HDLB vs. HDV ETF Comparison

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

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

HDV

iShares High Dividend ETF

HDV Description

The investment seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities. The fund generally invests at least 90% of its assets in the securities of the underlying index or in depositary receipts representing securities of the underlying index. It seeks to track the investment results of the MorningstarÂ® Dividend Yield Focus IndexSM (the "underlying index"), which offers exposure to high quality U.S.-domiciled companies that have had strong financial health and an ability to sustain above average dividend payouts. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$117.85

Average Daily Volume

398,143

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HDLB	HDV
30 Days	0.70%	-0.44%
60 Days	4.37%	1.56%
90 Days	14.19%	3.24%
12 Months	51.83%	25.29%

15 Overlapping Holdings

Symbol	Grade	Weight in HDLB	Weight in HDV	Overlap
ABBV	F	9.8%	6.14%	6.14%
AEP	D	2.58%	0.95%	0.95%
DUK	D	3.27%	1.68%	1.68%
EIX	C	1.34%	0.63%	0.63%
FE	D	1.42%	0.44%	0.44%
IBM	D	5.12%	3.4%	3.4%
MO	A	3.18%	3.66%	3.18%
NI	A	0.91%	0.27%	0.27%
OGE	B	0.43%	0.19%	0.19%
PM	B	3.83%	4.34%	3.83%
PPL	A	1.48%	0.42%	0.42%
SO	D	2.94%	1.67%	1.67%
SRE	B	1.71%	0.94%	0.94%
T	A	8.79%	4.44%	4.44%
WU	F	0.73%	0.12%	0.12%

HDLB Overweight 22 Positions Relative to HDV

Symbol	Grade	Weight
PFE	F	13.4%
VZ	D	9.25%
GILD	B	5.14%
D	D	2.76%
O	D	2.51%
VICI	D	1.93%
KHC	F	1.93%
ED	D	1.85%
ETR	B	1.73%
K	A	1.47%
NLY	C	1.43%
IP	B	1.22%
MPW	F	1.04%
AGNC	C	1.03%
PNW	A	0.78%
WPC	F	0.76%
ARCC	A	0.46%
GLPI	D	0.44%
STAG	D	0.4%
FSK	A	0.25%
KD	A	0.14%
ONL	D	0.07%

HDLB Underweight 60 Positions Relative to HDV

Symbol	Grade	Weight
XOM	B	-10.13%
CVX	A	-6.83%
JNJ	D	-6.18%
CSCO	A	-4.15%
PEP	D	-3.78%
MRK	F	-3.74%
KO	F	-3.69%
TXN	B	-2.77%
COP	C	-2.16%
MDT	D	-1.91%
PNC	B	-1.59%
BX	A	-1.58%
KMI	B	-1.56%
WMB	B	-1.56%
OKE	A	-1.45%
LMT	D	-1.41%
EOG	A	-1.22%
PSX	C	-1.06%
DOW	F	-1.03%
KMB	D	-0.83%
PAYX	B	-0.76%
LYB	F	-0.7%
TROW	A	-0.69%
PEG	C	-0.67%
GIS	F	-0.65%
WEC	B	-0.57%
SYY	D	-0.56%
DVN	F	-0.47%
DTE	D	-0.43%
DRI	B	-0.4%
AEE	B	-0.4%
AMCR	D	-0.37%
CTRA	B	-0.36%
EVRG	A	-0.33%
CLX	A	-0.33%
OMC	A	-0.32%
CMS	D	-0.32%
CINF	A	-0.3%
ATO	B	-0.28%
SNA	A	-0.28%
GPC	D	-0.28%
LNT	C	-0.26%
EMN	D	-0.22%
SWKS	F	-0.22%
DTM	A	-0.2%
AM	B	-0.18%
EXE	A	-0.17%
JHG	A	-0.14%
APAM	B	-0.13%
INGR	B	-0.12%
MC	B	-0.11%
IDA	A	-0.1%
NFG	D	-0.1%
ALE	A	-0.09%
MSM	C	-0.09%
NJR	A	-0.09%
RDN	C	-0.08%
VCTR	C	-0.05%
CNS	C	-0.04%
REYN	D	-0.02%