CDEI vs. FNGO ETF Comparison

Comparison of Morgan Stanley ETF Trust Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF (CDEI) to MicroSectors FANG Index 2X Leveraged ETNs due January 8, 2038 (FNGO)

CDEI

Morgan Stanley ETF Trust Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF

CDEI Description

Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities included in the underlying index. The index is composed of common stocks of large companies that operate their businesses in a manner consistent with the Calvert Principles for Responsible Investment. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$69.97

Average Daily Volume

2,380

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FNGO

MicroSectors FANG Index 2X Leveraged ETNs due January 8, 2038

FNGO Description

The investment seeks to approximate the returns that might be available to investors through a leveraged ¿long¿ investment in the NYSE FANG+¿ Index (the index). The notes are senior unsecured medium-term notes issued by Bank of Montreal with a return linked to a 2X 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 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

$72.61

Average Daily Volume

25,885

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CDEI	FNGO
30 Days	1.33%	0.01%
60 Days	3.17%	0.93%
90 Days	3.26%	1.83%
12 Months	26.71%	105.91%

5 Overlapping Holdings

Symbol	Grade	Weight in CDEI	Weight in FNGO	Overlap
AAPL	C	11.1%	10.49%	10.49%
AVGO	C	2.35%	8.75%	2.35%
GOOGL	D	5.75%	10.17%	5.75%
MSFT	C	9.66%	9.82%	9.66%
NVDA	D	8.89%	8.72%	8.72%

CDEI Overweight 5 Positions Relative to FNGO

Symbol	Grade	Weight
LLY	C	2.58%
JPM	D	2.03%
UNH	C	1.72%
V	C	1.37%
MA	B	1.27%

CDEI Underweight 5 Positions Relative to FNGO

Symbol	Grade	Weight
TSLA	C	-12.97%
SNOW	F	-10.2%
AMZN	C	-10.04%
META	B	-9.57%
NFLX	B	-9.26%