FEPI vs. FNGS ETF Comparison

Comparison of REX FANG & Innovation Equity Premium Income ETF (FEPI) to MicroSectors FANG ETNs due January 8, 2038 (FNGS)

FEPI

REX FANG & Innovation Equity Premium Income ETF

FEPI Description

FEPI employs a covered call strategy, aiming for a balance between generating income and participating in potential gains within the technology sector. Specifically, the fund holds the stocks of its benchmark, the Solactive FANG Innovation Index, and writes slightly out-of-the-money call options on them. This approach capitalizes on the volatility of big-tech firms that is reflected in the option premiums, while limiting some of the potential stock gains. It also provides a small buffer against declines in stock prices. Note that the buffer is limited to the options premiums and may not fully offset underlying security losses. The benchmark is an equal-weighted index comprised of 15 US technology companies, eight of which are core holdings: Apple, Alphabet, Amazon, Meta, Microsoft, Netflix, Nvidia, and Tesla. The remaining seven are selected based on quarterly trading volumes from various Factset technology-related industries.

Grade (RS Rating)

Last Trade

$52.95

Average Daily Volume

112,076

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FNGS

MicroSectors FANG ETNs due January 8, 2038

FNGS Description

The investment seeks to link the return to the performance of the gross total return version of the NYSE® FANG+™ Index. The index is an equal-dollar weighted index designed to represent a segment of the technology and consumer discretionary sectors consisting of highly-traded growth stocks of technology and tech-enabled companies. The notes are unsecured and unsubordinated obligations of Bank of Montreal. Each note will have an initial principal amount of $50.

Grade (RS Rating)

Last Trade

$43.43

Average Daily Volume

148,716

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FEPI	FNGS
30 Days	-2.47%	0.03%
60 Days	-2.16%	0.36%
90 Days	0.20%	4.46%
12 Months		65.62%

9 Overlapping Holdings

Symbol	Grade	Weight in FEPI	Weight in FNGS	Overlap
AAPL	C	6.98%	9.39%	6.98%
AMD	D	6.55%	10.03%	6.55%
AMZN	A	6.59%	9.35%	6.59%
GOOGL	A	7.02%	8.74%	7.02%
META	D	6.12%	12.53%	6.12%
MSFT	C	6.68%	8.84%	6.68%
NFLX	D	6.35%	9.65%	6.35%
NVDA	C	6.58%	10.66%	6.58%
TSLA	D	7.59%	11.71%	7.59%

FEPI Overweight 6 Positions Relative to FNGS

Symbol	Grade	Weight
PANW	B	7.32%
ADBE	D	6.93%
CRM	D	6.83%
INTC	F	6.74%
AVGO	D	6.74%
MU	B	6.38%

FEPI Underweight 1 Positions Relative to FNGS

	Symbol	Grade	Weight
	SNOW	D	-9.1%