DVOL vs. CBLS ETF Comparison

Comparison of First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) to Changebridge Capital Long/Short Equity ETF (CBLS)

DVOL

First Trust Dorsey Wright Momentum & Low Volatility ETF

DVOL Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an index called the Dorsey Wright Momentum Plus Low Volatility Index (the "index"). Under normal conditions, the fund will invest at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the index. The index is a rules-based equity index designed to track the overall performance of the 50 stocks comprising the NASDAQ US Large Mid Index that exhibit the lowest levels of volatility while still maintaining high levels of "relative strength." The fund is non-diversified.

Grade (RS Rating)

Last Trade

$36.19

Average Daily Volume

3,871

Number of Holdings ^*

* may have additional holdings in another (foreign) market

CBLS

Changebridge Capital Long/Short Equity ETF

CBLS Description

The investment seeks long-term capital appreciation while minimizing volatility. The Adviser also considers an assessment of a company's ESG attributes in determining the attractiveness of an investment opportunity. In general, the fund's investments are broadly invested over a number of sectors, but it may focus on the technology, consumer, and healthcare sectors. Under normal circumstances, at least 80% of the fund's net assets, plus borrowings for investment purposes, will be invested long or short in equity securities, including common stocks and depositary receipts. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$26.83

Average Daily Volume

2,139

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	DVOL	CBLS
30 Days	5.31%	4.28%
60 Days	9.13%	5.58%
90 Days	11.43%	5.18%
12 Months	35.52%	35.65%

4 Overlapping Holdings

Symbol	Grade	Weight in DVOL	Weight in CBLS	Overlap
COST	A	1.68%	2.64%	1.68%
RTX	D	2.34%	2.29%	2.29%
TDG	D	0.88%	1.78%	0.88%
WMT	A	2.4%	2.75%	2.4%

DVOL Overweight 46 Positions Relative to CBLS

Symbol	Grade	Weight
TMUS	B	3.36%
RSG	A	3.14%
V	A	3.05%
KMI	A	3.04%
DTM	A	2.98%
FI	A	2.92%
MMC	B	2.88%
WMB	A	2.83%
MSI	B	2.8%
MA	B	2.8%
INGR	C	2.75%
CACI	D	2.75%
TJX	A	2.68%
LIN	C	2.68%
CTAS	B	2.64%
WELL	A	2.64%
CB	C	2.52%
NOC	D	2.49%
HLT	A	2.31%
OKE	A	2.3%
AMP	A	2.23%
BRO	B	2.22%
PKG	A	2.07%
JPM	A	1.96%
AM	A	1.77%
MSFT	D	1.7%
CW	C	1.65%
EHC	B	1.64%
AFL	B	1.52%
GWW	B	1.49%
WAB	B	1.44%
AIG	B	1.4%
HEI	A	1.37%
CAH	B	1.31%
ALL	A	1.26%
ENSG	C	1.26%
TRV	B	1.23%
PTC	B	1.22%
HLI	A	1.21%
PGR	A	1.09%
SF	B	1.07%
BRX	A	1.04%
RGA	A	1.01%
TW	A	0.98%
WRB	A	0.96%
MTG	C	0.95%

DVOL Underweight 59 Positions Relative to CBLS

Symbol	Grade	Weight
NVDA	B	-3.31%
LNG	A	-3.31%
WTTR	A	-3.07%
INTC	C	-2.91%
AMZN	C	-2.83%
GTLS	A	-2.81%
MGNI	B	-2.76%
SKY	A	-2.73%
BWXT	B	-2.7%
ORCL	A	-2.62%
STRL	A	-2.54%
CCL	A	-2.49%
RDDT	A	-2.45%
OSW	B	-2.43%
IBN	C	-2.38%
ECL	D	-2.32%
GD	D	-2.32%
NARI	C	-2.3%
ROL	B	-2.28%
D	C	-2.24%
AER	A	-2.24%
VST	A	-2.23%
SO	C	-2.23%
NEE	C	-2.12%
ERJ	A	-2.12%
HUMA	F	-2.11%
SCHW	B	-2.08%
MC	C	-1.98%
ETR	B	-1.93%
SCI	B	-1.92%
DELL	B	-1.91%
CRSP	D	-0.86%
KLG	B	--0.49%
KDP	F	--0.5%
POST	C	--0.5%
GIS	D	--0.51%
PEP	F	--0.51%
DOOO	F	--0.9%
TTC	C	--0.93%
R	B	--0.95%
GIII	D	--0.97%
PFE	F	--1.06%
SIG	B	--1.07%
JNJ	C	--1.1%
MRNA	F	--1.15%
MIDD	C	--1.16%
ROK	C	--1.17%
ENR	B	--1.19%
AME	A	--1.2%
NVO	F	--1.3%
LLY	F	--1.37%
F	C	--1.41%
DE	B	--1.45%
HELE	C	--1.71%
HSY	F	--1.75%
VSAT	F	--1.75%
GOGO	C	--1.77%
NOW	A	--1.8%
TSLA	B	--2.63%