HDGE vs. FTLS ETF Comparison

Comparison of Ranger Equity Bear Bear ETF (HDGE) to First Trust Long/Short Equity (FTLS)

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

$18.75

Average Daily Volume

98,412

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FTLS

First Trust Long/Short Equity

FTLS Description

The investment seeks to provide investors with long-term total return. Under normal circumstances, at least 80% of the fund's assets (plus the amount of any borrowing for investment purposes) will be exposed to U.S. exchange-listed equity securities of U.S. and foreign companies by investing in such securities directly and/or in U.S. exchange-traded funds ("ETFs") that provide exposure to such securities. It may invest up to 20% of its net assets (plus the amount of any borrowing for investment purposes) in U.S. exchange-listed equity index futures contracts. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$63.65

Average Daily Volume

135,516

Number of Holdings ^*

388

* may have additional holdings in another (foreign) market

Performance

Period	HDGE	FTLS
30 Days	-4.38%	2.02%
60 Days	-7.36%	5.25%
90 Days	-9.72%	1.15%
12 Months	-15.91%	22.25%

8 Overlapping Holdings

Symbol	Grade	Weight in HDGE	Weight in FTLS	Overlap
ALB	D	-1.58%	-0.03%	-1.58%
CFLT	F	-1.67%	-0.03%	-1.67%
ENR	B	-1.42%	-0.03%	-1.42%
GLBE	C	-1.49%	0.16%	-1.49%
LOGI	D	-1.74%	0.15%	-1.74%
MARA	F	-1.21%	-0.03%	-1.21%
PENN	D	-1.41%	0.37%	-1.41%
SNA	C	-1.73%	0.27%	-1.73%

HDGE Overweight 47 Positions Relative to FTLS

Symbol	Grade	Weight
ROKU	C	-1.11%
CAR	D	-1.18%
LKQ	F	-1.19%
CACC	F	-1.19%
DECK	B	-1.19%
ANSS	D	-1.19%
NTST	F	-1.23%
WU	D	-1.25%
WFC	B	-1.26%
ZS	F	-1.27%
CFR	B	-1.33%
FLYW	F	-1.34%
AAL	D	-1.34%
HGV	F	-1.35%
DAR	F	-1.39%
MTRN	F	-1.42%
VYX	C	-1.42%
NGVT	D	-1.45%
MRTN	F	-1.45%
CWH	C	-1.45%
XRX	D	-1.47%
PAYC	D	-1.49%
WSM	C	-1.5%
DDOG	B	-1.54%
SIG	C	-1.54%
WEX	C	-1.56%
ETSY	F	-1.57%
COIN	F	-1.57%
MKSI	F	-1.62%
PTC	B	-1.62%
FR	D	-1.67%
INFA	D	-1.7%
PCOR	D	-1.75%
ODP	F	-1.77%
NCNO	F	-1.77%
CMA	C	-1.79%
NET	D	-1.81%
IRDM	C	-1.82%
SABR	C	-1.92%
MCW	F	-1.94%
DKNG	C	-2.05%
WK	D	-2.24%
CVS	D	-2.34%
KSS	D	-2.36%
TEAM	D	-2.37%
MAR	A	-2.41%
OZK	D	-2.56%

HDGE Underweight 380 Positions Relative to FTLS

Symbol	Grade	Weight
AAPL	C	-7.52%
MSFT	D	-4.52%
NVDA	B	-4.05%
AMZN	C	-2.46%
LOW	C	-2.16%
ACN	B	-2.07%
TMUS	A	-2.03%
C	B	-2.0%
JNJ	D	-1.99%
QCOM	D	-1.98%
SCHW	D	-1.84%
PM	D	-1.83%
META	A	-1.76%
FDX	F	-1.57%
CME	A	-1.55%
PH	A	-1.51%
MPC	D	-1.43%
MO	D	-1.41%
VLO	F	-1.4%
CL	D	-1.34%
GOOGL	B	-1.32%
USB	C	-1.23%
BRK.A	B	-1.12%
GOOG	B	-1.11%
AVGO	B	-1.09%
ILMN	B	-1.05%
CTAS	C	-1.03%
LNG	A	-1.02%
KMI	A	-1.01%
HPQ	B	-0.98%
TRV	B	-0.98%
TFC	D	-0.95%
FIS	A	-0.95%
LLY	D	-0.95%
SYY	D	-0.87%
HWM	A	-0.86%
ALL	A	-0.85%
JPM	C	-0.82%
FANG	D	-0.79%
PBR	B	-0.77%
NTAP	D	-0.77%
JBL	C	-0.71%
AFL	A	-0.71%
TOL	C	-0.67%
CROX	C	-0.64%
RL	B	-0.63%
SYF	A	-0.61%
NVR	C	-0.59%
CSL	A	-0.59%
INSM	D	-0.56%
CF	A	-0.55%
VLTO	A	-0.53%
PNR	C	-0.52%
SWK	C	-0.52%
MAS	C	-0.49%
TWLO	B	-0.49%
NVS	D	-0.47%
VRSN	C	-0.47%
CAG	D	-0.46%
BJ	B	-0.45%
OKTA	F	-0.44%
VICI	C	-0.43%
EAT	A	-0.43%
ZIM	D	-0.43%
GEN	A	-0.42%
FLEX	B	-0.4%
GL	C	-0.39%
NTRS	B	-0.36%
FFIV	B	-0.36%
TTC	F	-0.34%
TKO	A	-0.34%
DBX	C	-0.33%
ASO	D	-0.33%
EXP	C	-0.33%
CRS	B	-0.32%
CCK	C	-0.31%
PI	A	-0.31%
WRB	C	-0.3%
LPX	C	-0.3%
ALLY	F	-0.29%
JAZZ	F	-0.28%
SPYV	A	-0.26%
RPRX	D	-0.26%
IWD	A	-0.26%
SCHV	A	-0.26%
AYI	A	-0.24%
CNK	D	-0.22%
UHS	D	-0.22%
HRB	C	-0.21%
AIZ	B	-0.21%
MSM	D	-0.21%
STNG	B	-0.21%
KNSL	B	-0.21%
EWBC	B	-0.2%
WHD	A	-0.19%
TWST	D	-0.19%
MGY	B	-0.18%
THO	C	-0.18%
SAM	D	-0.18%
ADMA	A	-0.17%
COLB	C	-0.16%
LEG	D	-0.16%
OPCH	F	-0.16%
ALSN	A	-0.16%
ALKS	B	-0.16%
EXEL	B	-0.15%
BFAM	C	-0.15%
PRI	A	-0.14%
UMBF	C	-0.14%
CRC	B	-0.14%
ORI	A	-0.14%
SFM	A	-0.13%
SIGI	D	-0.13%
TXG	F	-0.13%
MATX	C	-0.13%
MTG	A	-0.13%
CALM	A	-0.13%
PNFP	B	-0.13%
PAA	B	-0.13%
CBT	B	-0.13%
AXS	A	-0.13%
NSA	D	-0.12%
CSWI	A	-0.12%
GMS	B	-0.12%
SKYW	B	-0.12%
GFF	C	-0.12%
CBSH	D	-0.11%
ZWS	A	-0.11%
AM	A	-0.11%
SMPL	D	-0.11%
WGO	D	-0.11%
HESM	C	-0.11%
GRBK	C	-0.11%
BFH	D	-0.11%
GM	D	-0.11%
YOU	C	-0.11%
MMS	C	-0.11%
KRG	C	-0.11%
RDFN	C	-0.11%
LCII	C	-0.1%
VRNA	B	-0.1%
PPC	C	-0.1%
ESNT	A	-0.1%
DBRG	D	-0.1%
FTDR	B	-0.1%
ENLC	A	-0.1%
TCBI	B	-0.09%
PRGS	A	-0.09%
EPR	C	-0.09%
FOLD	F	-0.09%
EXTR	D	-0.09%
THG	A	-0.09%
TBBK	A	-0.09%
ABM	D	-0.09%
LANC	F	-0.08%
GBCI	B	-0.08%
MQ	F	-0.08%
VCYT	C	-0.08%
LOPE	D	-0.08%
KFY	C	-0.08%
BOH	D	-0.07%
REVG	D	-0.07%
UBSI	D	-0.07%
MYGN	D	-0.07%
BCRX	D	-0.07%
KMPR	D	-0.07%
OTEX	D	-0.07%
NMIH	B	-0.07%
HAYW	C	-0.07%
AVNT	C	-0.07%
CARG	C	-0.07%
AZZ	B	-0.07%
RLI	A	-0.07%
CUBI	F	-0.07%
TRMD	D	-0.07%
ROIC	C	-0.06%
FHB	D	-0.06%
PLMR	A	-0.06%
COLL	A	-0.06%
AMPH	C	-0.06%
EBC	B	-0.06%
WMB	A	-0.06%
GSL	C	-0.06%
WFG	C	-0.06%
BRC	C	-0.06%
PBH	D	-0.06%
ICFI	C	-0.06%
ADUS	D	-0.06%
PAYO	A	-0.06%
PLXS	A	-0.06%
SUPN	D	-0.05%
CDNA	B	-0.05%
AUB	D	-0.05%
VIST	C	--0.02%
PAR	D	--0.02%
FAST	C	--0.02%
VSAT	F	--0.02%
DNB	D	--0.02%
CBU	D	--0.02%
FSLR	C	--0.02%
HON	C	--0.02%
KD	D	--0.02%
AER	C	--0.02%
NVEE	F	--0.02%
SAIA	D	--0.02%
COHR	B	--0.02%
ARM	C	--0.02%
ENS	B	--0.02%
LKFN	D	--0.02%
CVX	B	--0.02%
EA	D	--0.02%
IBOC	D	--0.02%
APPN	C	--0.03%
LYFT	D	--0.03%
FFIN	D	--0.03%
GE	B	--0.03%
RDY	D	--0.03%
IRTC	F	--0.03%
ICHR	D	--0.03%
SOFI	C	--0.03%
HHH	C	--0.03%
OSK	F	--0.03%
AZTA	F	--0.03%
WMT	A	--0.03%
TMO	D	--0.03%
BURL	C	--0.03%
DIOD	F	--0.03%
PRCT	D	--0.03%
AMD	C	--0.03%
CNNE	F	--0.03%
GPRE	F	--0.03%
GKOS	B	--0.03%
ASPN	C	--0.03%
COTY	F	--0.03%
PSMT	A	--0.03%
ARLO	F	--0.03%
OSIS	C	--0.03%
TFIN	F	--0.03%
LMND	F	--0.03%
UPST	C	--0.03%
SDGR	F	--0.03%
BIRK	F	--0.03%
BE	F	--0.03%
RUN	D	--0.03%
CLH	B	--0.03%
UWMC	D	--0.03%
RCL	B	--0.03%
CRDO	B	--0.03%
NWSA	D	--0.03%
ATEC	F	--0.03%
RXST	F	--0.03%
HLN	C	--0.03%
RIVN	F	--0.03%
FRO	B	--0.03%
SLGN	B	--0.03%
WOLF	F	--0.03%
ACIW	A	--0.04%
CTRA	D	--0.04%
AMAT	C	--0.04%
W	C	--0.04%
GATX	F	--0.04%
AMRC	C	--0.04%
RH	C	--0.04%
ERJ	C	--0.04%
AMRK	C	--0.04%
UTZ	D	--0.04%
BVN	D	--0.04%
EQT	C	--0.04%
NEOG	F	--0.04%
TTD	A	--0.05%
ACVA	C	--0.05%
ZD	D	--0.05%
STZ	D	--0.05%
MP	C	--0.05%
AEO	C	--0.06%
MSA	F	--0.06%
MUFG	D	--0.06%
APO	A	--0.06%
COP	D	--0.06%
VRRM	D	--0.06%
WST	D	--0.06%
MMYT	B	--0.07%
KTOS	B	--0.07%
DLB	D	--0.07%
AVAV	B	--0.07%
VNT	F	--0.07%
SE	B	--0.07%
SSB	C	--0.07%
VAL	F	--0.07%
BA	F	--0.08%
CHK	C	--0.08%
R	C	--0.08%
CDW	D	--0.08%
HCA	C	--0.08%
TRMB	B	--0.08%
AVY	D	--0.08%
NXPI	F	--0.09%
DY	C	--0.09%
MAT	B	--0.09%
CCOI	B	--0.09%
ARGX	C	--0.1%
HAE	F	--0.1%
VVV	D	--0.1%
BKR	B	--0.11%
IDCC	A	--0.11%
STM	F	--0.12%
SLB	D	--0.12%
NSIT	B	--0.12%
ING	D	--0.12%
GPC	D	--0.12%
HQY	B	--0.12%
KEYS	B	--0.13%
NFLX	A	--0.13%
ABT	C	--0.14%
PKG	B	--0.14%
VMC	D	--0.14%
STE	D	--0.15%
SYK	C	--0.16%
TM	D	--0.16%
ASX	D	--0.16%
HII	F	--0.16%
INFY	B	--0.17%
GEV	A	--0.17%
MU	D	--0.18%
IPG	D	--0.18%
BWXT	A	--0.18%
GWRE	A	--0.19%
URI	C	--0.2%
GSK	F	--0.2%
PCAR	D	--0.2%
FMX	F	--0.22%
HSBC	A	--0.22%
PANW	B	--0.22%
EFX	D	--0.22%
CCEP	C	--0.24%
TYL	D	--0.24%
KR	C	--0.25%
NSC	C	--0.26%
DEO	C	--0.27%
SNPS	F	--0.28%
TTWO	D	--0.28%
SAP	C	--0.28%
OMC	C	--0.28%
PG	D	--0.28%
WAT	B	--0.29%
INTC	D	--0.29%
GEHC	C	--0.3%
ISRG	C	--0.3%
NOW	B	--0.31%
MMM	C	--0.32%
CMI	A	--0.34%
BK	A	--0.35%
UL	D	--0.35%
BABA	A	--0.35%
LMT	A	--0.36%
TXN	C	--0.37%
ZBH	F	--0.37%
MDLZ	D	--0.38%
UNH	B	--0.4%
MSI	A	--0.4%
HDB	D	--0.41%
MLM	F	--0.44%
MCD	A	--0.44%
XOM	A	--0.45%
WM	B	--0.45%
PNC	C	--0.46%
DE	C	--0.52%
ASML	F	--0.52%
VRSK	D	--0.53%
PAYX	B	--0.54%
ETN	B	--0.55%
TSLA	C	--0.56%
GD	C	--0.56%
PEP	F	--0.61%
LIN	C	--0.64%
CMCSA	B	--0.65%
CDNS	D	--0.65%
DIS	D	--0.67%
APD	C	--0.69%
ORCL	A	--0.76%