ARB vs. PFI ETF Comparison

Comparison of AltShares Merger Arbitrage ETF (ARB) to PowerShares Dynamic Financial (PFI)

ARB

AltShares Merger Arbitrage ETF

ARB Description

AltShares Trust - AltShares Merger Arbitrage ETF is an exchange traded fund launched and managed by Water Island Capital, LLC. It invests in public equity markets of global region. The fund invests through derivatives in stocks of companies operating across diversified sectors. The fund employs long/short strategy and uses derivatives such as futures, forwards, swaps to create its portfolio. AltShares Trust - AltShares Merger Arbitrage ETF is domiciled in the United States.

Grade (RS Rating)

Last Trade

$26.70

Average Daily Volume

24,953

Number of Holdings ^*

* may have additional holdings in another (foreign) market

PFI

PowerShares Dynamic Financial

PFI Description

The PowerShares Dynamic Financial Sector Portfolio (Fund) is based on the Dynamic Financial Sector IntellidexSM Index (Intellidex Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Intellidex Index thoroughly evaluates companies based on a variety of investment merit criteria, including: price momentum, earnings momentum, quality, management action, and value. The Underlying Intellidex Index is comprised of common stocks of 60 US financial services companies. These are companies that are principally engaged in the business of providing services and products, including banking, investment services, insurance and real estate finance services. The Fund and the Index are rebalanced and reconstituted quarterly in February, May, August and November.

Grade (RS Rating)

Last Trade

$46.41

Average Daily Volume

7,890

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	ARB	PFI
30 Days	-1.35%	-3.51%
60 Days	-0.22%	-1.44%
90 Days	-0.28%	5.34%
12 Months	3.65%	15.87%

0 Overlapping Holdings

	Symbol	Grade	Weight in ARB	Weight in PFI	Overlap

ARB Overweight 32 Positions Relative to PFI

Symbol	Grade	Weight
PXD	A	3.66%
HES	A	3.57%
CTLT	C	3.52%
ANSS	C	3.4%
MDC	A	2.74%
AXNX	C	2.74%
DOOR	A	2.7%
JNPR	C	2.68%
CERE	B	2.64%
EVBG	A	2.08%
VZIO	A	2.0%
KAMN	A	1.96%
DFS	A	1.89%
CPRI	F	1.88%
SWN	A	1.86%
X	D	1.82%
SP	B	1.39%
HAYN	A	1.39%
AMED	D	1.36%
OLK	C	1.31%
HA	C	1.29%
MGRC	C	1.01%
WRK	A	0.99%
EGLE	B	0.73%
TAST	A	0.69%
NWLI	A	0.66%
CNSL	C	0.65%
CSTR	A	0.61%
TGAN	C	0.52%
ONB	C	-0.13%
CHRD	A	-1.89%
COF	A	-2.2%

ARB Underweight 43 Positions Relative to PFI

Symbol	Grade	Weight
MA	C	-5.8%
KNSL	C	-5.09%
ARES	C	-4.67%
JPM	B	-4.07%
APO	B	-4.0%
V	C	-3.53%
KKR	B	-3.15%
COIN	B	-3.05%
AJG	C	-2.95%
COOP	A	-2.91%
FCNCA	B	-2.62%
MMC	B	-2.52%
AXP	B	-2.5%
BRO	C	-2.5%
PGR	A	-2.12%
SPG	C	-1.91%
HOOD	A	-1.91%
AIG	B	-1.89%
RHP	C	-1.82%
CB	C	-1.75%
PRI	D	-1.73%
HLI	B	-1.67%
JXN	A	-1.61%
PIPR	B	-1.57%
EVR	B	-1.51%
DFIN	B	-1.46%
AGO	D	-1.45%
SFBS	C	-1.42%
OMF	A	-1.4%
BGC	B	-1.36%
ERIE	C	-1.34%
SLG	B	-1.32%
AGM	C	-1.32%
VCTR	A	-1.32%
MTG	C	-1.31%
ORI	B	-1.31%
RGA	A	-1.29%
HCI	A	-1.23%
SKT	C	-1.23%
RYAN	C	-1.16%
OFG	C	-1.16%
ENVA	C	-1.15%
TREE	D	-1.1%