GDX vs. DULL ETF Comparison

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

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

$34.21

Average Daily Volume

28,185,620

Number of Holdings ^*

11

* may have additional holdings in another (foreign) market

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

$12.66

Average Daily Volume

2,935

Number of Holdings ^*

10

* may have additional holdings in another (foreign) market

Performance

Period	GDX	DULL
30 Days	1.09%	-0.57%
60 Days	15.54%	-20.08%
90 Days	23.41%	-32.66%
12 Months	-1.77%	-31.82%

2 Overlapping Holdings

	Symbol	Grade	Weight in GDX	Weight in DULL	Overlap
	CDE	B	0.74%	5.05%	0.74%
	HL	B	1.24%	4.81%	1.24%

GDX Overweight 9 Positions Relative to DULL

	Symbol	Grade	Weight
	NEM	B	12.38%
	GOLD	B	7.54%
	GFI	B	4.92%
	RGLD	B	3.18%
	HMY	B	2.16%
	BVN	B	1.71%
	IAG	B	0.72%
	FSM	A	0.57%
	DRD	D	0.28%

GDX Underweight 8 Positions Relative to DULL

	Symbol	Grade	Weight
	WPM	A	-11.85%
	PAAS	B	-5.16%
	AGI	B	-4.45%
	SSRM	D	-4.32%
	MAG	B	-2.88%
	SVM	B	-1.62%
	MUX	B	-1.57%
	EXK	B	-1.03%

GDX: Top Represented Industries & Keywords

Industries: Gold Industrial Metals & Minerals Silver

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

DULL: Top Represented Industries & Keywords

Industries: Silver Gold Industrial Metals & Minerals

Keywords: Mining Silver Gold Gold Mining Silver Mining In The United States Base Metal Bullion Copper Mineral Products New Gold Precious And Base Metal Precious Metal Properties Precious Metal Purchase Agreements S&P/Tsx 60 Silver Mining Silvercorp Metals Smelting Ssr Mining Inc. Zinc Zinc Mining