HDGE vs. BTAL ETF Comparison

Comparison of Ranger Equity Bear Bear ETF (HDGE) to QuantShares U.S. Market Neutral Anti Beta Fund ETF (BTAL)

HDGE

Ranger Equity Bear Bear ETF

HDGE Description

The investment seeks capital appreciation through short sales of domestically traded equity securities. The Sub-Advisor seeks to achieve the fund's investment objective by short selling a portfolio of liquid mid- and large-cap U.S. exchange-traded equity securities, ETFs registered pursuant to the 1940 Act, ETNs and other ETPs. The Sub-Advisor implements a bottom-up, fundamental, research driven security selection process that seeks to identify securities with low earnings quality or aggressive accounting that may tend to mask operational deterioration and bolster the reported earnings per share over a short time period.

Grade (RS Rating)

Last Trade

$17.25

Average Daily Volume

81,012

Number of Holdings ^*

* may have additional holdings in another (foreign) market

BTAL

QuantShares U.S. Market Neutral Anti Beta Fund ETF

BTAL Description

The investment seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Index. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stock, including the short positions, in the Target Anti-Beta Index. The Target Anti-Beta Index is a market neutral index that is dollar-neutral. As such, it identifies long and short securities positions of approximately equal dollar amounts. In choosing to track a market neutral index, the fund seeks to limit the effects of general market movements on the fund.

Grade (RS Rating)

Last Trade

$19.20

Average Daily Volume

467,825

Number of Holdings ^*

391

* may have additional holdings in another (foreign) market

Performance

Period	HDGE	BTAL
30 Days	-6.02%	-2.59%
60 Days	-9.24%	-1.84%
90 Days	-8.17%	-2.74%
12 Months	-20.88%	-5.88%

12 Overlapping Holdings

Symbol	Grade	Weight in HDGE	Weight in BTAL	Overlap
ALLY	C	-1.48%	-0.38%	-1.48%
BRZE	C	-1.95%	-0.34%	-1.95%
CFLT	B	-1.04%	0.57%	-1.04%
CMA	B	-1.61%	-0.55%	-1.61%
DAR	C	-2.0%	-0.45%	-2.0%
DKNG	B	-2.2%	-0.52%	-2.2%
HUM	C	-2.05%	0.35%	-2.05%
KSS	F	-2.13%	-0.41%	-2.13%
OZK	B	-2.27%	-0.49%	-2.27%
ROKU	D	-1.4%	-0.48%	-1.4%
VRSN	C	-1.69%	0.44%	-1.69%
ZS	B	-1.91%	-0.48%	-1.91%

HDGE Overweight 32 Positions Relative to BTAL

Symbol	Grade	Weight
MAR	A	-1.06%
WGO	C	-1.11%
MCHP	F	-1.23%
FORM	D	-1.28%
JAMF	F	-1.38%
ASAN	B	-1.43%
LKQ	F	-1.44%
ALGM	D	-1.45%
NTST	C	-1.48%
NCNO	C	-1.51%
TTC	C	-1.54%
WK	B	-1.54%
WSM	C	-1.64%
IPGP	D	-1.65%
NDSN	B	-1.67%
PVH	C	-1.71%
LGIH	F	-1.71%
MCFT	C	-1.75%
JACK	C	-1.76%
SNPS	B	-1.78%
MRTN	D	-1.78%
PLAB	C	-1.8%
MTRN	C	-1.81%
VYX	B	-1.81%
STRA	C	-1.81%
CBRL	C	-1.83%
TPX	B	-1.84%
CACC	D	-1.93%
GOLF	B	-1.94%
HGV	C	-1.95%
INFA	D	-2.16%
EPAM	B	-2.2%

HDGE Underweight 379 Positions Relative to BTAL

Symbol	Grade	Weight
MSTR	B	-1.11%
BILL	A	-0.72%
PAYC	B	-0.62%
SFM	A	-0.62%
IBKR	A	-0.61%
LPLA	A	-0.59%
ZI	D	-0.58%
HQY	A	-0.57%
PCTY	C	-0.57%
SNA	A	-0.56%
TGNA	B	-0.56%
UNM	A	-0.56%
ALSN	B	-0.56%
FTNT	C	-0.56%
KMI	A	-0.55%
WH	B	-0.55%
NWL	C	-0.55%
BWXT	B	-0.54%
GILD	C	-0.53%
CACI	D	-0.53%
FFIV	B	-0.53%
BMY	B	-0.53%
PCAR	B	-0.53%
BKR	A	-0.53%
CW	C	-0.52%
RLI	A	-0.51%
TRV	B	-0.51%
TXRH	B	-0.51%
SAIC	F	-0.51%
THG	A	-0.51%
LNG	A	-0.51%
MCK	A	-0.51%
G	B	-0.51%
ORLY	B	-0.51%
MKL	A	-0.51%
MSI	B	-0.51%
PKG	A	-0.5%
UTHR	C	-0.5%
LULU	C	-0.5%
CSCO	B	-0.5%
SBRA	C	-0.5%
TDY	B	-0.5%
SIGI	C	-0.49%
AEE	A	-0.49%
T	A	-0.49%
KR	B	-0.49%
XEL	A	-0.49%
GLW	B	-0.49%
PAYX	B	-0.49%
WELL	A	-0.49%
CHH	A	-0.49%
VFC	C	-0.49%
DBX	B	-0.49%
TMUS	B	-0.49%
FOXA	A	-0.49%
JAZZ	B	-0.48%
AON	A	-0.48%
BRO	B	-0.48%
VTRS	A	-0.48%
ADP	A	-0.48%
RYAN	A	-0.48%
PNM	B	-0.48%
HON	C	-0.48%
CINF	A	-0.48%
DRI	B	-0.47%
ROP	B	-0.47%
WEN	D	-0.47%
AXS	A	-0.47%
CME	B	-0.47%
CDP	C	-0.47%
DOX	D	-0.47%
ALL	A	-0.47%
MSM	C	-0.47%
RGA	A	-0.47%
WEC	A	-0.46%
X	B	-0.46%
EDR	A	-0.46%
CTSH	B	-0.46%
CCK	D	-0.46%
NEU	D	-0.46%
CHD	A	-0.46%
IBM	C	-0.46%
CLH	C	-0.46%
WTW	B	-0.46%
ARMK	B	-0.46%
ORI	A	-0.46%
AIZ	A	-0.46%
PGR	A	-0.46%
SLGN	A	-0.46%
CMG	B	-0.46%
COR	B	-0.46%
HEI	A	-0.46%
CSX	C	-0.46%
RNR	C	-0.46%
WM	B	-0.46%
L	A	-0.45%
LNT	A	-0.45%
RTX	D	-0.45%
ACN	B	-0.45%
REG	A	-0.45%
HPQ	B	-0.45%
OHI	C	-0.45%
ADC	A	-0.45%
BWA	D	-0.45%
KBR	F	-0.45%
HIG	B	-0.45%
CHRW	B	-0.45%
PNW	A	-0.45%
DGX	A	-0.45%
GD	D	-0.45%
AVB	B	-0.45%
XOM	B	-0.44%
CMS	C	-0.44%
MSFT	D	-0.44%
MUSA	B	-0.44%
CB	C	-0.44%
RSG	A	-0.44%
NOC	D	-0.44%
COLM	C	-0.44%
ELS	C	-0.44%
DECK	A	-0.44%
ASGN	F	-0.44%
DLB	B	-0.44%
WRB	A	-0.44%
CF	A	-0.44%
UNH	B	-0.44%
J	D	-0.43%
JNPR	D	-0.43%
DUK	C	-0.43%
EQR	C	-0.43%
YUM	D	-0.43%
MCD	D	-0.43%
TJX	A	-0.43%
DD	C	-0.43%
PAG	B	-0.42%
SNX	D	-0.42%
GLPI	C	-0.42%
MSA	F	-0.42%
MMC	B	-0.42%
EG	C	-0.42%
OLLI	D	-0.42%
MKC	C	-0.42%
CXT	C	-0.42%
ED	C	-0.42%
CI	D	-0.42%
VZ	C	-0.42%
TXT	D	-0.42%
AVT	C	-0.42%
TNET	F	-0.41%
VICI	C	-0.41%
CHE	D	-0.41%
LMT	D	-0.41%
JNJ	C	-0.41%
FLO	D	-0.41%
CBOE	C	-0.41%
O	C	-0.4%
MOH	F	-0.4%
FCN	F	-0.4%
ACGL	C	-0.4%
ON	D	-0.4%
WPC	C	-0.4%
AMGN	F	-0.4%
HRB	D	-0.4%
MOS	F	-0.39%
KHC	F	-0.39%
ERIE	D	-0.39%
FANG	C	-0.39%
GIS	D	-0.39%
PFE	F	-0.39%
WTM	A	-0.39%
AMCR	C	-0.39%
KO	D	-0.38%
OXY	D	-0.38%
BG	D	-0.38%
AKAM	D	-0.38%
CPB	D	-0.38%
FOXF	F	-0.37%
MUR	D	-0.37%
GPC	D	-0.37%
DVN	F	-0.37%
FMC	D	-0.37%
ABBV	F	-0.37%
ARW	D	-0.37%
ST	F	-0.37%
MAN	F	-0.37%
MTCH	D	-0.36%
SRPT	F	-0.35%
NEM	D	-0.34%
ELV	F	-0.34%
AZO	C	-0.33%
CNC	D	-0.32%
MDU	D	-0.31%
BMRN	F	-0.31%
AGL	F	-0.19%
SMCI	F	--0.18%
SEDG	F	--0.21%
RUN	F	--0.21%
ENPH	F	--0.22%
MRNA	F	--0.24%
CE	F	--0.25%
CNXC	F	--0.25%
MPWR	F	--0.27%
TXG	F	--0.3%
WOLF	F	--0.3%
EL	F	--0.3%
CELH	F	--0.3%
RIVN	F	--0.32%
NTLA	F	--0.32%
OPEN	F	--0.33%
COTY	F	--0.34%
AES	F	--0.34%
RKT	F	--0.34%
AMKR	D	--0.35%
TER	F	--0.35%
TFX	F	--0.36%
DKS	D	--0.37%
CNM	D	--0.37%
WMS	F	--0.37%
PLD	F	--0.38%
DINO	D	--0.38%
RIG	D	--0.38%
ELF	C	--0.38%
LRCX	F	--0.39%
EFX	F	--0.39%
SHLS	F	--0.4%
FND	D	--0.4%
W	D	--0.4%
IDXX	F	--0.4%
KMX	B	--0.4%
ARWR	D	--0.4%
ARE	F	--0.41%
AWK	C	--0.41%
BLD	D	--0.41%
CWEN	C	--0.41%
ALGN	D	--0.41%
ELAN	D	--0.41%
AGNC	C	--0.41%
FCX	F	--0.42%
MKSI	C	--0.42%
WBA	F	--0.42%
AMD	F	--0.42%
EW	C	--0.42%
NVCR	C	--0.43%
TGT	F	--0.43%
CHX	C	--0.43%
RYN	D	--0.43%
ROIV	C	--0.43%
POWI	F	--0.43%
CSGP	D	--0.43%
PINS	F	--0.43%
UGI	C	--0.43%
MGM	D	--0.43%
FBIN	D	--0.43%
BLDR	D	--0.44%
BBWI	C	--0.44%
MTDR	B	--0.44%
SSD	F	--0.44%
F	C	--0.44%
CC	C	--0.44%
UBER	F	--0.44%
APG	B	--0.45%
OC	A	--0.45%
SEE	C	--0.45%
NWE	B	--0.45%
THO	B	--0.45%
D	C	--0.45%
RGEN	D	--0.45%
MU	D	--0.46%
CRSP	D	--0.46%
CARR	C	--0.46%
RMD	C	--0.46%
CZR	F	--0.46%
SMG	C	--0.46%
PATH	C	--0.46%
AVGO	D	--0.47%
TOL	B	--0.47%
CRL	D	--0.47%
JLL	D	--0.47%
TRU	D	--0.47%
LAMR	C	--0.47%
BXP	C	--0.47%
CFG	B	--0.48%
KRC	B	--0.48%
TROW	B	--0.48%
SHW	B	--0.48%
LNC	C	--0.49%
PENN	C	--0.49%
AXTA	B	--0.49%
ITT	A	--0.49%
ANET	C	--0.49%
NTRA	A	--0.49%
NET	B	--0.49%
NRG	B	--0.49%
ILMN	C	--0.49%
USB	A	--0.49%
HHH	B	--0.49%
TREX	C	--0.49%
RRC	B	--0.5%
NVT	B	--0.5%
CAR	C	--0.5%
GH	B	--0.5%
RF	A	--0.5%
VEEV	C	--0.51%
LPX	B	--0.51%
PEN	B	--0.51%
CBRE	B	--0.51%
ALB	B	--0.51%
TT	A	--0.51%
WAL	B	--0.51%
PWR	A	--0.51%
PFGC	B	--0.51%
NVDA	B	--0.51%
USFD	A	--0.51%
SNAP	D	--0.52%
CEG	C	--0.52%
FYBR	C	--0.52%
AR	B	--0.52%
ETN	A	--0.53%
FOUR	A	--0.53%
GNRC	C	--0.53%
NTRS	A	--0.53%
JHG	B	--0.53%
INTC	C	--0.53%
PYPL	B	--0.53%
DNLI	D	--0.53%
AA	A	--0.53%
MDB	B	--0.54%
SCHW	B	--0.54%
RBLX	C	--0.54%
URI	C	--0.54%
RMBS	B	--0.54%
ZION	B	--0.54%
DELL	B	--0.54%
KKR	A	--0.55%
RH	C	--0.55%
VNO	C	--0.55%
WCC	B	--0.55%
IOT	A	--0.55%
EXP	B	--0.55%
EXPE	B	--0.56%
XPO	B	--0.56%
PNFP	B	--0.56%
BX	A	--0.56%
TTD	B	--0.56%
OWL	A	--0.57%
COHR	B	--0.57%
GME	C	--0.57%
Z	A	--0.57%
CRWD	B	--0.57%
CG	B	--0.57%
SNV	C	--0.57%
SQ	A	--0.58%
EQT	B	--0.59%
TPG	A	--0.59%
MRVL	B	--0.59%
LYV	A	--0.6%
DASH	B	--0.6%
GTLS	A	--0.6%
TDOC	C	--0.6%
DAY	B	--0.6%
SAIA	B	--0.62%
CCL	A	--0.63%
PODD	C	--0.63%
DUOL	A	--0.65%
LITE	B	--0.66%
TSLA	B	--0.68%
HOOD	B	--0.68%
VRT	B	--0.68%
LYFT	C	--0.69%
COIN	C	--0.69%
CVNA	B	--0.69%
DAL	B	--0.69%
TOST	B	--0.7%
AXON	A	--0.74%
VST	A	--0.74%
PTON	A	--0.76%
SOFI	B	--0.78%
AFRM	A	--0.78%
PLTR	B	--0.85%