CNEQ vs. PKW ETF Comparison

Comparison of Alger Concentrated Equity ETF (CNEQ) to PowerShares Buyback Achievers (PKW)

CNEQ

Alger Concentrated Equity ETF

CNEQ Description

CNEQ is actively managed, investing in large-cap companies on U.S. exchanges that have a promising growth potential. At least 25% of the total assets go into related industries like software and technology hardware, semiconductors, IT services, electronic devices, retail and communication industries. The fund may invest more than 25% of total assets get invested in a single industry. A significant portion may be dedicated to enterprises within a sector, like Information Technology and Communication Services. The portfolio generally comprises no more than 30 holdings, often selling when a stock reaches its target price. The Fund also invests in cash and cash equivalents during market volatility or in the absence of viable long-term investment options. This cash holding is not expected to exceed 15% of net assets.

Grade (RS Rating)

Last Trade

$25.60

Average Daily Volume

4,472

Number of Holdings ^*

* may have additional holdings in another (foreign) market

PKW

PowerShares Buyback Achievers

PKW Description

The PowerShares Buyback AchieversTM Portfolio (Fund) is based on the NASDAQ US Buyback AchieversTM 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 track the performance of companies that meet the requirements to be classified as BuyBack Achievers™. To become eligible for inclusion in the Index, a company must be incorporated in the U.S., trade on a US exchange and must have repurchased at least 5% or more of its outstanding shares for the trailing 12 months. The Fund and the Index are reconstituted annually in January and rebalanced quarterly in January, April, July and October. Effective December 28, 2012, the NADAQ OMX Group, Inc. replaced Mergent, Inc., as the Index Provider of the Index. Effective February 25, 2013, the name of the Index changed from Share Buyback Achievers Index to NASDAQ Buyback Achievers Index. There will be no change to the methodology by which NASDAQ OMX Group, Inc., the Index Provider, calculates the Index. Please see the Fund’s prospectus supplement for more information. On February 25, 2013, NASDAQ took the place of the NYSE as the official Index data source.

Grade (RS Rating)

Last Trade

$123.38

Average Daily Volume

16,954

Number of Holdings ^*

191

* may have additional holdings in another (foreign) market

Performance

Period	CNEQ	PKW
30 Days	5.83%	5.94%
60 Days	12.02%	9.02%
90 Days	15.39%	11.35%
12 Months		35.82%

1 Overlapping Holdings

	Symbol	Grade	Weight in CNEQ	Weight in PKW	Overlap
	APP	B	3.29%	2.89%	2.89%

CNEQ Overweight 24 Positions Relative to PKW

Symbol	Grade	Weight
MSFT	D	13.34%
NVDA	B	13.04%
AAPL	C	8.58%
AMZN	C	8.1%
META	D	6.47%
HEI	A	3.71%
TSM	B	3.59%
AVGO	D	3.17%
DHR	F	2.35%
LLY	F	2.28%
ISRG	A	2.19%
VRT	B	2.15%
V	A	2.15%
SPGI	C	2.14%
NFLX	A	2.0%
GOOG	C	1.98%
CDNS	B	1.9%
CEG	C	1.76%
NTRA	A	1.52%
MU	D	1.27%
MELI	C	1.16%
TSLA	B	1.1%
UNH	B	0.99%
ASML	F	0.93%

CNEQ Underweight 190 Positions Relative to PKW

Symbol	Grade	Weight
BKNG	A	-5.49%
TMUS	B	-5.44%
CMCSA	B	-4.88%
JNJ	C	-4.53%
LMT	D	-4.13%
FI	A	-4.0%
DE	B	-3.61%
PYPL	B	-2.83%
HCA	F	-2.83%
MCK	A	-2.61%
MAR	A	-2.59%
ORLY	B	-2.3%
CSX	C	-2.21%
AFL	B	-2.05%
HLT	A	-2.0%
MET	A	-1.91%
PSX	C	-1.79%
AZO	C	-1.77%
MPC	D	-1.75%
VST	A	-1.64%
AIG	B	-1.6%
VLO	C	-1.51%
DFS	B	-1.42%
VRSK	A	-1.3%
HIG	B	-1.13%
DD	C	-1.12%
CNC	D	-1.01%
CAH	B	-0.95%
STT	B	-0.94%
PHM	D	-0.87%
GDDY	A	-0.85%
SYF	B	-0.83%
EXPE	B	-0.73%
STLD	B	-0.71%
BLDR	D	-0.68%
CFG	B	-0.68%
CSL	C	-0.66%
L	A	-0.6%
EXPD	C	-0.55%
TXT	D	-0.51%
JEF	A	-0.5%
TOL	B	-0.5%
EQH	C	-0.49%
THC	D	-0.48%
MGM	D	-0.37%
MUSA	B	-0.35%
PAG	B	-0.35%
WMS	F	-0.34%
CACI	D	-0.33%
EXP	B	-0.33%
PRI	B	-0.33%
FOXA	A	-0.33%
ORI	A	-0.32%
CNM	D	-0.28%
DINO	D	-0.27%
HRB	D	-0.27%
WH	B	-0.25%
BERY	C	-0.25%
BRKR	D	-0.24%
R	B	-0.23%
BYD	B	-0.22%
MTN	C	-0.22%
WSC	F	-0.22%
CHH	A	-0.22%
MTG	C	-0.21%
AN	C	-0.21%
ARW	D	-0.2%
COOP	B	-0.2%
KBH	D	-0.19%
RH	C	-0.19%
CNX	A	-0.19%
GPI	B	-0.18%
VVV	D	-0.18%
AMG	B	-0.18%
PVH	C	-0.18%
SM	B	-0.17%
ABG	C	-0.17%
CRC	A	-0.17%
MATX	C	-0.17%
NXST	C	-0.17%
SLM	A	-0.17%
DDS	B	-0.17%
BC	C	-0.17%
OLN	F	-0.16%
NSIT	F	-0.16%
EEFT	B	-0.15%
IDCC	B	-0.15%
HGV	C	-0.14%
GOLF	B	-0.14%
TNET	F	-0.14%
SKYW	C	-0.14%
ASGN	F	-0.13%
CVCO	A	-0.13%
DXC	B	-0.12%
CAR	C	-0.12%
GFF	A	-0.12%
WU	F	-0.12%
CEIX	A	-0.12%
TNL	A	-0.12%
ASH	F	-0.12%
ASO	F	-0.11%
ATGE	B	-0.11%
NSA	C	-0.11%
HP	C	-0.11%
BTU	B	-0.11%
DOCN	C	-0.11%
HUN	F	-0.11%
FBP	C	-0.11%
SLVM	B	-0.11%
TGNA	B	-0.1%
LBRT	D	-0.1%
PK	C	-0.1%
DEI	B	-0.1%
CARG	B	-0.1%
BHF	C	-0.1%
VIRT	A	-0.1%
ATKR	D	-0.1%
AMR	C	-0.1%
VAC	C	-0.1%
GNW	A	-0.1%
ENVA	B	-0.09%
SPB	C	-0.08%
SEB	F	-0.08%
PRG	C	-0.07%
GBX	A	-0.07%
HURN	C	-0.07%
IART	C	-0.06%
AZTA	D	-0.06%
CASH	B	-0.06%
SAH	C	-0.05%
PLAY	D	-0.05%
ATSG	B	-0.05%
PEB	D	-0.05%
XHR	B	-0.05%
PZZA	F	-0.05%
CSGS	B	-0.05%
NAVI	F	-0.05%
DXPE	C	-0.04%
INVA	D	-0.04%
DK	C	-0.04%
HTZ	C	-0.04%
CNNE	B	-0.04%
JBGS	F	-0.04%
EIG	B	-0.04%
SNCY	C	-0.03%
LQDT	B	-0.03%
CGEM	F	-0.03%
RYI	C	-0.03%
STGW	A	-0.03%
HCKT	B	-0.03%
PRA	C	-0.03%
EGBN	B	-0.03%
ODP	F	-0.03%
JACK	C	-0.03%
ECVT	C	-0.03%
AMN	F	-0.03%
LILAK	D	-0.03%
XRX	F	-0.03%
SBSI	C	-0.03%
TBPH	B	-0.02%
ANAB	F	-0.02%
NFBK	C	-0.02%
HONE	C	-0.02%
FPI	B	-0.02%
LXU	B	-0.02%
OPY	B	-0.02%
NR	B	-0.02%
IMXI	B	-0.02%
SCHL	F	-0.02%
ZIP	D	-0.02%
LPRO	B	-0.02%
CHGG	C	-0.01%
SKIN	D	-0.01%
DBI	F	-0.01%
ZYXI	D	-0.01%
ONTF	C	-0.01%
TASK	C	-0.01%
WSBF	C	-0.01%
RLGT	B	-0.01%
DENN	D	-0.01%
MBI	B	-0.01%
GCO	C	-0.01%
CCRN	F	-0.01%
LWAY	C	-0.01%
LOCO	D	-0.01%
SENEA	A	-0.01%
LSEA	D	-0.01%
NECB	C	-0.01%
KELYA	F	-0.01%
MX	F	-0.0%