MVRL vs. HIPS ETF Comparison

Comparison of ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) to Master Income ETF (HIPS)

MVRL

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN

MVRL Description

The investment seeks to provide 1.5 times leveraged long exposure to the compounded quarterly performance of the MVIS US Mortgage REITs Index, reduced by the Accrued Fees. The index is designed to track the overall performance of publicly-traded mortgage REITs that are listed and incorporated in the United States and derive at least 50% of their revenues from mortgage-related activity.

Grade (RS Rating)

Last Trade

$16.79

Average Daily Volume

9,770

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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

Performance

Period	MVRL	HIPS
30 Days	-1.89%	-0.36%
60 Days	2.97%	2.73%
90 Days	0.31%	5.63%
12 Months	24.39%	22.09%

0 Overlapping Holdings

	Symbol	Grade	Weight in MVRL	Weight in HIPS	Overlap

MVRL Overweight 23 Positions Relative to HIPS

Symbol	Grade	Weight
NLY	A	13.03%
AGNC	B	8.86%
STWD	C	8.19%
CIM	D	5.48%
HASI	C	5.04%
BXMT	F	4.84%
ABR	C	4.54%
TWO	A	4.01%
MFA	B	3.81%
PMT	A	3.79%
ARI	F	3.76%
LADR	A	3.51%
NYMT	F	3.26%
RWT	D	2.77%
EFC	C	2.49%
RC	C	2.05%
ORC	B	2.0%
ACRE	D	1.95%
BRSP	F	1.92%
KREF	F	1.86%
IVR	C	1.84%
ARR	C	1.83%
DX	C	1.48%

MVRL Underweight 37 Positions Relative to HIPS

Symbol	Grade	Weight
WES	A	-3.08%
NS	D	-2.99%
PAA	B	-2.97%
ET	A	-2.83%
BXSL	A	-2.83%
GBDC	A	-2.81%
MPLX	A	-2.79%
EPD	C	-2.64%
PK	D	-2.63%
GSBD	A	-2.61%
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%
ARCC	A	-2.52%
FDUS	B	-2.51%
SLRC	A	-2.5%
BSM	B	-2.48%
LTC	A	-2.43%
OHI	A	-2.42%
DSU	C	-2.41%
NMFC	A	-2.41%
FSD	A	-2.39%
SBRA	B	-2.38%
BLW	C	-2.38%
CQP	C	-2.38%
FSK	B	-2.32%
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%