KBWB vs. FPAG ETF Comparison

Comparison of PowerShares KBW Bank Portfolio ETF (KBWB) to FPA Global Equity ETF (FPAG)

KBWB

PowerShares KBW Bank Portfolio ETF

KBWB Description

The PowerShares KBW Bank Portfolio (Fund) is based on the KBW Bank Index (Index). The Fund will normally invest at least 90% of its total assets in securities that comprise the Underlying Index. The Index is a float adjusted modified-market capitalization-weighted index that seeks to reflect the performance of companies that do business as banks or thrifts that are publicly-traded in the US. The Index is compiled, maintained and calculated by Keefe, Bruyette & Woods, Inc. and is composed of approximately 24 companies representing leading national money centers and regional banks or thrifts. The Fund and the Index are rebalanced and reconstituted quarterly.

Grade (RS Rating)

Last Trade

$69.54

Average Daily Volume

979,229

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FPAG

FPA Global Equity ETF

FPAG Description

Although the adviser has adopted a policy to invest at least 80% of its assets in equity securities, the adviser expects to invest, under normal circumstances, at least 95% of the fund?s assets in equity securities. The fund invests primarily in publicly traded common stocks of mid- and large-cap U.S. and non-U.S. companies, including companies in emerging market countries. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$30.98

Average Daily Volume

28,204

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	KBWB	FPAG
30 Days	11.89%	0.62%
60 Days	18.35%	2.00%
90 Days	19.89%	1.84%
12 Months	69.36%	23.66%

2 Overlapping Holdings

	Symbol	Grade	Weight in KBWB	Weight in FPAG	Overlap
	C	A	3.8%	4.88%	3.8%
	WFC	A	8.73%	3.66%	3.66%

KBWB Overweight 22 Positions Relative to FPAG

Symbol	Grade	Weight
MS	A	8.9%
GS	A	7.94%
BAC	A	7.9%
JPM	A	7.51%
MTB	A	4.3%
COF	C	4.29%
BK	A	3.97%
PNC	B	3.85%
STT	B	3.8%
FITB	B	3.78%
HBAN	A	3.78%
USB	A	3.69%
TFC	A	3.63%
RF	A	3.52%
NTRS	A	3.21%
CFG	B	3.05%
KEY	B	2.65%
EWBC	A	2.1%
FHN	A	1.59%
WAL	B	1.44%
CMA	B	1.32%
ZION	B	1.28%

KBWB Underweight 23 Positions Relative to FPAG

Symbol	Grade	Weight
GOOGL	C	-6.38%
META	D	-5.35%
ADI	D	-5.13%
CMCSA	B	-4.78%
TEL	B	-4.58%
GOOG	C	-4.17%
IFF	D	-3.84%
AMZN	C	-3.39%
AON	A	-2.69%
AVGO	D	-2.26%
NXPI	D	-2.21%
KMX	B	-1.85%
CHTR	C	-1.75%
KMI	A	-1.72%
MAR	A	-1.69%
FE	C	-1.49%
HWM	A	-1.29%
ICLR	D	-1.26%
WAB	B	-1.23%
UBER	F	-1.16%
NFLX	A	-0.66%
BABA	D	-0.29%
PCG	A	-0.21%