KBWP vs. MNA ETF Comparison

Comparison of PowerShares KBW Property & Casualty Insurance Portfolio ETF (KBWP) to IQ Merger Arbitrage ETF (MNA)

KBWP

PowerShares KBW Property & Casualty Insurance Portfolio ETF

KBWP Description

The PowerShares KBW Property & Casualty Insurance Portfolio (Fund) is based on the KBW Property & Casualty Index (Index). The Fund will normally invest at least 90% of its total assets in securities that comprise the Index. The Index is a modified market capitalization weighted index that seeks to reflect the performance of approximately 24 property and casualty insurance companies. The Fund and the Index are rebalanced and reconstituted quarterly.

Grade (RS Rating)

Last Trade

$124.19

Average Daily Volume

60,252

Number of Holdings ^*

* may have additional holdings in another (foreign) market

MNA

IQ Merger Arbitrage ETF

MNA Description

The investment seeks investment results that correspond generally to the price and yield performance of its underlying index, the IQ Merger Arbitrage Index. The fund employs a "passive management" to track the performance of the underlying index, which was developed by Financial Development Holdco LLC ("IndexIQ"). The underlying index seeks to employ a systematic investment process designed to identify opportunities in companies whose equity securities trade in developed markets, including the U.S., and which are involved in announced mergers, acquisitions and other buyout-related transactions. It is non-diversified.

Grade (RS Rating)

Last Trade

$32.80

Average Daily Volume

49,131

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	KBWP	MNA
30 Days	5.68%	-0.18%
60 Days	7.00%	-0.27%
90 Days	10.99%	0.61%
12 Months	39.08%	6.73%

0 Overlapping Holdings

	Symbol	Grade	Weight in KBWP	Weight in MNA	Overlap

KBWP Overweight 24 Positions Relative to MNA

Symbol	Grade	Weight
TRV	B	8.62%
ALL	A	7.94%
PGR	A	7.83%
CB	C	7.74%
AIG	B	7.54%
RLI	B	4.35%
THG	A	4.23%
AIZ	A	4.21%
CINF	A	4.18%
SIGI	C	4.17%
AXS	A	4.08%
AFG	A	4.07%
KMPR	B	3.94%
RNR	C	3.86%
HIG	B	3.84%
WRB	A	3.83%
EG	C	3.58%
MCY	A	3.52%
ACGL	D	3.39%
SPNT	A	2.17%
HMN	B	1.44%
PRA	C	0.74%
UVE	B	0.55%
JRVR	F	0.15%

KBWP Underweight 44 Positions Relative to MNA

Symbol	Grade	Weight
DFS	B	-8.65%
CTLT	B	-5.63%
JNPR	F	-4.99%
HCP	B	-4.36%
FYBR	D	-3.64%
MRO	B	-3.51%
SMAR	A	-3.2%
ALTR	B	-3.12%
BALY	C	-2.82%
ALE	A	-2.69%
ENV	B	-2.59%
K	A	-2.47%
AXNX	C	-2.39%
AY	B	-2.1%
B	B	-2.08%
IBTX	B	-2.04%
RCM	F	-2.01%
SPR	D	-1.97%
INFN	C	-1.72%
NAPA	B	-1.6%
EVRI	A	-1.59%
SASR	B	-1.5%
VZIO	A	-1.31%
HTLF	B	-1.25%
FBMS	B	-1.19%
ZUO	B	-1.18%
AGS	A	-0.84%
HAYN	C	-0.77%
PFC	A	-0.65%
GATO	D	-0.41%
CFB	B	-0.4%
PGRU	A	-0.35%
RVNC	F	-0.32%
SRDX	B	-0.27%
BUSE	B	--0.42%
WSBC	A	--0.66%
RNST	B	--1.2%
CDE	D	--1.2%
UMBF	B	--1.28%
AUB	B	--1.5%
BA	F	--1.63%
SSB	B	--2.03%
IP	B	--4.24%
COF	B	--9.37%