HIPS vs. MDIV ETF Comparison

Comparison of Master Income ETF (HIPS) to Multi-Asset Diversified Income Index Fund (MDIV)
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

$12.69

Average Daily Volume

35,576

Number of Holdings *

37

* may have additional holdings in another (foreign) market
MDIV

Multi-Asset Diversified Income Index Fund

MDIV Description The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an index called the NASDAQ Multi-Asset Diversified Income Index. The index is designed to provide access to a diversified portfolio of small, mid and large capitalization income producing securities, which are composed of domestic and international dividend-paying stocks, REITs, oil and gas or basic materials MLPs, U.S.-listed preferred securities and an index-based ETF that invests in high yield or "junk" bonds.

Grade (RS Rating)

Last Trade

$16.31

Average Daily Volume

79,924

Number of Holdings *

103

* may have additional holdings in another (foreign) market
Performance
Period HIPS MDIV
30 Days -0.73% -1.29%
60 Days -0.66% 0.11%
90 Days 1.80% 2.45%
12 Months 16.48% 18.08%
15 Overlapping Holdings
Symbol Grade Weight in HIPS Weight in MDIV Overlap
BSM D 2.35% 1.25% 1.25%
CQP A 2.44% 0.85% 0.85%
DMLP A 2.49% 1.3% 1.3%
EPD A 2.52% 0.77% 0.77%
EPR D 2.46% 1.05% 1.05%
ET A 2.59% 0.87% 0.87%
GLPI D 2.6% 0.82% 0.82%
GTY C 2.65% 0.87% 0.87%
KRP B 2.5% 1.24% 1.24%
LTC A 2.86% 0.88% 0.88%
MPLX A 2.49% 0.89% 0.89%
NNN D 2.41% 0.73% 0.73%
PAA D 2.43% 0.7% 0.7%
USAC F 2.37% 1.1% 1.1%
WES D 2.47% 0.87% 0.87%
HIPS Overweight 22 Positions Relative to MDIV
Symbol Grade Weight
BGX C 2.8%
JQC A 2.76%
JFR A 2.72%
ARCC B 2.7%
FCT A 2.67%
SBRA B 2.67%
BXSL B 2.65%
ALX D 2.65%
OHI B 2.65%
BLW A 2.64%
EFT A 2.62%
SLRC B 2.59%
NBB C 2.57%
FSK B 2.55%
GBDC C 2.54%
DSU A 2.53%
FDUS C 2.51%
GSBD F 2.33%
PK F 2.32%
NMFC F 2.23%
NHS D 2.08%
GNL D 2.02%
HIPS Underweight 88 Positions Relative to MDIV
Symbol Grade Weight
HYLS C -19.74%
IEP D -1.82%
PMT D -1.54%
ARLP A -1.32%
CAPL A -1.25%
DKL D -1.2%
AGNCN A -1.08%
LADR B -1.0%
APLE C -1.0%
IIPR C -0.91%
GLP A -0.91%
HST D -0.83%
NRP B -0.78%
FITBI A -0.78%
CHSCO A -0.77%
CHSCL A -0.75%
VICI D -0.74%
SPG C -0.74%
SUN F -0.74%
FCPT D -0.73%
RZC A -0.72%
AAT C -0.72%
CHSCN A -0.71%
CHSCM B -0.69%
WU F -0.67%
PAGP D -0.66%
LAMR B -0.65%
NHI C -0.63%
CTRE A -0.62%
CDP B -0.61%
BRX C -0.61%
VZ D -0.61%
T A -0.6%
ALEX C -0.59%
CUBE D -0.57%
PSA D -0.56%
MAA D -0.56%
REG D -0.55%
CHRD F -0.52%
GEL F -0.5%
BMY A -0.49%
ENLC A -0.48%
FANG F -0.46%
OKE B -0.46%
NWE D -0.45%
AVA D -0.44%
EVRG C -0.43%
LYB F -0.43%
GILD A -0.42%
KHC D -0.42%
TROW A -0.42%
ETR A -0.41%
BKH D -0.41%
SR D -0.41%
EXC C -0.4%
CAG D -0.4%
DTM A -0.39%
ES D -0.39%
PRU B -0.39%
WEC B -0.38%
CVX A -0.38%
HMN A -0.38%
POR C -0.38%
DUK C -0.37%
FE D -0.37%
FLO F -0.37%
PNM B -0.37%
OGS C -0.37%
DVN F -0.36%
XEL A -0.36%
PINC A -0.36%
IBM C -0.35%
DRI C -0.35%
VTRS B -0.35%
EIX D -0.35%
SJM F -0.34%
IPG F -0.34%
FAF D -0.33%
PNC B -0.33%
MSM D -0.33%
MDT B -0.33%
AEP D -0.33%
NFG C -0.33%
SON F -0.33%
NJR D -0.33%
KMB D -0.32%
GIS D -0.31%
NMM D -0.06%
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