BYLD vs. HFND ETF Comparison

Comparison of iShares Yield Optimized Bond ETF (BYLD) to Unlimited HFND Multi-Strategy Return Tracker ETF (HFND)

BYLD

iShares Yield Optimized Bond ETF

BYLD Description

The investment seeks to track the investment results of an index composed of underlying fixed income funds that collectively seek to deliver current income. The fund invests primarily in underlying funds that themselves seek investment results corresponding to their own underlying indexes. The fund also invests in a combination of other exchange-traded funds ("ETFs") (including other iShares ETFs), cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates ("BlackRock Cash Funds"). The underlying index is a broadly diversified fixed income index that seeks to deliver current income.

Grade (RS Rating)

Last Trade

$22.43

Average Daily Volume

64,651

Number of Holdings ^*

6

* may have additional holdings in another (foreign) market

HFND

Unlimited HFND Multi-Strategy Return Tracker ETF

HFND Description

The fund"s portfolio will generally consist of long and short positions in 30 to 50 Underlying ETFs and futures contracts. In addition, the fund may invest in swap agreements. It will not invest in hedge funds. To achieve an appropriate risk/return profile for the fund"s portfolio, the fund will also "short" the securities of Underlying ETFs. It is non-diversified.

Grade (RS Rating)

Last Trade

$22.78

Average Daily Volume

7,151

Number of Holdings ^*

9

* may have additional holdings in another (foreign) market

Performance

Period	BYLD	HFND
30 Days	0.11%	0.67%
60 Days	-1.21%	2.70%
90 Days	-0.05%	3.81%
12 Months	8.62%	11.56%

1 Overlapping Holdings

	Symbol	Grade	Weight in BYLD	Weight in HFND	Overlap
	CMBS	C	9.93%	3.41%	3.41%

BYLD Overweight 5 Positions Relative to HFND

	Symbol	Grade	Weight
	IGLB	D	25.45%
	SGOV	B	24.01%
	USHY	A	20.23%
	EMHY	A	10.17%
	FLOT	A	10.11%

BYLD Underweight 8 Positions Relative to HFND

	Symbol	Grade	Weight
	BKLN	A	-4.79%
	ICVT	A	-4.42%
	IGHG	A	-2.51%
	VFMO	A	-2.11%
	VTWO	B	-1.59%
	PFF	D	-0.27%
	VMBS	D	--0.78%
	XLRE	C	--1.18%

BYLD: Top Represented Industries & Keywords

Industries:

Keywords: Exchange Traded Fund ETF Bond Swaps Bond Market Corporate Bond Index Fund Cash And Cash Equivalents Commercial Mortgage Commercial Mortgage Backed Security Commercial Mortgage Securities Association Futures Markets High Yield Debt Money Market Fund Morningstar Mlp Composite Index Tr Mortgage Mortgage Backed Security Public–Private Investment Program For Legacy Assets Salomon Big Structured Finance

HFND: Top Represented Industries & Keywords

Industries:

Keywords: ETF Exchange Traded Fund Bond Bloomberg Barclays Us Aggregate Bond Index Exchange Traded Funds Mortgage Backed Security Stock Market Index Structured Finance Active Management Barclays Bond Market Index Bond Market Indices Commercial Mortgage Commercial Mortgage Backed Security Commercial Mortgage Securities Association Convertibles Corporate Bond Equity Derivative Index Fund Invesco Powershares