MGMT vs. HIPS ETF Comparison

Comparison of Ballast Small/Mid Cap ETF (MGMT) to Master Income ETF (HIPS)

MGMT

Ballast Small/Mid Cap ETF

MGMT Description

The investment seeks to generate positive risk adjusted returns. Under normal circumstances, the fund invests at least 80% of the value of its net assets (plus borrowings for investment purposes) in equity securities (principally common stocks) of domestic companies with small to medium market capitalizations. It may also invest all or substantially all of its assets in cash and cash equivalents, including money market funds and other short-term fixed income investments, in seeking to protect principal, or when, in the Adviser's opinion, there are not sufficient companies appropriate for investment.

Grade (RS Rating)

Last Trade

$43.78

Average Daily Volume

12,246

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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

$13.16

Average Daily Volume

31,726

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MGMT	HIPS
30 Days	15.23%	3.55%
60 Days	14.37%	1.87%
90 Days	16.31%	3.35%
12 Months	27.93%	20.42%

1 Overlapping Holdings

	Symbol	Grade	Weight in MGMT	Weight in HIPS	Overlap
	EPR	D	1.52%	2.28%	1.52%

MGMT Overweight 43 Positions Relative to HIPS

Symbol	Grade	Weight
NRP	B	5.16%
CVCO	A	3.53%
AGM	C	3.51%
PHIN	A	3.42%
IGIC	B	3.26%
TPB	B	2.93%
CEIX	A	2.92%
EXP	A	2.89%
AZZ	B	2.75%
MTG	C	2.68%
CBNK	B	2.61%
BELFB	C	2.46%
GEO	B	2.34%
CASS	B	2.3%
IMXI	B	2.09%
LSTR	D	2.03%
PATK	D	2.01%
TDC	D	1.99%
LII	A	1.94%
BLCO	D	1.93%
ECVT	C	1.83%
G	B	1.55%
BCO	D	1.5%
BWA	D	1.44%
RCMT	C	1.38%
CMPO	A	1.37%
GSM	D	1.34%
KOS	F	1.29%
KN	B	1.26%
TRIP	F	1.12%
EPSN	B	1.11%
IPGP	D	1.1%
BIOX	F	1.05%
IMKTA	C	1.01%
IRMD	C	0.98%
EXTR	B	0.97%
GPRE	F	0.94%
CRMT	C	0.94%
NTIC	C	0.92%
TKR	D	0.87%
DOX	D	0.87%
UFPT	B	0.85%
RMNI	C	0.35%

MGMT Underweight 36 Positions Relative to HIPS

Symbol	Grade	Weight
BGX	A	-2.79%
LTC	B	-2.79%
JQC	A	-2.78%
JFR	A	-2.75%
ARCC	A	-2.72%
ET	A	-2.68%
SLRC	A	-2.66%
FSK	A	-2.65%
EFT	A	-2.64%
EPD	A	-2.64%
FCT	A	-2.63%
FDUS	A	-2.62%
BXSL	A	-2.62%
BLW	B	-2.6%
MPLX	A	-2.6%
DMLP	A	-2.6%
GTY	B	-2.59%
CQP	B	-2.56%
GBDC	C	-2.55%
NBB	D	-2.54%
KRP	B	-2.53%
DSU	B	-2.52%
ALX	D	-2.49%
PAA	B	-2.48%
SBRA	C	-2.48%
WES	C	-2.48%
GLPI	C	-2.48%
OHI	C	-2.46%
USAC	B	-2.44%
BSM	B	-2.44%
PK	B	-2.41%
NMFC	D	-2.26%
GSBD	F	-2.2%
NNN	D	-2.18%
NHS	D	-2.02%
GNL	F	-1.83%