EHLS vs. FDLO ETF Comparison

Comparison of Even Herd Long Short ETF (EHLS) to Fidelity Low Volatility Factor ETF (FDLO)

EHLS

Even Herd Long Short ETF

EHLS Description

EHLS seeks long-term capital appreciation through a momentum-focused strategy that takes both long and short positions in US equity securities. In selecting securities, the fund employs a proprietary algorithm that emphasizes a dynamic, trend-focused analysis, instead of a strictly bottom-up valuation analysis, driven by price movements and other data points based on market trends and stock momentum. The sub-adviser may adjust its proprietary system that is continuously optimized and refined. The fund strategy involves taking long positions in equity securities exhibiting strong upward momentum and short positions in those showing downward momentum. The actively managed fund targets a net equity exposure from 40% to 90% net long, subject to adjustments based on market conditions. The fund aims to maintain 100% long and 10-60% short exposure. Short sales may include entering into swap agreements or the use of leverage.

Grade (RS Rating)

Last Trade

$22.37

Average Daily Volume

2,997

Number of Holdings ^*

279

* may have additional holdings in another (foreign) market

FDLO

Fidelity Low Volatility Factor ETF

FDLO Description

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Low Volatility Factor Index. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Low Volatility Factor Index, which is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with lower volatility than the broader market.

Grade (RS Rating)

Last Trade

$61.83

Average Daily Volume

75,235

Number of Holdings ^*

125

* may have additional holdings in another (foreign) market

Performance

Period	EHLS	FDLO
30 Days	5.16%	-0.05%
60 Days	8.64%	2.36%
90 Days	12.23%	5.12%
12 Months		22.90%

13 Overlapping Holdings

Symbol	Grade	Weight in EHLS	Weight in FDLO	Overlap
CSGP	F	-0.46%	0.19%	-0.46%
CTRA	B	-0.24%	0.18%	-0.24%
CVX	A	-0.3%	0.66%	-0.3%
HSY	F	-0.25%	0.24%	-0.25%
MRK	F	-0.25%	0.91%	-0.25%
MSI	B	1.5%	1.41%	1.41%
NKE	F	-0.23%	0.55%	-0.23%
PGR	A	0.48%	0.83%	0.48%
PKG	B	0.49%	0.19%	0.19%
TMUS	A	0.94%	0.94%	0.94%
TYL	B	0.49%	1.21%	0.49%
VRSN	C	-0.29%	1.09%	-0.29%
WMT	A	0.49%	0.93%	0.49%

EHLS Overweight 266 Positions Relative to FDLO

Symbol	Grade	Weight
BMA	B	2.18%
CSWI	B	2.08%
SPOT	A	1.95%
QTWO	B	1.91%
GDS	C	1.87%
NVDA	A	1.8%
HWM	B	1.79%
META	B	1.74%
LMB	B	1.73%
SLG	C	1.73%
IRM	D	1.71%
USLM	B	1.7%
PIPR	B	1.66%
FICO	B	1.6%
VST	B	1.54%
NRG	C	1.53%
CTAS	B	1.51%
HWKN	C	1.42%
GVA	B	1.4%
REAX	C	1.38%
CW	C	1.32%
SLVM	C	1.32%
ADMA	C	1.31%
CVNA	B	1.29%
IGIC	A	1.29%
CBRE	B	1.29%
CEG	D	1.29%
CLBT	C	1.27%
CRS	B	1.26%
SFM	B	1.25%
WELL	B	1.25%
TPL	B	1.23%
BK	B	1.22%
SE	B	1.21%
IIPR	F	1.18%
SKT	A	1.12%
TPB	B	1.11%
FTDR	B	1.08%
THC	B	1.06%
DASH	A	1.06%
PLTR	B	1.06%
CNX	B	1.05%
ARES	B	1.05%
ANET	C	1.01%
BRO	B	1.0%
AXP	B	1.0%
PAM	A	0.99%
GLNG	C	0.98%
RDNT	B	0.96%
JXN	C	0.95%
RSI	B	0.95%
ZETA	F	0.9%
WAB	B	0.9%
EDN	A	0.86%
MOD	D	0.85%
PNTG	D	0.85%
IESC	B	0.82%
NPAB	F	0.81%
COOP	B	0.8%
PSN	C	0.79%
KKR	B	0.77%
ISRG	A	0.76%
HOOD	B	0.75%
YOU	D	0.73%
CDNA	D	0.7%
TIGO	D	0.7%
BSX	A	0.7%
HLNE	B	0.61%
ALSN	B	0.56%
AMAL	B	0.56%
SKYW	B	0.56%
NBN	B	0.55%
BBSI	B	0.54%
TRGP	B	0.54%
AIT	A	0.54%
FTI	B	0.53%
CCB	A	0.53%
RNA	B	0.5%
CLH	B	0.5%
EME	B	0.5%
ALHC	C	0.5%
HUBB	C	0.49%
MMYT	C	0.49%
HRB	D	0.49%
OHI	C	0.48%
GRBK	D	0.47%
FI	A	0.47%
TEVA	D	0.46%
BEKE	C	0.45%
JD	C	0.43%
OSCR	D	0.32%
POWL	C	0.29%
CNK	B	0.29%
YPF	A	0.28%
MLR	C	0.28%
CASH	B	0.27%
FRHC	A	0.27%
RKLB	B	0.27%
EXLS	B	0.26%
KTB	A	0.26%
PPTA	C	0.26%
UFPT	C	0.26%
BBW	B	0.25%
LYV	A	0.25%
SNEX	B	0.25%
MUSA	B	0.25%
MATX	B	0.24%
EXEL	B	0.24%
VIST	B	0.24%
CACI	C	0.24%
AORT	C	0.24%
GATO	C	0.24%
TCBX	B	0.24%
ONON	B	0.23%
QFIN	C	0.23%
TRUP	B	0.21%
CSTM	F	-0.08%
NEP	F	-0.1%
CVI	F	-0.13%
CQP	B	-0.14%
STNG	F	-0.17%
AES	F	-0.17%
FLNG	C	-0.18%
WU	F	-0.18%
APTV	F	-0.19%
WRLD	C	-0.2%
BEN	C	-0.2%
ELF	C	-0.2%
VSAT	F	-0.2%
DG	F	-0.21%
ENPH	F	-0.21%
W	F	-0.21%
VAL	D	-0.21%
ALGT	B	-0.21%
ADNT	D	-0.21%
ASH	F	-0.22%
DOOO	F	-0.22%
LEA	F	-0.22%
COLD	F	-0.22%
OLN	F	-0.23%
FIVE	F	-0.23%
ASML	D	-0.23%
ENOV	C	-0.23%
APA	F	-0.23%
AMRC	F	-0.24%
MTN	C	-0.24%
F	C	-0.24%
ELV	F	-0.24%
CWT	D	-0.24%
AVTR	F	-0.24%
IGT	F	-0.24%
WPC	F	-0.24%
PLD	D	-0.24%
NTST	F	-0.24%
VC	F	-0.24%
WSC	F	-0.24%
SITE	D	-0.25%
CC	C	-0.25%
STZ	D	-0.25%
HTH	B	-0.25%
WOR	F	-0.25%
ETSY	D	-0.25%
FIVN	C	-0.25%
PCH	F	-0.25%
ROG	D	-0.25%
GO	C	-0.25%
GEF	B	-0.25%
DKNG	B	-0.25%
ADM	F	-0.25%
BG	D	-0.25%
ALV	C	-0.25%
REXR	F	-0.25%
TEX	D	-0.25%
NUE	D	-0.25%
DLB	D	-0.25%
FTV	C	-0.25%
MGM	D	-0.26%
MTDR	B	-0.26%
ODP	F	-0.26%
NSP	F	-0.26%
CWH	C	-0.26%
APLS	F	-0.26%
SON	F	-0.26%
KEYS	C	-0.26%
SCL	C	-0.26%
PD	C	-0.26%
FUL	F	-0.26%
DVN	F	-0.27%
FMX	F	-0.27%
CENTA	C	-0.27%
ZD	B	-0.27%
ALB	C	-0.27%
AMN	F	-0.27%
ENTG	F	-0.27%
MCHP	F	-0.27%
SIGI	B	-0.28%
MUR	D	-0.28%
ATKR	C	-0.28%
URBN	C	-0.28%
SJW	F	-0.28%
ARE	F	-0.28%
HXL	F	-0.28%
CNI	F	-0.28%
VTLE	C	-0.28%
IPG	F	-0.28%
AIN	C	-0.29%
EG	D	-0.29%
HES	B	-0.29%
OKTA	C	-0.29%
MRTN	C	-0.29%
LKQ	C	-0.29%
UGI	D	-0.29%
UPBD	B	-0.29%
SLB	C	-0.29%
HELE	C	-0.29%
YELP	C	-0.29%
CENT	C	-0.29%
SLAB	F	-0.3%
CHRD	D	-0.3%
CDW	F	-0.3%
KMX	B	-0.3%
EVTC	C	-0.3%
ON	F	-0.3%
DIS	B	-0.3%
ALGM	F	-0.3%
CAR	C	-0.3%
TDC	F	-0.3%
CIVI	D	-0.3%
LW	B	-0.3%
RPD	C	-0.3%
IAC	F	-0.3%
SNOW	C	-0.3%
OXM	D	-0.31%
NEO	B	-0.31%
HP	C	-0.31%
CRL	C	-0.31%
ALLY	C	-0.31%
OVV	C	-0.31%
COHU	C	-0.31%
CARS	B	-0.31%
VLO	C	-0.31%
WFRD	F	-0.32%
FIZZ	C	-0.32%
PZZA	D	-0.32%
SPT	C	-0.32%
CALX	F	-0.32%
IOSP	B	-0.32%
MTRN	B	-0.33%
BHF	B	-0.33%
TENB	C	-0.34%
IRTC	C	-0.35%
AMR	C	-0.35%
DIOD	F	-0.35%
NARI	C	-0.35%
PINS	F	-0.36%
QLYS	B	-0.36%
UPS	C	-0.37%
PGNY	F	-0.38%
RYI	B	-0.4%
PARR	F	-0.44%
EPAM	B	-0.44%
PRGO	C	-0.44%
OMI	F	-0.47%
IMCR	C	-0.54%
USPH	C	-0.56%
ALRM	C	-0.58%

EHLS Underweight 112 Positions Relative to FDLO

Symbol	Grade	Weight
AAPL	C	-7.22%
MSFT	C	-6.98%
GOOGL	C	-4.25%
AMZN	A	-4.0%
BRK.A	B	-2.04%
ORCL	A	-2.01%
JPM	A	-1.79%
CSCO	A	-1.75%
LLY	F	-1.65%
ACN	B	-1.6%
IBM	D	-1.58%
TXN	B	-1.58%
UNH	B	-1.55%
V	A	-1.43%
MA	B	-1.31%
ROP	A	-1.24%
AKAM	F	-1.21%
ABBV	F	-1.18%
JNJ	D	-1.18%
DOX	C	-1.17%
XOM	B	-1.17%
HD	B	-1.14%
CMCSA	B	-0.96%
T	A	-0.95%
PG	C	-0.93%
VZ	D	-0.89%
ABT	C	-0.88%
TMO	F	-0.83%
MCD	C	-0.8%
AMGN	F	-0.79%
VRTX	B	-0.73%
ETN	B	-0.71%
EA	A	-0.7%
LOW	B	-0.69%
CB	C	-0.68%
KO	F	-0.67%
MMC	D	-0.67%
SBUX	B	-0.67%
CME	B	-0.67%
TRV	B	-0.66%
ADP	A	-0.66%
HON	B	-0.65%
UNP	D	-0.64%
PEP	D	-0.63%
TJX	A	-0.62%
AJG	A	-0.59%
LMT	D	-0.59%
PM	B	-0.59%
BDX	F	-0.59%
AIZ	A	-0.57%
FDS	A	-0.57%
ITW	B	-0.55%
CBOE	D	-0.54%
WRB	B	-0.54%
FAST	B	-0.54%
LIN	D	-0.54%
WM	A	-0.54%
REGN	F	-0.53%
JKHY	C	-0.52%
NOC	D	-0.52%
ORLY	A	-0.52%
GRMN	A	-0.51%
GD	C	-0.51%
PAYX	B	-0.51%
LHX	B	-0.5%
BAH	C	-0.49%
RSG	B	-0.47%
AZO	B	-0.47%
ERIE	F	-0.47%
OTIS	D	-0.47%
TSCO	D	-0.47%
J	D	-0.4%
COP	C	-0.4%
MDLZ	F	-0.38%
FCN	F	-0.36%
SO	D	-0.36%
DUK	D	-0.35%
CL	F	-0.34%
WMB	B	-0.32%
SHW	A	-0.3%
EQIX	B	-0.3%
HII	F	-0.29%
KMI	B	-0.29%
KMB	D	-0.29%
EOG	A	-0.29%
GIS	F	-0.28%
XEL	A	-0.28%
AMT	F	-0.28%
AEP	D	-0.27%
WEC	B	-0.26%
DLR	C	-0.26%
LNG	B	-0.26%
APD	B	-0.26%
ED	D	-0.25%
PSA	D	-0.24%
ECL	C	-0.24%
AEE	B	-0.24%
CMS	D	-0.23%
O	D	-0.22%
DTM	A	-0.22%
CTVA	C	-0.21%
MLM	B	-0.2%
VMC	B	-0.2%
CCI	F	-0.2%
EQR	C	-0.18%
ATR	A	-0.17%
MAA	C	-0.17%
AMCR	D	-0.15%
ADC	A	-0.15%
AVY	F	-0.15%
AMH	C	-0.15%
ELS	B	-0.15%