PowerShares Takes On … PowerShares?

October 12, 2006

FINANCIALS

In this case, the FTSE RAFI index has outperformed the Intellidex index over the past year, while the Intellidex has the edge for 3- and 5-years. Interestingly, the Intellidex fund has more "value-oriented" fundamentals, with a lower average P/E ratio than the FTSE RAFI fund.  The Intellidex fund also has a very strong value-tilt, unlike in other sectors.

Performance Comparison - Index Only - Through 6/30/2006
Time Period

FTSE RAFI

Intellidex

1-Year

13.62

13.07

3-Year

14.92

15.11

5-Year

8.52

11.31

Fundamentals

Category

FTSE RAFI

Intellidex

Average P/E

13.56

11.74

Average P/B

1.79

1.78

Return on Equity

13.98

16.75

Average Market Cap.

$76.054 ($USB)

$14.467 ($USB)

Number of Securities

225

60

Capitalization Comparison (%)

Category

FTSE RAFI

Intellidex

 Large Cap Growth

6.37

9.85

Large Cap Value

66.02

25.59

Mid-Cap Growth

5.80

7.81

Mid-Cap Value

18.66

34.13

Small Cap Growth

0.54

1.43

Small Cap Value

2.61

21.20

HEALTHCARE

Here again, the Intellidex's back-tested historical performance tops that of the FTSE RAFI index.  The chief differences here are the market capitalization and the growth/value split. Although the average fundamental characteristics look similar, the Intellidex fund has 83 percent exposure to "growth," compared to just 34 percent for the FTSE RAFI index.

Performance Comparison - Index Only - Through 6/30/2006
Time Period

FTSE RAFI

Intellidex

1-Year

0.50

2.11

3-Year

5.38

19.41

5-Year

2.68

14.42

Fundamentals

Category

FTSE RAFI

Intellidex

Average P/E

18.28

20.54

Average P/B

3.36

3.28

Return on Equity

19.40

20.27

Average Market Cap.

$73.904 ($USB)

$14.220 ($USB)

Number of Securities

71

60

Capitalization Comparison (%)

Category

FTSE RAFI

Intellidex

Large Cap Growth

26.66

22.61

Large Cap Value

44.56

7.43

Mid-Cap Growth

7.65

38.64

Mid-Cap Value

5.46

4.67

Small Cap Growth

0.00

22.47

Small Cap Value

15.6

4.18

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