SMHB vs. ARB ETF Comparison

Comparison of ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN Series B (SMHB) to AltShares Merger Arbitrage ETF (ARB)

SMHB

ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN Series B

SMHB Description

The investment seeks to provide a two times leveraged return linked to the compounded monthly performance of the Solactive US Small Cap High Dividend Index (the “index”). The index is designed to measure the performance of 100 relatively small capitalization, dividend yielding index constituent securities selected from a universe of qualifying U.S. listed equity securities. The Securities are two times leveraged with respect to the index and, as a result, will benefit from two times any beneficial, but will be exposed to two times any adverse, compounded monthly performance of the index.

Grade (RS Rating)

Last Trade

$5.73

Average Daily Volume

33,210

Number of Holdings ^*

* may have additional holdings in another (foreign) market

ARB

AltShares Merger Arbitrage ETF

ARB Description

AltShares Trust - AltShares Merger Arbitrage ETF is an exchange traded fund launched and managed by Water Island Capital, LLC. It invests in public equity markets of global region. The fund invests through derivatives in stocks of companies operating across diversified sectors. The fund employs long/short strategy and uses derivatives such as futures, forwards, swaps to create its portfolio. AltShares Trust - AltShares Merger Arbitrage ETF is domiciled in the United States.

Grade (RS Rating)

Last Trade

$27.95

Average Daily Volume

8,778

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	SMHB	ARB
30 Days	-4.90%	0.67%
60 Days	0.46%	1.19%
90 Days	-1.37%	2.09%
12 Months	22.79%	6.56%

0 Overlapping Holdings

	Symbol	Grade	Weight in SMHB	Weight in ARB	Overlap

SMHB Overweight 90 Positions Relative to ARB

Symbol	Grade	Weight
SLG	B	4.87%
XRX	F	4.09%
DTM	A	3.81%
BXMT	C	3.43%
DSS	D	2.87%
TWO	F	2.87%
CIM	D	2.62%
BDN	C	2.41%
BGS	C	2.41%
SBRA	B	2.38%
EPR	D	2.34%
ABR	B	2.21%
APAM	A	2.02%
PAGP	D	1.88%
UNIT	C	1.86%
UWMC	F	1.84%
ARR	D	1.65%
NHI	C	1.64%
ORC	D	1.51%
CCOI	B	1.51%
PSEC	D	1.47%
IVR	F	1.43%
DEA	C	1.35%
PMT	D	1.35%
MFA	D	1.27%
RWT	D	1.24%
CTRE	A	1.16%
PETS	C	1.13%
MAIN	B	1.09%
HTGC	C	1.03%
ARI	F	1.02%
GNL	D	1.01%
FCPT	D	1.0%
EFC	D	1.0%
PDM	C	0.99%
GSBD	F	0.94%
NEWT	B	0.94%
NYMT	D	0.93%
LTC	A	0.91%
DX	C	0.89%
KREF	D	0.8%
VGR	B	0.79%
NWBI	C	0.77%
GBDC	C	0.73%
CODI	D	0.72%
VNOM	A	0.65%
SCS	F	0.65%
RC	F	0.65%
ACRE	F	0.64%
LADR	B	0.62%
TSLX	D	0.62%
HESM	D	0.59%
UVV	C	0.54%
OCSL	D	0.54%
AROC	D	0.53%
GMRE	D	0.5%
ILPT	F	0.49%
BRSP	C	0.49%
WSR	B	0.46%
ALX	D	0.45%
GTY	C	0.44%
OPI	F	0.4%
RMR	D	0.38%
NMFC	F	0.38%
UHT	D	0.36%
GPMT	C	0.34%
CSWC	D	0.34%
GOOD	C	0.33%
FSP	A	0.29%
TRTX	A	0.29%
TCPC	F	0.27%
AHH	D	0.27%
CGBD	C	0.25%
BCSF	A	0.24%
TPVG	F	0.23%
PFLT	C	0.23%
SLRC	B	0.23%
UVE	C	0.22%
BBDC	D	0.22%
KRO	D	0.2%
EBF	F	0.18%
GAIN	B	0.17%
PNNT	C	0.16%
OLP	C	0.16%
FDUS	C	0.16%
GLAD	B	0.15%
BFS	D	0.14%
TRIN	D	0.12%
CCAP	C	0.1%
REPX	F	0.07%

SMHB Underweight 44 Positions Relative to ARB

Symbol	Grade	Weight
MRO	C	-2.76%
RCM	A	-2.73%
CTLT	D	-2.72%
HCP	A	-2.72%
SPR	C	-2.68%
K	A	-2.67%
JNPR	A	-2.66%
ANSS	C	-2.57%
INFN	B	-2.27%
SRCL	A	-2.19%
CHX	F	-2.19%
ENV	A	-2.17%
SILK	A	-2.16%
PETQ	A	-2.14%
EVRI	A	-2.13%
RVNC	C	-2.07%
HA	A	-2.02%
HES	B	-1.95%
DFS	A	-1.9%
X	C	-1.85%
DO	D	-1.83%
ALE	A	-1.81%
PRFT	A	-1.81%
PWSC	C	-1.81%
AXNX	A	-1.81%
INST	A	-1.79%
VZIO	C	-1.78%
AMK	B	-1.78%
GTHX	A	-1.72%
SRDX	D	-1.4%
FBMS	B	-1.16%
HTLF	A	-1.15%
BALY	A	-1.14%
CHUY	B	-1.13%
TWKS	A	-1.11%
MGRC	A	-1.07%
ITI	A	-1.07%
SWN	C	-0.94%
CALT	C	-0.58%
AAN	B	-0.56%
CNSL	A	-0.54%
AGS	A	-0.53%
HAYN	A	-0.53%
SRCL	A	-0.5%

SMHB: Top Represented Industries & Keywords

Industries: Asset Management REIT - Diversified REIT - Office REIT - Healthcare Facilities REIT - Retail REIT - Residential Oil & Gas Midstream Credit Services Business Equipment REIT - Industrial Specialty Finance Tobacco Business Services Conglomerates Information Technology Services Insurance - Property & Casualty Oil & Gas E&P Oil & Gas Equipment & Services Packaged Foods Pharmaceutical Retailers