UTRN vs. MNA ETF Comparison

Comparison of Vesper US Large Cap Short-Term Reversal Strategy ETF (UTRN) to IQ Merger Arbitrage ETF (MNA)

UTRN

Vesper US Large Cap Short-Term Reversal Strategy ETF

UTRN Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Vesper U.S. Large Cap Short-Term Reversal Index (the 'index'). The fund will normally invest at least 80% of its total assets in securities of the index. The index is designed to measure the performance of a portfolio of 25 stocks selected from the S&P 500 that Vesper Capital Management, LLC believes will most likely benefit from the "short-term reversal" effect, as determined by applying a proprietary algorithm ("Chow's Ratio" or "Algorithm").

Grade (RS Rating)

Last Trade

$30.26

Average Daily Volume

1,988

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

$32.93

Average Daily Volume

62,649

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	UTRN	MNA
30 Days	1.60%	0.70%
60 Days	11.94%	2.68%
90 Days	16.30%	3.67%
12 Months	37.36%	6.07%

1 Overlapping Holdings

	Symbol	Grade	Weight in UTRN	Weight in MNA	Overlap
	JNPR	C	3.95%	5.07%	3.95%

UTRN Overweight 23 Positions Relative to MNA

Symbol	Grade	Weight
EMR	B	4.11%
NXPI	F	4.1%
SWKS	F	4.09%
MGM	D	4.07%
TXN	C	4.05%
IPG	D	4.05%
SNA	C	4.02%
UPS	D	4.01%
ROP	D	3.99%
L	C	3.99%
DHI	C	3.98%
AME	C	3.97%
BRK.A	B	3.97%
JNJ	D	3.96%
MDLZ	D	3.96%
AEP	C	3.95%
MSFT	D	3.95%
VRSK	D	3.95%
HSY	D	3.94%
CPB	D	3.94%
EVRG	C	3.94%
CI	D	3.92%
MAA	D	3.88%

UTRN Underweight 5 Positions Relative to MNA

Symbol	Grade	Weight
COF	A	-7.41%
DFS	A	-6.86%
CTLT	A	-5.8%
HCP	A	-4.34%
IP	C	-3.67%