SMHB vs. HIPS ETF Comparison

Comparison of ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN Series B (SMHB) to Master Income ETF (HIPS)

SMHB

ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN Series B

SMHB Description

The investment seeks to provide a two times leveraged return linked to the compounded monthly performance of the Solactive US Small Cap High Dividend Index (the “index”). The index is designed to measure the performance of 100 relatively small capitalization, dividend yielding index constituent securities selected from a universe of qualifying U.S. listed equity securities. The Securities are two times leveraged with respect to the index and, as a result, will benefit from two times any beneficial, but will be exposed to two times any adverse, compounded monthly performance of the index.

Grade (RS Rating)

Last Trade

$5.73

Average Daily Volume

39,542

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

$13.16

Average Daily Volume

31,726

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	SMHB	HIPS
30 Days	-2.85%	3.55%
60 Days	-7.38%	1.87%
90 Days	0.84%	3.35%
12 Months	17.62%	20.42%

11 Overlapping Holdings

Symbol	Grade	Weight in SMHB	Weight in HIPS	Overlap
ALX	D	0.45%	2.49%	0.45%
EPR	D	2.34%	2.28%	2.28%
FDUS	A	0.16%	2.62%	0.16%
GBDC	C	0.73%	2.55%	0.73%
GNL	F	1.01%	1.83%	1.01%
GSBD	F	0.94%	2.2%	0.94%
GTY	B	0.44%	2.59%	0.44%
LTC	B	0.91%	2.79%	0.91%
NMFC	D	0.38%	2.26%	0.38%
SBRA	C	2.38%	2.48%	2.38%
SLRC	A	0.23%	2.66%	0.23%

SMHB Overweight 79 Positions Relative to HIPS

Symbol	Grade	Weight
SLG	B	4.87%
XRX	F	4.09%
DTM	B	3.81%
BXMT	C	3.43%
DSS	F	2.87%
TWO	D	2.87%
CIM	D	2.62%
BDN	C	2.41%
BGS	F	2.41%
ABR	C	2.21%
APAM	B	2.02%
PAGP	A	1.88%
UNIT	B	1.86%
UWMC	D	1.84%
ARR	D	1.65%
NHI	D	1.64%
ORC	B	1.51%
CCOI	B	1.51%
PSEC	D	1.47%
IVR	F	1.43%
DEA	D	1.35%
PMT	D	1.35%
MFA	D	1.27%
RWT	D	1.24%
CTRE	D	1.16%
PETS	C	1.13%
MAIN	A	1.09%
HTGC	D	1.03%
ARI	C	1.02%
FCPT	C	1.0%
EFC	C	1.0%
PDM	D	0.99%
NEWT	B	0.94%
NYMT	C	0.93%
DX	B	0.89%
KREF	D	0.8%
VGR	D	0.79%
NWBI	B	0.77%
CODI	B	0.72%
VNOM	A	0.65%
SCS	C	0.65%
RC	D	0.65%
ACRE	C	0.64%
LADR	B	0.62%
TSLX	C	0.62%
HESM	B	0.59%
UVV	B	0.54%
OCSL	F	0.54%
AROC	B	0.53%
GMRE	F	0.5%
ILPT	D	0.49%
BRSP	B	0.49%
WSR	A	0.46%
OPI	F	0.4%
RMR	F	0.38%
UHT	D	0.36%
GPMT	C	0.34%
CSWC	D	0.34%
GOOD	B	0.33%
FSP	C	0.29%
TRTX	B	0.29%
TCPC	C	0.27%
AHH	D	0.27%
CGBD	D	0.25%
BCSF	C	0.24%
TPVG	C	0.23%
PFLT	D	0.23%
UVE	B	0.22%
BBDC	A	0.22%
KRO	D	0.2%
EBF	F	0.18%
GAIN	C	0.17%
PNNT	B	0.16%
OLP	B	0.16%
GLAD	B	0.15%
BFS	C	0.14%
TRIN	A	0.12%
CCAP	A	0.1%
REPX	A	0.07%

SMHB Underweight 26 Positions Relative to HIPS

Symbol	Grade	Weight
BGX	A	-2.79%
JQC	A	-2.78%
JFR	A	-2.75%
ARCC	A	-2.72%
ET	A	-2.68%
FSK	A	-2.65%
EFT	A	-2.64%
EPD	A	-2.64%
FCT	A	-2.63%
BXSL	A	-2.62%
BLW	B	-2.6%
MPLX	A	-2.6%
DMLP	A	-2.6%
CQP	B	-2.56%
NBB	D	-2.54%
KRP	B	-2.53%
DSU	B	-2.52%
PAA	B	-2.48%
WES	C	-2.48%
GLPI	C	-2.48%
OHI	C	-2.46%
USAC	B	-2.44%
BSM	B	-2.44%
PK	B	-2.41%
NNN	D	-2.18%
NHS	D	-2.02%

SMHB: Top Represented Industries & Keywords

Industries: Asset Management REIT - Diversified REIT - Office REIT - Healthcare Facilities REIT - Retail REIT - Residential Oil & Gas Midstream Credit Services Business Equipment REIT - Industrial Specialty Finance Tobacco Business Services Conglomerates Information Technology Services Insurance - Property & Casualty Oil & Gas E&P Oil & Gas Equipment & Services Packaged Foods Pharmaceutical Retailers