KBWD vs. BDCX ETF Comparison

Comparison of PowerShares KBW High Dividend Yield Financial Portfolio ETF (KBWD) to ETRACS Quarterly Pay 1.5X Leveraged Wells Fargo BDC Index ETN (BDCX)

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

$15.20

Average Daily Volume

176,703

Number of Holdings ^*

* may have additional holdings in another (foreign) market

BDCX

ETRACS Quarterly Pay 1.5X Leveraged Wells Fargo BDC Index ETN

BDCX Description

The investment seeks to provide 1.5 times leveraged long exposure to the compounded quarterly performance of the Wells Fargo Business Development Company Index, reduced by the Accrued Fees. The index is intended to measure the performance of all business development companies listed on the New York Stock Exchange, NYSE AMEX or The Nasdaq Stock Market, Inc. that satisfy specified market capitalization and other eligibility requirements. It is a proprietary index of Wells Fargo Securities, LLC.

Grade (RS Rating)

Last Trade

$31.15

Average Daily Volume

1,329

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	KBWD	BDCX
30 Days	2.80%	-0.99%
60 Days	0.81%	2.03%
90 Days	2.26%	3.99%
12 Months	17.27%	16.62%

9 Overlapping Holdings

Symbol	Grade	Weight in KBWD	Weight in BDCX	Overlap
BBDC	A	2.72%	1.72%	1.72%
CSWC	D	2.23%	1.82%	1.82%
FDUS	A	3.19%	1.28%	1.28%
FSK	A	3.86%	11.43%	3.86%
GSBD	F	3.08%	4.48%	3.08%
PNNT	C	3.22%	1.4%	1.4%
PSEC	D	3.08%	5.48%	3.08%
TCPC	C	3.8%	2.36%	2.36%
TPVG	B	2.23%	1.57%	1.57%

KBWD Overweight 21 Positions Relative to BDCX

Symbol	Grade	Weight
TRIN	A	3.92%
ACRE	B	3.75%
AGNC	C	3.51%
RC	D	3.3%
DX	B	3.25%
ARI	C	3.04%
EFC	C	2.94%
EGBN	B	2.91%
TRTX	C	2.78%
OMF	A	2.5%
WASH	C	2.18%
KREF	C	2.15%
APAM	B	2.1%
WU	F	1.79%
FIBK	A	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 14 Positions Relative to BDCX

Symbol	Grade	Weight
ARCC	A	-17.86%
MAIN	A	-5.85%
TSLX	C	-4.71%
GBDC	D	-4.5%
HTGC	D	-4.42%
NMFC	D	-3.68%
OCSL	F	-3.54%
CGBD	C	-2.28%
BCSF	C	-2.09%
SLRC	A	-2.05%
NEWT	C	-1.96%
GAIN	B	-1.69%
PFLT	D	-1.45%
GLAD	B	-1.22%

BDCX: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance