HDLB vs. VNQ ETF Comparison

Comparison of ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB) to Vanguard REIT ETF - DNQ (VNQ)

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

$15.53

Average Daily Volume

2,749

Number of Holdings ^*

* may have additional holdings in another (foreign) market

VNQ

Vanguard REIT ETF - DNQ

VNQ Description

The investment seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs. The fund employs an indexing investment approach designed to track the performance of the MSCI US REIT Index. The index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs). The fund attempts to replicate the index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Grade (RS Rating)

Last Trade

$96.24

Average Daily Volume

3,452,081

Number of Holdings ^*

145

* may have additional holdings in another (foreign) market

Performance

Period	HDLB	VNQ
30 Days	4.93%	-0.23%
60 Days	10.70%	-1.50%
90 Days	16.30%	1.63%
12 Months	61.71%	25.20%

6 Overlapping Holdings

Symbol	Grade	Weight in HDLB	Weight in VNQ	Overlap
GLPI	C	0.44%	0.78%	0.44%
MPW	F	1.04%	0.16%	0.16%
O	C	2.51%	2.95%	2.51%
STAG	D	0.4%	0.39%	0.39%
VICI	C	1.93%	1.73%	1.73%
WPC	C	0.76%	0.7%	0.7%

HDLB Overweight 31 Positions Relative to VNQ

Symbol	Grade	Weight
PFE	F	13.4%
ABBV	F	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	C	2.94%
D	C	2.76%
AEP	C	2.58%
KHC	F	1.93%
ED	C	1.85%
ETR	B	1.73%
SRE	A	1.71%
PPL	A	1.48%
K	A	1.47%
NLY	C	1.43%
FE	C	1.42%
EIX	B	1.34%
IP	A	1.22%
AGNC	C	1.03%
NI	A	0.91%
PNW	A	0.78%
WU	F	0.73%
ARCC	A	0.46%
OGE	A	0.43%
FSK	A	0.25%
KD	B	0.14%
ONL	C	0.07%

HDLB Underweight 139 Positions Relative to VNQ

Symbol	Grade	Weight
PLD	F	-5.97%
AMT	C	-5.69%
EQIX	A	-4.79%
WELL	A	-4.5%
DLR	B	-3.3%
SPG	A	-3.15%
PSA	C	-2.97%
CCI	C	-2.66%
CBRE	B	-2.29%
IRM	C	-2.07%
EXR	C	-1.97%
AVB	B	-1.8%
CSGP	D	-1.7%
VTR	B	-1.51%
SBAC	D	-1.41%
EQR	C	-1.37%
WY	F	-1.3%
INVH	D	-1.1%
ESS	B	-1.04%
MAA	B	-1.01%
ARE	F	-1.0%
SUI	C	-0.94%
KIM	A	-0.91%
DOC	C	-0.9%
UDR	B	-0.75%
JLL	D	-0.74%
REG	A	-0.72%
ELS	C	-0.71%
CPT	B	-0.7%
BXP	C	-0.69%
HST	C	-0.69%
LAMR	C	-0.66%
AMH	C	-0.66%
CUBE	C	-0.61%
OHI	C	-0.6%
Z	A	-0.54%
REXR	F	-0.53%
EGP	D	-0.47%
FRT	B	-0.47%
BRX	A	-0.46%
NNN	C	-0.45%
ADC	A	-0.43%
COLD	D	-0.4%
FR	D	-0.4%
VNO	C	-0.38%
RHP	B	-0.35%
TRNO	F	-0.33%
EPRT	B	-0.32%
KRG	B	-0.32%
SLG	B	-0.28%
CUZ	B	-0.27%
KRC	B	-0.26%
SBRA	C	-0.26%
PECO	A	-0.26%
CTRE	C	-0.26%
IRT	A	-0.25%
RYN	D	-0.25%
MAC	B	-0.23%
CDP	C	-0.21%
SKT	A	-0.21%
IIPR	D	-0.21%
EPR	C	-0.2%
HIW	C	-0.2%
PCH	F	-0.19%
BNL	D	-0.19%
NHI	D	-0.19%
APLE	B	-0.19%
CWK	C	-0.18%
ZG	A	-0.18%
PK	C	-0.17%
DEI	B	-0.17%
NSA	C	-0.17%
LXP	D	-0.16%
COMP	B	-0.15%
UE	B	-0.15%
HHH	B	-0.14%
AKR	B	-0.14%
FCPT	C	-0.14%
IVT	A	-0.13%
OUT	A	-0.13%
EQC	B	-0.12%
NMRK	C	-0.12%
SHO	D	-0.11%
ROIC	A	-0.11%
DRH	B	-0.1%
JOE	F	-0.1%
GNL	F	-0.09%
GTY	A	-0.09%
LTC	B	-0.09%
DEA	D	-0.08%
ALEX	B	-0.08%
RLJ	C	-0.08%
JBGS	F	-0.08%
XHR	B	-0.08%
PEB	D	-0.08%
ESRT	C	-0.08%
ELME	D	-0.08%
RDFN	D	-0.07%
KW	C	-0.07%
UNIT	B	-0.07%
VRE	B	-0.07%
PDM	D	-0.07%
UMH	B	-0.07%
AAT	B	-0.07%
NXRT	B	-0.06%
EXPI	D	-0.06%
OPEN	F	-0.06%
CSR	B	-0.06%
AIV	C	-0.06%
NTST	C	-0.06%
PLYM	F	-0.05%
PGRE	F	-0.05%
AHH	D	-0.05%
BDN	C	-0.05%
MMI	C	-0.05%
GOOD	B	-0.04%
FOR	F	-0.04%
INN	D	-0.04%
LAND	F	-0.03%
OLP	B	-0.03%
PKST	F	-0.03%
BFS	C	-0.03%
UHT	D	-0.03%
CHCT	C	-0.03%
ALX	D	-0.03%
SVC	F	-0.03%
FPI	B	-0.03%
HPP	F	-0.03%
GMRE	F	-0.03%
WSR	A	-0.03%
DHC	F	-0.03%
TRC	F	-0.02%
CBL	B	-0.02%
RMR	F	-0.02%
CLDT	B	-0.02%
SRG	F	-0.01%
NXDT	F	-0.01%
CIO	C	-0.01%
OPI	F	-0.0%