HDLB vs. SPYD ETF Comparison

Comparison of ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB) to SPDR S&P 500 High Dividend ETF (SPYD)

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

$12.18

Average Daily Volume

1,432

Number of Holdings ^*

* may have additional holdings in another (foreign) market

SPYD

SPDR S&P 500 High Dividend ETF

SPYD Description

The investment seeks to track the performance of the S&P 500 High Dividend Index. Under normal market conditions, the fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index is designed to measure the performance of the top 80 dividend-paying securities listed on the S&P 500® Index, based on dividend yield. The S&P 500 Index focuses on the large capitalization U.S. equity market, including common stock and real estate investment trusts ("REITs"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$41.38

Average Daily Volume

1,095,188

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HDLB	SPYD
30 Days	13.22%	8.61%
60 Days	6.24%	5.70%
90 Days	12.07%	8.28%
12 Months	24.89%	19.78%

21 Overlapping Holdings

Symbol	Grade	Weight in HDLB	Weight in SPYD	Overlap
ABBV	D	9.8%	1.2%	1.2%
AEP	A	2.58%	1.44%	1.44%
D	A	2.76%	1.45%	1.45%
DUK	A	3.27%	1.33%	1.33%
EIX	A	1.34%	1.39%	1.34%
ETR	A	1.73%	1.4%	1.4%
FE	B	1.42%	1.34%	1.34%
GILD	F	5.14%	1.0%	1.0%
IBM	D	5.12%	1.2%	1.2%
IP	B	1.22%	1.33%	1.22%
K	B	1.47%	1.43%	1.43%
KHC	D	1.93%	1.19%	1.19%
MO	A	3.18%	1.36%	1.36%
O	C	2.51%	1.22%	1.22%
PFE	D	13.4%	1.22%	1.22%
PM	A	3.83%	1.33%	1.33%
PNW	C	0.78%	1.37%	0.78%
SO	A	2.94%	1.39%	1.39%
T	B	8.79%	1.26%	1.26%
VICI	C	1.93%	1.18%	1.18%
VZ	C	9.25%	1.17%	1.17%

HDLB Overweight 16 Positions Relative to SPYD

Symbol	Grade	Weight
ED	A	1.85%
SRE	B	1.71%
PPL	A	1.48%
NLY	B	1.43%
MPW	C	1.04%
AGNC	A	1.03%
NI	B	0.91%
WPC	C	0.76%
WU	D	0.73%
ARCC	B	0.46%
GLPI	C	0.44%
OGE	A	0.43%
STAG	C	0.4%
FSK	B	0.25%
KD	B	0.14%
ONL	D	0.07%

HDLB Underweight 57 Positions Relative to SPYD

Symbol	Grade	Weight
PEG	B	-1.56%
HAS	C	-1.56%
C	A	-1.44%
IRM	B	-1.43%
WMB	A	-1.42%
ES	C	-1.41%
OKE	A	-1.41%
EQR	B	-1.38%
CVX	C	-1.37%
FITB	B	-1.36%
EXC	C	-1.36%
PRU	A	-1.36%
KMI	A	-1.36%
AMCR	B	-1.35%
F	D	-1.35%
EVRG	C	-1.35%
DOW	C	-1.35%
MS	B	-1.34%
LYB	D	-1.34%
ESS	B	-1.33%
CFG	B	-1.31%
CPT	B	-1.31%
WEC	B	-1.31%
HBAN	B	-1.31%
MTB	B	-1.3%
UDR	C	-1.28%
SPG	C	-1.28%
CAG	C	-1.28%
PNC	A	-1.28%
TFC	A	-1.28%
KEY	B	-1.27%
MMM	A	-1.26%
RF	B	-1.25%
FRT	C	-1.24%
TROW	C	-1.24%
DLR	C	-1.24%
DOC	B	-1.23%
VTRS	D	-1.23%
MAA	C	-1.22%
BBY	D	-1.22%
VTR	B	-1.22%
ARE	C	-1.2%
CMA	B	-1.2%
USB	D	-1.2%
EXR	C	-1.18%
REG	D	-1.16%
UPS	D	-1.16%
IVZ	C	-1.16%
HST	D	-1.15%
KIM	C	-1.15%
PSA	C	-1.14%
CCI	C	-1.13%
BMY	F	-1.07%
BEN	F	-1.07%
BXP	C	-1.05%
WBA	F	-0.94%
SOLV	F	-0.22%