CBLS vs. FREL ETF Comparison

Comparison of Changebridge Capital Long/Short Equity ETF (CBLS) to Fidelity MSCI Real Estate Index ETF (FREL)

CBLS

Changebridge Capital Long/Short Equity ETF

CBLS Description

The investment seeks long-term capital appreciation while minimizing volatility. The Adviser also considers an assessment of a company's ESG attributes in determining the attractiveness of an investment opportunity. In general, the fund's investments are broadly invested over a number of sectors, but it may focus on the technology, consumer, and healthcare sectors. Under normal circumstances, at least 80% of the fund's net assets, plus borrowings for investment purposes, will be invested long or short in equity securities, including common stocks and depositary receipts. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$25.31

Average Daily Volume

17,367

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FREL

Fidelity MSCI Real Estate Index ETF

FREL Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Real Estate Index. The fund invests at least 80% of assets in securities included in the fund&#39;s underlying index. The fund&#39;s underlying index is the MSCI USA IMI Real Estate Index, which represents the performance of the real estate sector in the U.S. equity market. The fund may or may not hold all of the securities in the MSCI USA IMI Real Estate Index.

Grade (RS Rating)

Last Trade

$25.08

Average Daily Volume

166,953

Number of Holdings ^*

140

* may have additional holdings in another (foreign) market

Performance

Period	CBLS	FREL
30 Days	9.68%	4.37%
60 Days	9.73%	-2.18%
90 Days	12.93%	-3.00%
12 Months	22.72%	8.32%

2 Overlapping Holdings

	Symbol	Grade	Weight in CBLS	Weight in FREL	Overlap
	BXP	D	-1.08%	0.69%	-1.08%
	MPW	C	-1.19%	0.23%	-1.19%

CBLS Overweight 72 Positions Relative to FREL

Symbol	Grade	Weight
MSFT	A	2.3%
AAPL	B	2.29%
NARI	C	2.21%
OSW	B	2.19%
WTTR	A	2.18%
NU	B	2.18%
TSM	A	2.16%
SN	B	2.16%
GTLS	C	2.14%
ERJ	C	2.14%
TMDX	A	2.12%
HLX	C	2.09%
AVGO	B	2.07%
NVDA	A	2.05%
TDG	B	2.04%
ASML	B	2.04%
ECL	B	2.02%
LRCX	B	2.01%
MU	A	1.97%
TCOM	C	1.94%
BLBD	B	1.94%
STRL	C	1.93%
RDDT	D	1.93%
DXCM	D	1.91%
DKNG	F	1.87%
HUMA	B	1.86%
PANW	C	1.84%
BKNG	B	1.82%
IBN	B	1.79%
RTX	A	1.79%
MMYT	C	1.75%
FCX	B	1.72%
ICFI	D	1.72%
CHK	B	1.71%
GD	A	1.71%
LNG	F	1.69%
SKY	F	1.68%
FTI	B	1.52%
MELI	C	1.43%
MGNI	B	1.19%
CTVA	C	-0.59%
BC	F	-0.72%
HOG	D	-0.74%
APO	A	-0.75%
EWBC	C	-0.76%
BX	C	-0.77%
CMA	C	-0.8%
KKR	B	-0.81%
ZION	C	-0.82%
FIGS	D	-0.83%
MTB	C	-0.84%
WAL	C	-0.86%
MIDD	F	-0.87%
SIG	B	-0.91%
CVNA	C	-0.92%
F	D	-0.92%
CHH	F	-0.92%
PAYX	C	-0.93%
SEDG	F	-0.96%
BBY	D	-0.96%
ROK	F	-0.98%
ENR	D	-0.99%
HELE	D	-0.99%
ONON	A	-0.99%
LAD	F	-1.03%
INTC	F	-1.14%
IBM	D	-1.17%
AVY	B	-1.17%
SOFI	F	-1.22%
BGFV	F	-1.22%
TSLA	D	-1.46%
PLUG	D	-1.49%

CBLS Underweight 138 Positions Relative to FREL

Symbol	Grade	Weight
PLD	F	-7.53%
AMT	C	-6.71%
EQIX	C	-5.56%
WELL	A	-4.27%
SPG	C	-3.64%
PSA	D	-3.35%
O	D	-3.35%
DLR	B	-3.32%
CCI	D	-3.31%
CSGP	F	-2.7%
EXR	C	-2.32%
VICI	D	-2.28%
AVB	B	-2.12%
CBRE	D	-2.06%
EQR	C	-1.82%
IRM	B	-1.78%
WY	F	-1.69%
INVH	C	-1.63%
SBAC	F	-1.57%
ARE	C	-1.51%
VTR	C	-1.46%
ESS	C	-1.28%
MAA	C	-1.2%
SUI	F	-1.14%
DOC	C	-1.04%
HST	D	-0.99%
KIM	D	-0.97%
WPC	D	-0.97%
UDR	C	-0.94%
GLPI	D	-0.92%
AMH	C	-0.9%
CPT	C	-0.86%
ELS	F	-0.85%
REG	D	-0.8%
LAMR	B	-0.8%
CUBE	C	-0.73%
JLL	C	-0.72%
REXR	F	-0.72%
OHI	B	-0.59%
NNN	C	-0.58%
EGP	F	-0.58%
COLD	C	-0.56%
FRT	D	-0.56%
BRX	D	-0.51%
STAG	F	-0.5%
Z	F	-0.48%
FR	F	-0.48%
RHP	D	-0.46%
ADC	C	-0.46%
AIRC	A	-0.44%
TRNO	F	-0.38%
KRG	C	-0.36%
EPRT	C	-0.33%
RYN	F	-0.32%
PECO	F	-0.29%
IRT	C	-0.29%
VNO	F	-0.29%
KRC	F	-0.28%
CUZ	C	-0.27%
PK	D	-0.26%
PCH	F	-0.26%
SLG	C	-0.25%
MAC	D	-0.25%
SBRA	B	-0.25%
CTRE	B	-0.24%
EPR	D	-0.24%
APLE	F	-0.24%
SKT	D	-0.23%
NSA	C	-0.22%
BNL	D	-0.22%
NHI	B	-0.22%
HIW	C	-0.21%
SITC	B	-0.21%
LXP	F	-0.19%
DBRG	F	-0.17%
DEI	C	-0.17%
FCPT	C	-0.17%
JOE	C	-0.16%
SHO	D	-0.16%
OUT	D	-0.16%
EQC	C	-0.16%
UE	C	-0.16%
AKR	C	-0.14%
DRH	F	-0.14%
IVT	F	-0.13%
PEB	F	-0.13%
CWK	C	-0.13%
XHR	D	-0.12%
GNL	D	-0.12%
COMP	C	-0.12%
NMRK	C	-0.12%
RLJ	F	-0.12%
ROIC	F	-0.12%
LTC	B	-0.11%
GTY	D	-0.11%
ESRT	F	-0.1%
JBGS	F	-0.1%
NTST	C	-0.1%
DEA	D	-0.09%
KW	D	-0.09%
OPEN	F	-0.09%
ALEX	D	-0.09%
CSR	C	-0.08%
AAT	C	-0.08%
AIV	C	-0.08%
MMI	D	-0.07%
NXRT	B	-0.07%
PDM	C	-0.07%
EXPI	D	-0.07%
SVC	F	-0.07%
PLYM	F	-0.07%
UMH	C	-0.07%
PGRE	D	-0.06%
RDFN	D	-0.06%
AHH	C	-0.06%
BDN	C	-0.06%
UNIT	F	-0.06%
GOOD	C	-0.05%
HPP	F	-0.05%
INN	F	-0.05%
CHCT	F	-0.05%
WSR	A	-0.05%
FOR	D	-0.05%
LAND	D	-0.04%
PKST	F	-0.04%
BFS	D	-0.04%
FPI	C	-0.04%
ALX	C	-0.04%
UHT	D	-0.04%
GMRE	B	-0.04%
TRC	B	-0.03%
DHC	F	-0.03%
RMR	D	-0.03%
OLP	C	-0.03%
CLDT	F	-0.03%
FRPH	C	-0.03%
SRG	F	-0.02%
CBL	F	-0.02%