HDGE vs. RAVI ETF Comparison

Comparison of Ranger Equity Bear Bear ETF (HDGE) to FlexShares Ready Access Variable Income Fund (RAVI)

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

$20.16

Average Daily Volume

91,249

Number of Holdings ^*

* may have additional holdings in another (foreign) market

RAVI

FlexShares Ready Access Variable Income Fund

RAVI Description

The investment seeks maximum current income consistent with the preservation of capital and liquidity. The fund seeks to achieve the investment objective by investing at least 65% of its total assets in a non-diversified portfolio of fixed income instruments, including bonds, debt securities and other similar instruments issued by U.S. and non-U.S. public and private sector entities. The dollar-weighted average portfolio maturity of the fund is normally not expected to exceed two years. It may invest up to 20% of its total assets in fixed income securities and instruments of issuers in emerging markets. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$75.35

Average Daily Volume

56,272

Number of Holdings ^*

102

* may have additional holdings in another (foreign) market

Performance

Period	HDGE	RAVI
30 Days	-6.10%	0.52%
60 Days	-0.88%	0.95%
90 Days	2.80%	1.39%
12 Months	-13.89%	5.45%

1 Overlapping Holdings

	Symbol	Grade	Weight in HDGE	Weight in RAVI	Overlap
	LUV	D	-1.27%	0.18%	-1.27%

HDGE Overweight 65 Positions Relative to RAVI

Symbol	Grade	Weight
APPN	F	-0.33%
CCL	F	-0.95%
CZR	F	-0.96%
GO	F	-0.97%
ALGM	D	-0.98%
PX	F	-1.01%
EXTR	F	-1.01%
JACK	F	-1.03%
GPRE	F	-1.04%
ALB	C	-1.04%
NAPA	F	-1.06%
CLVT	F	-1.07%
CHRW	C	-1.08%
FIVN	F	-1.09%
SNA	D	-1.1%
DOCS	F	-1.11%
PCTY	D	-1.12%
LITE	F	-1.13%
NTST	C	-1.15%
NBR	F	-1.17%
GT	D	-1.18%
ROKU	F	-1.19%
HBI	F	-1.19%
IPGP	D	-1.19%
TDOC	F	-1.22%
ACI	D	-1.24%
ROIC	D	-1.24%
MCD	F	-1.25%
SNV	C	-1.26%
PHR	F	-1.26%
KLIC	D	-1.28%
ELF	D	-1.29%
MRTN	D	-1.29%
ATGE	A	-1.29%
APD	C	-1.31%
CABO	F	-1.32%
REG	F	-1.33%
THS	F	-1.34%
NXST	C	-1.34%
BILL	F	-1.35%
DAN	C	-1.36%
UI	D	-1.37%
TGNA	D	-1.37%
RKLB	D	-1.37%
YETI	F	-1.39%
WK	F	-1.39%
APTV	D	-1.39%
OLED	B	-1.4%
ALGT	F	-1.41%
ON	F	-1.41%
CSIQ	F	-1.41%
HLIO	B	-1.42%
CAR	D	-1.44%
WHR	F	-1.45%
RIVN	F	-1.5%
HUM	F	-1.51%
VLY	F	-1.52%
MRCY	D	-1.53%
SNDR	D	-1.55%
GLBE	F	-1.59%
KMX	D	-1.87%
O	B	-1.97%
DEO	D	-2.06%
NOV	D	-2.27%
PYCR	F	-2.56%

HDGE Underweight 101 Positions Relative to RAVI

Symbol	Grade	Weight
VLO	D	-1.51%
ED	A	-1.05%
OGS	C	-1.05%
OTIS	D	-0.95%
PYPL	C	-0.95%
KDP	B	-0.95%
PXD	B	-0.89%
DHR	C	-0.86%
LYB	C	-0.83%
DTE	A	-0.77%
GE	A	-0.76%
TSN	B	-0.7%
WM	B	-0.69%
CI	D	-0.67%
CM	C	-0.62%
GP	F	-0.59%
GILD	F	-0.59%
TFC	B	-0.59%
AIG	A	-0.57%
SJM	F	-0.57%
NEE	B	-0.57%
BAC	B	-0.57%
AZO	D	-0.52%
NVDA	B	-0.52%
BNS	D	-0.52%
D	B	-0.51%
BDX	F	-0.51%
TD	F	-0.51%
RY	A	-0.51%
SYK	D	-0.49%
CCI	D	-0.49%
AON	F	-0.46%
UNH	C	-0.43%
BMY	F	-0.43%
AMZN	A	-0.42%
SCHW	A	-0.42%
CRM	D	-0.4%
VFC	F	-0.39%
OGE	A	-0.39%
ETR	A	-0.38%
AEP	A	-0.38%
CVX	B	-0.33%
NDAQ	D	-0.31%
ARCC	A	-0.3%
T	B	-0.3%
HSBC	A	-0.29%
CFG	A	-0.29%
MLM	C	-0.28%
DELL	B	-0.28%
CMCSA	D	-0.28%
DB	B	-0.28%
CP	D	-0.27%
WFC	A	-0.26%
CAT	D	-0.26%
CLX	F	-0.26%
LEN	D	-0.26%
SO	A	-0.26%
ATHS	C	-0.26%
GS	A	-0.26%
AL	B	-0.25%
C	A	-0.24%
CMS	A	-0.24%
FIS	C	-0.23%
MCHP	B	-0.22%
FITB	A	-0.22%
PPL	A	-0.22%
FOXA	B	-0.21%
NYC	C	-0.21%
CNP	B	-0.2%
SBUX	F	-0.18%
MKC	B	-0.17%
AEE	C	-0.17%
BHF	D	-0.17%
CVS	F	-0.16%
KEY	C	-0.16%
SEB	C	-0.16%
UBS	D	-0.16%
PSX	D	-0.16%
AZN	A	-0.15%
NWG	A	-0.15%
BA	F	-0.15%
ICE	C	-0.15%
MUFG	D	-0.14%
MET	C	-0.13%
DHI	D	-0.13%
AMT	D	-0.13%
CNHI	D	-0.13%
ABBV	D	-0.13%
HPE	D	-0.11%
EFX	D	-0.1%
GM	B	-0.1%
VZ	D	-0.1%
MDLZ	B	-0.09%
R	A	-0.08%
HRL	B	-0.07%
ROP	D	-0.07%
DUK	A	-0.07%
COF	B	-0.06%
MS	A	-0.06%
PCAR	D	-0.05%
JPM	B	-0.03%