CEFD vs. FCEF ETF Comparison

Comparison of ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) to First Trust CEF Income Opportunity ETF (FCEF)

CEFD

ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN

CEFD Description

The investment seeks to provide 1.5 times leveraged long exposure to the compounded quarterly performance of the S-Network Composite Closed-End Fund Index (the ?index?), reduced by the Accrued Fees. The index is a mutual fund index designed to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce taxable annual yield.

Grade (RS Rating)

Last Trade

$20.72

Average Daily Volume

2,108

Number of Holdings ^*

100

* may have additional holdings in another (foreign) market

FCEF

First Trust CEF Income Opportunity ETF

FCEF Description

The First Trust CEF Income Opportunity ETF is an actively managed exchange-traded fund. The Fund's investment objective is to provide current income with a secondary emphasis on total return. Under normal market conditions, the Fund will seek to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in a portfolio of closed-end investment companies that are listed and traded in the United States on registered exchanges.

Grade (RS Rating)

Last Trade

$22.25

Average Daily Volume

7,575

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CEFD	FCEF
30 Days	3.49%	2.28%
60 Days	9.27%	5.51%
90 Days	8.08%	6.70%
12 Months	35.48%	29.26%

13 Overlapping Holdings

Symbol	Grade	Weight in CEFD	Weight in FCEF	Overlap
BCX	A	1.2%	0.73%	0.73%
BIT	A	1.01%	0.75%	0.75%
BME	A	0.54%	0.5%	0.5%
CII	C	1.07%	0.97%	0.97%
EVG	A	0.38%	1.5%	0.38%
HIO	A	1.19%	0.73%	0.73%
HTD	A	0.94%	3.27%	0.94%
JLS	A	0.14%	0.48%	0.14%
JPC	C	1.18%	2.47%	1.18%
JQC	B	1.66%	2.63%	1.66%
NBB	B	0.71%	0.74%	0.71%
QQQX	B	1.26%	0.99%	0.99%
RA	A	1.17%	0.74%	0.74%

CEFD Overweight 87 Positions Relative to FCEF

Symbol	Grade	Weight
EVV	A	2.63%
BDJ	A	2.39%
HYT	A	2.19%
BTZ	A	2.16%
NXDT	D	1.9%
AWF	A	1.83%
DSL	B	1.77%
BXMX	A	1.65%
EMD	A	1.5%
WIW	A	1.37%
BHK	A	1.3%
BOE	A	1.23%
GHY	A	1.16%
BGY	A	1.09%
HIX	A	1.01%
EOS	C	1.0%
IGD	B	0.98%
EFT	D	0.95%
FSD	A	0.95%
BST	B	0.92%
BLW	A	0.92%
EAD	A	0.9%
ISD	A	0.88%
LDP	A	0.84%
FFC	C	0.83%
EFR	D	0.82%
FRA	A	0.82%
TEI	A	0.75%
PHK	A	0.75%
EOI	A	0.73%
MIN	A	0.71%
EHI	D	0.71%
MCR	A	0.7%
PDT	A	0.69%
DIAX	A	0.69%
PPT	A	0.67%
WIA	A	0.66%
MMT	A	0.64%
GOF	A	0.64%
JPI	A	0.63%
BKT	A	0.62%
PFN	A	0.59%
JGH	A	0.59%
FCT	A	0.58%
ERC	A	0.57%
HPS	A	0.55%
HYI	A	0.55%
DFP	A	0.55%
BGT	B	0.49%
HPI	A	0.47%
PHD	B	0.44%
BGH	A	0.44%
FTF	A	0.43%
GBAB	C	0.42%
HYB	A	0.39%
IDE	A	0.38%
DHF	B	0.38%
PHT	B	0.38%
TSI	A	0.37%
ETB	A	0.37%
FT	A	0.37%
STK	C	0.37%
DHY	A	0.36%
HPF	A	0.36%
MSD	A	0.34%
INSI	A	0.34%
FFA	C	0.32%
DBL	B	0.31%
GDO	A	0.31%
PSF	A	0.31%
VBF	B	0.3%
BGR	B	0.3%
PIM	A	0.3%
PFL	A	0.29%
IGA	C	0.29%
OPP	A	0.29%
SPXX	A	0.27%
FLC	A	0.24%
MCN	D	0.24%
CIK	B	0.24%
WEA	A	0.22%
FAM	B	0.21%
VLT	A	0.19%
MGF	B	0.19%
VGI	A	0.18%
HEQ	A	0.18%
GNT	C	0.14%

CEFD Underweight 31 Positions Relative to FCEF

Symbol	Grade	Weight
ETG	B	-3.97%
THQ	A	-3.5%
HQH	C	-3.35%
ASGI	A	-3.26%
ETO	B	-3.26%
SOR	B	-3.25%
VRIG	A	-3.21%
EVT	A	-3.12%
GDV	B	-2.98%
RNP	B	-2.51%
UTF	A	-2.5%
TY	A	-2.5%
BGB	B	-2.24%
NPFD	A	-2.23%
BCAT	A	-2.2%
PDO	A	-2.06%
GAM	A	-1.92%
CET	B	-1.9%
UTG	A	-1.77%
JFR	B	-1.63%
JRI	A	-1.48%
ARDC	A	-1.42%
PEO	A	-1.4%
PDX	C	-1.26%
AIO	A	-0.94%
BUI	B	-0.72%
TPZ	B	-0.52%
RMT	C	-0.51%
KYN	A	-0.5%
HQL	C	-0.47%
DLY	B	-0.24%

CEFD: Top Represented Industries & Keywords

Industries: Asset Management

FCEF: Top Represented Industries & Keywords

Industries: Asset Management