FDL vs. HDLB ETF Comparison

Comparison of First Trust Morningstar ETF (FDL) to ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB)

FDL

First Trust Morningstar ETF

FDL Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Morningstar(R) Dividend Leaders Index(SM). The fund will normally invest at least 90% of its net assets plus the amount of any borrowings for investment purposes in common stocks that comprise the index. The objective of the index is to offer investors a benchmark for dividend portfolios as well as a means to invest in a portfolio of stocks that have a consistent record of growing dividends as well as the ability to sustain them. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$37.58

Average Daily Volume

760,401

Number of Holdings ^*

* may have additional holdings in another (foreign) market

HDLB

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044

HDLB Description

The investment seeks to provide two times leveraged long exposure to the compounded monthly performance of the Solactive US High Dividend Low Volatility Index. The index is designed to measure the performance of 40 dividend yielding, relatively lower volatility Index Constituent Securities from the universe of the largest 1,000 U.S. listed stocks by market capitalization, as described herein. The Securities seek to approximate the monthly returns that might be available to investors through a leveraged “long” investment in the index constituent securities.

Grade (RS Rating)

Last Trade

$11.32

Average Daily Volume

1,730

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FDL	HDLB
30 Days	0.05%	-3.15%
60 Days	3.41%	0.14%
90 Days	4.15%	0.94%
12 Months	11.59%	9.20%

14 Overlapping Holdings

Symbol	Grade	Weight in FDL	Weight in HDLB	Overlap
ABBV	C	7.67%	9.8%	7.67%
DUK	A	2.48%	3.27%	2.48%
EIX	A	0.93%	1.34%	0.93%
ETR	A	0.74%	1.73%	0.74%
FE	A	0.66%	1.42%	0.66%
IBM	D	4.4%	5.12%	4.4%
MO	A	5.37%	3.18%	3.18%
OGE	A	0.25%	0.43%	0.25%
PFE	F	7.09%	13.4%	7.09%
PM	A	6.15%	3.83%	3.83%
PNW	A	0.32%	0.78%	0.32%
SO	A	2.3%	2.94%	2.3%
VZ	C	8.81%	9.25%	8.81%
WU	C	0.25%	0.73%	0.25%

FDL Overweight 78 Positions Relative to HDLB

Symbol	Grade	Weight
CVX	A	10.06%
C	A	3.23%
PXD	A	2.62%
MMM	A	2.58%
USB	C	2.3%
TFC	A	2.14%
PNC	A	1.92%
F	B	1.83%
OKE	A	1.81%
DVN	A	1.79%
WMB	A	1.77%
PSX	B	1.55%
PRU	C	1.45%
LYB	C	1.02%
MET	B	0.98%
TROW	D	0.83%
IFF	A	0.7%
RF	B	0.7%
FITB	A	0.67%
MTB	A	0.67%
HBAN	A	0.66%
CFG	A	0.58%
KEY	C	0.58%
BBY	D	0.52%
NTRS	B	0.5%
WBA	F	0.47%
EVRG	A	0.44%
FNF	C	0.36%
EMN	A	0.34%
NRG	A	0.34%
PKG	D	0.33%
HAS	A	0.31%
WHR	F	0.3%
CMA	A	0.29%
ALLY	A	0.26%
LNC	C	0.25%
BEN	D	0.25%
DINO	C	0.25%
UGI	A	0.24%
FHN	B	0.24%
EWBC	B	0.23%
CG	C	0.22%
COLB	C	0.21%
ZION	B	0.19%
WBS	D	0.19%
JHG	C	0.16%
UBSI	D	0.15%
SNV	C	0.15%
VLY	D	0.14%
BKH	A	0.14%
CADE	B	0.13%
ALE	A	0.13%
ONB	B	0.12%
AVA	A	0.12%
SR	A	0.12%
FNB	B	0.12%
FIBK	B	0.12%
OZK	A	0.12%
MAN	A	0.11%
AGR	A	0.11%
NWE	A	0.11%
ASB	B	0.1%
FHB	B	0.1%
SWX	A	0.1%
GBCI	C	0.1%
MDC	A	0.1%
SMG	B	0.09%
NYCB	F	0.09%
UCBI	C	0.08%
MDU	A	0.08%
INDB	C	0.07%
CRI	D	0.07%
ARCH	B	0.07%
CVI	D	0.06%
CATY	F	0.06%
CNS	C	0.04%
AAP	D	0.04%
GEF	D	0.01%

FDL Underweight 23 Positions Relative to HDLB

Symbol	Grade	Weight
T	C	-8.79%
GILD	F	-5.14%
D	A	-2.76%
AEP	A	-2.58%
O	A	-2.51%
VICI	D	-1.93%
KHC	A	-1.93%
ED	A	-1.85%
SRE	B	-1.71%
PPL	A	-1.48%
K	A	-1.47%
NLY	C	-1.43%
IP	D	-1.22%
MPW	B	-1.04%
AGNC	C	-1.03%
NI	A	-0.91%
WPC	C	-0.76%
ARCC	A	-0.46%
GLPI	F	-0.44%
STAG	D	-0.4%
FSK	A	-0.25%
KD	C	-0.14%
ONL	D	-0.07%