CARU vs. IPO ETF Comparison

Comparison of Bank Of Montreal MAX Auto Industry 3x Leveraged ETN (CARU) to Renaissance IPO ETF (IPO)

CARU

Bank Of Montreal MAX Auto Industry 3x Leveraged ETN

CARU Description

CARU is an aggressive and bullish one-day bet on the US auto industry. The fund provides 3x daily leveraged 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, CARU 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

$26.83

Average Daily Volume

157

Number of Holdings ^*

* may have additional holdings in another (foreign) market

IPO

Renaissance IPO ETF

IPO Description

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Renaissance IPO Index (the "index"). The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index, the Renaissance IPO Index. The remaining 20% may be used to purchase securities not in the index that are an appropriate substitute for certain securities in the index in order to track the index. The index is comprised of common stocks, American Depositary Receipts ("ADRs"), real estate investment trusts ("REITS") and master limited partnerships ("MLPs"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$45.56

Average Daily Volume

29,456

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CARU	IPO
30 Days	25.34%	2.13%
60 Days	18.09%	6.15%
90 Days	5.78%	8.19%
12 Months	72.70%	37.53%

1 Overlapping Holdings

	Symbol	Grade	Weight in CARU	Weight in IPO	Overlap
	RIVN	F	8.97%	6.46%	6.46%

CARU Overweight 19 Positions Relative to IPO

Symbol	Grade	Weight
TSLA	B	11.83%
F	C	10.52%
GM	C	10.14%
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	D	3.0%
LAD	A	2.29%
AN	C	1.91%
TM	F	1.91%
ABG	C	1.31%
GPI	B	1.26%
FSS	B	0.91%
PAG	B	0.87%
HMC	F	0.78%

CARU Underweight 16 Positions Relative to IPO

Symbol	Grade	Weight
NU	C	-9.95%
KVUE	A	-9.28%
ARM	F	-8.6%
CRBG	B	-5.74%
GTLB	B	-4.71%
TPG	A	-3.62%
HCP	B	-3.13%
GFS	C	-2.72%
RDDT	A	-2.19%
RBRK	A	-1.62%
BRZE	C	-1.56%
INFA	D	-1.34%
BIRK	D	-1.15%
FLNC	D	-0.8%
BLCO	B	-0.52%
ZK	D	-0.4%

CARU: Top Represented Industries & Keywords

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