EHLS vs. CBLS ETF Comparison

Comparison of Even Herd Long Short ETF (EHLS) to Changebridge Capital Long/Short Equity ETF (CBLS)

EHLS

Even Herd Long Short ETF

EHLS Description

EHLS seeks long-term capital appreciation through a momentum-focused strategy that takes both long and short positions in US equity securities. In selecting securities, the fund employs a proprietary algorithm that emphasizes a dynamic, trend-focused analysis, instead of a strictly bottom-up valuation analysis, driven by price movements and other data points based on market trends and stock momentum. The sub-adviser may adjust its proprietary system that is continuously optimized and refined. The fund strategy involves taking long positions in equity securities exhibiting strong upward momentum and short positions in those showing downward momentum. The actively managed fund targets a net equity exposure from 40% to 90% net long, subject to adjustments based on market conditions. The fund aims to maintain 100% long and 10-60% short exposure. Short sales may include entering into swap agreements or the use of leverage.

Grade (RS Rating)

Last Trade

$23.30

Average Daily Volume

2,650

Number of Holdings ^*

271

* may have additional holdings in another (foreign) market

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

$26.78

Average Daily Volume

2,122

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	EHLS	CBLS
30 Days	10.27%	4.21%
60 Days	10.82%	5.17%
90 Days	13.69%	4.99%
12 Months		35.40%

10 Overlapping Holdings

Symbol	Grade	Weight in EHLS	Weight in CBLS	Overlap
DOOO	F	-0.22%	-0.9%	-0.9%
F	C	-0.25%	-1.41%	-1.41%
GIS	D	-0.25%	-0.51%	-0.51%
HELE	C	-0.3%	-1.71%	-1.71%
HSY	F	-0.25%	-1.75%	-1.75%
NARI	C	-0.34%	2.3%	-0.34%
NVDA	C	1.72%	3.31%	1.72%
PEP	F	-0.25%	-0.51%	-0.51%
VSAT	F	-0.16%	-1.75%	-1.75%
VST	B	1.31%	2.23%	1.31%

EHLS Overweight 261 Positions Relative to CBLS

Symbol	Grade	Weight
SPOT	B	2.25%
BMA	B	2.14%
CSWI	A	2.03%
QTWO	A	1.82%
HWM	A	1.8%
GDS	C	1.71%
LMB	A	1.7%
IRM	D	1.68%
PIPR	B	1.67%
META	D	1.64%
SLG	B	1.62%
MSI	B	1.57%
USLM	A	1.53%
CTAS	B	1.48%
HWKN	B	1.46%
GVA	A	1.41%
IGIC	B	1.33%
SE	B	1.3%
FICO	B	1.3%
CVNA	B	1.29%
CRS	A	1.27%
CW	B	1.26%
ADMA	B	1.26%
WELL	A	1.25%
PLTR	B	1.25%
BK	A	1.24%
TPB	B	1.24%
CEG	D	1.21%
SFM	A	1.2%
CLBT	B	1.2%
NRG	B	1.2%
SKT	B	1.14%
REAX	D	1.1%
PAM	A	1.09%
RDNT	B	1.08%
SLVM	B	1.06%
ARES	A	1.05%
DASH	A	1.05%
FTDR	A	1.04%
TRGP	B	1.03%
TPL	A	1.02%
HOOD	B	1.01%
BRO	B	1.0%
AXP	A	1.0%
THC	D	0.98%
CBRE	B	0.98%
RSI	B	0.98%
TMUS	B	0.96%
NPAB	B	0.92%
EDN	B	0.92%
WAB	B	0.89%
ANET	C	0.88%
JXN	C	0.87%
GLNG	C	0.86%
PNTG	D	0.84%
MOD	A	0.82%
IESC	B	0.79%
COOP	B	0.78%
SKYW	B	0.76%
CNX	A	0.76%
ISRG	A	0.76%
KKR	A	0.76%
EME	C	0.75%
BSX	B	0.71%
PSN	D	0.7%
CDNA	D	0.62%
HLNE	B	0.62%
CCB	A	0.56%
AMAL	B	0.56%
AIT	A	0.55%
ALSN	B	0.55%
NBN	B	0.54%
BBSI	B	0.54%
FTI	A	0.53%
CNK	B	0.51%
PKG	A	0.49%
TWLO	A	0.49%
VERX	B	0.49%
CLH	B	0.48%
PGR	A	0.48%
FI	A	0.48%
TYL	B	0.48%
QFIN	B	0.47%
HUBB	B	0.46%
MMYT	B	0.46%
GRBK	D	0.46%
POWL	C	0.45%
UFPT	B	0.44%
RNA	D	0.44%
ALHC	C	0.42%
CACI	D	0.42%
RKLB	B	0.39%
WULF	C	0.34%
YPF	B	0.32%
TCBX	A	0.3%
CEIX	A	0.3%
FRHC	B	0.28%
KTB	B	0.27%
MUSA	A	0.27%
PPTA	C	0.27%
CASH	A	0.27%
EXLS	B	0.26%
LYV	A	0.26%
SOFI	A	0.25%
MLR	B	0.25%
PEGA	A	0.25%
SNEX	B	0.25%
MATX	C	0.24%
ONON	A	0.24%
BBW	B	0.24%
GATO	D	0.23%
TRUP	B	0.23%
EXEL	B	0.23%
AORT	B	0.22%
CSTM	F	-0.07%
NEP	F	-0.09%
SPT	C	-0.14%
CVI	F	-0.15%
AMN	F	-0.16%
AES	F	-0.17%
PGNY	F	-0.17%
STNG	F	-0.17%
APTV	D	-0.18%
ENPH	F	-0.18%
WU	D	-0.18%
FLNG	B	-0.19%
W	F	-0.2%
BEN	C	-0.2%
COLD	D	-0.2%
VAL	D	-0.2%
AMRC	F	-0.2%
WRLD	C	-0.2%
ASH	D	-0.21%
ELF	C	-0.21%
DG	F	-0.21%
ADNT	F	-0.21%
WSC	D	-0.21%
ASML	F	-0.22%
IGT	F	-0.22%
ENOV	C	-0.22%
PARR	D	-0.22%
FIVE	F	-0.22%
AVTR	F	-0.22%
LEA	D	-0.22%
CSGP	D	-0.23%
MRK	F	-0.23%
ROG	D	-0.23%
DLB	B	-0.23%
NTST	D	-0.23%
APA	D	-0.23%
IMCR	D	-0.23%
NKE	D	-0.23%
TEX	D	-0.23%
ELV	F	-0.23%
MCHP	D	-0.23%
OLN	D	-0.23%
NUE	C	-0.23%
SCL	C	-0.24%
OMI	F	-0.24%
ENTG	D	-0.24%
CWT	D	-0.24%
WPC	D	-0.24%
ODP	F	-0.24%
NSP	D	-0.24%
WOR	F	-0.24%
APLS	D	-0.24%
PLD	D	-0.24%
PD	C	-0.24%
ETSY	D	-0.24%
SITE	D	-0.24%
CC	C	-0.24%
ADM	D	-0.25%
JBSS	D	-0.25%
AKAM	D	-0.25%
OTEX	D	-0.25%
FTV	C	-0.25%
PCH	D	-0.25%
IPG	D	-0.25%
MTN	C	-0.25%
FUL	F	-0.25%
ATKR	C	-0.25%
REXR	F	-0.25%
ALV	C	-0.25%
MGM	D	-0.26%
GO	C	-0.26%
BG	F	-0.26%
THS	D	-0.26%
ARE	D	-0.26%
STZ	D	-0.26%
ALGM	D	-0.26%
IAC	D	-0.26%
CTRA	B	-0.26%
HDB	C	-0.26%
FMX	F	-0.26%
SON	D	-0.26%
CALX	D	-0.27%
DVN	F	-0.27%
COHU	C	-0.27%
HXL	D	-0.27%
ON	D	-0.27%
MTDR	B	-0.27%
SLAB	D	-0.27%
CNI	D	-0.27%
CWH	B	-0.27%
CDW	F	-0.27%
YELP	C	-0.28%
ALB	C	-0.28%
OKTA	C	-0.28%
VTLE	C	-0.28%
MUR	D	-0.28%
VRSN	F	-0.28%
MRTN	C	-0.28%
CRL	C	-0.28%
USPH	B	-0.28%
SJW	D	-0.28%
PZZA	D	-0.28%
CENTA	C	-0.28%
TDC	D	-0.29%
FIVN	C	-0.29%
UGI	A	-0.29%
HP	B	-0.29%
SJM	D	-0.29%
CHRD	D	-0.29%
LKQ	D	-0.29%
AMRK	F	-0.29%
AIN	C	-0.29%
MOS	F	-0.29%
URBN	C	-0.29%
CENT	C	-0.29%
SLB	C	-0.29%
TMO	F	-0.29%
SIGI	C	-0.29%
RPD	C	-0.29%
CIVI	D	-0.29%
EXC	C	-0.3%
PINS	D	-0.3%
ES	D	-0.3%
EG	C	-0.3%
SNOW	C	-0.3%
WFRD	D	-0.3%
RIO	D	-0.3%
HES	B	-0.3%
AVA	A	-0.3%
AWK	D	-0.3%
PPG	F	-0.3%
EVTC	B	-0.3%
IDXX	F	-0.3%
ACI	C	-0.3%
DIOD	D	-0.3%
KMX	B	-0.31%
OXM	D	-0.31%
ZD	C	-0.31%
IRTC	D	-0.32%
CAR	C	-0.32%
VLO	C	-0.32%
ALRM	C	-0.32%
TENB	C	-0.33%
OVV	B	-0.33%
AMR	C	-0.35%
UPS	C	-0.37%
PRGO	B	-0.44%

EHLS Underweight 53 Positions Relative to CBLS

Symbol	Grade	Weight
LNG	B	-3.31%
WTTR	B	-3.07%
INTC	D	-2.91%
AMZN	C	-2.83%
GTLS	B	-2.81%
MGNI	A	-2.76%
WMT	A	-2.75%
SKY	A	-2.73%
BWXT	B	-2.7%
COST	B	-2.64%
ORCL	B	-2.62%
STRL	B	-2.54%
CCL	B	-2.49%
RDDT	B	-2.45%
OSW	A	-2.43%
IBN	C	-2.38%
ECL	D	-2.32%
GD	F	-2.32%
RTX	C	-2.29%
ROL	B	-2.28%
D	C	-2.24%
AER	B	-2.24%
SO	D	-2.23%
NEE	D	-2.12%
ERJ	B	-2.12%
HUMA	F	-2.11%
SCHW	B	-2.08%
MC	C	-1.98%
ETR	B	-1.93%
SCI	B	-1.92%
DELL	C	-1.91%
TDG	D	-1.78%
CRSP	D	-0.86%
KLG	C	--0.49%
KDP	D	--0.5%
POST	C	--0.5%
TTC	D	--0.93%
R	B	--0.95%
GIII	D	--0.97%
PFE	D	--1.06%
SIG	B	--1.07%
JNJ	D	--1.1%
MRNA	F	--1.15%
MIDD	C	--1.16%
ROK	B	--1.17%
ENR	B	--1.19%
AME	A	--1.2%
NVO	D	--1.3%
LLY	F	--1.37%
DE	A	--1.45%
GOGO	C	--1.77%
NOW	A	--1.8%
TSLA	B	--2.63%