IPPP vs. PSK ETF Comparison

Comparison of Preferred-Plus ETF (IPPP) to SPDR Wells Fargo Preferred Stock ETF (PSK)

IPPP

Preferred-Plus ETF

IPPP Description

The investment seeks to provide income. The fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in a portfolio of preferred securities issued by U.S. and non-U.S. companies. It may invest in preferred securities of all issuer capitalizations. The fund may also invest in publicly-traded partnerships (“PTPs”). The Advisor intends to maintain approximately 10% asset exposure to a credit spread options strategy, although market conditions may dictate additional exposure.

Grade (RS Rating)

Last Trade

$10.01

Average Daily Volume

549

Number of Holdings ^*

* may have additional holdings in another (foreign) market

PSK

SPDR Wells Fargo Preferred Stock ETF

PSK Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index. In seeking to track the performance of the Wells Fargo Hybrid and Preferred Securities Aggregate Index (the "index"), the fund employs a replication strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index is a modified market capitalization weighted index designed to measure the performance of non-convertible preferred stock and securities that are functionally equivalent to preferred stock. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$34.30

Average Daily Volume

134,835

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	IPPP	PSK
30 Days	1.79%	2.54%
60 Days	3.34%	2.69%
90 Days	5.05%	3.10%
12 Months	15.45%	8.91%

10 Overlapping Holdings

Symbol	Grade	Weight in IPPP	Weight in PSK	Overlap
CMSD	B	0.62%	0.85%	0.62%
ESGRP	B	1.27%	0.56%	0.56%
FITBI	B	0.39%	0.64%	0.39%
NRUC	B	1.04%	0.34%	0.34%
PRS	A	0.6%	0.78%	0.6%
RZB	A	0.6%	0.56%	0.56%
SOJD	B	0.56%	1.24%	0.56%
SREA	B	1.19%	0.99%	0.99%
TBC	B	0.6%	1.11%	0.6%
UNMA	A	0.65%	0.43%	0.43%

IPPP Overweight 5 Positions Relative to PSK

Symbol	Grade	Weight
AGNC	A	1.42%
AQNB	A	1.31%
UZE	C	1.29%
WTFCP	B	1.27%
T	B	0.99%

IPPP Underweight 15 Positions Relative to PSK

Symbol	Grade	Weight
TBB	B	-1.71%
RZC	B	-1.01%
DUKB	A	-0.7%
SOJC	B	-0.59%
PFH	B	-0.54%
DTW	B	-0.53%
EAI	B	-0.5%
ACGLO	B	-0.41%
MGR	B	-0.38%
GPJA	B	-0.38%
CMSC	A	-0.38%
ELC	B	-0.33%
TVC	A	-0.32%
EMP	B	-0.32%
AIZN	B	-0.29%

PSK: Top Represented Industries & Keywords

Industries: Other Insurance - Diversified Banks - Regional - US Electric Utilities Insurance