CARD vs. CLIX ETF Comparison

Comparison of Bank Of Montreal MAX Auto Industry -3x Inverse Leveraged ETN (CARD) to ProShares Long Online/Short Stores ETF (CLIX)

CARD

Bank Of Montreal MAX Auto Industry -3x Inverse Leveraged ETN

CARD Description

CARD makes a big and bearish one-day bet against the US auto industry. The fund provides 3x daily inverse exposure to a modified liquidity-weighted index that includes firms engaged in automobile manufacturing, automobile parts and retail, and car dealing. The index defines the industries based on the North American Industry Classification System (NAICS) and selects US-listed equities, excluding ETPs. The fund gains its international exposure through the use of ADRs, but will specifically exclude issuers organized in Canada or China. As a geared product, CARD is designed as a short-term trading tool and not a long-term investment vehicle. Long-term returns could materially differ from those of the index due to daily compounding. Since the fund uses an ETN structure, investors assume the credit risk of the issuer.

Grade (RS Rating)

Last Trade

$8.33

Average Daily Volume

2,072

Number of Holdings ^*

* may have additional holdings in another (foreign) market

CLIX

ProShares Long Online/Short Stores ETF

CLIX Description

The investment seeks investment results, before fees and expenses, that track the performance of the ProShares Long Online/Short Stores Index (the index). The fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the index. The index consists of long positions in the online retailers included in the ProShares Online Retail Index and short positions in the bricks and mortar retailers included in the Solactive-ProShares Bricks and Mortar Retail Store Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$47.06

Average Daily Volume

1,302

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CARD	CLIX
30 Days	-21.54%	-2.94%
60 Days	-24.52%	14.43%
90 Days	-28.98%	11.35%
12 Months	-67.75%	31.37%

1 Overlapping Holdings

	Symbol	Grade	Weight in CARD	Weight in CLIX	Overlap
	CVNA	B	8.54%	4.47%	4.47%

CARD Overweight 19 Positions Relative to CLIX

Symbol	Grade	Weight
TSLA	A	11.83%
F	D	10.52%
GM	A	10.14%
RIVN	F	8.97%
ORLY	A	8.54%
AZO	B	8.54%
KMX	C	4.15%
GPC	D	4.01%
STLA	F	3.91%
LCID	F	3.47%
AAP	F	3.0%
LAD	B	2.29%
AN	C	1.91%
TM	F	1.91%
ABG	B	1.31%
GPI	B	1.26%
FSS	C	0.91%
PAG	C	0.87%
HMC	F	0.78%

CARD Underweight 15 Positions Relative to CLIX

Symbol	Grade	Weight
AMZN	A	-19.91%
EBAY	D	-8.93%
PDD	C	-8.45%
BABA	C	-4.48%
CPNG	C	-3.98%
BKE	B	-3.38%
RVLV	B	-3.35%
FIGS	B	-3.29%
CHWY	C	-3.13%
ETSY	D	-3.0%
W	F	-2.89%
MELI	B	-2.52%
JD	C	-2.43%
SE	C	-2.08%
GLBE	B	-1.44%

CARD: Top Represented Industries & Keywords

Industries: Auto Manufacturers Auto & Truck Dealerships Specialty Retail Pollution & Treatment Controls

CLIX: Top Represented Industries & Keywords

Industries: Specialty Retail Internet Retail Apparel Manufacturing Apparel Stores Electronic Gaming & Multimedia