HIPS

Master Income ETF
LAST TRADECHANGE (%)VOLUME
$18.77+0.06 (0.30%)402
10:11:00 a.m. (ET) 04/27/2017
BID SIZEBID ($)ASK ($)ASK SIZE
10017.8219.56100

HIPS Fund Description

The Master Income ETF tracks an index of assets that tend to produce high income and pass through that income without being taxed at the constituent level. These include REITs, MLPs, BDCs and debt-based closed-end funds.

HIPS FactSet Analytics Insight

Newly launched HIPS offers a twist on theavoids direct investment in high-dividend stocks and high-yield bonds popular multi-asset income space: a focus on pass-through securities. Pass-through securities are those that pass on most of their income to their owners. The owners pay taxes on that income, while the entities themselves don’t, thereby eliminating the “double taxation” associated with stock dividends. Pass-throughs include real estate investment trusts (REITs), master-limited partnerships (MLPs) and business development companies (BDCs). Income from these assets can be high, but is typically taxed at ordinary income rates, instead of the beneficial “qualified dividends” rate. Investors in taxable accounts should therefore consider their after-tax yield.

While REITs and MLPs are commonplace among competing funds due to their high income, HIPS’ focus on pass-throughs sets it apart, mostly by screening out direct investment in high-dividend stocks and high-yield bonds. The fund explicitly aims to beat fixed-income yield while providing returns that aren’t correlated with bonds. Still, HIPS accesses high-yield credit indirectly through closed-end funds (CEFs), which are also held by some peer funds. HIPs tracks an index managed by the issuer, who is new to the ETF industry. The fund’s fee is on the steeper side relative to its peers. Trade HIPS with care in early days.

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Bats Book Viewer
TOP OF BOOK
SHARES/SIZEPRICE
ASKS----
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10020.04
10019.56
BIDS10017.82
10017.36
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LAST 10 TRADES
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Bats BZX Real-time Quote - 11:06:18
Average Spread
Premium/Discount
Volume

HIPS FactSet Analytics Block Liquidity

As of 04/26/17
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of HIPS. HIPS is rated a 4 out of 5.

HIPS Summary Data

01/07/15
Open-Ended Fund
1.43%
$9.28 M

HIPS Portfolio Data

6.91%
05/16/17

HIPS Index Data

TFMS HIPS 300 Index
Market Cap
Proprietary
N/A

HIPS Fund Structure

No
No
0% / 100%
N/A
N/A
High
N/A
N/A

HIPS Tax Exposures

20.00% / 39.60%
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No

HIPS Tradability

5,472
$101.61 K
2,988
$54.12 K
0.31%
0.11%
1.47% / -2.02%
None
50,000
0.06
0.08%
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$18.69
4