HIPS vs. HDLB ETF Comparison

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

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

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

Performance

Period	HIPS	HDLB
30 Days	2.93%	4.93%
60 Days	1.80%	10.70%
90 Days	2.88%	16.30%
12 Months	19.87%	61.71%

3 Overlapping Holdings

Symbol	Grade	Weight in HIPS	Weight in HDLB	Overlap
ARCC	A	2.72%	0.46%	0.46%
FSK	A	2.65%	0.25%	0.25%
GLPI	C	2.48%	0.44%	0.44%

HIPS Overweight 34 Positions Relative to HDLB

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%
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%
OHI	C	2.46%
USAC	B	2.44%
BSM	B	2.44%
PK	C	2.41%
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 34 Positions Relative to HDLB

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%
OGE	A	-0.43%
STAG	D	-0.4%
KD	B	-0.14%
ONL	C	-0.07%