CEFD vs. HIPS ETF Comparison

Comparison of ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) to Master Income ETF (HIPS)

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

$19.39

Average Daily Volume

2,028

Number of Holdings ^*

100

* 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

$12.77

Average Daily Volume

34,069

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CEFD	HIPS
30 Days	-1.09%	-0.31%
60 Days	3.08%	2.20%
90 Days	5.42%	3.27%
12 Months	14.45%	15.44%

5 Overlapping Holdings

Symbol	Grade	Weight in CEFD	Weight in HIPS	Overlap
BLW	A	0.92%	2.54%	0.92%
EFT	C	0.95%	2.66%	0.95%
FCT	B	0.58%	2.6%	0.58%
JQC	B	1.66%	2.68%	1.66%
NBB	A	0.71%	2.49%	0.71%

CEFD Overweight 95 Positions Relative to HIPS

Symbol	Grade	Weight
EVV	A	2.63%
BDJ	B	2.39%
HYT	A	2.19%
BTZ	A	2.16%
NXDT	C	1.9%
AWF	A	1.83%
DSL	A	1.77%
BXMX	D	1.65%
EMD	B	1.5%
WIW	A	1.37%
BHK	A	1.3%
QQQX	D	1.26%
BOE	B	1.23%
BCX	C	1.2%
HIO	A	1.19%
JPC	A	1.18%
RA	A	1.17%
GHY	A	1.16%
BGY	C	1.09%
CII	D	1.07%
HIX	C	1.01%
BIT	B	1.01%
EOS	D	1.0%
IGD	B	0.98%
FSD	C	0.95%
HTD	A	0.94%
BST	D	0.92%
EAD	A	0.9%
ISD	A	0.88%
LDP	A	0.84%
FFC	B	0.83%
EFR	C	0.82%
FRA	B	0.82%
TEI	A	0.75%
PHK	A	0.75%
EOI	C	0.73%
MIN	A	0.71%
EHI	A	0.71%
MCR	A	0.7%
PDT	A	0.69%
DIAX	B	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%
ERC	A	0.57%
HPS	A	0.55%
HYI	A	0.55%
DFP	A	0.55%
BME	A	0.54%
BGT	C	0.49%
HPI	B	0.47%
PHD	B	0.44%
BGH	A	0.44%
FTF	A	0.43%
GBAB	A	0.42%
HYB	A	0.39%
EVG	A	0.38%
IDE	C	0.38%
DHF	A	0.38%
PHT	A	0.38%
TSI	A	0.37%
ETB	C	0.37%
FT	A	0.37%
STK	D	0.37%
DHY	A	0.36%
HPF	C	0.36%
MSD	B	0.34%
INSI	A	0.34%
FFA	C	0.32%
DBL	A	0.31%
GDO	A	0.31%
PSF	A	0.31%
VBF	A	0.3%
BGR	C	0.3%
PIM	A	0.3%
PFL	A	0.29%
IGA	B	0.29%
OPP	A	0.29%
SPXX	C	0.27%
FLC	A	0.24%
MCN	C	0.24%
CIK	B	0.24%
WEA	A	0.22%
FAM	A	0.21%
VLT	A	0.19%
MGF	A	0.19%
VGI	A	0.18%
HEQ	B	0.18%
GNT	B	0.14%
JLS	A	0.14%

CEFD Underweight 30 Positions Relative to HIPS

Symbol	Grade	Weight
WES	B	-3.52%
PAA	C	-3.05%
ET	B	-2.94%
MPLX	B	-2.9%
LTC	B	-2.9%
OHI	A	-2.89%
SBRA	B	-2.82%
EPD	B	-2.81%
BXSL	D	-2.75%
JFR	C	-2.72%
GTY	B	-2.71%
BGX	A	-2.7%
ALX	B	-2.69%
SLRC	D	-2.64%
NNN	A	-2.61%
ARCC	C	-2.59%
CQP	C	-2.58%
GSBD	D	-2.57%
GBDC	D	-2.53%
DSU	B	-2.52%
FSK	C	-2.51%
DMLP	D	-2.49%
GLPI	A	-2.48%
FDUS	C	-2.47%
NMFC	C	-2.42%
BSM	F	-2.42%
USAC	D	-2.41%
PK	D	-2.36%
EPR	B	-2.29%
GNL	B	-2.18%

CEFD: Top Represented Industries & Keywords

Industries: Asset Management