HDLB vs. DIVY ETF Comparison

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

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

$14.59

Average Daily Volume

2,952

Number of Holdings ^*

* may have additional holdings in another (foreign) market

DIVY

Sound Equity Income ETF

DIVY Description

The investment seeks to produce long-term capital appreciation. The fund's principal investment strategy is designed to provide exposure to the aggregate value of ordinary dividends expected to be paid on a portfolio of large capitalization equity securities listed for trading in the U.S. (Large Cap Securities). The fund may use a variety of investment strategies to achieve this objective. Under normal circumstances, it generally invests in a combination of dividend swaps, dividend futures and forwards on indexes of Large Cap Securities (Large Cap Securities Indexes). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$26.34

Average Daily Volume

4,161

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HDLB	DIVY
30 Days	0.70%	-2.57%
60 Days	4.37%	-1.78%
90 Days	14.19%	1.16%
12 Months	51.83%	11.47%

3 Overlapping Holdings

Symbol	Grade	Weight in HDLB	Weight in DIVY	Overlap
IBM	D	5.12%	3.99%	3.99%
PFE	F	13.4%	3.43%	3.43%
T	A	8.79%	4.76%	4.76%

HDLB Overweight 34 Positions Relative to DIVY

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

HDLB Underweight 5 Positions Relative to DIVY

Symbol	Grade	Weight
OKE	A	-4.95%
LYB	F	-4.09%
OMC	C	-3.81%
C	A	-3.63%
MTB	A	-3.52%