NDOW vs. HIPS ETF Comparison

Comparison of Anydrus Advantage ETF (NDOW) to Master Income ETF (HIPS)

NDOW

Anydrus Advantage ETF

NDOW Description

The fund is an actively managed ETF that seeks to achieve its investment objective by investing in a combination of equity securities, fixed income securities and ETFs representing a broad range of asset classes. The fund seeks to provide attractive risk adjusted returns over market cycles by investing in a broadly diversified portfolio. In doing so, the fund seeks to provide investors with 1) reduced correlation to U.S. only stock and bond market movements, and 2) multiple alternative return sources that are independent from traditional U.S. stock and bond markets.

Grade (RS Rating)

Last Trade

$25.11

Average Daily Volume

2,618

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	NDOW	HIPS
30 Days	-0.08%	3.55%
60 Days	-0.93%	1.87%
90 Days	-0.09%	3.35%
12 Months		20.42%

0 Overlapping Holdings

	Symbol	Grade	Weight in NDOW	Weight in HIPS	Overlap

NDOW Overweight 54 Positions Relative to HIPS

Symbol	Grade	Weight
IBTH	D	8.43%
VGIT	D	8.3%
XEMD	C	6.17%
FLIA	B	6.08%
SCHI	C	4.91%
BSJS	A	4.54%
SPMO	B	4.33%
BKLC	A	4.32%
SCHD	A	4.25%
IDMO	C	3.81%
VGLT	F	3.74%
MGK	B	3.0%
GLTR	C	2.7%
FMF	C	2.05%
FLSP	C	2.04%
MNA	C	2.03%
BTAL	F	2.03%
SRE	A	1.05%
JPM	A	1.01%
ETN	A	1.01%
NEE	D	0.88%
BCC	B	0.86%
FCX	D	0.8%
NXPI	D	0.79%
BNTX	D	0.62%
FINV	B	0.61%
ESEA	D	0.61%
NICE	C	0.6%
OGN	D	0.59%
VRTX	F	0.57%
MPWR	F	0.56%
NTES	D	0.55%
BABA	D	0.54%
YY	C	0.52%
ABBV	D	0.5%
BIDU	F	0.5%
INFY	B	0.48%
PBR	C	0.46%
E	F	0.45%
MTLS	B	0.43%
LNTH	D	0.42%
LNG	B	0.42%
TCMD	A	0.41%
CHE	D	0.41%
ACMR	F	0.41%
LRN	A	0.41%
BLD	D	0.4%
INTC	D	0.4%
NBIX	C	0.4%
CROX	D	0.4%
AMAT	F	0.38%
REGN	F	0.38%
ROCK	C	0.38%
QCOM	F	0.37%

NDOW Underweight 37 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%
EPR	D	-2.28%
NMFC	D	-2.26%
GSBD	F	-2.2%
NNN	D	-2.18%
NHS	D	-2.02%
GNL	F	-1.83%