BNKU vs. IPO ETF Comparison

Comparison of MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU) to Renaissance IPO ETF (IPO)

BNKU

MicroSectors U.S. Big Banks Index 3X Leveraged ETNs

BNKU Description

The investment seeks to reflect a 3x leveraged long exposure to the performance of the Solactive MicroSectorsTM U.S. Big Banks Index. The notes are senior unsecured medium-term notes issued by Bank of Montreal with a return linked to a three times leveraged participation in the performance of the index, compounded daily, less a Daily Investor Fee, the Daily Financing Charge and, if applicable, the Redemption Fee Amount. The index is an equal-dollar weighted index designed to represent the 10 U.S. stocks with the largest market capitalization in the banking sector.

Grade (RS Rating)

Last Trade

$36.13

Average Daily Volume

264,393

Number of Holdings ^*

* may have additional holdings in another (foreign) market

IPO

Renaissance IPO ETF

IPO Description

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Renaissance IPO Index (the "index"). The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index, the Renaissance IPO Index. The remaining 20% may be used to purchase securities not in the index that are an appropriate substitute for certain securities in the index in order to track the index. The index is comprised of common stocks, American Depositary Receipts ("ADRs"), real estate investment trusts ("REITS") and master limited partnerships ("MLPs"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$41.96

Average Daily Volume

53,038

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BNKU	IPO
30 Days	18.50%	0.48%
60 Days	14.37%	13.34%
90 Days	22.23%	3.54%
12 Months	79.48%	32.04%

0 Overlapping Holdings

	Symbol	Grade	Weight in BNKU	Weight in IPO	Overlap

BNKU Overweight 10 Positions Relative to IPO

Symbol	Grade	Weight
WFC	D	10.0%
USB	C	10.0%
TFC	D	10.0%
SCHW	D	10.0%
PNC	C	10.0%
MS	B	10.0%
JPM	D	10.0%
GS	D	10.0%
C	B	10.0%
BAC	D	10.0%

BNKU Underweight 17 Positions Relative to IPO

Symbol	Grade	Weight
NU	D	-10.11%
KVUE	C	-9.95%
ARM	C	-9.79%
RIVN	F	-6.83%
CRBG	C	-5.16%
GTLB	D	-4.41%
TPG	C	-3.46%
HCP	B	-3.35%
GFS	F	-2.69%
BRZE	F	-1.5%
BIRK	F	-1.38%
RBRK	F	-1.31%
RDDT	C	-1.19%
INFA	D	-1.16%
FLNC	C	-0.95%
BLCO	C	-0.54%
ZK	C	-0.27%

BNKU: Top Represented Industries & Keywords

Industries: Banks - Global Banks - Regional - US Capital Markets