HDLB vs. USRT ETF Comparison

Comparison of ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB) to iShares Core U.S. REIT ETF (USRT)

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

$15.47

Average Daily Volume

2,751

Number of Holdings ^*

* may have additional holdings in another (foreign) market

USRT

iShares Core U.S. REIT ETF

USRT Description

The iShares Core U.S. REIT ETF seeks to track the investment results of an index composed of U.S. real estate equities.

Grade (RS Rating)

Last Trade

$61.34

Average Daily Volume

236,762

Number of Holdings ^*

132

* may have additional holdings in another (foreign) market

Performance

Period	HDLB	USRT
30 Days	4.78%	-0.13%
60 Days	9.79%	-1.02%
90 Days	17.43%	3.17%
12 Months	63.28%	29.70%

7 Overlapping Holdings

Symbol	Grade	Weight in HDLB	Weight in USRT	Overlap
GLPI	C	0.44%	1.06%	0.44%
MPW	F	1.04%	0.21%	0.21%
O	D	2.51%	4.08%	2.51%
ONL	C	0.07%	0.02%	0.02%
STAG	F	0.4%	0.54%	0.4%
VICI	C	1.93%	2.73%	1.93%
WPC	D	0.76%	1.0%	0.76%

HDLB Overweight 30 Positions Relative to USRT

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

HDLB Underweight 125 Positions Relative to USRT

Symbol	Grade	Weight
PLD	D	-8.68%
EQIX	A	-7.05%
WELL	A	-6.79%
SPG	B	-4.83%
DLR	B	-4.8%
PSA	D	-4.39%
EXR	D	-2.85%
IRM	D	-2.77%
AVB	B	-2.69%
EQR	B	-2.3%
VTR	C	-2.12%
INVH	D	-1.71%
ESS	B	-1.6%
MAA	B	-1.52%
ARE	D	-1.51%
KIM	A	-1.36%
SUI	D	-1.28%
DOC	D	-1.21%
UDR	B	-1.2%
REG	B	-1.12%
ELS	C	-1.08%
AMH	D	-1.05%
CPT	B	-1.03%
BXP	D	-1.02%
HST	C	-1.0%
LAMR	D	-0.91%
CUBE	D	-0.9%
OHI	C	-0.82%
FRT	B	-0.77%
REXR	F	-0.75%
BRX	A	-0.72%
EGP	F	-0.69%
NNN	D	-0.63%
ADC	B	-0.62%
VNO	B	-0.59%
FR	C	-0.57%
HR	C	-0.55%
RHP	B	-0.54%
COLD	D	-0.51%
TRNO	F	-0.48%
KRG	B	-0.48%
EPRT	B	-0.47%
SLG	B	-0.41%
CTRE	D	-0.39%
IRT	A	-0.39%
PECO	A	-0.39%
KRC	C	-0.38%
CUZ	B	-0.38%
SBRA	C	-0.35%
MAC	B	-0.34%
LINE	F	-0.32%
SKT	B	-0.31%
APLE	B	-0.29%
CDP	C	-0.28%
BNL	D	-0.27%
NHI	D	-0.27%
EPR	D	-0.27%
HIW	D	-0.27%
NSA	D	-0.25%
PK	B	-0.25%
IIPR	D	-0.24%
UE	C	-0.23%
OUT	A	-0.22%
LXP	D	-0.22%
DEI	B	-0.21%
AKR	B	-0.21%
FCPT	C	-0.21%
CURB	D	-0.19%
ROIC	A	-0.18%
AHR	A	-0.18%
SHO	C	-0.17%
IVT	B	-0.17%
DRH	B	-0.15%
LTC	B	-0.14%
GTY	B	-0.13%
SILA	C	-0.12%
ALEX	C	-0.12%
ESRT	C	-0.12%
ELME	D	-0.12%
VRE	B	-0.12%
PEB	D	-0.12%
GNL	F	-0.12%
RLJ	C	-0.12%
XHR	B	-0.12%
AAT	B	-0.11%
PDM	D	-0.1%
DEA	D	-0.1%
NTST	D	-0.1%
AIV	C	-0.1%
UMH	C	-0.1%
JBGS	D	-0.1%
NXRT	B	-0.09%
SAFE	D	-0.09%
CSR	B	-0.09%
BDN	C	-0.07%
PGRE	F	-0.07%
GOOD	B	-0.06%
WSR	A	-0.06%
AHH	D	-0.06%
PLYM	F	-0.06%
SITC	D	-0.06%
DHC	F	-0.05%
CBL	A	-0.05%
INN	D	-0.05%
CTO	B	-0.04%
CLDT	B	-0.04%
SVC	F	-0.04%
OLP	B	-0.04%
NLOP	C	-0.04%
PKST	D	-0.04%
ALX	D	-0.04%
HPP	F	-0.04%
CHCT	C	-0.04%
UHT	D	-0.04%
GMRE	F	-0.04%
FPI	B	-0.04%
PSTL	D	-0.03%
LAND	F	-0.03%
BFS	C	-0.03%
NXDT	D	-0.02%
CIO	D	-0.02%
PINE	C	-0.02%
BRT	B	-0.02%
BHR	B	-0.02%
ILPT	D	-0.02%