FNGS vs. CDEI ETF Comparison

Comparison of MicroSectors FANG ETNs due January 8, 2038 (FNGS) to Morgan Stanley ETF Trust Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF (CDEI)

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

$49.01

Average Daily Volume

163,818

Number of Holdings ^*

* may have additional holdings in another (foreign) market

CDEI

Morgan Stanley ETF Trust Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF

CDEI Description

Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities included in the underlying index. The index is composed of common stocks of large companies that operate their businesses in a manner consistent with the Calvert Principles for Responsible Investment. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$69.89

Average Daily Volume

2,396

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FNGS	CDEI
30 Days	3.81%	1.79%
60 Days	3.05%	4.64%
90 Days	-0.24%	3.90%
12 Months	53.93%	30.17%

5 Overlapping Holdings

Symbol	Grade	Weight in FNGS	Weight in CDEI	Overlap
AAPL	C	10.49%	11.1%	10.49%
AVGO	C	8.75%	2.35%	2.35%
GOOGL	D	10.17%	5.75%	5.75%
MSFT	C	9.82%	9.66%	9.66%
NVDA	C	8.72%	8.89%	8.72%

FNGS Overweight 5 Positions Relative to CDEI

Symbol	Grade	Weight
TSLA	C	12.97%
SNOW	F	10.2%
AMZN	C	10.04%
META	B	9.57%
NFLX	B	9.26%

FNGS Underweight 5 Positions Relative to CDEI

Symbol	Grade	Weight
LLY	D	-2.58%
JPM	D	-2.03%
UNH	C	-1.72%
V	C	-1.37%
MA	B	-1.27%