CBLS vs. XBI ETF Comparison

Comparison of Changebridge Capital Long/Short Equity ETF (CBLS) to SPDR S&P Biotech ETF (XBI)

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

XBI

SPDR S&P Biotech ETF

XBI Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the biotechnology segment of a U.S. total market composite index. In seeking to track the performance of the S&P Biotechnology Select Industry Index (the "index"), the fund employs a replication strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the biotechnology industry group of the S&P Total Market Index ("S&P TMI"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$94.30

Average Daily Volume

8,465,460

Number of Holdings ^*

128

* may have additional holdings in another (foreign) market

Performance

Period	CBLS	XBI
30 Days	4.28%	-4.04%
60 Days	5.58%	-7.18%
90 Days	5.18%	-7.09%
12 Months	35.65%	29.73%

3 Overlapping Holdings

Symbol	Grade	Weight in CBLS	Weight in XBI	Overlap
CRSP	D	0.86%	1.63%	0.86%
HUMA	F	2.11%	0.18%	0.18%
MRNA	F	-1.15%	1.57%	-1.15%

CBLS Overweight 60 Positions Relative to XBI

Symbol	Grade	Weight
NVDA	B	3.31%
LNG	A	3.31%
WTTR	A	3.07%
INTC	C	2.91%
AMZN	C	2.83%
GTLS	A	2.81%
MGNI	B	2.76%
WMT	A	2.75%
SKY	A	2.73%
BWXT	B	2.7%
COST	A	2.64%
ORCL	A	2.62%
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%
AER	A	2.24%
VST	A	2.23%
SO	C	2.23%
NEE	C	2.12%
ERJ	A	2.12%
SCHW	B	2.08%
MC	C	1.98%
ETR	B	1.93%
SCI	B	1.92%
DELL	B	1.91%
TDG	D	1.78%
KLG	B	-0.49%
KDP	F	-0.5%
POST	C	-0.5%
GIS	D	-0.51%
PEP	F	-0.51%
DOOO	F	-0.9%
TTC	C	-0.93%
R	B	-0.95%
GIII	D	-0.97%
PFE	F	-1.06%
SIG	B	-1.07%
JNJ	C	-1.1%
MIDD	C	-1.16%
ROK	C	-1.17%
ENR	B	-1.19%
AME	A	-1.2%
NVO	F	-1.3%
LLY	F	-1.37%
F	C	-1.41%
DE	B	-1.45%
HELE	C	-1.71%
HSY	F	-1.75%
VSAT	F	-1.75%
GOGO	C	-1.77%
NOW	A	-1.8%
TSLA	B	-2.63%

CBLS Underweight 125 Positions Relative to XBI

Symbol	Grade	Weight
NTRA	A	-3.3%
INCY	C	-3.29%
GILD	C	-2.9%
UTHR	C	-2.88%
NBIX	C	-2.62%
VRTX	D	-2.62%
INSM	C	-2.43%
ALNY	D	-2.38%
ABBV	F	-2.33%
AMGN	F	-2.28%
SRPT	F	-2.28%
BIIB	F	-2.19%
MDGL	B	-2.17%
EXAS	D	-2.05%
VKTX	F	-2.0%
BMRN	F	-1.98%
REGN	F	-1.8%
CYTK	F	-1.79%
BPMC	B	-1.69%
TGTX	B	-1.62%
RVMD	C	-1.46%
RNA	C	-1.32%
KRYS	C	-1.29%
HALO	F	-1.27%
EXEL	B	-1.23%
ADMA	B	-1.23%
ROIV	C	-1.18%
ALKS	C	-1.13%
IONS	F	-1.08%
TWST	F	-0.93%
PCVX	D	-0.9%
IOVA	F	-0.88%
BBIO	F	-0.87%
APLS	F	-0.86%
GERN	D	-0.86%
CRNX	C	-0.84%
ACLX	C	-0.79%
DYN	F	-0.78%
ACAD	C	-0.78%
SWTX	C	-0.77%
AGIO	C	-0.76%
BEAM	D	-0.72%
RARE	F	-0.69%
RXRX	F	-0.66%
PTCT	B	-0.64%
FOLD	F	-0.63%
IMVT	F	-0.62%
RYTM	C	-0.61%
NUVL	C	-0.6%
NTLA	F	-0.58%
PTGX	D	-0.58%
VERA	C	-0.57%
MIRM	B	-0.57%
ARWR	D	-0.54%
IDYA	F	-0.53%
VCYT	B	-0.53%
JANX	C	-0.51%
SRRK	C	-0.49%
DVAX	C	-0.49%
NVAX	F	-0.47%
ARDX	F	-0.47%
VCEL	B	-0.46%
DNLI	D	-0.46%
KYMR	D	-0.45%
SNDX	F	-0.44%
AKRO	B	-0.43%
CGON	F	-0.42%
ARQT	B	-0.42%
BCRX	D	-0.42%
CPRX	C	-0.41%
KROS	D	-0.36%
IRON	B	-0.34%
MNKD	C	-0.34%
CLDX	F	-0.34%
NRIX	C	-0.33%
SMMT	D	-0.33%
VRDN	D	-0.3%
RCKT	F	-0.28%
DAWN	D	-0.28%
MYGN	F	-0.27%
IRWD	F	-0.26%
TVTX	C	-0.26%
CGEM	F	-0.25%
CDNA	D	-0.24%
KURA	F	-0.24%
XNCR	B	-0.24%
APLT	C	-0.22%
CDMO	A	-0.22%
RCUS	F	-0.2%
VIR	D	-0.2%
EBS	C	-0.2%
REPL	D	-0.18%
ALT	C	-0.18%
SPRY	C	-0.18%
AVXL	B	-0.17%
ARCT	F	-0.17%
ANNX	F	-0.16%
STOK	F	-0.16%
ETNB	C	-0.16%
MDXG	B	-0.16%
COGT	D	-0.16%
VERV	F	-0.15%
RLAY	F	-0.14%
OLMA	F	-0.13%
IMNM	F	-0.13%
PRTA	F	-0.13%
OCGN	F	-0.12%
ANAB	F	-0.12%
FDMT	F	-0.12%
SANA	F	-0.12%
RGNX	D	-0.12%
ALLO	F	-0.11%
CELC	F	-0.11%
SAGE	F	-0.11%
CCCC	F	-0.1%
ERAS	C	-0.1%
ORIC	F	-0.09%
FATE	F	-0.08%
SVRA	F	-0.08%
ABUS	D	-0.07%
KALV	F	-0.07%
SCLX	F	-0.06%
YMAB	F	-0.06%
ITOS	F	-0.06%
ALEC	F	-0.04%