SPLV vs. CBLS ETF Comparison

Comparison of PowerShares S&P 500 Low Volatility Portfolio ETF (SPLV) to Changebridge Capital Long/Short Equity ETF (CBLS)

SPLV

PowerShares S&P 500 Low Volatility Portfolio ETF

SPLV Description

The PowerShares S&P 500 Low Volatility Portfolio (Fund) is based on the S&P 500 Low Volatility Index (Index). The Fund will invest at least 90% of its total assets in common stocks that comprise the Index. The Index is compiled, maintained and calculated by Standard & Poor's and consists of the 100 stocks from the S&P 500 Index with the lowest realized volatility over the past 12 months. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. The Fund and the Index are rebalanced and reconstituted quarterly in February, May, August and November.

Grade (RS Rating)

Last Trade

$73.96

Average Daily Volume

1,577,046

Number of Holdings ^*

114

* may have additional holdings in another (foreign) market

CBLS

Changebridge Capital Long/Short Equity ETF

CBLS Description

The investment seeks long-term capital appreciation while minimizing volatility. The Adviser also considers an assessment of a company's ESG attributes in determining the attractiveness of an investment opportunity. In general, the fund's investments are broadly invested over a number of sectors, but it may focus on the technology, consumer, and healthcare sectors. Under normal circumstances, at least 80% of the fund's net assets, plus borrowings for investment purposes, will be invested long or short in equity securities, including common stocks and depositary receipts. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$26.78

Average Daily Volume

2,122

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	SPLV	CBLS
30 Days	2.35%	4.21%
60 Days	3.72%	5.17%
90 Days	6.25%	4.99%
12 Months	23.06%	35.40%

12 Overlapping Holdings

Symbol	Grade	Weight in SPLV	Weight in CBLS	Overlap
AME	A	0.0%	-1.18%	-1.18%
COST	B	0.02%	2.62%	0.02%
ECL	D	0.91%	2.24%	0.91%
ETR	B	0.0%	1.96%	0.0%
GD	F	1.03%	1.69%	1.03%
GIS	D	0.88%	-0.5%	-0.5%
JNJ	D	1.11%	-1.1%	-1.1%
KDP	D	0.97%	-0.48%	-0.48%
PEP	F	1.04%	-0.48%	-0.48%
RTX	C	0.99%	1.72%	0.99%
SO	D	1.0%	2.24%	1.0%
WMT	A	0.92%	2.03%	0.92%

SPLV Overweight 102 Positions Relative to CBLS

Symbol	Grade	Weight
KO	D	1.37%
BRK.A	B	1.31%
CL	D	1.23%
PG	A	1.22%
RSG	A	1.22%
ATO	A	1.21%
MMC	B	1.17%
TMUS	B	1.17%
L	A	1.15%
MA	C	1.13%
ADP	B	1.11%
HON	B	1.11%
V	A	1.1%
NI	A	1.09%
PPL	B	1.09%
ITW	B	1.09%
FI	A	1.08%
LIN	D	1.08%
MSI	B	1.08%
CHD	B	1.07%
KMI	A	1.07%
YUM	B	1.07%
BSX	B	1.07%
DUK	C	1.07%
ICE	C	1.06%
FE	C	1.05%
LNT	A	1.05%
CME	A	1.04%
LMT	D	1.04%
EA	A	1.03%
CMS	C	1.03%
TJX	A	1.03%
PEG	A	1.03%
CB	C	1.02%
SRE	A	1.02%
EVRG	A	1.02%
SPGI	C	1.01%
MDLZ	F	1.0%
WTW	B	1.0%
ED	D	1.0%
OKE	A	0.99%
KMB	D	0.99%
COR	B	0.99%
BK	A	0.99%
ABT	B	0.98%
BR	A	0.98%
WMB	A	0.98%
ROP	B	0.98%
MCD	D	0.97%
WM	A	0.97%
SYK	C	0.97%
WEC	A	0.97%
EIX	B	0.96%
HOLX	D	0.96%
PM	B	0.96%
STZ	D	0.95%
MO	A	0.94%
AMP	A	0.94%
OTIS	C	0.94%
AJG	B	0.94%
CTAS	B	0.94%
WELL	A	0.94%
HLT	A	0.94%
O	D	0.93%
NDAQ	A	0.93%
CVX	A	0.93%
VRSN	F	0.93%
PPG	F	0.93%
AVB	B	0.92%
REG	B	0.92%
NOC	D	0.92%
VICI	C	0.92%
MDT	D	0.92%
AVY	D	0.92%
BRO	B	0.92%
PCG	A	0.92%
HIG	B	0.91%
AEP	D	0.91%
ORLY	B	0.91%
UNP	C	0.91%
SYY	B	0.9%
LYB	F	0.9%
PNW	B	0.9%
LHX	C	0.9%
DTE	C	0.9%
PKG	A	0.89%
FRT	B	0.89%
JKHY	D	0.89%
PAYX	C	0.87%
CSX	B	0.85%
LDOS	C	0.73%
MCK	B	0.02%
JPM	A	0.01%
CSCO	B	0.0%
MET	A	0.0%
CBOE	B	0.0%
AFL	B	0.0%
PRU	A	0.0%
AIG	B	0.0%
DRI	B	0.0%
DGX	A	0.0%
ABBV	D	0.0%

SPLV Underweight 56 Positions Relative to CBLS

Symbol	Grade	Weight
LNG	B	-3.43%
NVDA	C	-3.08%
GOOG	C	-3.02%
AAPL	C	-2.97%
DELL	C	-2.93%
GTLS	B	-2.77%
SKY	A	-2.73%
BWXT	B	-2.7%
STRL	B	-2.61%
SCHW	B	-2.56%
CCL	B	-2.54%
EME	C	-2.53%
VST	B	-2.46%
OSW	A	-2.41%
MC	C	-2.37%
IBN	C	-2.36%
WTTR	B	-2.33%
D	C	-2.27%
NARI	C	-2.26%
RDDT	B	-2.26%
ROL	B	-2.23%
AER	B	-2.22%
NEE	D	-2.14%
ORCL	B	-2.06%
BLBD	D	-2.06%
AMZN	C	-1.96%
INTC	D	-1.93%
SCI	B	-1.93%
ERJ	B	-1.85%
TDG	D	-1.79%
ON	D	-1.53%
MGNI	A	-1.31%
DOOO	F	--0.44%
KLG	C	--0.48%
HRB	D	--0.5%
INTU	C	--0.51%
POST	C	--0.51%
ENR	B	--0.67%
GIII	D	--0.89%
R	B	--0.91%
TTC	D	--0.92%
PFE	D	--1.0%
CAG	D	--1.01%
NVO	D	--1.01%
SIG	B	--1.04%
GOGO	C	--1.1%
NVAX	F	--1.13%
ROK	B	--1.13%
MIDD	C	--1.15%
F	C	--1.36%
DE	A	--1.48%
SNOW	C	--1.49%
DUOL	A	--1.56%
HSY	F	--1.69%
HELE	C	--1.72%
LLY	F	--1.79%