HIPS vs. PEX ETF Comparison

Comparison of Master Income ETF (HIPS) to ProShares Global Listed Private Equity ETF (PEX)

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

$12.69

Average Daily Volume

25,684

Number of Holdings ^*

* may have additional holdings in another (foreign) market

PEX

ProShares Global Listed Private Equity ETF

PEX Description

The investment seeks investment results before fees and expenses that track the performance of the LPX Direct Listed Private Equity Index (the "index"). The index consists of up to 30 qualifying listed private equity companies. The fund invests in securities that ProShare Advisors believes, in combination, should track the performance of the index. It will invest at least 80% of its total assets in component securities. The fund will concentrate its investments in a particular industry or group of industries, country or region to approximately the same extent as the index is so concentrated. It is non-diversified.

Grade (RS Rating)

Last Trade

$29.94

Average Daily Volume

2,784

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HIPS	PEX
30 Days	-0.36%	2.21%
60 Days	2.73%	4.02%
90 Days	5.63%	6.16%
12 Months	22.09%	26.24%

6 Overlapping Holdings

Symbol	Grade	Weight in HIPS	Weight in PEX	Overlap
ARCC	A	2.52%	10.04%	2.52%
FSK	B	2.32%	7.89%	2.32%
GBDC	A	2.81%	4.31%	2.81%
GSBD	A	2.61%	2.61%	2.61%
NMFC	A	2.41%	1.84%	1.84%
SLRC	A	2.5%	1.08%	1.08%

HIPS Overweight 31 Positions Relative to PEX

Symbol	Grade	Weight
WES	A	3.08%
NS	D	2.99%
PAA	B	2.97%
ET	A	2.83%
BXSL	A	2.83%
MPLX	A	2.79%
EPD	C	2.64%
PK	D	2.63%
EFT	A	2.59%
JQC	A	2.57%
JFR	A	2.57%
BGX	A	2.57%
DMLP	C	2.54%
FCT	A	2.54%
USAC	D	2.53%
FDUS	B	2.51%
BSM	B	2.48%
LTC	A	2.43%
OHI	A	2.42%
DSU	C	2.41%
FSD	A	2.39%
SBRA	B	2.38%
BLW	C	2.38%
CQP	C	2.38%
ALX	C	2.31%
NNN	A	2.28%
GTY	C	2.25%
NBB	C	2.25%
GLPI	F	2.12%
EPR	D	2.04%
GNL	D	1.7%

HIPS Underweight 7 Positions Relative to PEX

Symbol	Grade	Weight
MAIN	A	-6.3%
HTGC	A	-4.45%
TSLX	B	-3.17%
PSEC	F	-2.55%
CODI	D	-2.2%
CSWC	A	-1.7%
BBDC	A	-1.38%

PEX: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Conglomerates Specialty Finance