ZUT vs. MREL ETF Comparison

Comparison of BMO Equal Weight Utilities Index ETF (ZUT) to Middlefield Real Estate Dividend ETF (MREL)

ZUT

BMO Equal Weight Utilities Index ETF

ZUT Description

BMO Equal Weight Utilities Index ETF has been designed to replicate, to the extent possible, the performance of the Solactive Equal Weight Canada Utilities Index net of expenses. The Fund invests in and holds the Constituent Securities of the Index in the same proportion as they are reflected in the Index

Grade (RS Rating)

Last Trade

$20.15

Average Daily Volume

81,246

Number of Holdings ^*

9

* may have additional holdings in another (foreign) market

MREL

Middlefield Real Estate Dividend ETF

MREL Description

Middlefield Real Estate Dividend ETF is an exchange traded fund launched by Middlefield Limited. It is managed by Middlefield Capital Corporation. The fund invests in public equity markets of global region. It invests in stocks of companies operating across mortgage real estate investment trusts (reits), financials, diversified financials, equity real estate investment trusts (reits) sectors. The fund invests in growth and value stocks of companies across diversified market capitalization. It seeks to benchmark the performance of its portfolio against the S&P/TSX Capped REIT Total Return Index. Middlefield Real Estate Dividend ETF was formed on April 20, 2011 and is domiciled in Canada.

Grade (RS Rating)

Last Trade

$11.61

Average Daily Volume

10,361

Number of Holdings ^*

8

* may have additional holdings in another (foreign) market

Performance

Period	ZUT	MREL
30 Days	10.22%	1.75%
60 Days	6.76%	-3.40%
90 Days	6.18%	-4.66%
12 Months	-9.82%	-3.32%

0 Overlapping Holdings

	Symbol	Grade	Weight in ZUT	Weight in MREL	Overlap

ZUT Overweight 9 Positions Relative to MREL

	Symbol	Grade	Weight
	ALA	A	7.54%
	BIP.UN	C	7.53%
	CU	B	7.25%
	AQN	B	7.24%
	FTS	A	7.23%
	CPX	B	7.14%
	EMA	B	7.14%
	BEP.UN	B	7.11%
	H	C	6.97%

ZUT Underweight 8 Positions Relative to MREL

	Symbol	Grade	Weight
	REI.UN	F	-6.84%
	CAR.UN	D	-6.43%
	BEI.UN	D	-6.2%
	GRT.UN	F	-5.87%
	DIR.UN	C	-4.24%
	CHP.UN	D	-3.81%
	KMP.UN	D	-3.48%
	FCR.UN	C	-3.23%

ZUT: Top Represented Industries & Keywords

Industries: Utilities - Diversified Utilities - Regulated Electric Utilities - Independent Power Producers Oil & Gas Midstream

Keywords: Energy Natural Gas Utilities Electricity Infrastructure Storage Electric Power Transmission Rook Utilities Segment Algonquin Power & Utilities Brookfield Coal Communications Construction Economy Of North America Electric Power Electricity Transmission Energy Infrastructure Energy Segment Fortis Inc.

MREL: Top Represented Industries & Keywords

Industries: REIT - Retail REIT - Industrial REIT - Residential Rental & Leasing Services

Keywords: Real Estate Real Estate Investment Trust Investment Trust Real Estate Investment Apartment Open Ended Real Estate Investment Trust Residential Industrial Real Estate Renovation Retail Riocan Real Estate Investment Trust Trust Law Acquisitions Atlantic Canada Balance Sheet Ball Boilers Brampton Cash Flow Choice Properties Reit