LBO vs. PSCE ETF Comparison

Comparison of WHITEWOLF Publicly Listed Private Equity ETF (LBO) to PowerShares S&P SmallCap Energy Portfolio (PSCE)

LBO

WHITEWOLF Publicly Listed Private Equity ETF

LBO Description

The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S. publicly listed private equity companies. It defines "listed private equity companies" as Leverage Finance Providers and Buyout Firms, Sponsors, and Asset Managers (collectively, "Listed Private Equity Companies") that are listed and traded on a U.S. national securities exchange. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$29.04

Average Daily Volume

186

Number of Holdings ^*

* may have additional holdings in another (foreign) market

PSCE

PowerShares S&P SmallCap Energy Portfolio

PSCE Description

The PowerShares S&P SmallCap Energy Portfolio (Fund) is based on the S&P SmallCap 600Â® Capped Energy Index (Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index is designed to measure the overall performance of common stocks of US energy companies. These companies are principally engaged in the business of producing, distributing or servicing energy related products, including oil and gas exploration and production, refining, oil services, pipeline, and solar, wind and other non-oil based energy. The Index is a subset of the S&P SmallCap 600Â® Index, which is a float-adjusted, market-capitalization-weighted index reflecting the US small-cap market. The Fund and the Index are rebalanced and reconstituted quarterly.

Grade (RS Rating)

Last Trade

$51.23

Average Daily Volume

41,695

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	LBO	PSCE
30 Days	-0.83%	-7.07%
60 Days	3.55%	-7.12%
90 Days	3.25%	-6.28%
12 Months		12.82%

0 Overlapping Holdings

	Symbol	Grade	Weight in LBO	Weight in PSCE	Overlap

LBO Overweight 10 Positions Relative to PSCE

Symbol	Grade	Weight
ARCC	B	7.88%
FSK	B	7.46%
BXSL	B	7.04%
KKR	B	6.27%
OWL	C	5.69%
HTGC	B	5.37%
APO	A	4.91%
ARES	C	4.87%
CG	D	4.77%
BX	C	4.73%

LBO Underweight 26 Positions Relative to PSCE

Symbol	Grade	Weight
SM	C	-10.2%
MGY	C	-8.36%
HP	F	-6.42%
LBRT	D	-6.39%
NOG	D	-6.36%
PTEN	F	-6.12%
AROC	C	-5.01%
CEIX	C	-4.96%
CRC	D	-4.56%
OII	D	-4.12%
BTU	D	-4.05%
HLX	D	-2.9%
LPG	C	-2.84%
TALO	D	-2.78%
PARR	F	-2.64%
SLCA	B	-2.25%
CRK	C	-2.09%
GPRE	F	-2.03%
CLB	C	-1.62%
VTOL	C	-1.51%
CVI	F	-1.49%
PUMP	F	-1.48%
REX	D	-1.36%
DRQ	F	-1.17%
NBR	F	-1.15%
RES	F	-1.05%

LBO: Top Represented Industries & Keywords

Industries: Asset Management Specialty Finance