HIPS vs. INFL ETF Comparison

Comparison of Master Income ETF (HIPS) to Horizon Kinetics Inflation Beneficiaries ETF (INFL)

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

$12.87

Average Daily Volume

20,572

Number of Holdings ^*

* may have additional holdings in another (foreign) market

INFL

Horizon Kinetics Inflation Beneficiaries ETF

INFL Description

The investment seeks long-term growth of capital in real (inflation-adjusted) terms. The fund is an actively-managed ETF that seeks to achieve its investment objective by investing primarily in the equity securities of domestic and foreign companies that are expected to benefit, either directly or indirectly, from rising prices (inflation). The fund's investments in equity securities are generally expected to include common stock, ownership units of publicly traded MLPs, and units of royalty trusts. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$33.31

Average Daily Volume

141,747

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HIPS	INFL
30 Days	4.34%	3.51%
60 Days	3.54%	4.55%
90 Days	5.71%	8.96%
12 Months	22.35%	11.13%

1 Overlapping Holdings

	Symbol	Grade	Weight in HIPS	Weight in INFL	Overlap
	DMLP	D	2.49%	0.76%	0.76%

HIPS Overweight 35 Positions Relative to INFL

Symbol	Grade	Weight
WES	B	3.12%
PAA	C	2.94%
ET	B	2.92%
BXSL	D	2.91%
MPLX	C	2.83%
GBDC	C	2.75%
BGX	B	2.73%
JQC	B	2.69%
JFR	A	2.67%
EPD	C	2.67%
GSBD	C	2.66%
EFT	B	2.65%
FCT	A	2.62%
USAC	D	2.61%
BSM	C	2.6%
PK	D	2.6%
ARCC	B	2.58%
SLRC	A	2.56%
LTC	B	2.56%
ALX	C	2.55%
SBRA	B	2.53%
DSU	B	2.51%
FDUS	C	2.5%
OHI	C	2.48%
BLW	B	2.47%
FSD	A	2.47%
CQP	D	2.47%
NMFC	C	2.44%
NNN	B	2.43%
FSK	B	2.4%
GTY	C	2.37%
NBB	C	2.33%
GLPI	C	2.22%
EPR	C	2.11%
GNL	D	1.78%

HIPS Underweight 16 Positions Relative to INFL

Symbol	Grade	Weight
TPL	C	-6.1%
ICE	B	-4.53%
MMC	A	-3.82%
ADM	D	-3.55%
CACI	B	-3.43%
BG	C	-3.35%
LNG	D	-2.76%
CRL	D	-2.67%
WFG	D	-2.25%
JOE	C	-1.67%
CME	C	-1.62%
PBT	D	-1.3%
RPRX	F	-0.85%
MSB	D	-0.84%
SBR	C	-0.68%
SJT	F	-0.52%