OCIO vs. HIPS ETF Comparison

Comparison of ClearShares OCIO ETF (OCIO) to Master Income ETF (HIPS)

OCIO

ClearShares OCIO ETF

OCIO Description

The investment seeks to outperform a traditional 60/40 mix of global equity and fixed-income investments. The fund is expected to typically invest approximately 40% to 70% of its total assets in underlying funds that principally invest in equity securities of any market capitalization. It is expected to typically invest approximately 20% to 50% of its total assets in underlying funds that principally invest in debt obligations.

Grade (RS Rating)

Last Trade

$31.92

Average Daily Volume

1,029

Number of Holdings ^*

* may have additional holdings in another (foreign) market

HIPS

Master Income ETF

HIPS Description

The Master Income ETF seeks to track the total return performance, before fees and expenses, of the TFMS HIPS 300 Index. The Index is constructed to capture 300 high income securities, typically with pass-through structures, across the following sectors: (i) closed-end funds (“CEFs”), (ii) mortgage real estate investment trusts (“REITs”), (iii) commercial equity REITs, (iv) residential/diversified REITs, (v) asset management and business development companies (“BDCs”), and (vi) energy production and energy transportation & processing companies. Energy-related companies included in the Index are expected to primarily be structured as master limited partnerships (“MLPs”). CEFs included in the Index are limited to taxable, debt-based funds and may include CEFs that invest primarily in bank loans, high-yield securities (also known as “junk bonds”), foreign securities (including those in emerging markets), and mortgage- or asset-backed securities. The Index is constituted using proprietary methodology developed by Trust and Fiduciary Management Services, Inc. The Index Provider determines the relative weightings of the securities in the Index and publishes information regarding the market value of the Index.

Grade (RS Rating)

Last Trade

$12.93

Average Daily Volume

20,758

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	OCIO	HIPS
30 Days	2.08%	3.79%
60 Days	1.12%	3.88%
90 Days	2.75%	8.56%
12 Months	11.82%	23.41%

0 Overlapping Holdings

	Symbol	Grade	Weight in OCIO	Weight in HIPS	Overlap

OCIO Overweight 15 Positions Relative to HIPS

Symbol	Grade	Weight
QQQ	A	5.47%
IEI	C	4.77%
SPMO	B	4.62%
OPER	A	4.5%
FLOT	A	3.53%
GVI	B	3.36%
SCHF	A	3.31%
SCHK	A	2.91%
SHY	B	2.84%
BIL	B	2.62%
IEF	C	1.91%
VGIT	C	1.43%
IXUS	A	1.03%
SCHP	B	0.84%
EMXC	A	0.78%

OCIO Underweight 36 Positions Relative to HIPS

Symbol	Grade	Weight
WES	A	-3.12%
PAA	C	-2.94%
ET	B	-2.92%
BXSL	C	-2.91%
MPLX	C	-2.83%
GBDC	C	-2.75%
BGX	B	-2.73%
JQC	A	-2.69%
JFR	A	-2.67%
EPD	B	-2.67%
GSBD	B	-2.66%
EFT	A	-2.65%
FCT	A	-2.62%
USAC	D	-2.61%
BSM	D	-2.6%
PK	D	-2.6%
ARCC	A	-2.58%
SLRC	A	-2.56%
LTC	A	-2.56%
ALX	C	-2.55%
SBRA	B	-2.53%
DSU	B	-2.51%
FDUS	C	-2.5%
DMLP	D	-2.49%
OHI	C	-2.48%
BLW	C	-2.47%
FSD	A	-2.47%
CQP	D	-2.47%
NMFC	C	-2.44%
NNN	A	-2.43%
FSK	A	-2.4%
GTY	C	-2.37%
NBB	D	-2.33%
GLPI	D	-2.22%
EPR	B	-2.11%
GNL	C	-1.78%

OCIO: Top Represented Industries & Keywords

Industries: