BERZ vs. FNGS ETF Comparison

Comparison of MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ) to MicroSectors FANG ETNs due January 8, 2038 (FNGS)

BERZ

MicroSectors FANG & Innovation -3x Inverse Leveraged ETN

BERZ Description

BERZ provides daily -3x inverse exposure to an index of FANG and technology companies that meet certain requirements. The fund will consistently comprise eight core components (Alphabet, Amazon, Apple, Facebook, Microsoft, Netflix, NVIDIA, and Tesla) and include seven companies determined through a selection methodology. Eligible securities must be listed on a US exchange, classified in the technology sector, and have a market cap of at least 10 billion USD. Selection will begin with ranking the securities by market cap and selecting the 30 largest companies which will then be sorted by 12-month average daily value traded. The top seven stocks will complete the index along with the eight core components and are then equally weighted. The index is rebalanced monthly and reconstituted quarterly. As a leveraged inverse product with -3x factor that resets daily, BERZ is not a buy-and-hold investment and should not be expected to provide index leverage return greater than a one day period.

Grade (RS Rating)

Last Trade

$14.22

Average Daily Volume

107,368

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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

$53.63

Average Daily Volume

148,076

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BERZ	FNGS
30 Days	-12.61%	4.27%
60 Days	-22.84%	8.47%
90 Days	-29.01%	11.58%
12 Months	-70.12%	49.69%

8 Overlapping Holdings

Symbol	Grade	Weight in BERZ	Weight in FNGS	Overlap
AAPL	C	6.67%	9.93%	6.67%
AMZN	B	6.67%	9.87%	6.67%
AVGO	D	6.67%	10.17%	6.67%
GOOGL	B	6.67%	9.83%	6.67%
META	C	6.67%	10.02%	6.67%
MSFT	D	6.67%	9.7%	6.67%
NFLX	A	6.67%	9.75%	6.67%
NVDA	A	6.67%	9.83%	6.67%

BERZ Overweight 7 Positions Relative to FNGS

Symbol	Grade	Weight
TSLA	B	6.67%
CRM	B	6.67%
PANW	A	6.67%
MU	D	6.67%
INTC	C	6.67%
AMD	F	6.67%
ADBE	D	6.67%

BERZ Underweight 2 Positions Relative to FNGS

	Symbol	Grade	Weight
	CRWD	B	-10.78%
	NOW	B	-10.11%