MDST vs. AMND ETF Comparison

Comparison of Westwood Salient Enhanced Midstream Income ETF (MDST) to ETRACS Alerian Midstream Energy High Dividend Index ETN (AMND)

MDST

Westwood Salient Enhanced Midstream Income ETF

MDST Description

MDST invests North American midstream investments while employing a covered call strategy. The actively managed fund targets investment grade, midstream securities from the US and Canada that include companies engaged in the energy infrastructure industry and ancillary businesses. The fund may directly invest up to 25% in US MLPs that are publicly traded and treated as partnerships for federal income tax purposes. The fund employs a bottom-up, research-driven selection process with emphasis on opportunities and growth prospects. In addition, the advisor maintains proprietary business valuation models and analyzes various fundamental and technical factors. To enhance income, the fund writes call options on securities held within the portfolio. It may also use standardized exchange-traded and FLEX options. The fund expects returns from the distribution yield, covered call premiums, cash distribution growth, and potential price appreciation. Single securities are capped at 15%.

Grade (RS Rating)

Last Trade

$26.03

Average Daily Volume

8,765

Number of Holdings ^*

* may have additional holdings in another (foreign) market

AMND

ETRACS Alerian Midstream Energy High Dividend Index ETN

AMND Description

The investment seeks a return linked to the performance of the Alerian Midstream Energy Dividend Index (the ?index?). The index is a fundamentally-weighted index based on the liquid, dividend-paying portion of the North American energy infrastructure market. The securities do not have a minimum payment at maturity, upon redemption or upon call and are fully exposed to any decline in the index. The payment investors receive on the securities at maturity, early redemption or upon exercise by UBS of its call right will depend on the performance of the index, as measured by the Current Principal Amount.

Grade (RS Rating)

Last Trade

$48.03

Average Daily Volume

429

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MDST	AMND
30 Days	1.78%	3.11%
60 Days	0.46%	2.87%
90 Days	4.94%	10.10%
12 Months		30.75%

6 Overlapping Holdings

Symbol	Grade	Weight in MDST	Weight in AMND	Overlap
EPD	B	8.11%	9.82%	8.11%
ET	B	9.25%	5.58%	5.58%
KMI	A	7.84%	8.82%	7.84%
OKE	B	4.98%	6.54%	4.98%
PAGP	C	6.62%	0.51%	0.51%
WMB	B	8.89%	7.72%	7.72%

MDST Overweight 2 Positions Relative to AMND

	Symbol	Grade	Weight
	DTM	A	4.93%
	LNG	C	4.88%

MDST Underweight 12 Positions Relative to AMND

Symbol	Grade	Weight
MPLX	B	-10.62%
TRP	B	-10.04%
ENB	B	-9.84%
CQP	F	-5.45%
WES	D	-1.94%
PAA	C	-1.88%
AM	B	-1.54%
KEY	B	-1.14%
ETRN	D	-0.93%
ENLC	B	-0.65%
TRGP	B	-0.36%
GEL	D	-0.27%

MDST: Top Represented Industries & Keywords

Industries: Oil & Gas Midstream

AMND: Top Represented Industries & Keywords

Industries: Oil & Gas Midstream Oil & Gas Pipelines Banks - Regional - US