SMHB vs. HDLB ETF Comparison

Comparison of ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN Series B (SMHB) to ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB)

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

$6.24

Average Daily Volume

39,036

Number of Holdings ^*

* may have additional holdings in another (foreign) market

HDLB

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044

HDLB Description

The investment seeks to provide two times leveraged long exposure to the compounded monthly performance of the Solactive US High Dividend Low Volatility Index. The index is designed to measure the performance of 40 dividend yielding, relatively lower volatility Index Constituent Securities from the universe of the largest 1,000 U.S. listed stocks by market capitalization, as described herein. The Securities seek to approximate the monthly returns that might be available to investors through a leveraged “long” investment in the index constituent securities.

Grade (RS Rating)

Last Trade

$14.54

Average Daily Volume

2,358

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	SMHB	HDLB
30 Days	6.21%	4.78%
60 Days	12.19%	16.52%
90 Days	16.29%	28.56%
12 Months	39.64%	70.07%

0 Overlapping Holdings

	Symbol	Grade	Weight in SMHB	Weight in HDLB	Overlap

SMHB Overweight 91 Positions Relative to HDLB

Symbol	Grade	Weight
SLG	C	4.87%
XRX	D	4.09%
DTM	A	3.81%
BXMT	C	3.43%
DSS	F	2.87%
TWO	D	2.87%
CIM	C	2.62%
ETRN	D	2.49%
BDN	B	2.41%
BGS	D	2.41%
SBRA	C	2.38%
EPR	C	2.34%
ABR	C	2.21%
APAM	B	2.02%
PAGP	B	1.88%
UNIT	B	1.86%
UWMC	D	1.84%
ARR	D	1.65%
NHI	C	1.64%
ORC	D	1.51%
CCOI	B	1.51%
PSEC	C	1.47%
IVR	C	1.43%
DEA	D	1.35%
PMT	B	1.35%
MFA	C	1.27%
RWT	C	1.24%
CTRE	C	1.16%
PETS	D	1.13%
MAIN	A	1.09%
HTGC	B	1.03%
ARI	F	1.02%
GNL	D	1.01%
FCPT	C	1.0%
EFC	D	1.0%
PDM	C	0.99%
GSBD	D	0.94%
NEWT	D	0.94%
NYMT	F	0.93%
LTC	D	0.91%
DX	D	0.89%
KREF	C	0.8%
VGR	B	0.79%
NWBI	D	0.77%
GBDC	B	0.73%
CODI	D	0.72%
VNOM	A	0.65%
SCS	D	0.65%
RC	F	0.65%
ACRE	D	0.64%
LADR	D	0.62%
TSLX	B	0.62%
HESM	C	0.59%
UVV	D	0.54%
OCSL	D	0.54%
AROC	B	0.53%
GMRE	C	0.5%
ILPT	D	0.49%
BRSP	D	0.49%
WSR	C	0.46%
ALX	D	0.45%
GTY	C	0.44%
OPI	F	0.4%
RMR	B	0.38%
NMFC	F	0.38%
UHT	D	0.36%
GPMT	D	0.34%
CSWC	B	0.34%
GOOD	A	0.33%
FSP	F	0.29%
TRTX	D	0.29%
TCPC	F	0.27%
AHH	F	0.27%
CGBD	B	0.25%
BCSF	A	0.24%
TPVG	F	0.23%
PFLT	A	0.23%
SLRC	C	0.23%
UVE	C	0.22%
BBDC	A	0.22%
KRO	C	0.2%
EBF	B	0.18%
GAIN	B	0.17%
PNNT	B	0.16%
OLP	C	0.16%
FDUS	C	0.16%
GLAD	A	0.15%
BFS	C	0.14%
TRIN	C	0.12%
CCAP	C	0.1%
REPX	C	0.07%

SMHB Underweight 37 Positions Relative to HDLB

Symbol	Grade	Weight
PFE	D	-13.4%
ABBV	C	-9.8%
VZ	C	-9.25%
T	B	-8.79%
GILD	A	-5.14%
IBM	A	-5.12%
PM	D	-3.83%
DUK	C	-3.27%
MO	D	-3.18%
SO	A	-2.94%
D	A	-2.76%
AEP	C	-2.58%
O	C	-2.51%
VICI	C	-1.93%
KHC	F	-1.93%
ED	C	-1.85%
ETR	A	-1.73%
SRE	C	-1.71%
PPL	C	-1.48%
K	B	-1.47%
NLY	C	-1.43%
FE	C	-1.42%
EIX	C	-1.34%
IP	C	-1.22%
MPW	C	-1.04%
AGNC	B	-1.03%
NI	A	-0.91%
PNW	C	-0.78%
WPC	C	-0.76%
WU	D	-0.73%
ARCC	A	-0.46%
GLPI	C	-0.44%
OGE	C	-0.43%
STAG	D	-0.4%
FSK	A	-0.25%
KD	D	-0.14%
ONL	D	-0.07%

SMHB: Top Represented Industries & Keywords

Industries: Asset Management REIT - Diversified REIT - Office REIT - Healthcare Facilities REIT - Retail Oil & Gas Midstream REIT - Residential 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