CAOS vs. BNKU ETF Comparison

Comparison of Alpha Architect Tail Risk ETF (CAOS) to MicroSectors U.S. Big Banks Index 3X Leveraged ETNs (BNKU)

CAOS

Alpha Architect Tail Risk ETF

CAOS Description

CAOS seeks to actively earn positive returns during periods of significant US equity drawdowns while minimizing the return drag of collateral. The fund allocates up to 20% of portfolio assets in long and/or short SPX Index options, depending on market status. Between 1%-10% of the portfolio is allocated to protective options positioned to appreciate in value when the index declines by more than 25%, which is considered to be a tail risk event. If a tail risk event does not occur, the cost of the protective positions will reduce returns. The remaining 70%-80% of the funds portfolio is collateral consisting of US T-bills, box spreads, and money market instruments. Up to 100% of the collateral may be placed with the Alpha Architect 1-3 Month Box ETF (ticker: BOXX). An ETF that uses box spreads to provide the exposure of 1-3 month treasury bills. The strategy involves frequent trading which increases costs and turnover rate, both having negative impacts on the fund. CAOS operated as a mutual fund until its conversion into an ETF, starting with $126 million in net assets.

Grade (RS Rating)

Last Trade

$84.28

Average Daily Volume

4,687

Number of Holdings ^*

* may have additional holdings in another (foreign) market

BNKU

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

BNKU Description

The investment seeks to reflect a 3x leveraged long exposure to 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 performance of the index, compounded daily, less a Daily Investor Fee, the Daily Financing Charge 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

$34.19

Average Daily Volume

335,839

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CAOS	BNKU
30 Days	0.85%	34.82%
60 Days	0.28%	32.01%
90 Days	0.78%	45.68%
12 Months	6.79%	137.27%

0 Overlapping Holdings

	Symbol	Grade	Weight in CAOS	Weight in BNKU	Overlap

CAOS Overweight 1 Positions Relative to BNKU

	Symbol	Grade	Weight
	BOXX	A	65.44%

CAOS Underweight 10 Positions Relative to BNKU

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

CAOS: Top Represented Industries & Keywords

Industries:

Keywords: Exchange Traded Funds SPDR

BNKU: Top Represented Industries & Keywords

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