HIPS vs. BLDG ETF Comparison

Comparison of Master Income ETF (HIPS) to Cambria Global Real Estate ETF (BLDG)

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

$13.16

Average Daily Volume

31,726

Number of Holdings ^*

* may have additional holdings in another (foreign) market

BLDG

Cambria Global Real Estate ETF

BLDG Description

The investment seeks income and capital appreciation. The fund is actively managed and seeks to achieve its investment objective by investing, under normal market conditions, primarily in the securities of domestic and foreign, including developed and emerging market, companies principally engaged in the real estate sector and real-estate related industries (collectively, ?real estate companies?) that exhibit favorable multi-factor metrics, such as value, quality and momentum, according to a quantitative methodology developed by Cambria Investment Management, L.P., the fund?s investment adviser (?Cambria?).

Grade (RS Rating)

Last Trade

$26.62

Average Daily Volume

4,140

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HIPS	BLDG
30 Days	3.55%	0.20%
60 Days	1.87%	-2.55%
90 Days	3.35%	1.30%
12 Months	20.42%	14.44%

6 Overlapping Holdings

Symbol	Grade	Weight in HIPS	Weight in BLDG	Overlap
ALX	D	2.49%	1.29%	1.29%
LTC	B	2.79%	1.39%	1.39%
NNN	D	2.18%	1.12%	1.12%
OHI	C	2.46%	1.29%	1.29%
PK	B	2.41%	1.45%	1.45%
SBRA	C	2.48%	1.38%	1.38%

HIPS Overweight 31 Positions Relative to BLDG

Symbol	Grade	Weight
BGX	A	2.79%
JQC	A	2.78%
JFR	A	2.75%
ARCC	A	2.72%
ET	A	2.68%
SLRC	A	2.66%
FSK	A	2.65%
EFT	A	2.64%
EPD	A	2.64%
FCT	A	2.63%
FDUS	A	2.62%
BXSL	A	2.62%
BLW	B	2.6%
MPLX	A	2.6%
DMLP	A	2.6%
GTY	B	2.59%
CQP	B	2.56%
GBDC	C	2.55%
NBB	D	2.54%
KRP	B	2.53%
DSU	B	2.52%
PAA	B	2.48%
WES	C	2.48%
GLPI	C	2.48%
USAC	B	2.44%
BSM	B	2.44%
EPR	D	2.28%
NMFC	D	2.26%
GSBD	F	2.2%
NHS	D	2.02%
GNL	F	1.83%

HIPS Underweight 38 Positions Relative to BLDG

Symbol	Grade	Weight
FSP	C	-1.61%
KRC	C	-1.53%
ROIC	A	-1.49%
SLG	B	-1.49%
MAC	B	-1.47%
WSR	A	-1.44%
GOOD	B	-1.43%
PGRE	F	-1.42%
OLP	B	-1.42%
AKR	B	-1.41%
AAT	B	-1.41%
DEI	B	-1.39%
CUZ	B	-1.38%
CSR	B	-1.37%
AVB	B	-1.36%
CTO	B	-1.36%
ESRT	C	-1.36%
WELL	A	-1.35%
EPRT	B	-1.34%
BXP	D	-1.34%
IVT	B	-1.34%
PDM	D	-1.32%
CTRE	D	-1.3%
PINE	C	-1.3%
LXP	D	-1.29%
STAG	F	-1.28%
FCPT	C	-1.28%
HIW	D	-1.27%
NHI	D	-1.26%
TRNO	F	-1.25%
BDN	C	-1.24%
HPP	F	-1.21%
JBGS	D	-1.2%
BNL	D	-1.2%
CIO	D	-1.19%
WPC	D	-1.19%
IIPR	D	-1.06%
OPI	F	-0.87%