HIPS vs. WDIV ETF Comparison

Comparison of Master Income ETF (HIPS) to SPDR S&P Global Dividend (WDIV)

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

$12.86

Average Daily Volume

38,334

Number of Holdings ^*

* may have additional holdings in another (foreign) market

WDIV

SPDR S&P Global Dividend

WDIV Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return of an index that tracks stocks of global companies that offer high dividend yields. In seeking to track the performance of the S&P Global Dividend Aristocrats Index (the "index"), the fund employs a sampling strategy. It generally invests at least 80% of its total assets in the securities comprising the index or in American Depositary Receipts ("ADRs") or Global Depositary Receipts ("GDRs") based on securities comprising the index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$64.94

Average Daily Volume

8,819

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	HIPS	WDIV
30 Days	3.36%	6.90%
60 Days	1.90%	9.03%
90 Days	3.73%	9.37%
12 Months	16.29%	20.12%

2 Overlapping Holdings

	Symbol	Grade	Weight in HIPS	Weight in WDIV	Overlap
	GTY	B	2.73%	1.36%	1.36%
	LTC	A	2.85%	1.6%	1.6%

HIPS Overweight 33 Positions Relative to WDIV

Symbol	Grade	Weight
WES	D	3.36%
OHI	A	3.26%
SBRA	A	3.04%
PAA	D	3.01%
MPLX	A	2.96%
ET	C	2.95%
JQC	A	2.84%
BGX	A	2.8%
NNN	A	2.79%
EPD	C	2.78%
BXSL	C	2.76%
JFR	A	2.76%
NBB	A	2.66%
SLRC	C	2.65%
BLW	A	2.64%
FCT	A	2.64%
ARCC	C	2.63%
GLPI	A	2.63%
ALX	B	2.63%
EFT	D	2.62%
FDUS	A	2.57%
FSK	B	2.54%
DSU	A	2.54%
GBDC	D	2.47%
EPR	B	2.46%
GSBD	D	2.43%
NMFC	D	2.41%
USAC	D	2.36%
DMLP	D	2.35%
PK	D	2.34%
CQP	D	2.33%
BSM	F	2.27%
GNL	A	2.19%

HIPS Underweight 19 Positions Relative to WDIV

Symbol	Grade	Weight
MO	A	-2.55%
HIW	B	-2.36%
PM	A	-1.47%
VZ	B	-1.44%
OKE	A	-1.41%
AMCR	B	-1.21%
BXP	A	-1.17%
PFE	D	-1.15%
AVA	B	-1.15%
UL	A	-1.08%
LYB	D	-1.04%
WU	C	-1.04%
NWBI	B	-0.9%
KEY	B	-0.87%
JHG	B	-0.84%
FIBK	B	-0.82%
PFS	B	-0.74%
COLB	B	-0.68%
TD	A	-0.63%