HDLB vs. SPRX ETF Comparison

Comparison of ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB) to Spear Alpha ETF (SPRX)

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

$15.32

Average Daily Volume

2,749

Number of Holdings ^*

* may have additional holdings in another (foreign) market

SPRX

Spear Alpha ETF

SPRX Description

SPRX invests in companies that are poised to benefit from breakthrough trends in industrial technology. The fund’s objective is to find underappreciated opportunities across different industrial supply chains that are beneficiaries of the secular themes discussed below: Environmental Focus and Decarbonization Manufacturing Digitalization Automation & Robotics Photonics and Additive Manufacturing Space Exploration Artificial Intelligence (AI) SPRX is an actively managed ETF that seeks long-term capital growth by investing in US listed securities (including American depositary receipts "ADRs") of industrial and technology companies relevant to the Fund’s investment themes and the ecosystem around them. SPRX invests in both “growth”, defined as companies with high and underappreciated growth prospects, and “value”, defined as opportunities that are undervalued based on an assessment of the underlying fundamentals.

Grade (RS Rating)

Last Trade

$26.16

Average Daily Volume

21,609

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HDLB	SPRX
30 Days	4.93%	8.37%
60 Days	10.70%	15.70%
90 Days	16.30%	14.48%
12 Months	61.71%	40.78%

0 Overlapping Holdings

	Symbol	Grade	Weight in HDLB	Weight in SPRX	Overlap

HDLB Overweight 37 Positions Relative to SPRX

Symbol	Grade	Weight
PFE	F	13.4%
ABBV	F	9.8%
VZ	C	9.25%
T	A	8.79%
GILD	C	5.14%
IBM	C	5.12%
PM	B	3.83%
DUK	C	3.27%
MO	A	3.18%
SO	C	2.94%
D	C	2.76%
AEP	C	2.58%
O	C	2.51%
VICI	C	1.93%
KHC	F	1.93%
ED	C	1.85%
ETR	B	1.73%
SRE	A	1.71%
PPL	A	1.48%
K	A	1.47%
NLY	C	1.43%
FE	C	1.42%
EIX	B	1.34%
IP	A	1.22%
MPW	F	1.04%
AGNC	C	1.03%
NI	A	0.91%
PNW	A	0.78%
WPC	C	0.76%
WU	F	0.73%
ARCC	A	0.46%
GLPI	C	0.44%
OGE	A	0.43%
STAG	D	0.4%
FSK	A	0.25%
KD	B	0.14%
ONL	C	0.07%

HDLB Underweight 28 Positions Relative to SPRX

Symbol	Grade	Weight
NVDA	B	-13.96%
S	B	-9.02%
MRVL	B	-7.22%
TSLA	B	-7.18%
ZS	B	-6.18%
TER	F	-4.99%
DDOG	A	-4.94%
NET	B	-4.79%
CEG	C	-4.65%
CRDO	B	-3.42%
ANET	C	-3.39%
AMD	F	-3.34%
ON	D	-2.97%
WOLF	F	-2.83%
SHOP	B	-2.72%
CFLT	B	-2.42%
GTLB	B	-2.12%
COHR	B	-1.96%
AMKR	D	-1.75%
APH	A	-1.38%
GEV	B	-1.13%
CRWD	B	-1.08%
SNOW	B	-0.97%
NRG	B	-0.76%
MU	D	-0.43%
PANW	B	-0.2%
RIO	D	-0.0%
ROK	C	-0.0%