CARU vs. KTEC ETF Comparison

Comparison of Bank Of Montreal MAX Auto Industry 3x Leveraged ETN (CARU) to KraneShares Hang Seng TECH Index ETF (KTEC)

CARU

Bank Of Montreal MAX Auto Industry 3x Leveraged ETN

CARU Description

CARU is an aggressive and bullish one-day bet on the US auto industry. The fund provides 3x daily leveraged 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, CARU 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

$26.83

Average Daily Volume

157

Number of Holdings ^*

* may have additional holdings in another (foreign) market

KTEC

KraneShares Hang Seng TECH Index ETF

KTEC Description

KTEC is passively managed to provide exposure to the 30 largest Chinese technology companies listed in Hong Kong. The fund selects companies headquartered and operating primarily in Greater China (Hong Kong, Macau, and Mainland China). Companies should be in the industrials, consumer discretionary, health care, financials, or information technology sectors. These companies should also display strong research and development investment and high revenue growth under the following themes: internet, fintech, cloud computing, e-commerce, and digital technology. KTEC primarily invests in H-shares, but also includes the other major share classes like A, B, and N-shares, red chips, P and S-chips. The index is market-cap-weighted with an 8% cap limit per individual security. Holdings are rebalanced quarterly and reconstituted at least semi-annually.

Grade (RS Rating)

Last Trade

$13.34

Average Daily Volume

35,651

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CARU	KTEC
30 Days	25.34%	-4.18%
60 Days	18.09%	16.33%
90 Days	5.78%	22.73%
12 Months	72.70%	8.37%

0 Overlapping Holdings

	Symbol	Grade	Weight in CARU	Weight in KTEC	Overlap

CARU Overweight 20 Positions Relative to KTEC

Symbol	Grade	Weight
TSLA	B	11.83%
F	C	10.52%
GM	C	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	D	3.0%
LAD	A	2.29%
AN	C	1.91%
TM	F	1.91%
ABG	C	1.31%
GPI	B	1.26%
FSS	B	0.91%
PAG	B	0.87%
HMC	F	0.78%

CARU Underweight 8 Positions Relative to KTEC

Symbol	Grade	Weight
BABA	D	-7.31%
LI	F	-6.05%
TCOM	B	-4.38%
XPEV	C	-4.36%
BIDU	F	-3.09%
BILI	D	-2.57%
NIO	F	-0.27%
WB	D	-0.02%

CARU: Top Represented Industries & Keywords

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