CARD vs. FCTE ETF Comparison

Comparison of Bank Of Montreal MAX Auto Industry -3x Inverse Leveraged ETN (CARD) to SMI 3Fourteen Full-Cycle Trend ETF (FCTE)

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

$7.21

Average Daily Volume

2,286

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FCTE

SMI 3Fourteen Full-Cycle Trend ETF

FCTE Description

The fund is actively managed and typically owns 20 domestic stocks that are normally included in the S&P 500 Index ("S&P 500"). The FCT strategy is based on a proprietary model developed by 3Fourteen that selects stocks based on quality stock screens and trend factors such as return on capital and cash flow stability, earnings growth, return on investment, momentum, linear regression and trend analysis. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$26.77

Average Daily Volume

109,194

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CARD	FCTE
30 Days	-33.65%	0.07%
60 Days	-27.31%	-1.88%
90 Days	-24.37%	-1.70%
12 Months	-73.66%

0 Overlapping Holdings

	Symbol	Grade	Weight in CARD	Weight in FCTE	Overlap

CARD Overweight 20 Positions Relative to FCTE

Symbol	Grade	Weight
TSLA	B	11.83%
F	C	10.52%
GM	B	10.14%
RIVN	F	8.97%
ORLY	B	8.54%
CVNA	B	8.54%
AZO	C	8.54%
KMX	B	4.15%
GPC	D	4.01%
STLA	F	3.91%
LCID	F	3.47%
AAP	C	3.0%
LAD	A	2.29%
AN	C	1.91%
TM	D	1.91%
ABG	B	1.31%
GPI	A	1.26%
FSS	B	0.91%
PAG	B	0.87%
HMC	F	0.78%

CARD Underweight 20 Positions Relative to FCTE

Symbol	Grade	Weight
TT	A	-5.55%
NTAP	C	-5.43%
RSG	A	-5.34%
WMT	A	-5.33%
BRO	B	-5.23%
ROL	B	-5.21%
TSCO	D	-5.09%
KMB	D	-5.05%
CL	D	-4.97%
RMD	C	-4.97%
MMM	D	-4.93%
META	D	-4.9%
PHM	D	-4.89%
LRCX	F	-4.86%
GOOGL	C	-4.84%
AMAT	F	-4.78%
GD	F	-4.74%
KLAC	D	-4.7%
MTD	D	-4.58%
HCA	F	-4.58%

CARD: Top Represented Industries & Keywords

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