HDLB vs. ICAP ETF Comparison

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

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

$14.97

Average Daily Volume

2,960

Number of Holdings ^*

* may have additional holdings in another (foreign) market

ICAP

InfraCap Equity Income Fund ETF

ICAP Description

The investment seeks to maximize income and pursue total return opportunities. The fund, under normal conditions, will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies that pay dividends during normal market conditions. The fund will invest primarily in securities of U.S. companies, but may invest in foreign securities, including securities of companies located in emerging markets. To obtain high yield and total return, the adviser will favor sectors and industries that it currently views are undervalued on a relative basis.

Grade (RS Rating)

Last Trade

$27.33

Average Daily Volume

7,879

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HDLB	ICAP
30 Days	1.25%	-1.43%
60 Days	8.19%	2.15%
90 Days	16.48%	7.41%
12 Months	61.53%	30.17%

10 Overlapping Holdings

Symbol	Grade	Weight in HDLB	Weight in ICAP	Overlap
D	C	2.76%	0.5%	0.5%
DUK	C	3.27%	0.21%	0.21%
EIX	C	1.34%	1.65%	1.34%
KHC	F	1.93%	1.87%	1.87%
MO	A	3.18%	1.0%	1.0%
O	D	2.51%	1.27%	1.27%
PM	A	3.83%	0.63%	0.63%
SO	C	2.94%	1.26%	1.26%
T	A	8.79%	0.18%	0.18%
VZ	C	9.25%	0.36%	0.36%

HDLB Overweight 27 Positions Relative to ICAP

Symbol	Grade	Weight
PFE	F	13.4%
ABBV	F	9.8%
GILD	B	5.14%
IBM	D	5.12%
AEP	C	2.58%
VICI	C	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%
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	C	0.44%
OGE	A	0.43%
STAG	D	0.4%
FSK	A	0.25%
KD	A	0.14%
ONL	D	0.07%

HDLB Underweight 60 Positions Relative to ICAP

Symbol	Grade	Weight
GS	A	-6.11%
C	A	-4.2%
EQIX	A	-4.16%
KRC	C	-4.04%
CVX	A	-3.99%
MTB	A	-3.84%
AMZN	B	-3.82%
ORCL	A	-3.51%
MPLX	A	-3.29%
BXP	D	-3.23%
AES	F	-3.1%
CFG	A	-3.09%
FRT	C	-2.9%
DLR	A	-2.76%
SLMBP	D	-2.76%
AVGO	C	-2.67%
AB	B	-2.39%
ARE	F	-2.15%
TFC	A	-2.04%
NYMTN	C	-1.94%
UGI	C	-1.87%
BAC	A	-1.86%
REXR	F	-1.73%
SPG	A	-1.65%
JPM	A	-1.57%
MCD	D	-1.55%
VOD	D	-1.52%
FANG	C	-1.46%
ARES	B	-1.45%
KMI	A	-1.28%
DOW	F	-1.28%
HPE	B	-1.23%
BLMN	F	-1.21%
CCI	C	-1.08%
XOM	A	-1.05%
FITB	A	-1.02%
USB	A	-1.01%
MSFT	D	-0.91%
MRK	F	-0.87%
NWN	A	-0.73%
IRM	D	-0.65%
RTX	D	-0.62%
MMM	D	-0.57%
HON	A	-0.56%
AMT	D	-0.55%
CAT	B	-0.36%
MS	A	-0.34%
EPR	D	-0.31%
PAA	A	-0.31%
RRR	F	-0.29%
NEE	C	-0.26%
UNH	B	-0.22%
WMB	A	-0.2%
NEE	C	-0.2%
OKE	A	-0.18%
GD	D	-0.16%
JNJ	D	-0.09%
KO	D	-0.07%
ET	A	-0.03%
UZE	A	-0.01%