EHLS vs. FFLV ETF Comparison

Comparison of Even Herd Long Short ETF (EHLS) to Fidelity Fundamental Large Cap Value ETF (FFLV)

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

FFLV

Fidelity Fundamental Large Cap Value ETF

FFLV Description

The fund will normally invest at least 80% of the fund"s assets in equity securities of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$23.11

Average Daily Volume

884

Number of Holdings ^*

108

* may have additional holdings in another (foreign) market

Performance

Period	EHLS	FFLV
30 Days	10.27%	4.61%
60 Days	10.82%	5.50%
90 Days	13.69%	6.74%
12 Months

18 Overlapping Holdings

Symbol	Grade	Weight in EHLS	Weight in FFLV	Overlap
AES	F	-0.17%	0.54%	-0.17%
ALSN	B	0.55%	1.38%	0.55%
APTV	D	-0.18%	0.39%	-0.18%
BG	F	-0.26%	0.25%	-0.26%
CC	C	-0.24%	0.31%	-0.24%
CEG	D	1.21%	0.52%	0.52%
DOOO	F	-0.22%	0.37%	-0.22%
ELV	F	-0.23%	1.96%	-0.23%
IPG	D	-0.25%	0.42%	-0.25%
MCHP	D	-0.23%	0.94%	-0.23%
MRK	F	-0.23%	0.88%	-0.23%
OLN	D	-0.23%	0.33%	-0.23%
PLD	D	-0.24%	1.66%	-0.24%
SJM	D	-0.29%	1.24%	-0.29%
TEX	D	-0.23%	0.21%	-0.23%
TRGP	B	1.03%	0.84%	0.84%
VST	B	1.31%	0.46%	0.46%
WELL	A	1.25%	1.32%	1.25%

EHLS Overweight 253 Positions Relative to FFLV

Symbol	Grade	Weight
SPOT	B	2.25%
BMA	B	2.14%
CSWI	A	2.03%
QTWO	A	1.82%
HWM	A	1.8%
NVDA	C	1.72%
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%
PLTR	B	1.25%
BK	A	1.24%
TPB	B	1.24%
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%
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%
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%
VSAT	F	-0.16%
PGNY	F	-0.17%
STNG	F	-0.17%
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%
ROG	D	-0.23%
DLB	B	-0.23%
NTST	D	-0.23%
APA	D	-0.23%
IMCR	D	-0.23%
NKE	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%
PD	C	-0.24%
ETSY	D	-0.24%
SITE	D	-0.24%
ADM	D	-0.25%
HSY	F	-0.25%
JBSS	D	-0.25%
AKAM	D	-0.25%
OTEX	D	-0.25%
FTV	C	-0.25%
PCH	D	-0.25%
MTN	C	-0.25%
FUL	F	-0.25%
PEP	F	-0.25%
F	C	-0.25%
GIS	D	-0.25%
ATKR	C	-0.25%
REXR	F	-0.25%
ALV	C	-0.25%
MGM	D	-0.26%
GO	C	-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%
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%
HELE	C	-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%
NARI	C	-0.34%
AMR	C	-0.35%
UPS	C	-0.37%
PRGO	B	-0.44%

EHLS Underweight 90 Positions Relative to FFLV

Symbol	Grade	Weight
XOM	B	-4.54%
JPM	A	-4.36%
CSCO	B	-3.48%
WFC	A	-3.09%
HIG	B	-2.6%
BAC	A	-2.34%
CMCSA	B	-2.31%
UNH	C	-2.23%
TRV	B	-2.2%
JNJ	D	-2.03%
KVUE	A	-1.95%
JCI	C	-1.84%
FDX	B	-1.7%
CI	F	-1.59%
EIX	B	-1.58%
USFD	A	-1.49%
PCG	A	-1.49%
APO	B	-1.37%
CVS	D	-1.21%
AZN	D	-1.09%
BRK.A	B	-1.04%
WLK	D	-1.01%
RJF	A	-1.01%
TKR	D	-0.99%
CNC	D	-0.96%
SRE	A	-0.89%
COR	B	-0.88%
AFG	A	-0.87%
TSM	B	-0.86%
DOX	D	-0.84%
GEN	B	-0.83%
GPK	C	-0.82%
KDP	D	-0.8%
UHAL	D	-0.8%
CB	C	-0.76%
ORI	A	-0.75%
GDDY	A	-0.7%
RRX	B	-0.69%
LMT	D	-0.68%
FLR	B	-0.68%
TPX	B	-0.67%
CNXC	F	-0.67%
PSA	D	-0.65%
LW	C	-0.65%
SNX	C	-0.61%
BCO	D	-0.6%
WCC	B	-0.58%
XPO	B	-0.58%
LOW	D	-0.58%
BC	C	-0.58%
KO	D	-0.57%
CG	A	-0.56%
ALLY	C	-0.54%
KEY	B	-0.52%
HPQ	B	-0.47%
SW	A	-0.47%
UFPI	B	-0.46%
GMS	B	-0.46%
GPN	B	-0.44%
LAD	A	-0.43%
FAF	A	-0.38%
GTES	A	-0.38%
LPX	B	-0.36%
HRI	B	-0.32%
AAP	C	-0.31%
DAR	C	-0.31%
HOG	D	-0.3%
LITE	B	-0.29%
SLM	A	-0.28%
CPT	B	-0.28%
MDU	D	-0.27%
HRB	D	-0.27%
UPBD	B	-0.26%
G	B	-0.26%
OMF	A	-0.24%
PM	B	-0.22%
NXST	C	-0.22%
VSTS	C	-0.22%
CIEN	B	-0.22%
AR	B	-0.2%
COMP	B	-0.2%
SIG	B	-0.2%
TPR	B	-0.17%
SNY	F	-0.17%
CCI	D	-0.14%
MOH	F	-0.13%
EWBC	A	-0.13%
FCNCA	A	-0.12%
WBS	A	-0.11%
FTRE	D	-0.07%