HIPS vs. ASEA ETF Comparison

Comparison of Master Income ETF (HIPS) to Global X FTSE ASEAN 40 ETF (ASEA)

HIPS

Master Income ETF

HIPS Description

The Master Income ETF seeks to track the total return performance, before fees and expenses, of the TFMS HIPS 300 Index. The Index is constructed to capture 300 high income securities, typically with pass-through structures, across the following sectors: (i) closed-end funds (“CEFs”), (ii) mortgage real estate investment trusts (“REITs”), (iii) commercial equity REITs, (iv) residential/diversified REITs, (v) asset management and business development companies (“BDCs”), and (vi) energy production and energy transportation & processing companies. Energy-related companies included in the Index are expected to primarily be structured as master limited partnerships (“MLPs”). CEFs included in the Index are limited to taxable, debt-based funds and may include CEFs that invest primarily in bank loans, high-yield securities (also known as “junk bonds”), foreign securities (including those in emerging markets), and mortgage- or asset-backed securities. The Index is constituted using proprietary methodology developed by Trust and Fiduciary Management Services, Inc. The Index Provider determines the relative weightings of the securities in the Index and publishes information regarding the market value of the Index.

Grade (RS Rating)

Last Trade

$12.78

Average Daily Volume

28,809

Number of Holdings ^*

* may have additional holdings in another (foreign) market

ASEA

Global X FTSE ASEAN 40 ETF

ASEA Description

The investment seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/ASEAN 40 Index ("underlying index"). The fund invests at least 80% of its total assets in the securities of the underlying index and in ADRs and GDRs based on the securities in the underlying index. The Adviser uses a "passive" or indexing approach. The underlying index tracks the equity performance of the 40 largest and most liquid companies in the five ASEAN regions: Singapore, Malaysia, Indonesia, Thailand and Philippines. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$15.08

Average Daily Volume

15,635

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HIPS	ASEA
30 Days	1.12%	3.69%
60 Days	2.14%	2.45%
90 Days	2.61%	3.20%
12 Months	18.26%	9.79%

4 Overlapping Holdings

Symbol	Grade	Weight in HIPS	Weight in ASEA	Overlap
ALX	B	2.52%	1.6%	1.6%
MPLX	B	2.9%	1.67%	1.67%
OHI	B	2.73%	1.64%	1.64%
USAC	D	2.52%	2.49%	2.49%

HIPS Overweight 32 Positions Relative to ASEA

Symbol	Grade	Weight
WES	B	3.49%
PAA	B	3.02%
ET	B	2.93%
BXSL	B	2.9%
EPD	B	2.75%
BGX	A	2.71%
GSBD	A	2.68%
SLRC	B	2.68%
JQC	A	2.67%
EFT	A	2.67%
JFR	B	2.66%
LTC	A	2.63%
SBRA	A	2.62%
GBDC	C	2.6%
ARCC	A	2.6%
FSD	A	2.58%
FCT	C	2.57%
BLW	A	2.52%
DSU	A	2.5%
BSM	D	2.48%
FDUS	C	2.47%
NBB	B	2.45%
FSK	A	2.45%
NNN	B	2.44%
PK	D	2.43%
DMLP	D	2.43%
CQP	C	2.38%
NMFC	C	2.38%
GLPI	B	2.26%
GTY	D	2.25%
EPR	C	2.14%
GNL	C	1.8%

HIPS Underweight 37 Positions Relative to ASEA

Symbol	Grade	Weight
BGS	F	-6.48%
KHC	D	-3.89%
DKL	C	-3.6%
GIS	D	-3.44%
VZ	B	-2.99%
MO	A	-2.85%
PM	B	-2.69%
UVV	D	-2.68%
D	C	-2.61%
EBF	B	-2.57%
CAPL	D	-2.51%
PPL	D	-2.48%
FTAI	B	-2.47%
DUK	C	-2.42%
CVX	D	-2.41%
T	B	-2.33%
CODI	D	-2.32%
KNOP	C	-2.3%
ABR	B	-2.2%
XOM	D	-2.17%
SFL	C	-2.15%
NLY	C	-2.01%
CWEN	D	-1.94%
KMI	B	-1.91%
HRB	B	-1.9%
BG	B	-1.89%
IRM	B	-1.87%
ILPT	F	-1.85%
KREF	D	-1.8%
IEP	C	-1.8%
NFG	D	-1.72%
BXMT	C	-1.7%
LADR	A	-1.63%
SUN	C	-1.62%
VIRT	C	-1.61%
HESM	A	-1.56%
SPH	D	-1.51%