EQTY vs. HDLB ETF Comparison

Comparison of Kovitz Core Equity ETF (EQTY) to ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB)

EQTY

Kovitz Core Equity ETF

EQTY Description

The Kovitz Core Equity ETF seeks long-term capital appreciation. Through our fundamental, research-driven process, we strive to build diversified portfolios of equity investments through the purchase of competitively advantaged and financially strong companies at prices substantially less than our estimate of their intrinsic values.

Grade (RS Rating)

Last Trade

$24.38

Average Daily Volume

36,378

Number of Holdings ^*

* may have additional holdings in another (foreign) market

HDLB

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044

HDLB Description

The investment seeks to provide two times leveraged long exposure to the compounded monthly performance of the Solactive US High Dividend Low Volatility Index. The index is designed to measure the performance of 40 dividend yielding, relatively lower volatility Index Constituent Securities from the universe of the largest 1,000 U.S. listed stocks by market capitalization, as described herein. The Securities seek to approximate the monthly returns that might be available to investors through a leveraged “long” investment in the index constituent securities.

Grade (RS Rating)

Last Trade

$15.47

Average Daily Volume

2,747

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	EQTY	HDLB
30 Days	3.61%	7.94%
60 Days	5.37%	10.30%
90 Days	8.14%	16.56%
12 Months	30.24%	62.41%

1 Overlapping Holdings

	Symbol	Grade	Weight in EQTY	Weight in HDLB	Overlap
	PM	B	3.86%	3.83%	3.83%

EQTY Overweight 37 Positions Relative to HDLB

Symbol	Grade	Weight
META	D	4.77%
SCHW	A	4.75%
AMZN	C	4.67%
KEYS	B	4.28%
GOOG	C	4.19%
ICE	D	3.99%
BDX	F	3.94%
V	A	3.8%
CRM	B	3.74%
J	F	3.41%
FI	A	3.33%
KMX	B	3.33%
BRK.A	B	3.21%
LOW	C	3.11%
ORCL	C	3.06%
AXP	A	3.04%
PCAR	B	3.02%
AON	A	2.98%
JPM	B	2.57%
PPG	D	2.35%
MSI	C	2.09%
AAPL	B	1.92%
ANET	C	1.84%
DLTR	D	1.77%
DEO	F	1.74%
ADI	D	1.74%
AMAT	F	1.55%
HAS	D	1.06%
AMD	F	0.94%
HAYW	B	0.65%
GOOGL	C	0.5%
MSFT	D	0.23%
SYK	C	0.13%
GGG	B	0.1%
VRSK	A	0.08%
EFX	D	0.06%
ABT	B	0.06%

EQTY Underweight 36 Positions Relative to HDLB

Symbol	Grade	Weight
PFE	D	-13.4%
ABBV	D	-9.8%
VZ	B	-9.25%
T	A	-8.79%
GILD	B	-5.14%
IBM	C	-5.12%
DUK	C	-3.27%
MO	A	-3.18%
SO	D	-2.94%
D	C	-2.76%
AEP	D	-2.58%
O	D	-2.51%
VICI	C	-1.93%
KHC	D	-1.93%
ED	D	-1.85%
ETR	B	-1.73%
SRE	A	-1.71%
PPL	B	-1.48%
K	A	-1.47%
NLY	B	-1.43%
FE	D	-1.42%
EIX	A	-1.34%
IP	B	-1.22%
MPW	F	-1.04%
AGNC	D	-1.03%
NI	A	-0.91%
PNW	B	-0.78%
WPC	D	-0.76%
WU	D	-0.73%
ARCC	A	-0.46%
GLPI	B	-0.44%
OGE	A	-0.43%
STAG	D	-0.4%
FSK	A	-0.25%
KD	B	-0.14%
ONL	C	-0.07%