FPAG vs. LBAY ETF Comparison

Comparison of FPA Global Equity ETF (FPAG) to Leatherback Long/Short Alternative Yield ETF (LBAY)

FPAG

FPA Global Equity ETF

FPAG Description

Although the adviser has adopted a policy to invest at least 80% of its assets in equity securities, the adviser expects to invest, under normal circumstances, at least 95% of the fund?s assets in equity securities. The fund invests primarily in publicly traded common stocks of mid- and large-cap U.S. and non-U.S. companies, including companies in emerging market countries. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$30.98

Average Daily Volume

28,204

Number of Holdings ^*

* may have additional holdings in another (foreign) market

LBAY

Leatherback Long/Short Alternative Yield ETF

LBAY Description

The investment seeks capital appreciation and income. The fund is an actively-managed ETF that seeks to achieve its investment objective by purchasing long positions in securities believed to provide sustainable shareholder yield (defined as dividends plus buybacks plus debt paydowns) and taking short positions in securities expected to decline in price. It will generally have net exposure of 75% - 110% long. The fund's long positions are generally expected to be comprised of equity securities or depositary receipts, although long positions may also include investment-grade corporate bonds and convertible bonds. It is non-diversified.

Grade (RS Rating)

Last Trade

$26.45

Average Daily Volume

2,577

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FPAG	LBAY
30 Days	0.62%	-3.99%
60 Days	2.00%	-3.40%
90 Days	1.84%	-2.87%
12 Months	23.66%	5.05%

2 Overlapping Holdings

	Symbol	Grade	Weight in FPAG	Weight in LBAY	Overlap
	AVGO	D	2.26%	-1.54%	-1.54%
	CMCSA	B	4.78%	4.57%	4.57%

FPAG Overweight 23 Positions Relative to LBAY

Symbol	Grade	Weight
GOOGL	C	6.38%
META	D	5.35%
ADI	D	5.13%
C	A	4.88%
TEL	B	4.58%
GOOG	C	4.17%
IFF	D	3.84%
WFC	A	3.66%
AMZN	C	3.39%
AON	A	2.69%
NXPI	D	2.21%
KMX	B	1.85%
CHTR	C	1.75%
KMI	A	1.72%
MAR	A	1.69%
FE	C	1.49%
HWM	A	1.29%
ICLR	D	1.26%
WAB	B	1.23%
UBER	F	1.16%
NFLX	A	0.66%
BABA	D	0.29%
PCG	A	0.21%

FPAG Underweight 50 Positions Relative to LBAY

Symbol	Grade	Weight
LW	C	-4.96%
XOM	B	-4.78%
ORI	A	-4.77%
MO	A	-4.64%
NEM	D	-4.59%
BG	D	-4.57%
FIS	C	-4.54%
VTRS	A	-4.48%
ZBH	C	-4.41%
AGNC	C	-4.41%
CVS	D	-4.36%
BERY	C	-4.14%
ICE	C	-4.08%
MTN	C	-3.91%
V	A	-3.89%
MDT	D	-3.86%
UNP	C	-3.77%
T	A	-3.64%
LHX	C	-3.59%
EBAY	D	-3.58%
MMM	D	-3.53%
AWK	C	-3.45%
BKNG	A	-3.37%
RIO	D	-3.28%
MSCI	C	-3.15%
APD	A	-3.11%
SPGI	C	-2.92%
PCH	F	-2.79%
DE	B	-2.68%
SHAK	C	--1.21%
DKS	D	--1.21%
BURL	B	--1.26%
SITE	F	--1.27%
RBLX	C	--1.29%
EQIX	A	--1.38%
TSLA	B	--1.45%
EVR	B	--1.46%
SF	B	--1.48%
LLY	F	--1.48%
DKNG	B	--1.49%
DLR	B	--1.51%
CVNA	B	--1.53%
AAPL	C	--1.53%
DAL	B	--1.53%
TOL	B	--1.54%
PLNT	A	--1.54%
SQ	A	--1.56%
VRT	B	--1.63%
OLLI	D	--1.69%
DUOL	A	--1.85%