HDLB vs. LVHD ETF Comparison

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

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

$15.32

Average Daily Volume

2,749

Number of Holdings ^*

* may have additional holdings in another (foreign) market

LVHD

Legg Mason Low Volatility High Dividend ETF

LVHD Description

The investment seeks to track the investment results of the QS Low Volatility High Dividend Index (the "underlying index"). The fund will invest at least 80% of its net assets, plus borrowings for investment purposes, if any, in securities that compose the underlying index. The underlying index composed of equity securities of U.S. companies with relatively high yield and low price and earnings volatility.

Grade (RS Rating)

Last Trade

$40.61

Average Daily Volume

44,376

Number of Holdings ^*

118

* may have additional holdings in another (foreign) market

Performance

Period	HDLB	LVHD
30 Days	4.93%	0.60%
60 Days	10.70%	1.38%
90 Days	16.30%	3.98%
12 Months	61.71%	21.09%

16 Overlapping Holdings

Symbol	Grade	Weight in HDLB	Weight in LVHD	Overlap
AEP	C	2.58%	2.07%	2.07%
DUK	C	3.27%	2.33%	2.33%
ED	C	1.85%	1.28%	1.28%
ETR	B	1.73%	1.65%	1.65%
GLPI	C	0.44%	0.48%	0.44%
IBM	C	5.12%	2.47%	2.47%
K	A	1.47%	1.76%	1.47%
MO	A	3.18%	2.78%	2.78%
NI	A	0.91%	1.04%	0.91%
OGE	A	0.43%	0.37%	0.37%
PM	B	3.83%	2.44%	2.44%
PNW	A	0.78%	0.71%	0.71%
SO	C	2.94%	2.41%	2.41%
STAG	D	0.4%	0.31%	0.31%
VICI	C	1.93%	1.4%	1.4%
WPC	C	0.76%	0.53%	0.53%

HDLB Overweight 21 Positions Relative to LVHD

Symbol	Grade	Weight
PFE	F	13.4%
ABBV	F	9.8%
VZ	C	9.25%
T	A	8.79%
GILD	C	5.14%
D	C	2.76%
O	C	2.51%
KHC	F	1.93%
SRE	A	1.71%
PPL	A	1.48%
NLY	C	1.43%
FE	C	1.42%
EIX	B	1.34%
IP	A	1.22%
MPW	F	1.04%
AGNC	C	1.03%
WU	F	0.73%
ARCC	A	0.46%
FSK	A	0.25%
KD	B	0.14%
ONL	C	0.07%

HDLB Underweight 102 Positions Relative to LVHD

Symbol	Grade	Weight
MCD	D	-2.71%
CVX	A	-2.69%
HD	B	-2.66%
USB	A	-2.58%
CSCO	B	-2.57%
LMT	D	-2.54%
PEP	F	-2.39%
MDLZ	F	-2.32%
KO	D	-2.3%
JNJ	C	-2.29%
KDP	F	-2.26%
OKE	A	-2.18%
HSY	F	-2.14%
KMB	C	-2.1%
PAYX	B	-2.07%
PNC	B	-2.01%
GIS	D	-1.87%
XEL	A	-1.84%
EXC	C	-1.83%
SYY	D	-1.81%
DRI	B	-1.65%
WEC	A	-1.48%
OMC	C	-1.17%
LYB	F	-1.16%
FANG	C	-1.14%
PKG	A	-1.06%
AEE	A	-1.04%
DTE	C	-1.02%
HST	C	-1.01%
EVRG	A	-0.93%
IPG	D	-0.9%
MAA	B	-0.87%
KIM	A	-0.84%
ESS	B	-0.83%
EQR	C	-0.8%
LNT	A	-0.67%
REG	A	-0.63%
FNF	B	-0.54%
FRT	B	-0.51%
ADC	A	-0.5%
BRX	A	-0.5%
CUBE	C	-0.49%
DTM	A	-0.42%
ONB	C	-0.35%
WTRG	B	-0.34%
NNN	C	-0.33%
CTRE	C	-0.31%
EPRT	B	-0.31%
AFG	A	-0.31%
POR	C	-0.31%
VLY	B	-0.29%
MSM	C	-0.28%
IDA	A	-0.28%
SON	F	-0.27%
DOC	C	-0.26%
FNB	A	-0.25%
NSA	C	-0.25%
APLE	B	-0.24%
OGS	A	-0.23%
EPR	C	-0.22%
BKH	A	-0.22%
INSW	F	-0.22%
HIW	C	-0.2%
SR	A	-0.19%
ALE	A	-0.19%
FHI	B	-0.17%
FIBK	B	-0.17%
NJR	A	-0.17%
FULT	A	-0.17%
BOH	B	-0.16%
UBSI	B	-0.16%
BNL	D	-0.15%
CBU	B	-0.14%
FHB	B	-0.14%
AVA	A	-0.14%
AUB	B	-0.13%
NWE	B	-0.13%
ROIC	A	-0.13%
NHI	D	-0.13%
CNA	C	-0.12%
LXP	D	-0.12%
CVBF	A	-0.12%
NTST	C	-0.11%
FCPT	C	-0.11%
PFS	B	-0.1%
FRME	B	-0.08%
DEA	D	-0.08%
LTC	B	-0.08%
NWN	A	-0.08%
TOWN	B	-0.07%
NBTB	B	-0.07%
HOPE	C	-0.07%
UVV	B	-0.07%
FFBC	B	-0.07%
UNIT	B	-0.07%
GTY	A	-0.07%
NWBI	B	-0.07%
PINC	B	-0.06%
AAT	B	-0.06%
PFBC	B	-0.06%
LADR	B	-0.06%
FCF	B	-0.06%