VABS vs. SMHB ETF Comparison

Comparison of Virtus Newfleet ABS/MBS ETF (VABS) to ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN Series B (SMHB)

VABS

Virtus Newfleet ABS/MBS ETF

VABS Description

The Fund seeks to generate income by investing primarily in short-duration, investment-grade securitized debt across asset-backed securities (ABS) and mortgage-backed securities (MBS), including commercial and residential MBS. A disciplined, time-tested investment process and rigorous risk management approach seeks to target ABS and MBS with competitive yield and current income across undervalued areas of securitized credit markets.

Grade (RS Rating)

Last Trade

$24.17

Average Daily Volume

2,416

Number of Holdings ^*

50

* may have additional holdings in another (foreign) market

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

$5.58

Average Daily Volume

40,001

Number of Holdings ^*

90

* may have additional holdings in another (foreign) market

Performance

Period	VABS	SMHB
30 Days	0.27%	-9.80%
60 Days	0.05%	-10.51%
90 Days	0.26%	-1.80%
12 Months	6.92%	14.54%

15 Overlapping Holdings

	Symbol	Grade	Weight in VABS	Weight in SMHB	Overlap
	ABR	C	0.1%	2.21%	0.1%
	AHH	D	0.17%	0.27%	0.17%
	ARR	D	1.25%	1.65%	1.25%
	BFS	C	1.53%	0.14%	0.14%
	CIM	D	0.82%	2.62%	0.82%
	CODI	B	0.02%	0.72%	0.02%
	DX	B	0.02%	0.89%	0.02%
	EFC	C	1.89%	1.0%	1.0%
	EPR	C	0.47%	2.34%	0.47%
	GNL	F	0.94%	1.01%	0.94%
	IVR	F	0.78%	1.43%	0.78%
	MFA	D	0.86%	1.27%	0.86%
	PMT	C	0.21%	1.35%	0.21%
	PSEC	D	0.23%	1.47%	0.23%
	TWO	F	1.26%	2.87%	1.26%

VABS Overweight 35 Positions Relative to SMHB

	Symbol	Grade	Weight
	RLJ	C	4.48%
	BW	D	2.27%
	EQC	B	1.49%
	DRH	B	1.35%
	PBI	B	1.34%
	F	C	0.87%
	DBRG	F	0.62%
	ET	A	0.55%
	MITT	D	0.45%
	CTO	B	0.29%
	TDS	B	0.23%
	SHO	D	0.17%
	LXP	D	0.17%
	INN	D	0.16%
	ATCOL	A	0.15%
	BHR	C	0.15%
	UMH	B	0.11%
	ALLY	C	0.1%
	FTAI	A	0.06%
	ALTG	C	0.05%
	FHN	A	0.04%
	AL	B	0.04%
	CIO	C	0.03%
	NLY	C	0.03%
	SNV	C	0.02%
	PEB	D	0.01%
	CNO	B	0.01%
	VNO	C	0.01%
	BOH	B	0.01%
	SF	B	0.01%
	EQH	C	0.01%
	COF	C	0.01%
	IFF	D	0.01%
	JPM	A	0.01%
	NEE	C	0.01%

VABS Underweight 75 Positions Relative to SMHB

	Symbol	Grade	Weight
	SLG	B	-4.87%
	XRX	F	-4.09%
	DTM	A	-3.81%
	BXMT	C	-3.43%
	DSS	F	-2.87%
	BDN	C	-2.41%
	BGS	F	-2.41%
	SBRA	C	-2.38%
	APAM	B	-2.02%
	PAGP	A	-1.88%
	UNIT	B	-1.86%
	UWMC	D	-1.84%
	NHI	D	-1.64%
	ORC	B	-1.51%
	CCOI	B	-1.51%
	DEA	D	-1.35%
	RWT	D	-1.24%
	CTRE	C	-1.16%
	PETS	C	-1.13%
	MAIN	A	-1.09%
	HTGC	D	-1.03%
	ARI	C	-1.02%
	FCPT	C	-1.0%
	PDM	D	-0.99%
	GSBD	F	-0.94%
	NEWT	C	-0.94%
	NYMT	C	-0.93%
	LTC	B	-0.91%
	KREF	C	-0.8%
	VGR	B	-0.79%
	NWBI	B	-0.77%
	GBDC	D	-0.73%
	VNOM	A	-0.65%
	SCS	C	-0.65%
	RC	D	-0.65%
	ACRE	B	-0.64%
	LADR	B	-0.62%
	TSLX	C	-0.62%
	HESM	B	-0.59%
	UVV	B	-0.54%
	OCSL	F	-0.54%
	AROC	A	-0.53%
	GMRE	F	-0.5%
	ILPT	F	-0.49%
	BRSP	C	-0.49%
	WSR	A	-0.46%
	ALX	D	-0.45%
	GTY	A	-0.44%
	OPI	F	-0.4%
	RMR	F	-0.38%
	NMFC	D	-0.38%
	UHT	D	-0.36%
	GPMT	C	-0.34%
	CSWC	D	-0.34%
	GOOD	B	-0.33%
	FSP	B	-0.29%
	TRTX	C	-0.29%
	TCPC	C	-0.27%
	CGBD	C	-0.25%
	BCSF	C	-0.24%
	TPVG	B	-0.23%
	PFLT	D	-0.23%
	SLRC	A	-0.23%
	UVE	B	-0.22%
	BBDC	A	-0.22%
	KRO	C	-0.2%
	EBF	F	-0.18%
	GAIN	B	-0.17%
	PNNT	C	-0.16%
	OLP	B	-0.16%
	FDUS	A	-0.16%
	GLAD	B	-0.15%
	TRIN	A	-0.12%
	CCAP	A	-0.1%
	REPX	A	-0.07%

VABS: Top Represented Industries & Keywords

Industries: REIT - Diversified REIT - Hotel & Motel REIT - Residential Banks - Regional - US REIT - Office Conglomerates REIT - Retail Rental & Leasing Services Specialty Finance Asset Management Auto Manufacturers Banks - Global Business Equipment Capital Markets Credit Services Electronic Components Insurance - Diversified Insurance - Life Oil & Gas Midstream Real Estate - General

Keywords: Real Estate Investment Trust Mortgage Loan Mortgage Backed Security Structured Finance Banking Residential Mortgage Backed Security Bank Commercial Banking Real Estate Market S&P 500 Real Estate Loans U.S. Government Annuity Products Asset Management Commercial Bank Commercial Mortgage Backed Security Financial Products Government Agency Hospitality Industry Hotel

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

Keywords: Real Estate Investment Trust Private Equity Mortgage Loan Structured Finance Business Development Mortgage Backed Security Loan Mezzanine Capital Debt Real Estate Properties Residential Mortgage Backed Security Senior Debt Venture Capital Credit Real Estate Finance Real Estate Mortgage Investment Conduit Refinancing Subordinated Debt Banking Business Development Company