SCAP vs. HIPS ETF Comparison

Comparison of InfraCap Small Cap Income ETF (SCAP) to Master Income ETF (HIPS)

SCAP

InfraCap Small Cap Income ETF

SCAP Description

The investment seeks to provide total return through long-term capital appreciation and current income. The fund seeks to achieve its investment objective by investing in a diversified group of U.S.-traded equity securities consisting of common and preferred stock, ADRs, and REITs. Under normal circumstances, it invests at least 80% of its net assets (plus any borrowings for investment purposes) in small cap securities. The fund's sub-advisor generally defines a small cap company as one having a market capitalization less than the market cap of the largest company in the Russell 2000 Index at the time of acquisition.

Grade (RS Rating)

Last Trade

$37.66

Average Daily Volume

2,426

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	SCAP	HIPS
30 Days	6.67%	3.55%
60 Days	5.53%	1.87%
90 Days	7.03%	3.35%
12 Months		20.42%

1 Overlapping Holdings

	Symbol	Grade	Weight in SCAP	Weight in HIPS	Overlap
	PK	B	1.29%	2.41%	1.29%

SCAP Overweight 43 Positions Relative to HIPS

Symbol	Grade	Weight
HRI	B	3.41%
CASY	A	3.21%
EWBC	A	3.04%
GATX	A	3.0%
MKSI	C	2.96%
PFBC	B	2.88%
SM	B	2.75%
MUR	D	2.65%
CHRD	D	2.64%
PNFP	B	2.63%
PAGP	A	2.55%
ASIX	A	2.47%
MCBS	B	2.41%
NTB	B	2.35%
AVNT	B	2.27%
DKL	C	2.04%
BRX	A	2.02%
KRC	C	2.0%
POR	C	1.95%
AES	F	1.93%
AGNC	D	1.86%
REXR	F	1.84%
NYT	C	1.79%
WWD	B	1.73%
ESI	A	1.66%
JEF	A	1.62%
AB	C	1.61%
EPRT	B	1.55%
NTST	D	1.53%
SLM	A	1.44%
BLMN	F	1.38%
CHCT	C	1.17%
WAL	B	1.17%
STAG	F	1.12%
SBLK	F	1.12%
MMI	B	1.1%
BPOP	B	1.07%
FHN	A	1.03%
COOP	B	1.01%
TPR	B	0.94%
VLYPP	A	0.46%
CELH	F	0.03%
AIZ	A	0.03%

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