CARD vs. FNGD ETF Comparison

Comparison of Bank Of Montreal MAX Auto Industry -3x Inverse Leveraged ETN (CARD) to BMO REX MicroSectors FANG Index -3X Inverse Leveraged Exchange Traded Notes (FNGD)

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

$7.21

Average Daily Volume

2,286

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FNGD

BMO REX MicroSectors FANG Index -3X Inverse Leveraged Exchange Traded Notes

FNGD Description

The investment seeks return linked to a three times inverse leveraged participation in the daily performance of the NYSE Fang+™ Index, total return (the “index”). The notes are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. The index is an equal-dollar weighted index designed to represent a segment of the technology and consumer discretionary sectors consisting of highly-traded growth stocks of technology and tech-enabled companies.

Grade (RS Rating)

Last Trade

$16.56

Average Daily Volume

2,056,564

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CARD	FNGD
30 Days	-33.65%	-17.69%
60 Days	-27.31%	-23.12%
90 Days	-24.37%	-28.90%
12 Months	-73.66%	-75.43%

1 Overlapping Holdings

	Symbol	Grade	Weight in CARD	Weight in FNGD	Overlap
	TSLA	B	11.83%	11.71%	11.71%

CARD Overweight 19 Positions Relative to FNGD

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

CARD Underweight 9 Positions Relative to FNGD

Symbol	Grade	Weight
META	D	-12.53%
NVDA	C	-10.66%
AMD	F	-10.03%
NFLX	A	-9.65%
AAPL	C	-9.39%
AMZN	C	-9.35%
SNOW	C	-9.1%
MSFT	F	-8.84%
GOOGL	C	-8.74%

CARD: Top Represented Industries & Keywords

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