HDGE vs. CLSE ETF Comparison

Comparison of Ranger Equity Bear Bear ETF (HDGE) to Convergence Long/Short Equity ETF (CLSE)

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

$21.08

Average Daily Volume

81,850

Number of Holdings ^*

* may have additional holdings in another (foreign) market

CLSE

Convergence Long/Short Equity ETF

CLSE Description

The investment seeks long-term capital growth. The fund seeks to invest, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in long and short positions in equity securities of domestic companies. The adviser intends to maintain a net long exposure (the market value of long positions minus the market value of short positions) of approximately 50% to 100%. Under normal market conditions, the fund’s long positions may range from approximately 90% to 150% and its short positions may range from approximately 20% to 70%.

Grade (RS Rating)

Last Trade

$21.65

Average Daily Volume

93,171

Number of Holdings ^*

342

* may have additional holdings in another (foreign) market

Performance

Period	HDGE	CLSE
30 Days	2.78%	1.83%
60 Days	-0.14%	6.55%
90 Days	7.20%	5.87%
12 Months	-1.13%	42.11%

13 Overlapping Holdings

Symbol	Grade	Weight in HDGE	Weight in CLSE	Overlap
ALB	F	-1.17%	-0.26%	-1.17%
ALGM	F	-1.04%	-0.34%	-1.04%
CACC	D	-1.42%	-0.18%	-1.42%
CAR	D	-1.38%	-0.16%	-1.38%
EQIX	D	-1.7%	-0.12%	-1.7%
KLIC	C	-1.4%	-0.84%	-1.4%
KMX	C	-2.1%	-0.29%	-2.1%
LGIH	F	-1.35%	-0.08%	-1.35%
LW	C	-1.24%	-0.24%	-1.24%
O	D	-1.48%	-0.16%	-1.48%
RIVN	C	-1.78%	-0.21%	-1.78%
UCBI	D	-1.28%	-0.21%	-1.28%
WOLF	D	-1.15%	-0.61%	-1.15%

HDGE Overweight 52 Positions Relative to CLSE

Symbol	Grade	Weight
CLBK	F	-0.38%
OMCL	F	-0.81%
ATGE	B	-0.94%
XRX	F	-0.99%
VLY	F	-0.99%
BC	F	-1.08%
KIM	B	-1.1%
ETSY	F	-1.1%
NBR	D	-1.11%
WK	F	-1.11%
TEAM	D	-1.12%
VICR	F	-1.12%
NAPA	F	-1.12%
ROKU	F	-1.16%
GT	F	-1.16%
SOFI	F	-1.18%
HGV	D	-1.18%
SNA	D	-1.19%
NOV	C	-1.2%
IPGP	F	-1.21%
WPC	D	-1.22%
SPT	F	-1.23%
PDFS	B	-1.24%
MGRC	D	-1.24%
TDY	D	-1.25%
EXTR	C	-1.26%
ACN	C	-1.26%
TRNO	C	-1.28%
GSHD	F	-1.28%
OII	C	-1.28%
VRSN	C	-1.31%
SNV	C	-1.32%
ROIC	D	-1.35%
RF	C	-1.39%
MRTN	C	-1.4%
FR	C	-1.4%
SMAR	B	-1.51%
THS	C	-1.52%
REG	B	-1.53%
ON	D	-1.56%
VEEV	D	-1.58%
LUV	B	-1.59%
HELE	F	-1.6%
MRCY	F	-1.63%
SNDR	C	-1.67%
DASH	D	-1.74%
PHR	D	-1.8%
HUM	C	-1.8%
GLBE	C	-1.81%
CFR	D	-1.87%
EGP	C	-1.96%
DEO	F	-2.09%

HDGE Underweight 329 Positions Relative to CLSE

Symbol	Grade	Weight
NVDA	C	-5.2%
MSFT	A	-3.52%
AMZN	B	-3.25%
GOOGL	A	-2.87%
QCOM	C	-2.71%
MU	C	-2.66%
AMAT	B	-2.48%
GOOG	A	-2.35%
ANET	B	-2.04%
APP	B	-1.94%
NTAP	B	-1.93%
SNX	C	-1.82%
META	B	-1.62%
COIN	C	-1.49%
CRWD	A	-1.42%
AAPL	B	-1.39%
WMT	B	-1.31%
GDDY	A	-1.3%
IBM	B	-1.25%
NTNX	C	-1.11%
SPOT	B	-1.1%
CVNA	A	-1.08%
CVLT	A	-1.08%
NFLX	B	-1.01%
LLY	A	-0.88%
SYF	B	-0.88%
ABBV	B	-0.87%
HALO	A	-0.86%
T	A	-0.86%
CRBG	B	-0.85%
AMG	C	-0.84%
OGN	B	-0.81%
HIMS	C	-0.8%
MUSA	A	-0.8%
JNJ	F	-0.8%
PYPL	D	-0.78%
MRK	A	-0.78%
HD	C	-0.78%
MPC	C	-0.78%
DOCU	D	-0.77%
BAC	B	-0.76%
EME	B	-0.75%
AMGN	B	-0.75%
ICLR	B	-0.75%
MCK	A	-0.75%
VRT	C	-0.73%
MO	A	-0.72%
BRBR	C	-0.71%
PBF	D	-0.7%
GM	B	-0.7%
PG	A	-0.7%
HOOD	B	-0.7%
PAGS	F	-0.69%
MRO	B	-0.69%
SEIC	C	-0.69%
THC	B	-0.68%
BG	B	-0.68%
HQY	B	-0.67%
SM	C	-0.66%
VLO	C	-0.65%
WFC	D	-0.65%
AMRX	C	-0.64%
JPM	B	-0.64%
PRU	A	-0.63%
F	C	-0.62%
XOM	C	-0.61%
SKYW	B	-0.61%
TSN	C	-0.61%
OC	C	-0.6%
PPC	C	-0.6%
AXP	C	-0.59%
FTDR	C	-0.58%
FITB	C	-0.58%
STRL	C	-0.57%
UMBF	C	-0.57%
DOCS	C	-0.56%
VST	B	-0.54%
DVA	B	-0.54%
MLI	C	-0.53%
NU	B	-0.53%
ACIW	A	-0.52%
IIPR	B	-0.52%
UHS	B	-0.51%
SQ	D	-0.51%
KNF	C	-0.5%
LNTH	B	-0.5%
ITRI	C	-0.49%
LOPE	D	-0.49%
GVA	B	-0.48%
BAH	B	-0.48%
ROAD	C	-0.48%
UNP	D	-0.48%
RGA	B	-0.48%
ALL	C	-0.47%
LDOS	A	-0.47%
SLVM	B	-0.46%
NEE	B	-0.46%
IESC	C	-0.45%
PNW	C	-0.45%
DY	C	-0.45%
DPZ	B	-0.44%
PSTG	C	-0.44%
VTRS	D	-0.44%
NRG	B	-0.44%
GFF	D	-0.43%
UBER	B	-0.43%
CAT	C	-0.43%
BCO	A	-0.42%
POWL	C	-0.42%
BCC	D	-0.42%
REZI	D	-0.42%
FCX	C	-0.41%
NEM	B	-0.41%
CNA	C	-0.41%
NSA	B	-0.4%
GMS	D	-0.4%
GLPI	C	-0.39%
GRMN	B	-0.36%
EXP	D	-0.35%
PINS	A	-0.35%
STLD	D	-0.35%
WDC	B	-0.35%
SPG	B	-0.34%
STAG	C	-0.34%
BLD	D	-0.34%
SMCI	C	-0.33%
DKNG	D	-0.33%
ANF	C	-0.32%
JHG	B	-0.32%
AMR	F	-0.3%
IBP	D	-0.29%
BKNG	A	-0.29%
AVA	D	-0.28%
PGR	C	-0.27%
KD	B	-0.26%
CNC	D	-0.26%
KR	D	-0.25%
FDX	C	-0.23%
SKT	D	-0.22%
EBAY	B	-0.22%
PFE	C	-0.22%
MAN	D	-0.2%
BLDR	F	-0.2%
J	D	-0.2%
NTRA	B	-0.2%
HRB	A	-0.19%
DECK	C	-0.19%
GLW	A	-0.17%
MGM	B	-0.16%
EXC	D	-0.13%
APPF	B	-0.12%
FG	D	-0.12%
INCY	B	-0.12%
VCTR	C	-0.08%
NEU	D	-0.07%
QQQ	A	-0.0%
IRT	A	--0.04%
DOC	B	--0.05%
WHR	F	--0.05%
WOR	F	--0.06%
VTR	A	--0.06%
JOBY	D	--0.06%
RYAN	B	--0.07%
PCH	F	--0.07%
RRC	D	--0.07%
MCW	D	--0.08%
LPX	C	--0.08%
AES	D	--0.08%
AWR	D	--0.08%
COLD	C	--0.08%
CHDN	A	--0.08%
PYCR	D	--0.09%
PENN	C	--0.09%
PNM	D	--0.09%
CWST	B	--0.1%
ATO	B	--0.1%
NSC	D	--0.1%
VAC	F	--0.1%
PR	C	--0.1%
DAY	F	--0.1%
JBHT	F	--0.1%
SUI	C	--0.11%
EXR	B	--0.11%
ACVA	C	--0.11%
PLNT	B	--0.11%
CRS	B	--0.12%
MAC	D	--0.12%
VFC	C	--0.12%
WTM	B	--0.13%
NARI	C	--0.13%
NOVT	C	--0.14%
LHX	A	--0.14%
TXG	F	--0.14%
PGNY	F	--0.14%
SITC	B	--0.14%
AGL	D	--0.14%
RUN	C	--0.15%
XYL	C	--0.15%
WTW	B	--0.15%
FMC	D	--0.15%
FLNC	D	--0.15%
CZR	C	--0.15%
WAFD	D	--0.15%
KNSL	F	--0.15%
AAP	F	--0.15%
UHAL	D	--0.15%
CNXC	F	--0.15%
GATX	C	--0.16%
UEC	F	--0.16%
VMC	D	--0.16%
AJG	B	--0.16%
BE	C	--0.16%
SHC	C	--0.16%
KVUE	D	--0.16%
FOXF	C	--0.16%
XP	D	--0.17%
DG	D	--0.17%
CHK	D	--0.17%
MTN	F	--0.17%
ROK	D	--0.17%
LNC	B	--0.17%
ALLY	B	--0.18%
PRCT	C	--0.18%
PPBI	D	--0.18%
FL	B	--0.18%
MSGS	C	--0.18%
ASB	D	--0.18%
SBCF	D	--0.18%
IVZ	C	--0.19%
IRTC	C	--0.19%
NFE	F	--0.19%
SPR	C	--0.19%
DLTR	F	--0.19%
IPAR	C	--0.19%
EL	F	--0.19%
CARR	B	--0.2%
GO	D	--0.2%
GMED	A	--0.2%
TSLA	C	--0.2%
KNX	C	--0.2%
CG	D	--0.2%
CRL	F	--0.21%
GTLS	C	--0.21%
APD	C	--0.21%
NTLA	C	--0.21%
EVR	B	--0.21%
RBA	B	--0.21%
GLOB	C	--0.21%
NOG	C	--0.22%
NXST	C	--0.22%
VVV	B	--0.22%
WAL	C	--0.22%
ARWR	C	--0.22%
BANC	D	--0.22%
BOKF	C	--0.22%
CNH	F	--0.22%
FSLR	C	--0.23%
HSY	D	--0.23%
GPOR	D	--0.23%
PEN	F	--0.23%
SUM	D	--0.23%
LAD	F	--0.23%
HI	D	--0.23%
RNR	B	--0.24%
BIO	D	--0.24%
TGNA	D	--0.24%
INST	B	--0.25%
OKE	B	--0.25%
AEIS	C	--0.25%
D	D	--0.25%
EQT	D	--0.25%
FCNCA	D	--0.25%
ALNY	A	--0.25%
FIVE	F	--0.26%
MS	B	--0.26%
SJM	F	--0.26%
VSAT	F	--0.27%
FICO	A	--0.27%
DIOD	D	--0.28%
FOUR	C	--0.28%
NDAQ	C	--0.28%
DAR	D	--0.28%
RVMD	B	--0.28%
BX	B	--0.29%
HASI	C	--0.29%
MKTX	F	--0.29%
MC	D	--0.29%
GE	D	--0.29%
NEOG	C	--0.3%
SBUX	F	--0.3%
GS	B	--0.3%
INSP	F	--0.31%
PARA	F	--0.31%
RCM	B	--0.31%
FIVN	F	--0.32%
ASAN	D	--0.32%
CCOI	F	--0.32%
UI	C	--0.32%
ZI	F	--0.33%
APLS	F	--0.33%
IAC	F	--0.35%
BBIO	F	--0.35%
TTWO	B	--0.36%
WBD	F	--0.37%
LBRDK	D	--0.38%
TECH	C	--0.38%
BOOT	B	--0.39%
MARA	C	--0.4%
VSH	F	--0.4%
RH	F	--0.43%
CFLT	F	--0.46%
SRE	B	--0.46%
SATS	C	--0.47%
U	F	--0.47%
DV	D	--0.47%
LYV	D	--0.47%
RIOT	D	--0.48%
FND	D	--0.5%
ZBRA	C	--0.53%
LITE	B	--0.55%
COHR	B	--0.57%
TXN	B	--0.58%
BA	D	--0.58%
CGNX	B	--0.59%
PANW	B	--0.62%
SNPS	B	--0.63%
GFS	C	--0.66%
MCHP	D	--0.73%
INTC	F	--0.89%