CARD vs. EWI ETF Comparison

Comparison of Bank Of Montreal MAX Auto Industry -3x Inverse Leveraged ETN (CARD) to iShares MSCI Italy Capped Index Fund (EWI)

CARD

Bank Of Montreal MAX Auto Industry -3x Inverse Leveraged ETN

CARD Description

CARD makes a big and bearish one-day bet against the US auto industry. The fund provides 3x daily inverse exposure to a modified liquidity-weighted index that includes firms engaged in automobile manufacturing, automobile parts and retail, and car dealing. The index defines the industries based on the North American Industry Classification System (NAICS) and selects US-listed equities, excluding ETPs. The fund gains its international exposure through the use of ADRs, but will specifically exclude issuers organized in Canada or China. As a geared product, CARD is designed as a short-term trading tool and not a long-term investment vehicle. Long-term returns could materially differ from those of the index due to daily compounding. Since the fund uses an ETN structure, investors assume the credit risk of the issuer.

Grade (RS Rating)

Last Trade

$10.49

Average Daily Volume

2,186

Number of Holdings ^*

* may have additional holdings in another (foreign) market

EWI

iShares MSCI Italy Capped Index Fund

EWI Description

The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Italy 25/50 Index (the "underlying index"). The fund will at all times invest at least 80% of its assets in the securities of its underlying index and in depositary receipts ("DRs") representing securities in its underlying index. The MSCI Italy 25/50 Index consists of stocks traded primarily on the Milan Stock Exchange. A capping methodology is applied that limits the weight of any single component to a maximum of 25% of the MSCI Italy 25/50 Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$38.21

Average Daily Volume

419,250

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CARD	EWI
30 Days	-2.21%	0.39%
60 Days	8.56%	-1.65%
90 Days	-11.59%	6.52%
12 Months	-62.84%	28.19%

1 Overlapping Holdings

	Symbol	Grade	Weight in CARD	Weight in EWI	Overlap
	STLA	F	3.91%	3.69%	3.69%

CARD Overweight 19 Positions Relative to EWI

Symbol	Grade	Weight
TSLA	A	11.83%
F	D	10.52%
GM	B	10.14%
RIVN	F	8.97%
ORLY	C	8.54%
CVNA	A	8.54%
AZO	D	8.54%
KMX	F	4.15%
GPC	F	4.01%
LCID	F	3.47%
AAP	F	3.0%
LAD	A	2.29%
AN	F	1.91%
TM	D	1.91%
ABG	C	1.31%
GPI	C	1.26%
FSS	F	0.91%
PAG	F	0.87%
HMC	F	0.78%

CARD Underweight 1 Positions Relative to EWI

	Symbol	Grade	Weight
	E	D	-4.13%

CARD: Top Represented Industries & Keywords

Industries: Auto Manufacturers Auto & Truck Dealerships Specialty Retail Pollution & Treatment Controls

EWI: Top Represented Industries & Keywords

Industries: Auto Manufacturers Oil & Gas Integrated