DULL vs. GDX ETF Comparison

Comparison of Bank Of Montreal MicroSectors Gold -3X Inverse Leveraged ETNs due January 29, 2043 (DULL) to Market Vectors Gold Miners ETF (GDX)

DULL

Bank Of Montreal MicroSectors Gold -3X Inverse Leveraged ETNs due January 29, 2043

DULL Description

The notes are designed to reflect a 3x leveraged inverse exposure to the inverse performance of the ETF on a daily basis. The notes are riskier than securities that have intermediate- or long-term investment objectives, and may not be suitable for investors who plan to hold them for a period other than one day or who have a "buy and hold" strategy.

Grade (RS Rating)

Last Trade

$8.24

Average Daily Volume

23,096

Number of Holdings ^*

* may have additional holdings in another (foreign) market

GDX

Market Vectors Gold Miners ETF

GDX Description

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index. The fund normally invests at least 80% of its total assets in common stocks and American depositary receipts of companies involved in the gold mining industry. Such companies may include medium-capitalization companies and foreign issuers. The fund normally invests at least 80% of its total assets in securities that comprise the Gold Miners Index. It may also utilize convertible securities and participation notes to seek performance that corresponds to the Gold Miners Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$38.14

Average Daily Volume

22,170,607

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	DULL	GDX
30 Days	7.67%	-13.50%
60 Days	-5.98%	-5.85%
90 Days	-17.22%	-3.05%
12 Months	-58.69%	32.53%

0 Overlapping Holdings

	Symbol	Grade	Weight in DULL	Weight in GDX	Overlap

DULL Overweight 1 Positions Relative to GDX

	Symbol	Grade	Weight
	GLD	C	100.0%

DULL Underweight 9 Positions Relative to GDX

Symbol	Grade	Weight
NEM	D	-12.25%
GOLD	C	-7.75%
GFI	D	-4.08%
RGLD	C	-3.06%
HMY	D	-1.85%
HL	D	-1.17%
BVN	D	-1.04%
CDE	C	-0.83%
DRD	D	-0.27%

DULL: Top Represented Industries & Keywords

Industries:

Keywords: Bullion ETF Equity Exchange Traded Fund Gold Precious Metals

GDX: Top Represented Industries & Keywords

Industries: Gold Industrial Metals & Minerals

Keywords: Mining Gold Copper Gold Mining Molybdenum Silver Mining In The United States Base Metal Bullion Electrical Transmission Harmony Gold Lead Metals Precious And Base Metal S&P 500 Silver Smelting Zinc