CEFD vs. MFLX ETF Comparison

Comparison of ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) to First Trust Flexible Municipal High Income ETF (MFLX)

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

$20.15

Average Daily Volume

2,018

Number of Holdings ^*

* may have additional holdings in another (foreign) market

MFLX

First Trust Flexible Municipal High Income ETF

MFLX Description

MFLX seeks to provide current income through an actively managed portfolio of US municipal debt securities whose interests are exempted from federal income taxes. The fund spans a wide range of municipal bonds, including lease obligations, general obligation bonds, revenue bonds, notes, cash equivalents, private activity bonds, as well as pre-refunded and escrowed to maturity bonds. The fund is diversified to invest in municipal bonds of any maturity and credit quality. In addition, the fund may invest, without limitation, in municipal securities that pay interest and generate income subject to federal and state alternative minimum tax. Prior to April 14, 2022, the fund traded as the First Trust Municipal CEF Income Opportunity ETF (Ticker: MCEF). Unlike MCEFs fund-of-CEFs (closed-end funds) structure, MFLX invests in US municipal bonds directly. Although, the fund may still invest in municipal CEFs for up to 10% of its net assets.

Grade (RS Rating)

Last Trade

$17.29

Average Daily Volume

2,438

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CEFD	MFLX
30 Days	-1.46%	-0.28%
60 Days	1.25%	-0.26%
90 Days	7.28%	0.31%
12 Months	34.26%	12.44%

0 Overlapping Holdings

	Symbol	Grade	Weight in CEFD	Weight in MFLX	Overlap

CEFD Overweight 99 Positions Relative to MFLX

Symbol	Grade	Weight
EVV	C	2.63%
BDJ	A	2.39%
HYT	A	2.19%
BTZ	C	2.16%
NXDT	D	1.9%
AWF	C	1.83%
DSL	C	1.77%
JQC	A	1.66%
BXMX	A	1.65%
EMD	D	1.5%
WIW	A	1.37%
BHK	D	1.3%
QQQX	A	1.26%
BOE	B	1.23%
BCX	C	1.2%
HIO	B	1.19%
JPC	A	1.18%
RA	B	1.17%
GHY	B	1.16%
BGY	C	1.09%
CII	A	1.07%
HIX	B	1.01%
BIT	D	1.01%
EOS	A	1.0%
IGD	B	0.98%
EFT	A	0.95%
HTD	C	0.94%
BST	B	0.92%
BLW	C	0.92%
EAD	C	0.9%
ISD	C	0.88%
LDP	B	0.84%
FFC	D	0.83%
EFR	A	0.82%
FRA	A	0.82%
TEI	D	0.75%
PHK	A	0.75%
EOI	B	0.73%
MIN	A	0.71%
EHI	D	0.71%
NBB	D	0.71%
MCR	D	0.7%
PDT	C	0.69%
DIAX	A	0.69%
PPT	D	0.67%
WIA	C	0.66%
MMT	D	0.64%
GOF	A	0.64%
JPI	C	0.63%
BKT	D	0.62%
PFN	A	0.59%
JGH	B	0.59%
FCT	B	0.58%
ERC	D	0.57%
HPS	D	0.55%
HYI	C	0.55%
DFP	D	0.55%
BME	C	0.54%
BGT	B	0.49%
HPI	D	0.47%
PHD	B	0.44%
BGH	C	0.44%
FTF	C	0.43%
GBAB	F	0.42%
HYB	D	0.39%
EVG	B	0.38%
IDE	C	0.38%
DHF	C	0.38%
PHT	B	0.38%
TSI	D	0.37%
ETB	A	0.37%
FT	B	0.37%
STK	A	0.37%
DHY	D	0.36%
HPF	D	0.36%
MSD	C	0.34%
INSI	C	0.34%
FFA	A	0.32%
DBL	C	0.31%
GDO	D	0.31%
PSF	D	0.31%
VBF	D	0.3%
BGR	A	0.3%
PIM	D	0.3%
PFL	C	0.29%
IGA	A	0.29%
OPP	D	0.29%
SPXX	A	0.27%
FLC	D	0.24%
MCN	D	0.24%
CIK	C	0.24%
WEA	C	0.22%
FAM	B	0.21%
VLT	B	0.19%
MGF	D	0.19%
VGI	B	0.18%
HEQ	D	0.18%
GNT	D	0.14%
JLS	C	0.14%

CEFD Underweight 16 Positions Relative to MFLX

Symbol	Grade	Weight
NEA	C	-1.11%
NVG	D	-0.79%
BLE	C	-0.75%
MMU	D	-0.75%
BFK	C	-0.64%
NZF	C	-0.55%
VGM	D	-0.53%
NAD	C	-0.51%
MYI	D	-0.49%
IQI	D	-0.49%
EVN	D	-0.37%
MQT	D	-0.32%
VKQ	D	-0.25%
MQY	D	-0.25%
BYM	D	-0.24%
MHD	D	-0.22%

CEFD: Top Represented Industries & Keywords

Industries: Asset Management

MFLX: Top Represented Industries & Keywords

Industries: Asset Management