RDFI vs. HIPS ETF Comparison

Comparison of Rareview Dynamic Fixed Income ETF (RDFI) to Master Income ETF (HIPS)

RDFI

Rareview Dynamic Fixed Income ETF

RDFI Description

The investment seeks total return with an emphasis on providing current income. Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income closed-end funds trading at a discount or premium to their underlying net asset value and that pay regular periodic cash distributions. Through its investments in closed-end funds that hold non-U.S. fixed income securities, the fund may invest indirectly in foreign securities, including securities of issuers located in emerging markets. It is non-diversified.

Grade (RS Rating)

Last Trade

$25.00

Average Daily Volume

10,970

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

$12.89

Average Daily Volume

38,104

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	RDFI	HIPS
30 Days	2.12%	0.06%
60 Days	3.75%	2.55%
90 Days	8.72%	2.23%
12 Months	25.47%	20.18%

0 Overlapping Holdings

	Symbol	Grade	Weight in RDFI	Weight in HIPS	Overlap

RDFI Overweight 29 Positions Relative to HIPS

Symbol	Grade	Weight
EMD	A	6.47%
NPFD	A	6.06%
EDD	A	5.97%
FPF	A	5.56%
HIO	A	4.64%
PDX	A	4.57%
TEI	A	4.23%
NVG	A	3.97%
NZF	A	3.8%
ZROZ	C	3.05%
NAD	A	3.03%
BTZ	A	2.96%
EAD	A	2.89%
RA	A	2.53%
NEA	A	2.17%
FTF	A	2.17%
MMU	A	2.08%
BLE	A	1.98%
IQI	A	1.87%
FEMB	C	1.66%
HIX	A	1.5%
VKQ	A	1.48%
MYD	A	1.46%
EVV	A	1.43%
VMO	A	1.36%
GHY	A	1.34%
ERC	A	1.29%
JPC	C	0.42%
IIM	A	0.29%

RDFI Underweight 35 Positions Relative to HIPS

Symbol	Grade	Weight
WES	D	-3.39%
OHI	C	-3.28%
SBRA	C	-3.21%
MPLX	A	-3.08%
PAA	D	-2.99%
ET	C	-2.95%
LTC	D	-2.84%
BGX	D	-2.83%
ALX	C	-2.81%
NNN	A	-2.8%
EPD	A	-2.79%
BXSL	C	-2.76%
JQC	C	-2.75%
GTY	C	-2.72%
JFR	A	-2.69%
NBB	C	-2.65%
BLW	A	-2.65%
ARCC	A	-2.63%
FCT	A	-2.62%
GLPI	A	-2.59%
EFT	D	-2.56%
DSU	A	-2.56%
EPR	C	-2.5%
FDUS	C	-2.5%
SLRC	D	-2.49%
GBDC	B	-2.48%
GSBD	D	-2.48%
FSK	A	-2.48%
PK	D	-2.43%
USAC	D	-2.4%
BSM	B	-2.38%
DMLP	B	-2.37%
CQP	F	-2.37%
NMFC	F	-2.36%
GNL	D	-2.15%

RDFI: Top Represented Industries & Keywords

Industries: Asset Management