PFMN vs. ZCN ETF Comparison

Comparison of Picton Mahoney Fort Mkt Neutral Fund ETF (PFMN) to BMO S&P/TSX Capped Composite Index ETF (ZCN)

PFMN

Picton Mahoney Fort Mkt Neutral Fund ETF

PFMN Description

The investment objective of the Picton Mahoney Fortified Market Neutral Alternative Fund (the “Fund”) is to provide consistent long-term capital appreciation and to provide unitholders with a risk-adjusted rate of return which outperforms its benchmark with less volatility than traditional equity markets and low correlation to major equity markets.

Grade (RS Rating)

Last Trade

$14.34

Average Daily Volume

19,922

Number of Holdings ^*

4

* may have additional holdings in another (foreign) market

ZCN

BMO S&P/TSX Capped Composite Index ETF

ZCN Description

The investment seeks to replicate, to the extent possible, the performance of the S&P/TSX Capped Composite Index, net of expenses. The fund will invest in and hold the Constituent Securities of the S&P/TSX Capped Composite Index in the same proportion as they are reflected in the S&P/TSX Capped Composite Index or securities intended to replicate the performance of the index. The index is a float-adjusted market capitalization weighted index that incorporates over 200 equities and provides a more diversified exposure that is more representative of the Canadian equity market.

Grade (RS Rating)

Last Trade

$30.12

Average Daily Volume

70,973

Number of Holdings ^*

7

* may have additional holdings in another (foreign) market

Performance

Period	PFMN	ZCN
30 Days	1.06%	3.83%
60 Days	2.36%	2.59%
90 Days	3.54%	5.72%
12 Months	5.52%	10.53%

1 Overlapping Holdings

	Symbol	Grade	Weight in PFMN	Weight in ZCN	Overlap
	BMO	B	3.58%	3.01%	3.01%

PFMN Overweight 3 Positions Relative to ZCN

	Symbol	Grade	Weight
	XIC	A	13.64%
	XIU	A	10.46%
	EFN	A	3.06%

PFMN Underweight 6 Positions Relative to ZCN

	Symbol	Grade	Weight
	CP	D	-3.49%
	CNQ	B	-3.47%
	ENB	C	-3.26%
	CNR	D	-3.23%
	BNS	D	-2.67%
	BN	B	-2.54%

PFMN: Top Represented Industries & Keywords

Industries: Banks - Global Credit Services

Keywords: Asset Management Blackrock Economy Of Toronto Exchange Traded Funds Index Fund Ishares Market Capitalization S&P S&P 500 Index CBOE S&P/TSX 60 S&P/Tsx 60 Index S&P/Tsx Composite Index Standard & Poor's Toronto Stock Exchange Bank Bank Of Montreal Banking Banking Products Capital Market Capital Markets

ZCN: Top Represented Industries & Keywords

Industries: Banks - Global Railroads Asset Management Oil & Gas E&P Oil & Gas Midstream

Keywords: S&P/Tsx 60 Index Marketing Retail Transport Transportation Bank Banking Banking Products Commodity Crude Oil Energy Energy Industry Financial Services ING Group Investment Banking Liquids Mining Minnesota Railroads Montreal Natural Gas