLED	A	0.32%

SMH Underweight 9 Positions Relative to BERZ

Symbol	Grade	Weight
ADBE	B	-6.67%
TSLA	B	-6.67%
META	A	-6.67%
GOOGL	A	-6.67%
CRM	C	-6.67%
AMZN	A	-6.67%
AAPL	A	-6.67%
NFLX	A	-6.67%
MSFT	A	-6.67%