SMLV vs. HDLB ETF Comparison

Comparison of SPDR Russell 2000 Low Volatility (SMLV) to ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB)

SMLV

SPDR Russell 2000 Low Volatility

SMLV Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of a small cap, low volatility index. The fund employs a sampling strategy, which means that the fund is not required to purchase all of the securities represented in the index. Under normal market conditions, the fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index includes small cap U.S. equity securities, including business development companies, and is designed to deliver exposure to low volatility. It is non-diversified.

Grade (RS Rating)

Last Trade

$124.78

Average Daily Volume

11,464

Number of Holdings ^*

403

* may have additional holdings in another (foreign) market

HDLB

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044

HDLB Description

The investment seeks to provide two times leveraged long exposure to the compounded monthly performance of the Solactive US High Dividend Low Volatility Index. The index is designed to measure the performance of 40 dividend yielding, relatively lower volatility Index Constituent Securities from the universe of the largest 1,000 U.S. listed stocks by market capitalization, as described herein. The Securities seek to approximate the monthly returns that might be available to investors through a leveraged “long” investment in the index constituent securities.

Grade (RS Rating)

Last Trade

$14.07

Average Daily Volume

2,031

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	SMLV	HDLB
30 Days	4.06%	6.47%
60 Days	1.76%	13.30%
90 Days	17.46%	22.14%
12 Months	28.84%	50.90%

1 Overlapping Holdings

	Symbol	Grade	Weight in SMLV	Weight in HDLB	Overlap
	WU	D	0.89%	0.73%	0.73%

SMLV Overweight 402 Positions Relative to HDLB

Symbol	Grade	Weight
NNI	B	1.77%
THG	C	1.65%
PJT	B	1.62%
CBU	D	1.55%
VIRT	C	1.51%
PRK	C	1.38%
NBTB	D	1.36%
ONB	C	1.34%
ESGR	D	1.26%
CHCO	C	1.23%
NWBI	C	1.17%
FFIN	B	1.15%
TOWN	B	1.13%
NBHC	D	1.08%
GCMG	B	1.07%
CNO	A	1.07%
BUSE	C	1.04%
EFSC	C	1.03%
IBOC	D	1.02%
HMN	D	1.01%
SASR	C	1.01%
FCF	C	1.0%
MGRC	F	1.0%
STBA	C	0.99%
SYBT	B	0.99%
WAFD	C	0.98%
RDN	C	0.93%
FULT	D	0.92%
WABC	D	0.92%
NIC	C	0.91%
TRMK	D	0.91%
HOMB	C	0.9%
QCRH	C	0.88%
EIG	C	0.87%
SAFT	D	0.86%
GBCI	B	0.86%
WSBC	D	0.84%
AGM	D	0.83%
BLX	B	0.82%
GABC	C	0.8%
LKFN	C	0.79%
SFNC	C	0.79%
SRCE	D	0.75%
EQC	D	0.74%
PEBO	D	0.74%
EVTC	F	0.7%
SBSI	C	0.69%
AMSF	C	0.67%
OBK	D	0.66%
FBMS	B	0.65%
BRKL	C	0.63%
CTBI	C	0.62%
PAX	F	0.61%
UVSP	B	0.59%
BFC	C	0.59%
BHRB	C	0.59%
FMBH	B	0.59%
TMP	D	0.54%
HFWA	C	0.54%
CFFN	D	0.53%
NFG	B	0.52%
FCBC	B	0.48%
TRIN	D	0.45%
TRST	C	0.44%
CAC	C	0.39%
FMNB	C	0.39%
MCBS	C	0.39%
GSBC	D	0.37%
CCNE	C	0.36%
HONE	C	0.36%
HTBI	C	0.36%
AROW	D	0.35%
THFF	C	0.35%
NFBK	C	0.33%
BHB	C	0.33%
CCBG	B	0.32%
MPB	B	0.31%
ESQ	B	0.31%
DHIL	C	0.31%
FLO	C	0.31%
EBF	B	0.3%
SMBK	B	0.3%
ALRS	C	0.29%
BSRR	C	0.28%
SPFI	B	0.28%
GLRE	B	0.27%
KRNY	C	0.27%
HIFS	B	0.27%
IDA	C	0.26%
ORRF	B	0.26%
FMAO	C	0.25%
AGX	B	0.25%
ACNB	C	0.25%
NWE	B	0.25%
ARTNA	D	0.24%
PNM	B	0.24%
FSBC	B	0.24%
FBIZ	C	0.24%
NHC	D	0.23%
PECO	B	0.23%
MGEE	B	0.22%
CPK	B	0.22%
BKH	B	0.22%
PFIS	C	0.22%
SLGN	B	0.21%
SBR	D	0.21%
CZNC	C	0.21%
FSBW	B	0.21%
SR	B	0.21%
BWB	C	0.21%
EBTC	B	0.21%
HBCP	C	0.21%
NWN	C	0.2%
GNTY	C	0.2%
WTBA	D	0.2%
DEA	B	0.19%
NPK	D	0.19%
OKLO	D	0.19%
GTY	C	0.19%
FLIC	B	0.19%
TRC	D	0.18%
PSTL	C	0.18%
WSBF	C	0.18%
FNLC	D	0.18%
VLGEA	C	0.18%
SXT	C	0.17%
CSWI	B	0.17%
FRST	C	0.17%
JJSF	C	0.16%
ICFI	B	0.16%
CTO	C	0.16%
CBNK	A	0.16%
TRS	C	0.15%
PBH	C	0.15%
CSR	C	0.15%
BNL	B	0.15%
LXP	C	0.15%
GPOR	D	0.15%
BRC	B	0.15%
CMPO	B	0.15%
HTLD	F	0.15%
CVLT	B	0.14%
UTMD	F	0.14%
HSTM	D	0.14%
UNF	C	0.14%
FELE	C	0.14%
BMI	B	0.14%
NTST	D	0.14%
WERN	D	0.14%
FCPT	C	0.14%
EXPO	B	0.14%
NHI	C	0.14%
LTC	D	0.14%
SMP	C	0.13%
SNDR	C	0.13%
PKE	D	0.13%
GATX	D	0.13%
PLXS	B	0.13%
COLM	C	0.13%
GENC	D	0.13%
KREF	B	0.13%
CTRE	C	0.13%
GOOD	B	0.13%
UHT	C	0.13%
CALM	A	0.13%
ARKO	C	0.13%
CBZ	D	0.12%
HNI	C	0.12%
CSGS	C	0.12%
VMI	D	0.12%
MRTN	D	0.12%
AFCG	D	0.12%
GEF	D	0.12%
HIW	B	0.12%
SCL	D	0.12%
ADMA	B	0.12%
BCAL	D	0.12%
ACA	B	0.12%
UFPT	A	0.12%
HWKN	C	0.12%
MLR	D	0.11%
DORM	B	0.11%
ASH	D	0.11%
HCKT	C	0.11%
ICUI	B	0.11%
BHE	C	0.11%
ROAD	C	0.11%
ADUS	C	0.11%
TGNA	C	0.11%
INVA	C	0.11%
FTDR	B	0.11%
PINC	D	0.11%
PRGS	C	0.11%
CUZ	B	0.11%
ESE	B	0.11%
NOMD	B	0.11%
IRT	B	0.11%
MWA	B	0.11%
KW	C	0.11%
FSS	D	0.11%
OSIS	D	0.11%
GRC	D	0.11%
JBSS	D	0.11%
PAHC	B	0.1%
CCOI	C	0.1%
AHH	C	0.1%
ACIW	B	0.1%
WEN	D	0.1%
GMRE	C	0.1%
JBGS	C	0.1%
MOG.A	B	0.1%
GHC	B	0.1%
CASS	D	0.1%
NTCT	C	0.1%
HCC	F	0.1%
WDFC	C	0.1%
AROC	D	0.1%
DEI	B	0.1%
MSGS	B	0.1%
SRCL	B	0.1%
LMAT	B	0.1%
LNN	D	0.1%
RGP	F	0.1%
BFS	C	0.1%
HUBG	C	0.1%
PSMT	B	0.09%
LILAK	D	0.09%
RLGT	C	0.09%
WINA	D	0.09%
ALG	D	0.09%
CHCT	F	0.09%
RDWR	C	0.09%
PLOW	C	0.09%
RNGR	C	0.09%
HSII	C	0.09%
DNB	D	0.09%
BLKB	C	0.09%
PCH	C	0.09%
TRNS	C	0.09%
INSM	D	0.09%
RUSHA	C	0.09%
ITGR	B	0.08%
MRCY	D	0.08%
AZZ	D	0.08%
EPAC	B	0.08%
HURN	C	0.08%
GLDD	B	0.08%
ENS	D	0.08%
APLE	C	0.08%
NCNO	D	0.08%
ABM	D	0.08%
MTX	D	0.08%
IOSP	D	0.08%
FPI	D	0.08%
MGIC	C	0.08%
KAI	C	0.08%
SXI	C	0.08%
PRIM	B	0.08%
LOPE	D	0.08%
SQSP	A	0.08%
VAL	F	0.08%
BBSI	B	0.08%
LZB	B	0.08%
AVT	C	0.08%
KFRC	D	0.08%
CRC	C	0.08%
TNC	F	0.08%
ATNI	C	0.08%
OMCL	C	0.08%
PBT	D	0.08%
MLAB	C	0.07%
ITRN	D	0.07%
FUL	D	0.07%
CENT	F	0.07%
AMSWA	C	0.07%
ENV	C	0.07%
TTMI	D	0.07%
SUPN	D	0.07%
SANM	D	0.07%
SFL	D	0.07%
KN	D	0.07%
CTS	D	0.07%
SPOK	C	0.07%
SHOO	B	0.07%
LAUR	C	0.07%
CNNE	D	0.07%
PRGO	F	0.07%
AVNS	C	0.07%
CACC	F	0.07%
PRDO	D	0.07%
CRI	D	0.07%
APOG	C	0.07%
BOX	C	0.07%
PLUS	B	0.07%
FORR	D	0.07%
WEYS	D	0.07%
SXC	F	0.07%
SPNS	D	0.07%
SATS	C	0.07%
RGR	F	0.07%
FSTR	F	0.06%
VPG	F	0.06%
AMED	C	0.06%
NVEC	D	0.06%
SCSC	D	0.06%
CABO	F	0.06%
DK	F	0.06%
JOUT	D	0.06%
IBEX	B	0.06%
MEI	D	0.06%
ATEX	C	0.06%
CORT	B	0.06%
STRA	F	0.06%
VSH	F	0.06%
SEM	D	0.06%
JBT	D	0.06%
GPRK	F	0.06%
CSV	C	0.06%
OFIX	D	0.06%
AIN	D	0.06%
VIAV	D	0.06%
HUN	D	0.06%
GPI	B	0.06%
CVCO	B	0.06%
TPH	C	0.06%
CNXC	F	0.06%
MMSI	B	0.06%
NARI	F	0.05%
WK	D	0.05%
JBI	F	0.05%
SCHL	D	0.05%
XNCR	C	0.05%
FORM	F	0.05%
HRMY	B	0.05%
BOWL	F	0.05%
NATR	F	0.05%
BL	D	0.05%
PZZA	D	0.05%
SHEN	F	0.05%
POWI	F	0.05%
SRDX	D	0.05%
AEIS	D	0.05%
AMN	F	0.05%
AMPH	C	0.05%
ASGN	D	0.05%
LIVN	D	0.05%
GKOS	C	0.05%
ECVT	F	0.05%
CNMD	D	0.05%
IRDM	D	0.05%
ZD	D	0.05%
PDCO	F	0.05%
ALKS	C	0.05%
ARCH	F	0.05%
CMCO	F	0.05%
NVST	D	0.05%
HAE	D	0.05%
RDNT	B	0.05%
AGIO	D	0.05%
CEVA	C	0.05%
SPB	B	0.05%
ATEN	C	0.05%
KIDS	F	0.05%
IRMD	C	0.05%
ETH	D	0.05%
MATW	F	0.05%
MNRO	D	0.05%
ALRM	F	0.04%
ARCO	F	0.04%
ZIP	D	0.04%
IPGP	F	0.04%
IART	F	0.04%
PTCT	C	0.04%
IMTX	C	0.04%
LEG	D	0.04%
ANIP	D	0.04%
USPH	F	0.04%
NRC	F	0.04%
OXM	D	0.04%
RARE	B	0.04%
TTGT	F	0.04%
VECO	F	0.04%
MYRG	F	0.04%
NEOG	D	0.04%
THRM	D	0.04%
VRNT	F	0.04%
MTRN	F	0.04%
USNA	F	0.04%
ANIK	D	0.04%
OGN	D	0.04%
AAP	F	0.03%
CBRL	D	0.03%
PCRX	F	0.03%
HELE	D	0.03%
IRWD	F	0.03%
TBPH	F	0.03%
VREX	F	0.03%
HLF	F	0.03%
HI	F	0.03%
ATRC	C	0.03%
ACAD	F	0.02%
AZTA	F	0.02%

SMLV Underweight 36 Positions Relative to HDLB

Symbol	Grade	Weight
PFE	C	-13.4%
ABBV	C	-9.8%
VZ	B	-9.25%
T	C	-8.79%
GILD	B	-5.14%
IBM	A	-5.12%
PM	C	-3.83%
DUK	B	-3.27%
MO	C	-3.18%
SO	A	-2.94%
D	B	-2.76%
AEP	C	-2.58%
O	C	-2.51%
VICI	C	-1.93%
KHC	C	-1.93%
ED	C	-1.85%
ETR	A	-1.73%
SRE	B	-1.71%
PPL	B	-1.48%
K	A	-1.47%
NLY	B	-1.43%
FE	C	-1.42%
EIX	C	-1.34%
IP	C	-1.22%
MPW	C	-1.04%
AGNC	B	-1.03%
NI	B	-0.91%
PNW	B	-0.78%
WPC	C	-0.76%
ARCC	B	-0.46%
GLPI	C	-0.44%
OGE	B	-0.43%
STAG	D	-0.4%
FSK	A	-0.25%
KD	D	-0.14%
ONL	C	-0.07%