BNKD vs. KBWB ETF Comparison

Comparison of MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) to PowerShares KBW Bank Portfolio ETF (KBWB)

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

$4.67

Average Daily Volume

427,103

Number of Holdings ^*

* may have additional holdings in another (foreign) market

KBWB

PowerShares KBW Bank Portfolio ETF

KBWB Description

The PowerShares KBW Bank Portfolio (Fund) is based on the KBW Bank Index (Index). The Fund will normally invest at least 90% of its total assets in securities that comprise the Underlying Index. The Index is a float adjusted modified-market capitalization-weighted index that seeks to reflect the performance of companies that do business as banks or thrifts that are publicly-traded in the US. The Index is compiled, maintained and calculated by Keefe, Bruyette & Woods, Inc. and is composed of approximately 24 companies representing leading national money centers and regional banks or thrifts. The Fund and the Index are rebalanced and reconstituted quarterly.

Grade (RS Rating)

Last Trade

$52.58

Average Daily Volume

735,621

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BNKD	KBWB
30 Days	-8.67%	2.24%
60 Days	-25.00%	8.59%
90 Days	-28.10%	8.48%
12 Months	-66.47%	34.69%

9 Overlapping Holdings

Symbol	Grade	Weight in BNKD	Weight in KBWB	Overlap
BAC	A	10.0%	8.03%	8.03%
C	A	10.0%	4.11%	4.11%
GS	A	10.0%	8.16%	8.16%
JPM	B	10.0%	7.77%	7.77%
MS	A	10.0%	8.29%	8.29%
PNC	A	10.0%	3.98%	3.98%
TFC	A	10.0%	4.07%	4.07%
USB	C	10.0%	3.9%	3.9%
WFC	A	10.0%	8.11%	8.11%

BNKD Overweight 1 Positions Relative to KBWB

	Symbol	Grade	Weight
	SCHW	A	10.0%

BNKD Underweight 15 Positions Relative to KBWB

Symbol	Grade	Weight
FITB	A	-3.97%
STT	A	-3.96%
COF	A	-3.96%
MTB	A	-3.93%
HBAN	A	-3.86%
BK	A	-3.85%
RF	B	-3.53%
NTRS	B	-3.33%
CFG	A	-3.04%
KEY	B	-2.71%
EWBC	B	-2.04%
FHN	B	-1.59%
CMA	A	-1.35%
WAL	B	-1.24%
ZION	B	-1.2%

BNKD: Top Represented Industries & Keywords

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