CRUZ vs. FLYD ETF Comparison

Comparison of Defiance Hotel, Airline, and Cruise ETF (CRUZ) to Bank of Montreal MicroSectors Travel -3x Inverse Leveraged ETN (FLYD)

CRUZ

Defiance Hotel, Airline, and Cruise ETF

CRUZ Description

The investment seeks to track the total return performance, before fees and expenses, of the BlueStar Global Hotels, Airlines, and Cruises Index (the “index”). The index is a rules-based index that consists of globally-listed stocks of companies that derive at least 50% of their revenues from the passenger airline, hotel and resort, or cruise industries (“Travel Companies”) as determined by MV Index Solutions. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in Travel Companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$22.77

Average Daily Volume

8,627

Number of Holdings ^*

28

* may have additional holdings in another (foreign) market

FLYD

Bank of Montreal MicroSectors Travel -3x Inverse Leveraged ETN

FLYD Description

The index is a net total return index that tracks the stock prices of U.S. listed securities thatare materially engaged in specified segments of the travel industry.

Grade (RS Rating)

Last Trade

$26.26

Average Daily Volume

1,113

Number of Holdings ^*

10

* may have additional holdings in another (foreign) market

Performance

Period	CRUZ	FLYD
30 Days	8.64%	-16.39%
60 Days	2.03%	-6.67%
90 Days	3.48%	-5.41%
12 Months	15.06%	-47.89%

6 Overlapping Holdings

	Symbol	Grade	Weight in CRUZ	Weight in FLYD	Overlap
	AAL	D	1.96%	4.73%	1.96%
	CCL	C	5.23%	5.23%	5.23%
	DAL	C	6.93%	4.29%	4.29%
	MAR	C	7.81%	3.83%	3.83%
	RCL	B	7.93%	3.43%	3.43%
	UAL	B	3.53%	3.91%	3.53%

CRUZ Overweight 22 Positions Relative to FLYD

	Symbol	Grade	Weight
	HLT	B	8.19%
	IHG	B	3.78%
	LUV	C	3.17%
	HST	D	2.42%
	NCLH	C	2.02%
	HTHT	F	1.73%
	RHP	D	1.51%
	WH	B	1.49%
	ALK	C	1.33%
	H	C	1.27%
	CHH	C	1.14%
	ATAT	A	0.81%
	PK	D	0.79%
	SKYW	C	0.76%
	APLE	D	0.76%
	JBLU	D	0.63%
	CPA	D	0.6%
	SHO	D	0.58%
	DRH	C	0.5%
	RLJ	D	0.48%
	PEB	D	0.37%
	SVC	F	0.33%

CRUZ Underweight 4 Positions Relative to FLYD

	Symbol	Grade	Weight
	UBER	C	-14.14%
	DIS	D	-13.2%
	BKNG	B	-9.4%
	ABNB	D	-7.98%

CRUZ: Top Represented Industries & Keywords

Industries: REIT - Hotel & Motel Airlines Lodging Leisure

Keywords: S&P 500 Hospitality Industry Aviation Real Estate Investment Trust Hotel Airline Opentravel Alliance Travel Air Transportation Hotel Chains Tourism Air Transportation Services Cruise Lines Franchising Marriott International Real Estate Market Airport Cargo Services Cruise Ship Gaylord Hotels

FLYD: Top Represented Industries & Keywords

Industries: Airlines Leisure Internet Content & Information Lodging Media - Diversified Software - Application Travel Services

Keywords: S&P 500 Aviation Nasdaq 100 Opentravel Alliance Cruise Lines Gig Economy Hospitality Industry Sharing Economy Transport Travel Water Transport Accenture Advertising Services Air Transportation Air Transportation Services Airbnb Aircraft Management Airline Airline Industry Airport