MDST vs. AMUB ETF Comparison

Comparison of Westwood Salient Enhanced Midstream Income ETF (MDST) to ETRACS Alerian MLP Index ETN Series B due July 18, 2042 (AMUB)

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

$27.90

Average Daily Volume

16,630

Number of Holdings ^*

18

* may have additional holdings in another (foreign) market

AMUB

ETRACS Alerian MLP Index ETN Series B due July 18, 2042

AMUB Description

The ETRACS Alerian MLP Index ETN Series B due July 18, 2042 (the “Securities”) is senior unsecured debt securities issued by UBS that provide exposure to potential price appreciation in the Alerian MLP Index (the “Index”). The index measures the performance of 50 energy master limited partnerships. The fund refer to the master limited partnerships (“MLPs”) included in the Alerian MLP Index as the “index constituents.” The index constituents are engaged in the transportation, storage, processing or production of energy commodities. It is a proprietary index of the index sponsor.

Grade (RS Rating)

Last Trade

$18.98

Average Daily Volume

1,271

Number of Holdings ^*

12

* may have additional holdings in another (foreign) market

Performance

Period	MDST	AMUB
30 Days	7.19%	6.65%
60 Days	8.50%	5.86%
90 Days	9.98%	7.42%
12 Months		25.32%

8 Overlapping Holdings

	Symbol	Grade	Weight in MDST	Weight in AMUB	Overlap
	DKL	C	0.37%	0.8%	0.37%
	ENLC	A	3.83%	4.79%	3.83%
	EPD	A	8.12%	9.91%	8.12%
	ET	A	9.3%	9.16%	9.16%
	GEL	D	0.33%	2.47%	0.33%
	HESM	A	4.35%	1.26%	1.26%
	MPLX	A	4.29%	10.54%	4.29%
	WES	C	3.0%	8.79%	3.0%

MDST Overweight 10 Positions Relative to AMUB

	Symbol	Grade	Weight
	WMB	A	8.51%
	KMI	A	8.05%
	PAGP	A	5.98%
	DTM	A	5.91%
	TRGP	A	5.86%
	OKE	A	5.25%
	LNG	A	5.08%
	AM	A	4.73%
	KNTK	A	4.29%
	NEXT	B	0.05%

MDST Underweight 4 Positions Relative to AMUB

	Symbol	Grade	Weight
	PAA	B	-9.42%
	CQP	B	-3.9%
	NGL	C	-0.53%
	MMLP	A	-0.2%

MDST: Top Represented Industries & Keywords

Industries: Oil & Gas Midstream Oil & Gas Pipelines Oil & Gas E&P

Keywords: Natural Gas Crude Oil Petroleum Industry Midstream Natural Gas Liquids Oil Storage Petroleum Transport Oil Pipeline Propane Refined Products Crude Oil Pipeline Fuel Gas Gathering Gas Pipeline Midstream Energy Natural Gas Pipeline Natural Gas Processing Natural Gas Storage Petroleum Pipeline Systems

AMUB: Top Represented Industries & Keywords

Industries: Oil & Gas Midstream Oil & Gas Pipelines Oil & Gas Refining & Marketing

Keywords: Midstream Natural Gas Petroleum Industry Crude Oil Natural Gas Liquids Refined Products Barge Natural Gas Processing Ngl Pipeline Oil Pipeline Oil Storage Petroleum Petroleum Transport Pipeline Transport Refinery Transportation Segment Crude Oil Pipeline Gas Processing Gas Producer Gas Storage Facilities