FCEF vs. HIPS ETF Comparison

Comparison of First Trust CEF Income Opportunity ETF (FCEF) to Master Income ETF (HIPS)

FCEF

First Trust CEF Income Opportunity ETF

FCEF Description

The First Trust CEF Income Opportunity ETF is an actively managed exchange-traded fund. The Fund's investment objective is to provide current income with a secondary emphasis on total return. Under normal market conditions, the Fund will seek to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in a portfolio of closed-end investment companies that are listed and traded in the United States on registered exchanges.

Grade (RS Rating)

Last Trade

$20.11

Average Daily Volume

5,715

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

$12.60

Average Daily Volume

26,346

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FCEF	HIPS
30 Days	-1.68%	-0.10%
60 Days	1.35%	3.04%
90 Days	2.45%	3.03%
12 Months	12.07%	18.66%

2 Overlapping Holdings

	Symbol	Grade	Weight in FCEF	Weight in HIPS	Overlap
	JFR	A	1.75%	2.58%	1.75%
	JQC	A	2.8%	2.54%	2.54%

FCEF Overweight 46 Positions Relative to HIPS

Symbol	Grade	Weight
ETG	C	3.95%
ARDC	A	3.52%
HQH	C	3.52%
THQ	C	3.52%
HTD	A	3.35%
SOR	A	3.31%
VRIG	A	3.24%
ETO	B	3.23%
ASGI	B	3.22%
EVT	B	3.2%
GDV	C	3.01%
TY	C	2.76%
BST	C	2.66%
GHY	C	2.51%
RNP	C	2.5%
UTF	A	2.49%
JPC	B	2.49%
BGB	A	2.29%
PDO	A	2.26%
BCAT	C	1.99%
CET	A	1.98%
GAM	A	1.97%
UTG	B	1.74%
RVT	C	1.72%
EVG	B	1.54%
PEO	B	1.52%
NPFD	C	1.5%
JRI	B	1.49%
PGZ	C	1.48%
DSL	C	1.25%
CII	C	0.99%
AIO	B	0.98%
BCX	A	0.78%
BUI	B	0.77%
QQQX	C	0.74%
HIO	C	0.72%
BIT	B	0.66%
KYN	A	0.52%
HQL	C	0.51%
PDX	A	0.5%
JLS	A	0.5%
RMT	C	0.49%
TPZ	A	0.48%
DLY	C	0.25%
BME	C	0.25%
IGI	D	0.02%

FCEF Underweight 35 Positions Relative to HIPS

Symbol	Grade	Weight
WES	A	-3.05%
PAA	A	-2.98%
NS	C	-2.91%
ET	A	-2.82%
BXSL	A	-2.79%
MPLX	A	-2.73%
GBDC	A	-2.71%
EPD	A	-2.69%
DMLP	B	-2.61%
EFT	A	-2.6%
BGX	A	-2.6%
PK	C	-2.57%
USAC	D	-2.56%
GSBD	A	-2.56%
FCT	A	-2.53%
ARCC	A	-2.52%
FDUS	A	-2.48%
SLRC	A	-2.46%
OHI	B	-2.41%
BSM	A	-2.4%
LTC	A	-2.39%
NMFC	B	-2.39%
DSU	C	-2.38%
BLW	C	-2.38%
FSK	A	-2.36%
CQP	C	-2.35%
ALX	D	-2.34%
FSD	C	-2.34%
SBRA	C	-2.31%
NBB	D	-2.26%
GTY	B	-2.26%
NNN	C	-2.26%
GLPI	F	-2.12%
EPR	D	-2.03%
GNL	D	-1.65%

FCEF: Top Represented Industries & Keywords

Industries: Asset Management