MDST vs. MLPR ETF Comparison

Comparison of Westwood Salient Enhanced Midstream Income ETF (MDST) to ETRACS Quarterly Pay 1.5X Leveraged Alerian MLP Index ETN (MLPR)

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

$28.00

Average Daily Volume

17,339

Number of Holdings ^*

* may have additional holdings in another (foreign) market

MLPR

ETRACS Quarterly Pay 1.5X Leveraged Alerian MLP Index ETN

MLPR Description

The investment seeks to provide 1.5 times leveraged long exposure to the compounded quarterly performance of the Alerian MLP Index, reduced by the Accrued Fees. The index measures the composite performance of energy MLPs, and is calculated by S&P using a capped, float-adjusted, capitalization-weighted methodology. The index Constituent Securities earn the majority of their cash flow from qualifying midstream activities involving energy commodities.

Grade (RS Rating)

Last Trade

$62.83

Average Daily Volume

581

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MDST	MLPR
30 Days	7.86%	13.41%
60 Days	8.31%	9.87%
90 Days	9.80%	12.81%
12 Months		39.36%

8 Overlapping Holdings

Symbol	Grade	Weight in MDST	Weight in MLPR	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	B	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 MLPR

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

MDST Underweight 4 Positions Relative to MLPR

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

MDST: Top Represented Industries & Keywords

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

MLPR: Top Represented Industries & Keywords

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