KBWD vs. MVRL ETF Comparison

Comparison of PowerShares KBW High Dividend Yield Financial Portfolio ETF (KBWD) to ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL)

KBWD

PowerShares KBW High Dividend Yield Financial Portfolio ETF

KBWD Description

The PowerShares KBW High Dividend Yield Financial Portfolio (Fund) is based on the KBW Financial Sector Dividend Yield Index (Index). The Fund will normally invest at least 90% of its total assets in securities that comprise the Index. The Index is calculated using a dividend yield weighted methodology that seeks to reflect the performance of approximately 24 to 40 publicly listed financial companies that are principally engaged in the business of providing financial services and products, including banking, insurance and diversified financial services, in the United States. The Index may also include securities of BDCs and equity and mortgage REITs. The Fund and the Index are rebalanced and reconstituted quarterly.

Grade (RS Rating)

Last Trade

$15.34

Average Daily Volume

176,703

Number of Holdings ^*

* may have additional holdings in another (foreign) market

MVRL

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN

MVRL Description

The investment seeks to provide 1.5 times leveraged long exposure to the compounded quarterly performance of the MVIS US Mortgage REITs Index, reduced by the Accrued Fees. The index is designed to track the overall performance of publicly-traded mortgage REITs that are listed and incorporated in the United States and derive at least 50% of their revenues from mortgage-related activity.

Grade (RS Rating)

Last Trade

$16.62

Average Daily Volume

10,480

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	KBWD	MVRL
30 Days	2.80%	-1.98%
60 Days	0.81%	-8.49%
90 Days	2.26%	-3.72%
12 Months	17.27%	14.12%

7 Overlapping Holdings

Symbol	Grade	Weight in KBWD	Weight in MVRL	Overlap
ACRE	B	3.75%	1.95%	1.95%
AGNC	C	3.51%	8.86%	3.51%
ARI	C	3.04%	3.76%	3.04%
DX	B	3.25%	1.48%	1.48%
EFC	C	2.94%	2.49%	2.49%
KREF	C	2.15%	1.86%	1.86%
RC	D	3.3%	2.05%	2.05%

KBWD Overweight 23 Positions Relative to MVRL

Symbol	Grade	Weight
TRIN	A	3.92%
FSK	A	3.86%
TCPC	C	3.8%
PNNT	C	3.22%
FDUS	A	3.19%
GSBD	F	3.08%
PSEC	D	3.08%
EGBN	B	2.91%
TRTX	C	2.78%
BBDC	A	2.72%
OMF	A	2.5%
CSWC	D	2.23%
TPVG	B	2.23%
WASH	C	2.18%
APAM	B	2.1%
WU	F	1.79%
FIBK	B	1.74%
LNC	C	1.63%
NWBI	B	1.63%
KEY	B	1.44%
JHG	B	1.35%
PRU	A	1.19%
JXN	C	0.93%

KBWD Underweight 16 Positions Relative to MVRL

Symbol	Grade	Weight
NLY	C	-13.03%
STWD	C	-8.19%
CIM	D	-5.48%
HASI	D	-5.04%
BXMT	C	-4.84%
ABR	C	-4.54%
TWO	F	-4.01%
MFA	D	-3.81%
PMT	C	-3.79%
LADR	B	-3.51%
NYMT	C	-3.26%
RWT	D	-2.77%
ORC	B	-2.0%
BRSP	C	-1.92%
IVR	F	-1.84%
ARR	D	-1.83%