HIPS vs. GYLD ETF Comparison

Comparison of Master Income ETF (HIPS) to Arrow Dow Jones Global Yield ETF ETF (GYLD)

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

$12.94

Average Daily Volume

39,019

Number of Holdings ^*

* may have additional holdings in another (foreign) market

GYLD

Arrow Dow Jones Global Yield ETF ETF

GYLD Description

The investment seeks investment results that generally correspond, before fees and expenses, to the price and yield performance of the Dow Jones Global Composite Yield Index (the "underlying index"). The fund uses a "passive" or "indexing" investment approach to seek to track the price and yield performance of the underlying index. It invests at least 80% of its total assets in the component securities of the underlying index (or depositary receipts representing those securities). The underlying index seeks to identify the 150 highest yielding investable securities in the world.

Grade (RS Rating)

Last Trade

$13.71

Average Daily Volume

3,573

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HIPS	GYLD
30 Days	0.95%	4.99%
60 Days	6.61%	7.90%
90 Days	3.79%	8.49%
12 Months	20.90%	27.16%

12 Overlapping Holdings

Symbol	Grade	Weight in HIPS	Weight in GYLD	Overlap
BSM	B	2.38%	0.65%	0.65%
CQP	D	2.37%	0.66%	0.66%
DMLP	B	2.37%	0.66%	0.66%
EPD	A	2.79%	0.69%	0.69%
EPR	C	2.5%	0.75%	0.75%
ET	A	2.95%	0.71%	0.71%
GNL	D	2.15%	0.75%	0.75%
MPLX	B	3.08%	0.74%	0.74%
OHI	C	3.28%	0.75%	0.75%
PAA	B	2.99%	0.68%	0.68%
USAC	D	2.4%	0.64%	0.64%
WES	B	3.39%	0.68%	0.68%

HIPS Overweight 23 Positions Relative to GYLD

Symbol	Grade	Weight
SBRA	C	3.21%
LTC	D	2.84%
BGX	C	2.83%
ALX	D	2.81%
NNN	C	2.8%
BXSL	B	2.76%
JQC	B	2.75%
GTY	C	2.72%
JFR	A	2.69%
NBB	D	2.65%
BLW	B	2.65%
ARCC	A	2.63%
FCT	A	2.62%
GLPI	C	2.59%
EFT	D	2.56%
DSU	A	2.56%
FDUS	C	2.5%
SLRC	C	2.49%
GBDC	B	2.48%
GSBD	D	2.48%
FSK	A	2.48%
PK	D	2.43%
NMFC	F	2.36%

HIPS Underweight 27 Positions Relative to GYLD

Symbol	Grade	Weight
MPW	C	-0.93%
IIPR	C	-0.84%
GMRE	C	-0.78%
KNTK	A	-0.77%
BNL	C	-0.76%
MO	D	-0.76%
BDN	B	-0.76%
HIW	C	-0.75%
ENLC	A	-0.75%
DEA	D	-0.74%
PDM	C	-0.74%
DKL	B	-0.72%
SVC	D	-0.72%
ARLP	A	-0.71%
AM	A	-0.71%
PAGP	B	-0.7%
CAPL	B	-0.69%
NEP	D	-0.68%
GEL	D	-0.68%
KRP	B	-0.67%
HESM	C	-0.67%
GLP	B	-0.65%
SPH	D	-0.65%
SUN	D	-0.64%
UAN	F	-0.61%
IEP	F	-0.57%
NRP	A	-0.0%