SMHB vs. EMLP ETF Comparison

Comparison of ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN Series B (SMHB) to First Trust North American Energy Infrastructure Fund (EMLP)

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

$5.85

Average Daily Volume

39,542

Number of Holdings ^*

90

* may have additional holdings in another (foreign) market

EMLP

First Trust North American Energy Infrastructure Fund

EMLP Description

The investment seeks total return. The fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of companies deemed by the sub-advisor to be engaged in the energy infrastructure sector. These companies principally include publicly-traded master limited partnerships and limited liability companies taxed as partnerships ("MLPs"), MLP affiliates, Canadian income trusts and their successor companies, pipeline companies, utilities, and other companies. It is non-diversified.

Grade (RS Rating)

Last Trade

$37.78

Average Daily Volume

162,141

Number of Holdings ^*

51

* may have additional holdings in another (foreign) market

Performance

Period	SMHB	EMLP
30 Days	-2.85%	9.99%
60 Days	-7.38%	12.10%
90 Days	0.84%	16.42%
12 Months	17.62%	42.23%

4 Overlapping Holdings

	Symbol	Grade	Weight in SMHB	Weight in EMLP	Overlap
	AROC	B	0.53%	0.57%	0.53%
	DTM	B	3.81%	4.56%	3.81%
	HESM	B	0.59%	0.62%	0.59%
	PAGP	A	1.88%	4.53%	1.88%

SMHB Overweight 86 Positions Relative to EMLP

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

SMHB Underweight 47 Positions Relative to EMLP

	Symbol	Grade	Weight
	EPD	A	-8.77%
	ET	A	-7.17%
	OKE	A	-5.41%
	KMI	A	-4.87%
	SRE	A	-4.15%
	MPLX	A	-3.98%
	TRGP	B	-3.47%
	NFG	A	-2.89%
	WMB	A	-2.46%
	PPL	B	-2.43%
	PEG	A	-2.29%
	AEP	D	-2.27%
	PWR	A	-2.24%
	ATO	A	-1.61%
	LNG	B	-1.6%
	AES	F	-1.46%
	LNT	A	-1.43%
	VST	B	-1.34%
	ETR	B	-1.28%
	SUN	B	-1.24%
	DTE	C	-1.22%
	XEL	A	-1.15%
	FLR	B	-1.14%
	CQP	B	-1.05%
	OGS	A	-1.02%
	WEC	A	-1.01%
	CMS	C	-0.97%
	EVRG	A	-0.82%
	CNP	B	-0.81%
	D	C	-0.76%
	WLKP	A	-0.76%
	DUK	C	-0.69%
	NEP	F	-0.58%
	IDA	A	-0.52%
	CWEN	C	-0.52%
	WTRG	B	-0.51%
	NEE	D	-0.46%
	SO	D	-0.45%
	NJR	A	-0.44%
	AEE	A	-0.28%
	CEG	D	-0.26%
	CPK	A	-0.24%
	USAC	B	-0.11%
	EXC	C	-0.09%
	UGI	A	-0.08%
	AWK	D	-0.05%
	ENLC	A	-0.0%

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

Keywords: Real Estate Investment Trust Private Equity Mortgage Loan Structured Finance Business Development Mortgage Backed Security Loan Mezzanine Capital Debt Real Estate Properties Residential Mortgage Backed Security Senior Debt Venture Capital Credit Real Estate Finance Real Estate Mortgage Investment Conduit Refinancing Subordinated Debt Banking Business Development Company

EMLP: Top Represented Industries & Keywords

Industries: Utilities - Regulated Electric Oil & Gas Midstream Utilities - Diversified Utilities - Regulated Gas Engineering & Construction Oil & Gas Equipment & Services Utilities - Independent Power Producers Utilities - Regulated Water Chemicals Oil & Gas E&P Oil & Gas Refining & Marketing Utilities - Renewable

Keywords: Natural Gas S&P 500 Electricity Natural Gas Storage Gas Transmission Natural Gas Distribution Petroleum Industry Propane Crude Oil Natural Gas Liquids Natural Gas Transmission Electric Utility Gas Pipeline Midstream Natural Gas Pipeline Distribution Services Electric Utilities Energy Services Gas Gathering Natural Gas Transportation