KONG vs. LBAY ETF Comparison

Comparison of Formidable Fortress ETF (KONG) to Leatherback Long/Short Alternative Yield ETF (LBAY)

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

$30.44

Average Daily Volume

2,555

Number of Holdings ^*

* may have additional holdings in another (foreign) market

LBAY

Leatherback Long/Short Alternative Yield ETF

LBAY Description

The investment seeks capital appreciation and income. The fund is an actively-managed ETF that seeks to achieve its investment objective by purchasing long positions in securities believed to provide sustainable shareholder yield (defined as dividends plus buybacks plus debt paydowns) and taking short positions in securities expected to decline in price. It will generally have net exposure of 75% - 110% long. The fund's long positions are generally expected to be comprised of equity securities or depositary receipts, although long positions may also include investment-grade corporate bonds and convertible bonds. It is non-diversified.

Grade (RS Rating)

Last Trade

$26.45

Average Daily Volume

2,577

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	KONG	LBAY
30 Days	3.25%	-3.99%
60 Days	4.95%	-3.40%
90 Days	7.97%	-2.87%
12 Months	20.74%	5.05%

1 Overlapping Holdings

	Symbol	Grade	Weight in KONG	Weight in LBAY	Overlap
	SPGI	C	3.18%	2.92%	2.92%

KONG Overweight 32 Positions Relative to LBAY

Symbol	Grade	Weight
TPL	A	5.61%
MKTX	D	3.61%
IBKR	A	3.54%
FFIV	B	3.52%
NVDA	B	3.52%
SNA	A	3.25%
UTHR	C	3.25%
ADBE	C	3.24%
FAST	B	3.2%
GOOG	C	3.2%
CTSH	B	3.17%
META	D	3.04%
WST	C	3.01%
DOX	D	2.99%
GGG	B	2.99%
GLPI	C	2.99%
SNPS	B	2.94%
RS	B	2.94%
ADM	D	2.93%
REGN	F	2.92%
MNST	C	2.92%
PSA	C	2.89%
JKHY	D	2.85%
CHE	D	2.79%
JNJ	C	2.76%
VRTX	D	2.68%
MSFT	D	2.63%
GNTX	C	2.4%
CTRA	B	2.4%
ADP	A	2.32%
EME	A	2.22%
ERIE	D	2.11%

KONG Underweight 51 Positions Relative to LBAY

Symbol	Grade	Weight
LW	C	-4.96%
XOM	B	-4.78%
ORI	A	-4.77%
MO	A	-4.64%
NEM	D	-4.59%
BG	D	-4.57%
CMCSA	B	-4.57%
FIS	C	-4.54%
VTRS	A	-4.48%
ZBH	C	-4.41%
AGNC	C	-4.41%
CVS	D	-4.36%
BERY	C	-4.14%
ICE	C	-4.08%
MTN	C	-3.91%
V	A	-3.89%
MDT	D	-3.86%
UNP	C	-3.77%
T	A	-3.64%
LHX	C	-3.59%
EBAY	D	-3.58%
MMM	D	-3.53%
AWK	C	-3.45%
BKNG	A	-3.37%
RIO	D	-3.28%
MSCI	C	-3.15%
APD	A	-3.11%
PCH	F	-2.79%
DE	B	-2.68%
SHAK	C	--1.21%
DKS	D	--1.21%
BURL	B	--1.26%
SITE	F	--1.27%
RBLX	C	--1.29%
EQIX	A	--1.38%
TSLA	B	--1.45%
EVR	B	--1.46%
SF	B	--1.48%
LLY	F	--1.48%
DKNG	B	--1.49%
DLR	B	--1.51%
CVNA	B	--1.53%
AAPL	C	--1.53%
DAL	B	--1.53%
TOL	B	--1.54%
PLNT	A	--1.54%
AVGO	D	--1.54%
SQ	A	--1.56%
VRT	B	--1.63%
OLLI	D	--1.69%
DUOL	A	--1.85%