PFAE vs. FLI ETF Comparison

Comparison of Picton Mahoney Fort Act Ext Alt Fund ETF (PFAE) to First Asset U.S. & Canada LifeCo Income ETF (FLI)

PFAE

Picton Mahoney Fort Act Ext Alt Fund ETF

PFAE Description

The investment objective of the Picton Mahoney Fortified Extension Alternative Fund (the “Fund”) is to provide long-term capital appreciation and to provide unitholders with an attractive risk-adjusted rate of return with similar volatility to the traditional equity market by taking long and short investment positions in an actively-managed portfolio comprised primarily of Canadian equity securities.

Grade (RS Rating)

Last Trade

$18.13

Average Daily Volume

1,360

Number of Holdings ^*

5

* may have additional holdings in another (foreign) market

FLI

First Asset U.S. & Canada LifeCo Income ETF

FLI Description

First Asset U.S. & Canada Lifeco Income ETF (the Fund), formerly First Asset U.S. & Canada LifeCo Income Fund, is a Canada-based exchange traded fund. The Fund's investment objectives are to provide unitholders with quarterly cash distributions; the opportunity for capital appreciation, and lower overall volatility of portfolio returns than would be experienced by owning a portfolio of publicly traded common equity securities of the United States and Canadian life insurance companies by market capitalization directly. The Fund provides investors with a way to diversify their holdings within the financial sector, while also providing an opportunity to participate in the stock gains that life insurance companies are about to experience in a rising interest rate environment. The Fund's investment manager is First Asset Investment Management Inc.

Grade (RS Rating)

Last Trade

$10.34

Average Daily Volume

8,789

Number of Holdings ^*

3

* may have additional holdings in another (foreign) market

Performance

Period	PFAE	FLI
30 Days	3.60%	9.60%
60 Days	3.78%	0.79%
90 Days	7.34%	2.67%
12 Months	15.63%	20.79%

1 Overlapping Holdings

	Symbol	Grade	Weight in PFAE	Weight in FLI	Overlap
	SLF	D	3.05%	10.18%	3.05%

PFAE Overweight 4 Positions Relative to FLI

	Symbol	Grade	Weight
	BMO	B	6.87%
	CP	D	4.75%
	EFN	A	3.1%
	CNQ	B	2.89%

PFAE Underweight 2 Positions Relative to FLI

	Symbol	Grade	Weight
	MFC	A	-10.93%
	GWO	C	-9.57%

PFAE: Top Represented Industries & Keywords

Industries: Banks - Global Credit Services Insurance - Diversified Oil & Gas E&P Railroads

Keywords: S&P/Tsx 60 Index Retail Financial Financial Services Insurance Marketing Transport Truck Vehicle Vehicles Asset Management Asset Management Solutions Bank Bank Of Montreal Banking Banking Products Capital Market Capital Markets Cars Coal

FLI: Top Represented Industries & Keywords

Industries: Insurance - Life Insurance - Diversified

Keywords: Asset Management Financial Financial Services Insurance Reinsurance Health Life Insurance S&P/Tsx 60 Index Annuity Asset Management Solutions Corporate Segment Gen Re Great West Lifeco Health Insurance Insurance Companies Insurance Operations Investment Management John Hancock London Malaysia