VPC vs. HIPS ETF Comparison

Comparison of Virtus Private Credit Strategy ETF (VPC) to Master Income ETF (HIPS)

VPC

Virtus Private Credit Strategy ETF

VPC Description

The investment seeks investment results that correspond the price and yield performance of the Indxx Private Credit Index (the "underlying index"). Under normal market conditions, the fund will invest not less than 80% of its assets in component securities of the underlying index. The underlying index is designed to track the performance of U.S.-listed, registered closed-end investment companies that have elected to be regulated as "business development companies" under the Investment Company Act of 1940, as well as U.S.-listed, non-BDC registered closed-end funds. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$21.91

Average Daily Volume

24,431

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

$12.69

Average Daily Volume

35,576

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	VPC	HIPS
30 Days	-1.19%	-0.73%
60 Days	-0.66%	-0.66%
90 Days	0.18%	1.80%
12 Months	14.74%	16.48%

15 Overlapping Holdings

Symbol	Grade	Weight in VPC	Weight in HIPS	Overlap
ARCC	B	1.47%	2.7%	1.47%
BGX	C	1.35%	2.8%	1.35%
BLW	A	1.35%	2.64%	1.35%
BXSL	B	1.37%	2.65%	1.37%
DSU	A	1.42%	2.53%	1.42%
EFT	A	1.44%	2.62%	1.44%
FCT	A	1.58%	2.67%	1.58%
FDUS	C	1.63%	2.51%	1.63%
FSK	B	2.16%	2.55%	2.16%
GBDC	C	1.57%	2.54%	1.57%
GSBD	F	1.94%	2.33%	1.94%
JFR	A	1.6%	2.72%	1.6%
JQC	A	1.57%	2.76%	1.57%
NMFC	F	1.61%	2.23%	1.61%
SLRC	B	1.72%	2.59%	1.72%

VPC Overweight 36 Positions Relative to HIPS

Symbol	Grade	Weight
OCCI	D	4.33%
TPVG	F	2.95%
ECC	A	2.69%
PSEC	D	2.38%
TCPC	F	2.05%
BIGZ	A	2.02%
WHF	B	2.02%
HTGC	C	1.82%
SAR	C	1.81%
GAIN	B	1.76%
SCM	B	1.76%
PNNT	C	1.75%
PFLT	C	1.75%
HRZN	F	1.7%
VVR	D	1.61%
CCAP	C	1.56%
BBDC	D	1.54%
PHD	A	1.52%
BCSF	A	1.52%
TSLX	D	1.51%
CION	C	1.51%
FRA	A	1.51%
CSWC	D	1.49%
CGBD	C	1.49%
EFR	A	1.48%
KIO	D	1.48%
EVF	A	1.46%
BGT	A	1.41%
ARDC	B	1.33%
BSL	A	1.24%
MAIN	B	1.09%
OFS	F	1.01%
MRCC	C	1.0%
OXSQ	A	0.97%
PTMN	A	0.97%
MPV	A	0.97%

VPC Underweight 22 Positions Relative to HIPS

Symbol	Grade	Weight
LTC	A	-2.86%
SBRA	B	-2.67%
ALX	D	-2.65%
GTY	C	-2.65%
OHI	B	-2.65%
GLPI	D	-2.6%
ET	A	-2.59%
NBB	C	-2.57%
EPD	A	-2.52%
KRP	B	-2.5%
DMLP	A	-2.49%
MPLX	A	-2.49%
WES	D	-2.47%
EPR	D	-2.46%
CQP	A	-2.44%
PAA	D	-2.43%
NNN	D	-2.41%
USAC	F	-2.37%
BSM	D	-2.35%
PK	F	-2.32%
NHS	D	-2.08%
GNL	D	-2.02%

VPC: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance