TWIO vs. HDLB ETF Comparison

Comparison of Trajan Wealth Income Opportunities ETF (TWIO) to ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB)

TWIO

Trajan Wealth Income Opportunities ETF

TWIO Description

Spinnaker ETF Series - Trajan Wealth Income Opportunities ETF is an exchange traded fund launched and managed by OBP Capital, LLC. The fund is co-managed by Trajan Wealth, LLC. It invests in the public equity and fixed income markets of the United States. For it equity portion, the fund invests in stocks of companies operating across diversified sectors. It invests in growth and value stocks of companies operating across diversified market capitalization. For its fixed income, the fund primarily invests in preferred securities and income producing fixed income securities with varying maturities. The fund employs fundamental analysis with bottom-up and top-down securities picking approach to create its portfolio. Spinnaker ETF Series - Trajan Wealth Income Opportunities ETF is domiciled in the United States.

Grade (RS Rating)

Last Trade

$9.26

Average Daily Volume

7,238

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

$14.94

Average Daily Volume

2,752

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	TWIO	HDLB
30 Days	-1.02%	0.50%
60 Days	-2.06%	7.95%
90 Days	0.65%	14.93%
12 Months	12.42%	59.48%

6 Overlapping Holdings

Symbol	Grade	Weight in TWIO	Weight in HDLB	Overlap
ABBV	F	1.8%	9.8%	1.8%
FSK	A	1.89%	0.25%	0.25%
IBM	C	2.88%	5.12%	2.88%
K	B	2.18%	1.47%	1.47%
OGE	A	2.62%	0.43%	0.43%
VZ	C	2.3%	9.25%	2.3%

TWIO Overweight 11 Positions Relative to HDLB

Symbol	Grade	Weight
C	B	2.78%
WMB	A	2.52%
BX	A	2.5%
BKH	A	2.25%
SBLK	F	2.04%
AIG	C	1.96%
XOM	B	1.92%
KO	D	1.91%
SON	F	1.89%
PSA	C	1.87%
CMSC	C	1.8%

TWIO Underweight 31 Positions Relative to HDLB

Symbol	Grade	Weight
PFE	F	-13.4%
T	A	-8.79%
GILD	C	-5.14%
PM	A	-3.83%
DUK	C	-3.27%
MO	A	-3.18%
SO	C	-2.94%
D	C	-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	A	-1.71%
PPL	A	-1.48%
NLY	C	-1.43%
FE	C	-1.42%
EIX	C	-1.34%
IP	A	-1.22%
MPW	F	-1.04%
AGNC	C	-1.03%
NI	A	-0.91%
PNW	B	-0.78%
WPC	C	-0.76%
WU	F	-0.73%
ARCC	A	-0.46%
GLPI	C	-0.44%
STAG	D	-0.4%
KD	A	-0.14%
ONL	D	-0.07%