HIPS vs. FCEF ETF Comparison

Comparison of Master Income ETF (HIPS) to First Trust CEF Income Opportunity ETF (FCEF)

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

$13.04

Average Daily Volume

35,183

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FCEF

First Trust CEF Income Opportunity ETF

FCEF Description

The First Trust CEF Income Opportunity ETF is an actively managed exchange-traded fund. The Fund's investment objective is to provide current income with a secondary emphasis on total return. Under normal market conditions, the Fund will seek to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in a portfolio of closed-end investment companies that are listed and traded in the United States on registered exchanges.

Grade (RS Rating)

Last Trade

$21.99

Average Daily Volume

8,314

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HIPS	FCEF
30 Days	0.69%	-1.04%
60 Days	0.97%	0.44%
90 Days	4.45%	3.27%
12 Months	19.29%	24.71%

3 Overlapping Holdings

Symbol	Grade	Weight in HIPS	Weight in FCEF	Overlap
JFR	A	2.75%	1.6%	1.6%
JQC	A	2.78%	2.5%	2.5%
NBB	D	2.54%	1.0%	1.0%

HIPS Overweight 34 Positions Relative to FCEF

Symbol	Grade	Weight
BGX	A	2.79%
LTC	B	2.79%
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	C	2.6%
MPLX	A	2.6%
DMLP	A	2.6%
GTY	A	2.59%
CQP	B	2.56%
GBDC	A	2.55%
KRP	C	2.53%
DSU	C	2.52%
ALX	D	2.49%
PAA	A	2.48%
SBRA	C	2.48%
WES	C	2.48%
GLPI	C	2.48%
OHI	C	2.46%
USAC	B	2.44%
BSM	A	2.44%
PK	D	2.41%
EPR	D	2.28%
NMFC	D	2.26%
GSBD	F	2.2%
NNN	C	2.18%
NHS	D	2.02%
GNL	D	1.83%

HIPS Underweight 43 Positions Relative to FCEF

Symbol	Grade	Weight
ETG	B	-3.94%
THQ	D	-3.45%
HQH	D	-3.32%
ETO	C	-3.32%
HTD	C	-3.28%
SOR	B	-3.2%
EVT	A	-3.19%
ASGI	C	-3.12%
VRIG	A	-3.08%
GDV	A	-2.93%
TY	A	-2.51%
JPC	A	-2.51%
UTF	C	-2.46%
RNP	D	-2.38%
NPFD	B	-2.27%
BCAT	A	-2.27%
PDO	D	-2.16%
BGB	A	-2.15%
CET	B	-2.08%
GAM	C	-2.0%
UTG	A	-1.79%
JRI	A	-1.52%
EVG	C	-1.44%
PEO	A	-1.41%
PDX	A	-1.3%
RA	C	-1.24%
AIO	B	-1.04%
QQQX	A	-1.0%
CII	A	-0.98%
KYN	A	-0.8%
WIW	C	-0.75%
HIO	C	-0.75%
BCX	C	-0.75%
BIT	C	-0.72%
BUI	C	-0.68%
TPZ	A	-0.54%
RMT	B	-0.53%
HQL	D	-0.5%
BTZ	D	-0.49%
BME	D	-0.47%
JLS	C	-0.47%
DPG	A	-0.39%
DLY	B	-0.23%

FCEF: Top Represented Industries & Keywords

Industries: Asset Management