CBLS vs. VCEB ETF Comparison

Comparison of Changebridge Capital Long/Short Equity ETF (CBLS) to Vanguard ESG U.S. Corporate Bond ETF (VCEB)

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

$26.83

Average Daily Volume

2,139

Number of Holdings ^*

* may have additional holdings in another (foreign) market

VCEB

Vanguard ESG U.S. Corporate Bond ETF

VCEB Description

The investment seeks to track the performance of the Bloomberg Barclays MSCI US Corporate SRI Select Index (the ?index?). The index excludes bonds with maturities of 1 year or less and with less than $750 million outstanding, and is screened for certain environmental, social, and governance (ESG) criteria by the index provider, which is independent of Vanguard. All of the fund?s investments will be selected through the sampling process, and under normal circumstances, at least 80% of the fund?s assets will be invested in bonds included in the index.

Grade (RS Rating)

Last Trade

$62.70

Average Daily Volume

37,180

Number of Holdings ^*

245

* may have additional holdings in another (foreign) market

Performance

Period	CBLS	VCEB
30 Days	4.28%	-0.53%
60 Days	5.58%	-2.92%
90 Days	5.18%	-1.82%
12 Months	35.65%	7.35%

15 Overlapping Holdings

Symbol	Grade	Weight in CBLS	Weight in VCEB	Overlap
AER	A	2.24%	0.01%	0.01%
AMZN	C	2.83%	0.01%	0.01%
DE	B	-1.45%	0.02%	-1.45%
DELL	B	1.91%	0.01%	0.01%
GIS	D	-0.51%	0.03%	-0.51%
INTC	C	2.91%	0.01%	0.01%
JNJ	C	-1.1%	0.01%	-1.1%
KDP	F	-0.5%	0.01%	-0.5%
LLY	F	-1.37%	0.03%	-1.37%
NOW	A	-1.8%	0.04%	-1.8%
NVDA	B	3.31%	0.01%	0.01%
ORCL	A	2.62%	0.02%	0.02%
PEP	F	-0.51%	0.01%	-0.51%
PFE	F	-1.06%	0.01%	-1.06%
SCHW	B	2.08%	0.01%	0.01%

CBLS Overweight 48 Positions Relative to VCEB

Symbol	Grade	Weight
LNG	A	3.31%
WTTR	A	3.07%
GTLS	A	2.81%
MGNI	B	2.76%
WMT	A	2.75%
SKY	A	2.73%
BWXT	B	2.7%
COST	A	2.64%
STRL	A	2.54%
CCL	A	2.49%
RDDT	A	2.45%
OSW	B	2.43%
IBN	C	2.38%
ECL	D	2.32%
GD	D	2.32%
NARI	C	2.3%
RTX	D	2.29%
ROL	B	2.28%
D	C	2.24%
VST	A	2.23%
SO	C	2.23%
NEE	C	2.12%
ERJ	A	2.12%
HUMA	F	2.11%
MC	C	1.98%
ETR	B	1.93%
SCI	B	1.92%
TDG	D	1.78%
CRSP	D	0.86%
KLG	B	-0.49%
POST	C	-0.5%
DOOO	F	-0.9%
TTC	C	-0.93%
R	B	-0.95%
GIII	D	-0.97%
SIG	B	-1.07%
MRNA	F	-1.15%
MIDD	C	-1.16%
ROK	C	-1.17%
ENR	B	-1.19%
AME	A	-1.2%
NVO	F	-1.3%
F	C	-1.41%
HELE	C	-1.71%
HSY	F	-1.75%
VSAT	F	-1.75%
GOGO	C	-1.77%
TSLA	B	-2.63%

CBLS Underweight 230 Positions Relative to VCEB

Symbol	Grade	Weight
DT	D	-0.19%
MTB	A	-0.07%
TJX	A	-0.07%
MOS	F	-0.06%
WEST	C	-0.06%
DD	C	-0.06%
PGR	A	-0.05%
AFL	B	-0.05%
MDT	D	-0.05%
EQH	C	-0.05%
MCHP	F	-0.04%
LEN	D	-0.04%
KMB	C	-0.04%
GWW	B	-0.04%
OTIS	C	-0.04%
STLA	F	-0.04%
AZO	C	-0.04%
CTAS	B	-0.04%
CPT	B	-0.04%
VRSK	A	-0.04%
MMC	B	-0.04%
EXPE	B	-0.04%
FTV	C	-0.03%
EQR	C	-0.03%
DGX	A	-0.03%
VRSN	C	-0.03%
CMA	B	-0.03%
BWA	D	-0.03%
BG	D	-0.03%
SJM	D	-0.03%
ROP	B	-0.03%
RF	A	-0.03%
EG	C	-0.03%
PWR	A	-0.03%
PPG	F	-0.03%
DOC	C	-0.03%
ORLY	B	-0.03%
AMP	A	-0.03%
ACGL	C	-0.03%
NVR	D	-0.03%
LH	B	-0.03%
K	A	-0.03%
IFF	D	-0.03%
HAS	D	-0.03%
NTRS	A	-0.03%
BHF	C	-0.03%
SYF	B	-0.03%
CFG	B	-0.03%
DG	F	-0.03%
WAB	B	-0.03%
ITW	B	-0.03%
ADP	A	-0.03%
MU	D	-0.03%
BDX	F	-0.03%
ETN	A	-0.03%
EQIX	A	-0.03%
ZBH	C	-0.03%
MA	B	-0.03%
ALLY	C	-0.03%
BMY	B	-0.03%
ABT	B	-0.03%
VOD	F	-0.03%
ABBV	F	-0.03%
HUN	F	-0.02%
HST	C	-0.02%
HRL	D	-0.02%
HIG	B	-0.02%
MKC	C	-0.02%
MCK	A	-0.02%
LEA	F	-0.02%
AJG	A	-0.02%
NTAP	C	-0.02%
A	D	-0.02%
QRVO	F	-0.02%
APH	A	-0.02%
RL	C	-0.02%
BEN	C	-0.02%
BAX	F	-0.02%
VTR	B	-0.02%
VMC	B	-0.02%
UHS	D	-0.02%
TT	A	-0.02%
CAH	B	-0.02%
XRAY	F	-0.02%
CSL	C	-0.02%
CMI	A	-0.02%
EMN	C	-0.02%
VFC	C	-0.02%
CF	A	-0.02%
RJF	A	-0.02%
AWK	C	-0.02%
O	C	-0.02%
MLM	C	-0.02%
HBAN	A	-0.02%
BLK	B	-0.02%
SWK	D	-0.02%
REGN	F	-0.02%
TRV	B	-0.02%
EFX	F	-0.02%
DLTR	F	-0.02%
CME	B	-0.02%
WBA	F	-0.02%
ADM	D	-0.02%
BR	A	-0.02%
BKNG	A	-0.02%
SHW	B	-0.02%
SBUX	A	-0.02%
CPB	D	-0.02%
GLW	B	-0.02%
OMC	C	-0.02%
NEM	D	-0.02%
APD	A	-0.02%
FITB	B	-0.02%
CRM	B	-0.02%
BABA	D	-0.02%
DB	D	-0.02%
CSCO	B	-0.02%
CARR	C	-0.02%
IBM	C	-0.02%
HCA	F	-0.02%
GOOGL	C	-0.02%
HSBC	A	-0.02%
AVGO	D	-0.02%
GSK	F	-0.02%
AZN	F	-0.02%
V	A	-0.02%
BAC	A	-0.02%
CHTR	C	-0.02%
VZ	C	-0.02%
EXP	B	-0.01%
ADI	D	-0.01%
GLPI	C	-0.01%
EA	A	-0.01%
WM	B	-0.01%
WB	D	-0.01%
MRVL	B	-0.01%
MDLZ	F	-0.01%
GPN	B	-0.01%
PLD	F	-0.01%
PH	A	-0.01%
AMAT	F	-0.01%
MSI	B	-0.01%
RSG	A	-0.01%
AON	A	-0.01%
BRX	A	-0.01%
EBAY	D	-0.01%
MMM	D	-0.01%
MAR	A	-0.01%
KEY	B	-0.01%
RPRX	D	-0.01%
ARE	F	-0.01%
DLR	B	-0.01%
DHR	F	-0.01%
ZTS	D	-0.01%
TXN	C	-0.01%
NXPI	D	-0.01%
MET	A	-0.01%
KO	D	-0.01%
KLAC	F	-0.01%
HUM	C	-0.01%
USB	A	-0.01%
TSN	B	-0.01%
BXP	C	-0.01%
BSX	A	-0.01%
TMO	F	-0.01%
BMO	A	-0.01%
BK	A	-0.01%
BERY	C	-0.01%
STT	B	-0.01%
AXP	A	-0.01%
PYPL	B	-0.01%
FIS	C	-0.01%
WELL	A	-0.01%
CM	A	-0.01%
CCI	C	-0.01%
ADBE	C	-0.01%
NKE	F	-0.01%
MRK	D	-0.01%
LOW	C	-0.01%
HPQ	B	-0.01%
CB	C	-0.01%
CAT	B	-0.01%
CAG	F	-0.01%
BNS	A	-0.01%
SYY	D	-0.01%
SPG	A	-0.01%
PRU	A	-0.01%
AMT	C	-0.01%
FDX	B	-0.01%
DOW	F	-0.01%
DFS	B	-0.01%
PNC	B	-0.01%
AL	B	-0.01%
LUV	C	-0.01%
LRCX	F	-0.01%
ICE	C	-0.01%
HPE	B	-0.01%
GM	C	-0.01%
COF	C	-0.01%
CI	D	-0.01%
TGT	F	-0.01%
TD	D	-0.01%
BIIB	F	-0.01%
SYK	B	-0.01%
VTRS	A	-0.01%
UNH	B	-0.01%
TFC	A	-0.01%
PG	C	-0.01%
AMGN	F	-0.01%
NWG	A	-0.01%
MUFG	B	-0.01%
UPS	C	-0.01%
QCOM	F	-0.01%
AIG	B	-0.01%
MCD	D	-0.01%
HD	B	-0.01%
GILD	C	-0.01%
RY	A	-0.01%
C	A	-0.01%
FOXA	A	-0.01%
DIS	B	-0.01%
CMCSA	B	-0.01%
JPM	A	-0.01%
AAPL	C	-0.01%
TMUS	B	-0.01%
GS	A	-0.01%
T	A	-0.01%
MSFT	D	-0.01%
MS	A	-0.01%
CVS	D	-0.01%