FNGS vs. SPAM ETF Comparison

Comparison of MicroSectors FANG ETNs due January 8, 2038 (FNGS) to Themes Cybersecurity ETF (SPAM)

FNGS

MicroSectors FANG ETNs due January 8, 2038

FNGS Description

The investment seeks to link the return to the performance of the gross total return version of the NYSE® FANG+™ Index. 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. The notes are unsecured and unsubordinated obligations of Bank of Montreal. Each note will have an initial principal amount of $50.

Grade (RS Rating)

Last Trade

$53.69

Average Daily Volume

147,618

Number of Holdings ^*

10

* may have additional holdings in another (foreign) market

SPAM

Themes Cybersecurity ETF

SPAM Description

The index is designed to provide exposure to companies that have business operations in the cybersecurity industry. The fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities that comprise the index and in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") based on the securities in the index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$29.20

Average Daily Volume

527

Number of Holdings ^*

21

* may have additional holdings in another (foreign) market

Performance

Period	FNGS	SPAM
30 Days	2.78%	-2.35%
60 Days	6.05%	2.84%
90 Days	6.56%	2.75%
12 Months	48.79%

1 Overlapping Holdings

	Symbol	Grade	Weight in FNGS	Weight in SPAM	Overlap
	CRWD	B	10.78%	5.06%	5.06%

FNGS Overweight 9 Positions Relative to SPAM

	Symbol	Grade	Weight
	AVGO	C	10.17%
	NOW	B	10.11%
	META	C	10.02%
	AAPL	C	9.93%
	AMZN	B	9.87%
	NVDA	B	9.83%
	GOOGL	B	9.83%
	NFLX	A	9.75%
	MSFT	D	9.7%

FNGS Underweight 20 Positions Relative to SPAM

	Symbol	Grade	Weight
	QLYS	C	-5.43%
	FTNT	B	-5.34%
	ZS	B	-4.96%
	ALRM	C	-4.96%
	BAH	D	-4.86%
	S	C	-4.78%
	CACI	C	-4.76%
	PANW	B	-4.75%
	RPD	C	-4.55%
	CYBR	A	-4.51%
	OKTA	D	-4.46%
	TENB	D	-4.41%
	VRNS	F	-3.86%
	CHKP	D	-3.79%
	YOU	D	-3.57%
	ATEN	A	-2.93%
	RDWR	A	-1.91%
	OSPN	B	-1.51%
	CHGX	B	-0.69%
	FSLY	D	-0.43%

FNGS: Top Represented Industries & Keywords

Industries: Internet Content & Information Semiconductors Software - Infrastructure Consumer Electronics Media - Diversified Software - Application Specialty Retail

Keywords: S&P 500 Nasdaq 100 Computing Work From Home Dow Jones Component Hyperscale Mobile Devices Smartphones IBD 50 Operating System Software Consumer Electronics Deep Learning Fabless Semiconductor Companies Laptop Computer Online Retail Search Engine Software Development Streaming Services Subscription Services

SPAM: Top Represented Industries & Keywords

Industries: Software - Application Software - Infrastructure Business Services Communication Equipment Information Technology Services Telecom Services

Keywords: Cybersecurity Computer Security Computing Nasdaq 100 Security Solution Computer Network Security Cyberwarfare Firewall Firewall Software VPN Work From Home Content Control Software Malware Mobile Devices S&P 500 Security Engineering Software As A Service Web Application Antivirus Software Application Delivery Controller