VPC vs. SMHB ETF Comparison

Comparison of Virtus Private Credit Strategy ETF (VPC) to ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN Series B (SMHB)

VPC

Virtus Private Credit Strategy ETF

VPC Description

The investment seeks investment results that correspond the price and yield performance of the Indxx Private Credit Index (the "underlying index"). Under normal market conditions, the fund will invest not less than 80% of its assets in component securities of the underlying index. The underlying index is designed to track the performance of U.S.-listed, registered closed-end investment companies that have elected to be regulated as "business development companies" under the Investment Company Act of 1940, as well as U.S.-listed, non-BDC registered closed-end funds. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$21.91

Average Daily Volume

24,431

Number of Holdings ^*

51

* may have additional holdings in another (foreign) market

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 ^*

90

* may have additional holdings in another (foreign) market

Performance

Period	VPC	SMHB
30 Days	-1.19%	-4.90%
60 Days	-0.66%	0.46%
90 Days	0.18%	-1.37%
12 Months	14.74%	22.79%

19 Overlapping Holdings

	Symbol	Grade	Weight in VPC	Weight in SMHB	Overlap
	BBDC	D	1.54%	0.22%	0.22%
	BCSF	A	1.52%	0.24%	0.24%
	CCAP	C	1.56%	0.1%	0.1%
	CGBD	C	1.49%	0.25%	0.25%
	CSWC	D	1.49%	0.34%	0.34%
	FDUS	C	1.63%	0.16%	0.16%
	GAIN	B	1.76%	0.17%	0.17%
	GBDC	C	1.57%	0.73%	0.73%
	GSBD	F	1.94%	0.94%	0.94%
	HTGC	C	1.82%	1.03%	1.03%
	MAIN	B	1.09%	1.09%	1.09%
	NMFC	F	1.61%	0.38%	0.38%
	PFLT	C	1.75%	0.23%	0.23%
	PNNT	C	1.75%	0.16%	0.16%
	PSEC	D	2.38%	1.47%	1.47%
	SLRC	B	1.72%	0.23%	0.23%
	TCPC	F	2.05%	0.27%	0.27%
	TPVG	F	2.95%	0.23%	0.23%
	TSLX	D	1.51%	0.62%	0.62%

VPC Overweight 32 Positions Relative to SMHB

	Symbol	Grade	Weight
	OCCI	D	4.33%
	ECC	A	2.69%
	FSK	B	2.16%
	BIGZ	A	2.02%
	WHF	B	2.02%
	SAR	C	1.81%
	SCM	B	1.76%
	HRZN	F	1.7%
	VVR	D	1.61%
	JFR	A	1.6%
	FCT	A	1.58%
	JQC	A	1.57%
	PHD	A	1.52%
	CION	C	1.51%
	FRA	A	1.51%
	EFR	A	1.48%
	KIO	D	1.48%
	ARCC	B	1.47%
	EVF	A	1.46%
	EFT	A	1.44%
	DSU	A	1.42%
	BGT	A	1.41%
	BXSL	B	1.37%
	BLW	A	1.35%
	BGX	C	1.35%
	ARDC	B	1.33%
	BSL	A	1.24%
	OFS	F	1.01%
	MRCC	C	1.0%
	OXSQ	A	0.97%
	PTMN	A	0.97%
	MPV	A	0.97%

VPC Underweight 71 Positions Relative to SMHB

	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%
	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%
	ARI	F	-1.02%
	GNL	D	-1.01%
	FCPT	D	-1.0%
	EFC	D	-1.0%
	PDM	C	-0.99%
	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%
	CODI	D	-0.72%
	VNOM	A	-0.65%
	SCS	F	-0.65%
	RC	F	-0.65%
	ACRE	F	-0.64%
	LADR	B	-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%
	UHT	D	-0.36%
	GPMT	C	-0.34%
	GOOD	C	-0.33%
	FSP	A	-0.29%
	TRTX	A	-0.29%
	AHH	D	-0.27%
	UVE	C	-0.22%
	KRO	D	-0.2%
	EBF	F	-0.18%
	OLP	C	-0.16%
	GLAD	B	-0.15%
	BFS	D	-0.14%
	TRIN	D	-0.12%
	REPX	F	-0.07%

VPC: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance

Keywords: Private Equity Business Development ETF Exchange Traded Fund Debt Mezzanine Capital Loan Venture Capital Mutual Fund Credit Business Development Company Subordinated Debt Golub Capital Refinancing Blackrock Bond Income Trust Second Lien Loan Senior Debt Debt Securities

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