KONG vs. CBLS ETF Comparison

Comparison of Formidable Fortress ETF (KONG) to Changebridge Capital Long/Short Equity ETF (CBLS)

KONG

Formidable Fortress ETF

KONG Description

The investment seeks long-term capital appreciation. Under normal market conditions, the fund seeks to meet its investment objective by investing in large- and mid-cap equity securities, including common stocks, related depository receipts, real estate investment trusts (REITs), and other equity investments or ownership interests in business enterprises. It invests predominantly in common stocks of large- and mid-cap companies (the "Investable Universe"). The fund's derivative investments may include, among other instruments: (i) options; (ii) volatility-linked ETFs; and (iii) volatility-linked exchange-traded notes (ETNs). It is non-diversified.

Grade (RS Rating)

Last Trade

$30.78

Average Daily Volume

2,568

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

$26.78

Average Daily Volume

2,122

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	KONG	CBLS
30 Days	4.39%	4.21%
60 Days	5.75%	5.17%
90 Days	9.18%	4.99%
12 Months	22.10%	35.40%

4 Overlapping Holdings

Symbol	Grade	Weight in KONG	Weight in CBLS	Overlap
EME	C	2.33%	2.53%	2.33%
GOOG	C	3.04%	3.02%	3.02%
JNJ	D	2.81%	-1.1%	-1.1%
NVDA	C	3.51%	3.08%	3.08%

KONG Overweight 29 Positions Relative to CBLS

Symbol	Grade	Weight
TPL	A	6.22%
IBKR	A	3.8%
MKTX	D	3.54%
FFIV	B	3.54%
SNA	A	3.27%
FAST	B	3.19%
SPGI	C	3.17%
GLPI	C	3.1%
CTSH	B	3.09%
UTHR	C	3.08%
ADBE	C	3.07%
GGG	B	2.99%
RS	B	2.99%
SNPS	B	2.98%
DOX	D	2.96%
ADM	D	2.96%
META	D	2.95%
PSA	D	2.92%
JKHY	D	2.84%
WST	C	2.84%
MNST	C	2.8%
CHE	D	2.78%
REGN	F	2.76%
CTRA	B	2.58%
MSFT	F	2.53%
VRTX	F	2.49%
GNTX	C	2.35%
ADP	B	2.33%
ERIE	D	2.2%

KONG Underweight 64 Positions Relative to CBLS

Symbol	Grade	Weight
LNG	B	-3.43%
AAPL	C	-2.97%
DELL	C	-2.93%
GTLS	B	-2.77%
SKY	A	-2.73%
BWXT	B	-2.7%
COST	B	-2.62%
STRL	B	-2.61%
SCHW	B	-2.56%
CCL	B	-2.54%
VST	B	-2.46%
OSW	A	-2.41%
MC	C	-2.37%
IBN	C	-2.36%
WTTR	B	-2.33%
D	C	-2.27%
NARI	C	-2.26%
RDDT	B	-2.26%
SO	D	-2.24%
ECL	D	-2.24%
ROL	B	-2.23%
AER	B	-2.22%
NEE	D	-2.14%
ORCL	B	-2.06%
BLBD	D	-2.06%
WMT	A	-2.03%
ETR	B	-1.96%
AMZN	C	-1.96%
INTC	D	-1.93%
SCI	B	-1.93%
ERJ	B	-1.85%
TDG	D	-1.79%
RTX	C	-1.72%
GD	F	-1.69%
ON	D	-1.53%
MGNI	A	-1.31%
DOOO	F	--0.44%
KLG	C	--0.48%
PEP	F	--0.48%
KDP	D	--0.48%
HRB	D	--0.5%
GIS	D	--0.5%
INTU	C	--0.51%
POST	C	--0.51%
ENR	B	--0.67%
GIII	D	--0.89%
R	B	--0.91%
TTC	D	--0.92%
PFE	D	--1.0%
CAG	D	--1.01%
NVO	D	--1.01%
SIG	B	--1.04%
GOGO	C	--1.1%
NVAX	F	--1.13%
ROK	B	--1.13%
MIDD	C	--1.15%
AME	A	--1.18%
F	C	--1.36%
DE	A	--1.48%
SNOW	C	--1.49%
DUOL	A	--1.56%
HSY	F	--1.69%
HELE	C	--1.72%
LLY	F	--1.79%