PSK vs. IPPP ETF Comparison

Comparison of SPDR Wells Fargo Preferred Stock ETF (PSK) to Preferred-Plus ETF (IPPP)

PSK

SPDR Wells Fargo Preferred Stock ETF

PSK Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index. In seeking to track the performance of the Wells Fargo Hybrid and Preferred Securities Aggregate Index (the "index"), the fund employs a replication strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index is a modified market capitalization weighted index designed to measure the performance of non-convertible preferred stock and securities that are functionally equivalent to preferred stock. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$34.02

Average Daily Volume

125,787

Number of Holdings ^*

* may have additional holdings in another (foreign) market

IPPP

Preferred-Plus ETF

IPPP Description

The investment seeks to provide income. The fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in a portfolio of preferred securities issued by U.S. and non-U.S. companies. It may invest in preferred securities of all issuer capitalizations. The fund may also invest in publicly-traded partnerships (“PTPs”). The Advisor intends to maintain approximately 10% asset exposure to a credit spread options strategy, although market conditions may dictate additional exposure.

Grade (RS Rating)

Last Trade

$10.01

Average Daily Volume

509

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	PSK	IPPP
30 Days	1.73%	1.47%
60 Days	2.80%	3.56%
90 Days	-1.72%	2.04%
12 Months	8.83%	15.54%

9 Overlapping Holdings

Symbol	Grade	Weight in PSK	Weight in IPPP	Overlap
CMSD	B	0.87%	0.61%	0.61%
ESGRP	C	0.56%	1.25%	0.56%
FITBI	A	0.67%	0.39%	0.39%
NRUC	A	0.36%	1.03%	0.36%
PRS	A	0.79%	0.6%	0.6%
RZB	A	0.56%	0.59%	0.56%
SOJD	B	1.27%	0.56%	0.56%
SREA	C	1.01%	1.17%	1.01%
TBC	B	1.14%	0.59%	0.59%

PSK Overweight 15 Positions Relative to IPPP

Symbol	Grade	Weight
TBB	B	1.75%
RZC	B	1.05%
DUKB	A	0.69%
SOJC	B	0.6%
PFH	C	0.55%
DTW	B	0.53%
EAI	B	0.5%
ACGLO	C	0.42%
CMSC	B	0.39%
GPJA	A	0.39%
MGR	B	0.38%
EMP	B	0.34%
ELC	B	0.34%
TVC	B	0.33%
AIZN	B	0.31%

PSK Underweight 7 Positions Relative to IPPP

Symbol	Grade	Weight
AGNC	A	-1.42%
AQNB	A	-1.29%
UZE	C	-1.28%
WTFCP	C	-1.27%
CHSCL	A	-1.0%
T	A	-0.95%
UNMA	A	-0.63%

PSK: Top Represented Industries & Keywords

Industries: Other Insurance - Diversified Banks - Regional - US Electric Utilities Insurance

IPPP: Top Represented Industries & Keywords

Industries: Other Banks - Regional Banks - Regional - US Farm Products Insurance - Diversified REIT - Residential Telecom Services