BNKD vs. CMDT ETF Comparison

Comparison of MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT)

BNKD

MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs

BNKD Description

The investment seeks to provide a leveraged inverse return based on the performance of the Solactive MicroSectorsTM U.S. Big Banks Index. The notes are senior unsecured medium-term notes issued by Bank of Montreal with a return linked to a three times leveraged participation in the inverse performance of the index, compounded daily, less a Daily Investor Fee, any negative Daily Interest and, if applicable, the Redemption Fee Amount. The index is an equal-dollar weighted index designed to represent the 10 U.S. stocks with the largest market capitalization in the banking sector.

Grade (RS Rating)

Last Trade

$21.78

Average Daily Volume

82,259

Number of Holdings ^*

10

* may have additional holdings in another (foreign) market

CMDT

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDT Description

CMDT aims for total return in excess of a diversified commodity benchmark by actively managing both commodity exposure and the funds collateral. The fund primarily gains exposure through commodity swaps and futures but may also directly invest in commodities and use other commodity-linked derivatives. The fund adviser determines target allocations using proprietary quantitative models that incorporate multi-factors such as historic performance trends and storage costs. Positions established may be long, short, or no positions in the specific commodities suggested by the models. Weighting is at the discretion of the fund adviser. The fund also holds a short-duration of investment grade fixed-income securities to serve as collateral. CMDT obtains its exposure via a Cayman Islands subsidiary, thus avoiding a K-1 form to investors. The fund has a longer investment horizon, not short-term, tactical trading. Investments and returns may be different from the advisers other funds

Grade (RS Rating)

Last Trade

$27.17

Average Daily Volume

47,726

Number of Holdings ^*

1

* may have additional holdings in another (foreign) market

Performance

Period	BNKD	CMDT
30 Days	-5.92%	-1.72%
60 Days	-20.36%	3.97%
90 Days	-34.10%	4.57%
12 Months	-71.11%

0 Overlapping Holdings

	Symbol	Grade	Weight in BNKD	Weight in CMDT	Overlap

BNKD Overweight 10 Positions Relative to CMDT

	Symbol	Grade	Weight
	WFC	A	10.0%
	USB	D	10.0%
	TFC	B	10.0%
	SCHW	A	10.0%
	PNC	B	10.0%
	MS	A	10.0%
	JPM	B	10.0%
	GS	A	10.0%
	C	A	10.0%
	BAC	B	10.0%

BNKD Underweight 1 Positions Relative to CMDT

	Symbol	Grade	Weight
	MINT	A	-7.88%

BNKD: Top Represented Industries & Keywords

Industries: Banks - Global Banks - Regional - US Capital Markets

Keywords: S&P 500 Bank Banking Investment Bank Cash Management Investment Banking Asset Management Services Brokerage Financial Advisory Services Financial Products Investment Management Services Investment Product Lending Products Portfolio Management Primary Dealers Trade Finance Transaction Services Wealth Management Asset Management Cash Management Services

CMDT: Top Represented Industries & Keywords

Industries:

Keywords: Asset And Liability Management Bond Bond Fund Bond Market Debt Securities ETF Exchange Traded Fund Fixed Income Interest Rate PIMCO