HDLB vs. SRS ETF Comparison

Comparison of ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB) to ProShares UltraShort Real Estate (SRS)

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

$11.78

Average Daily Volume

1,610

Number of Holdings ^*

* may have additional holdings in another (foreign) market

SRS

ProShares UltraShort Real Estate

SRS Description

The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Real EstateSM Index. The fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as two times the inverse (-2x) of the daily return of the index. The index measures the performance of the real estate sector of the U.S. equity market. Component companies include, among others, real estate holding and development and real estate services companies and real estate investment trusts ("REITs"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$15.96

Average Daily Volume

51,914

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HDLB	SRS
30 Days	2.81%	-0.81%
60 Days	0.77%	10.84%
90 Days	10.93%	2.97%
12 Months	20.15%	-7.11%

7 Overlapping Holdings

Symbol	Grade	Weight in HDLB	Weight in SRS	Overlap
AGNC	C	1.03%	0.77%	0.77%
GLPI	D	0.44%	0.72%	0.44%
MPW	D	1.04%	0.9%	0.9%
NLY	A	1.43%	1.08%	1.08%
O	B	2.51%	1.94%	1.94%
VICI	B	1.93%	0.76%	0.76%
WPC	C	0.76%	1.12%	0.76%

HDLB Overweight 30 Positions Relative to SRS

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

HDLB Underweight 80 Positions Relative to SRS

Symbol	Grade	Weight
AMT	D	-8.05%
CCI	D	-4.7%
PLD	D	-4.64%
EQIX	F	-3.91%
SPG	C	-3.53%
WELL	A	-2.73%
PSA	D	-2.58%
AVB	A	-2.35%
EQR	A	-2.24%
SBAC	D	-2.21%
DLR	D	-2.02%
CSGP	C	-1.85%
WY	F	-1.8%
VTR	B	-1.71%
ESS	A	-1.59%
CBRE	D	-1.59%
BXP	F	-1.56%
ARE	D	-1.46%
DOC	A	-1.4%
INVH	B	-1.28%
MAA	B	-1.19%
EXR	D	-1.13%
SUI	D	-1.12%
UDR	B	-1.08%
HST	D	-1.0%
ELS	D	-1.0%
VNO	F	-0.83%
CPT	B	-0.83%
REG	F	-0.82%
OHI	B	-0.74%
NNN	B	-0.74%
FRT	B	-0.71%
IRM	C	-0.7%
JLL	C	-0.69%
KIM	C	-0.67%
KRC	F	-0.63%
LAMR	B	-0.62%
AIV	B	-0.61%
SLG	B	-0.58%
STWD	C	-0.56%
AMH	B	-0.54%
DEI	B	-0.54%
COLD	F	-0.53%
CUZ	B	-0.48%
BRX	C	-0.48%
CUBE	D	-0.47%
PK	D	-0.46%
HPP	F	-0.45%
EPR	C	-0.44%
HHH	D	-0.42%
FR	D	-0.42%
EGP	D	-0.41%
HIW	B	-0.41%
REXR	D	-0.41%
BXMT	D	-0.39%
RHP	D	-0.37%
JBGS	F	-0.37%
HR	B	-0.36%
SBRA	A	-0.33%
TWO	B	-0.32%
OUT	D	-0.32%
RYN	F	-0.32%
CIM	F	-0.31%
SVC	F	-0.31%
EQC	B	-0.31%
NHI	A	-0.29%
DSS	F	-0.28%
MFA	D	-0.28%
APLE	F	-0.26%
PEB	F	-0.26%
SHO	D	-0.24%
RLJ	F	-0.23%
PDM	B	-0.23%
PCH	D	-0.23%
BDN	B	-0.22%
PGRE	B	-0.22%
MAC	D	-0.22%
LXP	D	-0.21%
IVR	B	-0.19%
XHR	D	-0.18%