VLUE vs. HDLB ETF Comparison

Comparison of iShares MSCI USA Value Factor (VLUE) to ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB)

VLUE

iShares MSCI USA Value Factor

VLUE Description

The investment seeks to track the performance of MSCI USA Value Weighted Index that measures the performance of U.S. large- and mid-capitalization stocks with value characteristics and relatively lower valuations, before fees and expenses. The fund generally invests at least 90% of its assets in the securities of the underlying index or in depositary receipts representing securities in its underlying index. The MSCI USA Value Weighted Index (the "underlying index") is based on a traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S. large- and mid- capitalization stocks.

Grade (RS Rating)

Last Trade

$115.38

Average Daily Volume

337,635

Number of Holdings ^*

148

* 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

$15.47

Average Daily Volume

2,747

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	VLUE	HDLB
30 Days	6.37%	7.94%
60 Days	6.25%	10.30%
90 Days	9.16%	16.56%
12 Months	26.50%	62.41%

11 Overlapping Holdings

Symbol	Grade	Weight in VLUE	Weight in HDLB	Overlap
D	C	0.47%	2.76%	0.47%
GILD	B	1.29%	5.14%	1.29%
IBM	C	3.86%	5.12%	3.86%
IP	B	0.19%	1.22%	0.19%
KHC	D	0.74%	1.93%	0.74%
MO	A	1.45%	3.18%	1.45%
NLY	B	0.11%	1.43%	0.11%
PFE	D	2.07%	13.4%	2.07%
PPL	B	0.32%	1.48%	0.32%
T	A	6.04%	8.79%	6.04%
VZ	B	2.91%	9.25%	2.91%

VLUE Overweight 137 Positions Relative to HDLB

Symbol	Grade	Weight
CSCO	A	6.43%
INTC	C	3.65%
GM	B	3.6%
AMAT	F	2.37%
BAC	A	2.25%
WFC	A	1.92%
C	A	1.78%
RTX	D	1.77%
F	C	1.68%
BMY	B	1.55%
LEN	C	1.49%
CVS	D	1.46%
GS	B	1.43%
DHI	D	1.4%
HPE	B	1.4%
CI	D	1.37%
SPG	C	1.26%
HPQ	B	1.19%
FDX	B	1.18%
NXPI	D	1.12%
GLW	B	1.1%
CTSH	B	1.1%
TEL	B	1.02%
ELV	F	0.97%
PHM	C	0.94%
DELL	C	0.84%
VLO	C	0.78%
URI	B	0.77%
PCAR	B	0.76%
KR	A	0.75%
WBD	C	0.7%
ON	C	0.67%
COF	B	0.66%
ADM	F	0.65%
PCG	B	0.63%
JCI	C	0.61%
FANG	F	0.6%
CMI	A	0.6%
CNC	F	0.57%
WY	D	0.55%
TFC	B	0.54%
LHX	C	0.53%
NTAP	C	0.52%
AIG	B	0.5%
EXPE	B	0.48%
USB	A	0.48%
ZM	B	0.47%
BK	A	0.47%
MET	A	0.46%
SWKS	F	0.46%
VST	B	0.45%
VTRS	B	0.45%
PRU	A	0.45%
NUE	D	0.45%
MRO	B	0.44%
TSN	B	0.44%
GEN	A	0.42%
FSLR	F	0.38%
BBY	D	0.38%
TAP	C	0.38%
FFIV	A	0.37%
BLDR	C	0.36%
OC	B	0.36%
CTRA	B	0.35%
TWLO	B	0.34%
FOXA	C	0.33%
OVV	C	0.33%
JNPR	F	0.33%
WAB	B	0.32%
JBL	C	0.31%
MTB	B	0.31%
EQT	B	0.28%
PARA	C	0.27%
EVRG	A	0.27%
STLD	B	0.27%
CFG	B	0.26%
STT	A	0.26%
SSNC	A	0.25%
DAL	B	0.25%
LKQ	D	0.24%
SYF	A	0.24%
LH	B	0.24%
TXT	D	0.24%
UTHR	C	0.23%
ATO	A	0.23%
AZPN	A	0.23%
SNA	A	0.23%
DOW	F	0.23%
CAG	D	0.23%
HST	C	0.23%
WBA	D	0.22%
SJM	D	0.22%
LYB	F	0.22%
ES	D	0.22%
HIG	B	0.22%
FITB	B	0.21%
GPN	C	0.21%
BG	F	0.2%
EXE	B	0.2%
RF	B	0.2%
LDOS	D	0.19%
MAA	B	0.19%
RPRX	D	0.19%
DGX	B	0.19%
KNX	B	0.19%
FOX	B	0.18%
UHS	D	0.18%
QRVO	F	0.18%
EG	C	0.17%
MOS	F	0.17%
CNH	A	0.17%
HBAN	B	0.17%
CF	B	0.16%
DINO	F	0.16%
APA	F	0.15%
AKAM	F	0.14%
SOLV	C	0.14%
L	B	0.13%
APTV	F	0.13%
CPT	B	0.13%
SW	B	0.13%
KEY	A	0.13%
FCNCA	B	0.12%
EQH	B	0.12%
ACI	C	0.12%
LUV	B	0.12%
UHAL	D	0.11%
FBIN	D	0.11%
ALLY	C	0.1%
SWK	D	0.1%
EMN	D	0.1%
FNF	B	0.09%
HII	F	0.09%
DVA	B	0.08%
BEN	C	0.06%
WLK	D	0.05%
BIO	D	0.05%

VLUE Underweight 26 Positions Relative to HDLB

Symbol	Grade	Weight
ABBV	D	-9.8%
PM	B	-3.83%
DUK	C	-3.27%
SO	D	-2.94%
AEP	D	-2.58%
O	D	-2.51%
VICI	C	-1.93%
ED	D	-1.85%
ETR	B	-1.73%
SRE	A	-1.71%
K	A	-1.47%
FE	D	-1.42%
EIX	A	-1.34%
MPW	F	-1.04%
AGNC	D	-1.03%
NI	A	-0.91%
PNW	B	-0.78%
WPC	D	-0.76%
WU	D	-0.73%
ARCC	A	-0.46%
GLPI	B	-0.44%
OGE	A	-0.43%
STAG	D	-0.4%
FSK	A	-0.25%
KD	B	-0.14%
ONL	C	-0.07%