HIPS vs. DBND ETF Comparison

Comparison of Master Income ETF (HIPS) to DoubleLine Opportunistic Bond ETF (DBND)

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

$13.10

Average Daily Volume

31,472

Number of Holdings ^*

* may have additional holdings in another (foreign) market

DBND

DoubleLine Opportunistic Bond ETF

DBND Description

Under normal circumstances, the Advisor intends to invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income instruments or other investments with economic characteristics similar to fixed income instruments. It may invest in fixed income instruments of any credit quality, including those that are at the time of investment unrated or rated BB+ or lower by S&P or Ba1 or lower by Moody?s or the equivalent by any other nationally recognized statistical rating organization. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$45.71

Average Daily Volume

48,932

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HIPS	DBND
30 Days	2.93%	-0.65%
60 Days	1.80%	-2.72%
90 Days	2.88%	-1.64%
12 Months	19.87%	6.86%

2 Overlapping Holdings

	Symbol	Grade	Weight in HIPS	Weight in DBND	Overlap
	ARCC	A	2.72%	0.35%	0.35%
	PK	C	2.41%	0.18%	0.18%

HIPS Overweight 35 Positions Relative to DBND

Symbol	Grade	Weight
BGX	A	2.79%
LTC	B	2.79%
JQC	A	2.78%
JFR	A	2.75%
ET	A	2.68%
SLRC	A	2.66%
FSK	A	2.65%
EFT	A	2.64%
EPD	A	2.64%
FCT	A	2.63%
FDUS	A	2.62%
BXSL	A	2.62%
BLW	C	2.6%
MPLX	A	2.6%
DMLP	A	2.6%
GTY	A	2.59%
CQP	B	2.56%
GBDC	D	2.55%
NBB	D	2.54%
KRP	B	2.53%
DSU	A	2.52%
ALX	D	2.49%
PAA	B	2.48%
SBRA	C	2.48%
WES	C	2.48%
GLPI	C	2.48%
OHI	C	2.46%
USAC	B	2.44%
BSM	B	2.44%
EPR	C	2.28%
NMFC	D	2.26%
GSBD	F	2.2%
NNN	C	2.18%
NHS	D	2.02%
GNL	F	1.83%

HIPS Underweight 51 Positions Relative to DBND

Symbol	Grade	Weight
UPST	B	-1.79%
COMM	D	-0.77%
BNS	A	-0.68%
GS	A	-0.66%
JPM	A	-0.62%
ABBV	F	-0.61%
DLTR	F	-0.59%
BAC	A	-0.56%
DFS	B	-0.49%
T	A	-0.48%
CVS	D	-0.42%
CCI	C	-0.38%
BMO	A	-0.38%
MAR	A	-0.38%
CMCSA	B	-0.38%
OC	A	-0.37%
NTAP	C	-0.37%
SO	C	-0.36%
BA	F	-0.35%
KMI	A	-0.35%
MO	A	-0.34%
DKS	D	-0.34%
GM	C	-0.34%
SYY	D	-0.33%
RPRX	D	-0.32%
EXPE	B	-0.3%
ORCL	A	-0.3%
WTW	B	-0.29%
HCA	F	-0.29%
CCL	A	-0.26%
AAL	B	-0.19%
COTY	F	-0.19%
PENN	C	-0.19%
PFGC	B	-0.19%
POST	C	-0.18%
GFF	A	-0.18%
MODV	C	-0.18%
SPH	C	-0.18%
UAL	A	-0.18%
PCG	A	-0.18%
NRG	B	-0.17%
VSCO	C	-0.17%
CHTR	C	-0.17%
CACC	D	-0.16%
UBER	F	-0.16%
BALY	B	-0.16%
SSP	F	-0.16%
OMI	F	-0.16%
OMF	A	-0.16%
GPOR	B	-0.16%
EXC	C	-0.09%