MVRL vs. SRS ETF Comparison

Comparison of ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) to ProShares UltraShort Real Estate (SRS)

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

$17.14

Average Daily Volume

10,210

Number of Holdings ^*

* may have additional holdings in another (foreign) market

SRS

ProShares UltraShort Real Estate

SRS Description

The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Real EstateSM Index. The fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as two times the inverse (-2x) of the daily return of the index. The index measures the performance of the real estate sector of the U.S. equity market. Component companies include, among others, real estate holding and development and real estate services companies and real estate investment trusts ("REITs"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$15.70

Average Daily Volume

52,408

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MVRL	SRS
30 Days	-3.69%	3.05%
60 Days	10.15%	-11.77%
90 Days	3.99%	3.71%
12 Months	3.54%	-5.75%

8 Overlapping Holdings

Symbol	Grade	Weight in MVRL	Weight in SRS	Overlap
AGNC	A	8.86%	0.77%	0.77%
BXMT	D	4.84%	0.39%	0.39%
CIM	C	5.48%	0.31%	0.31%
IVR	B	1.84%	0.19%	0.19%
MFA	C	3.81%	0.28%	0.28%
NLY	B	13.03%	1.08%	1.08%
STWD	C	8.19%	0.56%	0.56%
TWO	B	4.01%	0.32%	0.32%

MVRL Overweight 15 Positions Relative to SRS

Symbol	Grade	Weight
HASI	B	5.04%
ABR	B	4.54%
PMT	C	3.79%
ARI	D	3.76%
LADR	B	3.51%
NYMT	D	3.26%
RWT	B	2.77%
EFC	B	2.49%
RC	C	2.05%
ORC	B	2.0%
ACRE	C	1.95%
BRSP	D	1.92%
KREF	D	1.86%
ARR	B	1.83%
DX	C	1.48%

MVRL Underweight 79 Positions Relative to SRS

Symbol	Grade	Weight
AMT	B	-8.05%
CCI	D	-4.7%
PLD	C	-4.64%
EQIX	C	-3.91%
SPG	B	-3.53%
WELL	A	-2.73%
PSA	B	-2.58%
AVB	A	-2.35%
EQR	B	-2.24%
SBAC	F	-2.21%
DLR	A	-2.02%
O	C	-1.94%
CSGP	F	-1.85%
WY	D	-1.8%
VTR	A	-1.71%
ESS	A	-1.59%
CBRE	C	-1.59%
BXP	C	-1.56%
ARE	D	-1.46%
DOC	B	-1.4%
INVH	A	-1.28%
MAA	B	-1.19%
EXR	B	-1.13%
WPC	D	-1.12%
SUI	D	-1.12%
UDR	B	-1.08%
HST	D	-1.0%
ELS	D	-1.0%
MPW	C	-0.9%
VNO	C	-0.83%
CPT	A	-0.83%
REG	B	-0.82%
VICI	D	-0.76%
OHI	A	-0.74%
NNN	B	-0.74%
GLPI	C	-0.72%
FRT	C	-0.71%
IRM	A	-0.7%
JLL	A	-0.69%
KIM	C	-0.67%
KRC	F	-0.63%
LAMR	C	-0.62%
AIV	D	-0.61%
SLG	B	-0.58%
AMH	C	-0.54%
DEI	D	-0.54%
COLD	C	-0.53%
CUZ	C	-0.48%
BRX	B	-0.48%
CUBE	B	-0.47%
PK	D	-0.46%
HPP	D	-0.45%
EPR	D	-0.44%
HHH	C	-0.42%
FR	D	-0.42%
EGP	C	-0.41%
HIW	C	-0.41%
REXR	C	-0.41%
RHP	D	-0.37%
JBGS	C	-0.37%
HR	C	-0.36%
SBRA	B	-0.33%
OUT	D	-0.32%
RYN	C	-0.32%
SVC	F	-0.31%
EQC	B	-0.31%
NHI	A	-0.29%
DSS	F	-0.28%
APLE	D	-0.26%
PEB	D	-0.26%
SHO	C	-0.24%
RLJ	D	-0.23%
PDM	B	-0.23%
PCH	F	-0.23%
BDN	D	-0.22%
PGRE	D	-0.22%
MAC	D	-0.22%
LXP	B	-0.21%
XHR	D	-0.18%