VAW vs. LBAY ETF Comparison

Comparison of Vanguard Materials ETF - DNQ (VAW) to Leatherback Long/Short Alternative Yield ETF (LBAY)

VAW

Vanguard Materials ETF - DNQ

VAW Description

The investment seeks to track the performance of a benchmark index. The fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Materials 25/50, an index made up of stocks of large, mid-size, and small U.S. companies within the materials sector, as classified under the Global Industry Classification Standard (GICS). It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$202.94

Average Daily Volume

45,763

Number of Holdings ^*

113

* may have additional holdings in another (foreign) market

LBAY

Leatherback Long/Short Alternative Yield ETF

LBAY Description

The investment seeks capital appreciation and income. The fund is an actively-managed ETF that seeks to achieve its investment objective by purchasing long positions in securities believed to provide sustainable shareholder yield (defined as dividends plus buybacks plus debt paydowns) and taking short positions in securities expected to decline in price. It will generally have net exposure of 75% - 110% long. The fund's long positions are generally expected to be comprised of equity securities or depositary receipts, although long positions may also include investment-grade corporate bonds and convertible bonds. It is non-diversified.

Grade (RS Rating)

Last Trade

$27.12

Average Daily Volume

4,318

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	VAW	LBAY
30 Days	2.57%	2.96%
60 Days	2.39%	2.82%
90 Days	10.73%	6.68%
12 Months	19.31%	3.04%

3 Overlapping Holdings

Symbol	Grade	Weight in VAW	Weight in LBAY	Overlap
APD	C	3.99%	3.81%	3.81%
NEM	B	3.06%	3.84%	3.06%
PKG	D	1.26%	4.13%	1.26%

VAW Overweight 110 Positions Relative to LBAY

Symbol	Grade	Weight
LIN	D	16.68%
SHW	D	6.26%
FCX	A	4.99%
ECL	B	4.39%
NUE	D	3.6%
DOW	B	3.01%
CTVA	B	3.01%
MLM	C	2.81%
VMC	B	2.69%
PPG	D	2.53%
DD	B	2.44%
LYB	C	1.97%
STLD	D	1.69%
IFF	B	1.63%
BALL	B	1.57%
RS	D	1.42%
AVY	A	1.33%
CE	C	1.32%
CF	D	1.18%
RPM	C	1.14%
AMCR	A	1.02%
ALB	D	1.0%
IP	B	0.95%
WRK	A	0.94%
EMN	B	0.88%
CLF	F	0.85%
MOS	F	0.79%
CCK	C	0.71%
ATR	C	0.7%
EXP	B	0.7%
GPK	C	0.66%
FMC	C	0.59%
RGLD	B	0.59%
AXTA	A	0.56%
OLN	C	0.53%
BERY	C	0.52%
CMC	B	0.51%
ATI	B	0.48%
X	F	0.47%
AA	B	0.45%
WLK	B	0.44%
SON	B	0.42%
ESI	D	0.42%
SEE	C	0.4%
LPX	A	0.4%
SUM	D	0.39%
CBT	B	0.38%
BCPC	B	0.37%
ASH	B	0.35%
NEU	D	0.34%
FUL	B	0.32%
HUN	C	0.32%
KNF	D	0.32%
SLGN	B	0.31%
CC	C	0.29%
AVNT	B	0.29%
AMR	F	0.28%
CRS	B	0.26%
IOSP	B	0.24%
HCC	C	0.23%
SMG	C	0.23%
ARCH	F	0.21%
HL	C	0.21%
MTRN	F	0.2%
OI	F	0.19%
KWR	D	0.19%
MTX	A	0.18%
SXT	C	0.18%
SLVM	A	0.17%
SCL	C	0.15%
MP	C	0.15%
TROX	B	0.15%
GEF	D	0.13%
NGVT	C	0.12%
KALU	A	0.11%
CDE	B	0.11%
HWKN	C	0.11%
OEC	C	0.1%
ECVT	F	0.09%
WS	D	0.09%
DNA	F	0.09%
RYI	F	0.08%
PRM	B	0.08%
ASPN	B	0.08%
TRS	B	0.08%
KOP	F	0.08%
SXC	D	0.07%
MATV	D	0.07%
HAYN	D	0.06%
ASIX	F	0.06%
CENX	B	0.06%
PTVE	D	0.05%
PCT	D	0.05%
USLM	A	0.05%
IE	C	0.05%
MYE	F	0.05%
CLW	B	0.05%
CMP	F	0.04%
RDUS	D	0.04%
PACK	D	0.03%
AVD	F	0.03%
MERC	C	0.03%
LXU	C	0.03%
IPI	B	0.02%
PLL	D	0.02%
KRO	B	0.02%
TSE	F	0.01%
DNMR	D	0.01%
FEAM	D	0.0%
ORGN	D	0.0%

VAW Underweight 49 Positions Relative to LBAY

Symbol	Grade	Weight
FIS	A	-5.54%
XOM	B	-5.3%
BG	C	-5.06%
V	C	-4.9%
ORI	A	-4.73%
ZBH	D	-4.71%
ABBV	D	-4.36%
AGNC	A	-4.18%
ICE	C	-4.14%
AWK	C	-4.12%
WM	B	-3.82%
GEHC	D	-3.81%
LHX	A	-3.78%
MDT	C	-3.78%
CMCSA	D	-3.74%
DIS	D	-3.63%
UNP	B	-3.43%
DPZ	C	-3.21%
LW	F	-3.05%
JNJ	D	-2.98%
CARR	B	-2.95%
MMM	B	-2.88%
PCH	D	-2.83%
KDP	A	-2.73%
KO	A	-2.71%
RIO	B	-2.62%
MTN	D	-2.58%
SPGI	B	-2.41%
SOLV	C	-2.01%
BURL	D	--0.87%
DKS	D	--1.02%
FIVE	F	--1.1%
FIX	B	--1.12%
PLD	F	--1.18%
SITE	D	--1.38%
EQIX	C	--1.42%
PLNT	C	--1.44%
VRT	B	--1.45%
AAPL	B	--1.51%
SQ	D	--1.57%
OLLI	D	--1.62%
DLR	C	--1.65%
RCL	B	--1.66%
BLK	C	--1.66%
DASH	D	--1.79%
CMG	C	--1.93%
TSLA	D	--1.98%
AVGO	C	--2.0%
SF	A	--2.08%