SPYU vs. PFFL ETF Comparison

Comparison of Bank Of Montreal MAX S&P 500 4X Leveraged ETNs due October 30, 2043 (SPYU) to ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN due September 25, 2048 (PFFL)

SPYU

Bank Of Montreal MAX S&P 500 4X Leveraged ETNs due October 30, 2043

SPYU Description

The notes are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. They are designed to achieve their stated investment objectives on a daily basis. The notes are designed to reflect a 4x leveraged long exposure to the performance of the index on a daily basis (as described below), before taking into account the negative effect of the Daily Investor Fee, the Daily Financing Charge and the Redemption Fee Amount, if applicable.

Grade (RS Rating)

Last Trade

$50.68

Average Daily Volume

757,173

Number of Holdings ^*

* may have additional holdings in another (foreign) market

PFFL

ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN due September 25, 2048

PFFL Description

The investment seeks to provide two times leveraged long exposure to the compounded monthly performance of the Solactive Preferred Stock ETF Index (the “index”). The index is designed to track the price movements of an equally weighted portfolio of two exchange-traded funds (“ETFs”) that hold preferred securities of various issuers. The Securities are two times leveraged with respect to the index and, as a result, will benefit from two times any beneficial, but will be exposed to two times any adverse, compounded monthly performance of the index.

Grade (RS Rating)

Last Trade

$9.93

Average Daily Volume

3,283

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	SPYU	PFFL
30 Days	3.58%	-4.83%
60 Days	11.85%	-6.08%
90 Days	14.25%	1.43%
12 Months		22.89%

0 Overlapping Holdings

	Symbol	Grade	Weight in SPYU	Weight in PFFL	Overlap

SPYU Overweight 1 Positions Relative to PFFL

	Symbol	Grade	Weight
	SPXT	A	100.0%

SPYU Underweight 2 Positions Relative to PFFL

	Symbol	Grade	Weight
	PFF	D	-50.23%
	PGX	D	-49.77%

SPYU: Top Represented Industries & Keywords

Industries:

Keywords: ETF Exchange Traded Fund Index Fund S&P 500 Index CBOE Telecommunication Services

PFFL: Top Represented Industries & Keywords

Industries:

Keywords: ETF Exchange Traded Fund Bond Market Indices Credit Rating Agency Currency Exchange Traded Funds Invesco Powershares Merrill Lynch Nasdaq 100 New York Stock Exchange Nyse Euronext S&P 500 Index CBOE Stock Market Index