EHLS vs. FELC ETF Comparison

Comparison of Even Herd Long Short ETF (EHLS) to Fidelity Enhanced Large Cap Core ETF (FELC)

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

$23.30

Average Daily Volume

2,612

Number of Holdings ^*

271

* may have additional holdings in another (foreign) market

FELC

Fidelity Enhanced Large Cap Core ETF

FELC Description

The fund will normally invest at least 80% of assets in common stocks included in the S&P 500® Index, which is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$33.45

Average Daily Volume

587,086

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

Performance

Period	EHLS	FELC
30 Days	8.97%	1.74%
60 Days	10.38%	4.85%
90 Days	12.83%	5.62%
12 Months		33.14%

32 Overlapping Holdings

Symbol	Grade	Weight in EHLS	Weight in FELC	Overlap
AES	F	-0.17%	0.01%	-0.17%
ALRM	C	-0.32%	0.2%	-0.32%
ANET	C	0.88%	0.11%	0.11%
AXP	A	1.0%	0.31%	0.31%
BK	A	1.24%	0.11%	0.11%
CACI	D	0.42%	0.4%	0.4%
CTAS	B	1.48%	0.69%	0.69%
CVNA	B	1.29%	0.55%	0.55%
DASH	B	1.05%	0.18%	0.18%
DVN	F	-0.27%	0.53%	-0.27%
EXEL	B	0.23%	0.45%	0.23%
F	C	-0.25%	0.11%	-0.25%
HWM	A	1.8%	0.1%	0.1%
IDXX	F	-0.3%	0.22%	-0.3%
IGT	F	-0.22%	0.46%	-0.22%
META	D	1.64%	2.89%	1.64%
MGM	D	-0.26%	0.3%	-0.26%
MRK	D	-0.23%	0.99%	-0.23%
MSI	B	1.57%	0.5%	0.5%
NRG	B	1.2%	0.11%	0.11%
NUE	C	-0.23%	0.2%	-0.23%
NVDA	B	1.72%	7.39%	1.72%
PEGA	B	0.25%	0.1%	0.1%
PEP	F	-0.25%	0.05%	-0.25%
PGR	A	0.48%	0.74%	0.48%
PPG	F	-0.3%	0.3%	-0.3%
SKYW	C	0.76%	0.23%	0.23%
TDC	D	-0.29%	0.37%	-0.29%
TMO	F	-0.29%	0.33%	-0.29%
TMUS	B	0.96%	0.31%	0.31%
TWLO	A	0.49%	0.13%	0.13%
VST	A	1.31%	0.12%	0.12%

EHLS Overweight 239 Positions Relative to FELC

Symbol	Grade	Weight
SPOT	B	2.25%
BMA	C	2.14%
CSWI	B	2.03%
QTWO	A	1.82%
GDS	C	1.71%
LMB	B	1.7%
IRM	C	1.68%
PIPR	A	1.67%
SLG	B	1.62%
USLM	A	1.53%
HWKN	B	1.46%
GVA	A	1.41%
IGIC	B	1.33%
SE	A	1.3%
FICO	B	1.3%
CRS	B	1.27%
CW	C	1.26%
ADMA	B	1.26%
WELL	A	1.25%
PLTR	B	1.25%
TPB	B	1.24%
CEG	C	1.21%
SFM	A	1.2%
CLBT	B	1.2%
SKT	A	1.14%
REAX	D	1.1%
PAM	A	1.09%
RDNT	B	1.08%
SLVM	B	1.06%
ARES	A	1.05%
FTDR	B	1.04%
TRGP	A	1.03%
TPL	A	1.02%
HOOD	B	1.01%
BRO	B	1.0%
THC	D	0.98%
CBRE	B	0.98%
RSI	A	0.98%
NPAB	F	0.92%
EDN	B	0.92%
WAB	B	0.89%
JXN	C	0.87%
GLNG	C	0.86%
PNTG	D	0.84%
MOD	A	0.82%
IESC	C	0.79%
COOP	B	0.78%
CNX	A	0.76%
ISRG	A	0.76%
KKR	A	0.76%
EME	A	0.75%
BSX	A	0.71%
PSN	D	0.7%
CDNA	D	0.62%
HLNE	B	0.62%
CCB	A	0.56%
AMAL	B	0.56%
AIT	B	0.55%
ALSN	B	0.55%
NBN	C	0.54%
BBSI	B	0.54%
FTI	A	0.53%
CNK	C	0.51%
PKG	A	0.49%
VERX	A	0.49%
CLH	C	0.48%
FI	A	0.48%
TYL	B	0.48%
QFIN	A	0.47%
HUBB	B	0.46%
MMYT	B	0.46%
GRBK	D	0.46%
POWL	C	0.45%
UFPT	C	0.44%
RNA	C	0.44%
ALHC	C	0.42%
RKLB	A	0.39%
WULF	C	0.34%
YPF	B	0.32%
TCBX	B	0.3%
CEIX	A	0.3%
FRHC	B	0.28%
KTB	B	0.27%
MUSA	B	0.27%
PPTA	C	0.27%
CASH	B	0.27%
EXLS	B	0.26%
LYV	A	0.26%
SOFI	B	0.25%
MLR	C	0.25%
SNEX	B	0.25%
MATX	C	0.24%
ONON	A	0.24%
BBW	C	0.24%
GATO	C	0.23%
TRUP	B	0.23%
AORT	B	0.22%
CSTM	F	-0.07%
NEP	F	-0.09%
SPT	C	-0.14%
CVI	F	-0.15%
AMN	F	-0.16%
VSAT	F	-0.16%
PGNY	F	-0.17%
STNG	F	-0.17%
APTV	F	-0.18%
ENPH	F	-0.18%
WU	F	-0.18%
FLNG	C	-0.19%
W	D	-0.2%
BEN	C	-0.2%
COLD	D	-0.2%
VAL	F	-0.2%
AMRC	F	-0.2%
WRLD	C	-0.2%
ASH	F	-0.21%
ELF	C	-0.21%
DG	F	-0.21%
ADNT	F	-0.21%
WSC	F	-0.21%
ASML	F	-0.22%
ENOV	C	-0.22%
PARR	F	-0.22%
FIVE	F	-0.22%
AVTR	F	-0.22%
DOOO	F	-0.22%
LEA	F	-0.22%
CSGP	D	-0.23%
ROG	D	-0.23%
DLB	B	-0.23%
NTST	C	-0.23%
APA	D	-0.23%
IMCR	D	-0.23%
NKE	F	-0.23%
TEX	F	-0.23%
ELV	F	-0.23%
MCHP	F	-0.23%
OLN	F	-0.23%
SCL	C	-0.24%
OMI	F	-0.24%
ENTG	D	-0.24%
CWT	C	-0.24%
WPC	C	-0.24%
ODP	F	-0.24%
NSP	F	-0.24%
WOR	F	-0.24%
APLS	F	-0.24%
PLD	F	-0.24%
PD	C	-0.24%
ETSY	D	-0.24%
SITE	F	-0.24%
CC	C	-0.24%
ADM	D	-0.25%
HSY	F	-0.25%
JBSS	F	-0.25%
AKAM	D	-0.25%
OTEX	F	-0.25%
FTV	C	-0.25%
PCH	F	-0.25%
IPG	D	-0.25%
MTN	C	-0.25%
FUL	F	-0.25%
GIS	D	-0.25%
ATKR	D	-0.25%
REXR	F	-0.25%
ALV	C	-0.25%
GO	C	-0.26%
BG	D	-0.26%
THS	D	-0.26%
ARE	F	-0.26%
STZ	D	-0.26%
ALGM	D	-0.26%
IAC	F	-0.26%
CTRA	B	-0.26%
HDB	C	-0.26%
FMX	F	-0.26%
SON	F	-0.26%
CALX	D	-0.27%
COHU	C	-0.27%
HXL	F	-0.27%
ON	D	-0.27%
MTDR	B	-0.27%
SLAB	F	-0.27%
CNI	F	-0.27%
CWH	B	-0.27%
CDW	F	-0.27%
YELP	C	-0.28%
ALB	B	-0.28%
OKTA	C	-0.28%
VTLE	C	-0.28%
MUR	D	-0.28%
VRSN	C	-0.28%
MRTN	D	-0.28%
CRL	D	-0.28%
USPH	B	-0.28%
SJW	F	-0.28%
PZZA	F	-0.28%
CENTA	C	-0.28%
FIVN	C	-0.29%
UGI	C	-0.29%
HP	C	-0.29%
SJM	D	-0.29%
CHRD	D	-0.29%
LKQ	F	-0.29%
AMRK	F	-0.29%
AIN	C	-0.29%
MOS	F	-0.29%
URBN	C	-0.29%
CENT	C	-0.29%
SLB	C	-0.29%
SIGI	C	-0.29%
RPD	B	-0.29%
CIVI	D	-0.29%
EXC	C	-0.3%
PINS	F	-0.3%
ES	C	-0.3%
EG	C	-0.3%
SNOW	B	-0.3%
WFRD	D	-0.3%
RIO	D	-0.3%
HES	B	-0.3%
AVA	A	-0.3%
AWK	C	-0.3%
EVTC	B	-0.3%
HELE	C	-0.3%
ACI	C	-0.3%
DIOD	D	-0.3%
KMX	B	-0.31%
OXM	F	-0.31%
ZD	B	-0.31%
IRTC	C	-0.32%
CAR	C	-0.32%
VLO	C	-0.32%
TENB	C	-0.33%
OVV	B	-0.33%
NARI	C	-0.34%
AMR	C	-0.35%
UPS	C	-0.37%
PRGO	C	-0.44%

EHLS Underweight 138 Positions Relative to FELC

Symbol	Grade	Weight
AAPL	C	-7.38%
MSFT	D	-5.68%
AMZN	C	-3.93%
BRK.A	B	-2.25%
GOOGL	C	-2.05%
JPM	A	-1.94%
GOOG	C	-1.9%
AVGO	D	-1.72%
XOM	B	-1.56%
MA	B	-1.36%
TSLA	B	-1.31%
NFLX	A	-1.3%
HD	B	-1.29%
BAC	A	-1.2%
CRM	B	-1.15%
WMT	A	-1.14%
ABBV	F	-1.02%
PM	B	-0.94%
ADBE	C	-0.94%
QCOM	F	-0.88%
CMCSA	B	-0.86%
NEE	C	-0.84%
V	A	-0.82%
SCHW	B	-0.8%
UNP	C	-0.76%
LLY	F	-0.76%
BMY	B	-0.75%
JNJ	C	-0.74%
GILD	C	-0.74%
T	A	-0.73%
PG	C	-0.72%
LMT	D	-0.71%
RTX	D	-0.7%
AMAT	F	-0.68%
MU	D	-0.66%
CSCO	B	-0.66%
DIS	B	-0.65%
ECL	D	-0.63%
KLAC	F	-0.63%
CI	D	-0.63%
BDX	F	-0.62%
NOC	D	-0.6%
TJX	A	-0.59%
SPG	A	-0.59%
SQ	A	-0.58%
UNH	B	-0.57%
CAT	B	-0.57%
ABT	B	-0.56%
NOW	A	-0.55%
EOG	A	-0.54%
CSX	C	-0.54%
PCAR	B	-0.52%
TXT	D	-0.52%
DBX	B	-0.52%
TT	A	-0.52%
ZM	C	-0.51%
CME	B	-0.5%
CL	D	-0.47%
LRCX	F	-0.44%
TRV	B	-0.43%
ANF	F	-0.42%
PFE	F	-0.42%
GE	D	-0.39%
SSNC	B	-0.38%
NSC	B	-0.38%
AON	A	-0.35%
CMG	B	-0.35%
PYPL	B	-0.34%
MSCI	C	-0.33%
ALLE	C	-0.33%
AMGN	F	-0.33%
WM	B	-0.32%
SPGI	C	-0.31%
MS	A	-0.31%
COST	A	-0.31%
CAH	B	-0.31%
TROW	B	-0.31%
SEIC	B	-0.3%
MMC	B	-0.29%
INCY	C	-0.28%
CCL	A	-0.26%
CVS	D	-0.25%
LDOS	C	-0.24%
AMT	C	-0.24%
RSG	A	-0.24%
GAP	C	-0.22%
GRMN	B	-0.22%
LHX	C	-0.21%
LYFT	C	-0.21%
GL	C	-0.21%
MEDP	D	-0.21%
ADP	A	-0.2%
OXY	D	-0.19%
WDAY	B	-0.16%
FTNT	C	-0.15%
GS	A	-0.15%
ED	C	-0.15%
UBER	F	-0.14%
WTW	B	-0.14%
MMM	D	-0.13%
BKNG	A	-0.13%
UNM	A	-0.12%
PNC	B	-0.12%
QRVO	F	-0.12%
NBIX	C	-0.11%
CLX	A	-0.11%
BLD	D	-0.11%
LNW	F	-0.11%
BBWI	C	-0.11%
BIIB	F	-0.1%
WFC	A	-0.1%
PSA	C	-0.09%
SOLV	D	-0.09%
VEEV	C	-0.08%
MKL	A	-0.08%
FR	D	-0.08%
ZBRA	B	-0.06%
MCK	A	-0.06%
DHI	F	-0.06%
STLD	B	-0.06%
VZ	C	-0.06%
ORCL	A	-0.05%
AXTA	B	-0.05%
SCCO	F	-0.05%
PLTK	B	-0.04%
ROST	D	-0.04%
GEHC	D	-0.04%
SYK	B	-0.03%
KR	B	-0.03%
SWKS	F	-0.03%
A	D	-0.03%
CRUS	D	-0.03%
LPLA	A	-0.03%
GPN	B	-0.02%
C	A	-0.02%
DOCU	B	-0.02%
WBD	B	-0.01%
CVX	A	-0.01%