JETU vs. CRUZ ETF Comparison

Comparison of Bank Of Montreal MAX Airlines 3X Leveraged ETNs (JETU) to Defiance Hotel, Airline, and Cruise ETF (CRUZ)

JETU

Bank Of Montreal MAX Airlines 3X Leveraged ETNs

JETU Description

JETU is a leveraged take on the US airport transportation industry. Specifically, the fund tracks 3x the index, which includes firms involved in airlines, aircraft and aircraft parts manufacturers, airfreight and logistics, aircraft leasing, and airline and airport operations. The index defines the industries based on the North American Industry Classification System (NAICS) and selects US-listed equities, excluding any ETPs and MLPs. The index also excludes issuers organized in Canada or China. For industry screens, Aircraft and Parts Manufacturing industry only includes the five largest companies by market cap. Airfreight and Logistics companies must disclose in their recent annual report that they own aircraft to execute their core business activity. The index is a modified liquidity-weighted index, which ranks the constituents, based on highest average daily value traded. As a geared product, JETU 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.

Grade (RS Rating)

Last Trade

$27.36

Average Daily Volume

389

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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

$26.34

Average Daily Volume

8,807

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	JETU	CRUZ
30 Days	5.02%	5.94%
60 Days	33.72%	15.35%
90 Days	59.44%	28.78%
12 Months	69.30%	35.23%

8 Overlapping Holdings

Symbol	Grade	Weight in JETU	Weight in CRUZ	Overlap
AAL	B	7.91%	2.06%	2.06%
ALK	A	1.84%	1.54%	1.54%
CPA	A	0.57%	0.6%	0.57%
DAL	A	8.98%	8.64%	8.64%
JBLU	D	1.84%	0.51%	0.51%
LUV	A	6.79%	2.83%	2.83%
SKYW	B	0.63%	0.96%	0.63%
UAL	A	7.29%	5.43%	5.43%

JETU Overweight 9 Positions Relative to CRUZ

Symbol	Grade	Weight
BA	F	9.0%
UPS	C	9.0%
RTX	D	9.0%
HON	A	9.0%
GE	D	9.0%
FDX	A	9.0%
GD	D	7.17%
FWRD	D	0.53%
ALGT	B	0.46%

JETU Underweight 19 Positions Relative to CRUZ

Symbol	Grade	Weight
RCL	A	-8.89%
MAR	A	-8.12%
HLT	A	-7.64%
CCL	A	-6.08%
IHG	A	-3.88%
NCLH	B	-2.89%
HST	D	-2.38%
HTHT	C	-1.79%
WH	B	-1.54%
RHP	B	-1.44%
H	B	-0.96%
CHH	A	-0.84%
APLE	B	-0.78%
PK	D	-0.74%
ATAT	A	-0.67%
SHO	D	-0.53%
DRH	B	-0.46%
RLJ	C	-0.46%
PEB	F	-0.32%

JETU: Top Represented Industries & Keywords

Industries: Airlines Aerospace & Defense Integrated Shipping & Logistics Diversified Industrials Specialty Industrial Machinery

CRUZ: Top Represented Industries & Keywords

Industries: Airlines Lodging REIT - Hotel & Motel Leisure