HDLB vs. ARKX ETF Comparison

Comparison of ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB) to ARK Space Exploration & Innovation ETF (ARKX)

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

$14.36

Average Daily Volume

3,000

Number of Holdings ^*

* may have additional holdings in another (foreign) market

ARKX

ARK Space Exploration & Innovation ETF

ARKX Description

The ARK Space Exploration & Innovation ETF’s (“Fund”) investment objective is long-term growth of capital. ARKX is an actively-managed exchange-traded fund (“ETF”) that will invest under normal circumstances primarily (at least 80% of its assets) in domestic and foreign equity securities of companies that are engaged in the Fund’s investment theme of Space Exploration and innovation. The Adviser defines “Space Exploration” as leading, enabling, or benefitting from technologically enabled products and/or services that occur beyond the surface of the Earth. Orbital Aerospace Companies are companies that launch, make, service, or operate platforms in the orbital space, including satellites and launch vehicles. Suborbital Aerospace Companies are companies that launch, make, service, or operate platforms in the suborbital space, but do not reach a velocity needed to remain in orbit around a planet. Enabling Technologies Companies are companies that develop technologies used by Space Exploration related companies for successful value-add aerospace operations. These operations include artificial intelligence, robotics, 3D printing, materials and energy storage. Aerospace Beneficiary Companies are companies whose operations stand to benefit from aerospace activities, including agriculture, internet access, global positioning system (GPS), construction, imaging, drones, air taxis and electric aviation vehicles.

Grade (RS Rating)

Last Trade

$16.42

Average Daily Volume

35,278

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HDLB	ARKX
30 Days	-0.70%	-1.02%
60 Days	3.60%	7.11%
90 Days	10.11%	9.18%
12 Months	61.28%	23.64%

0 Overlapping Holdings

	Symbol	Grade	Weight in HDLB	Weight in ARKX	Overlap

HDLB Overweight 37 Positions Relative to ARKX

Symbol	Grade	Weight
PFE	D	13.4%
ABBV	A	9.8%
VZ	D	9.25%
T	A	8.79%
GILD	A	5.14%
IBM	C	5.12%
PM	A	3.83%
DUK	C	3.27%
MO	A	3.18%
SO	C	2.94%
D	B	2.76%
AEP	D	2.58%
O	D	2.51%
VICI	D	1.93%
KHC	D	1.93%
ED	C	1.85%
ETR	A	1.73%
SRE	C	1.71%
PPL	C	1.48%
K	A	1.47%
NLY	D	1.43%
FE	D	1.42%
EIX	D	1.34%
IP	A	1.22%
MPW	D	1.04%
AGNC	D	1.03%
NI	B	0.91%
PNW	D	0.78%
WPC	F	0.76%
WU	F	0.73%
ARCC	B	0.46%
GLPI	D	0.44%
OGE	C	0.43%
STAG	D	0.4%
FSK	B	0.25%
KD	D	0.14%
ONL	D	0.07%

HDLB Underweight 25 Positions Relative to ARKX

Symbol	Grade	Weight
KTOS	C	-9.43%
IRDM	B	-9.25%
AVAV	B	-8.21%
RKLB	A	-7.05%
TRMB	A	-6.37%
TER	F	-6.2%
LHX	A	-4.61%
AMZN	A	-3.73%
BLDE	B	-3.62%
PLTR	B	-3.28%
ACHR	C	-2.77%
DE	B	-2.62%
GRMN	A	-2.38%
GOOG	A	-2.22%
JOBY	D	-2.03%
PRNT	B	-1.83%
HEI	D	-1.56%
TDY	B	-1.43%
HON	B	-1.38%
LMT	D	-1.3%
PATH	C	-1.29%
SNPS	B	-1.25%
AMD	F	-1.18%
ANSS	C	-1.04%
DDD	C	-0.8%