LBAY vs. VCEB ETF Comparison

Comparison of Leatherback Long/Short Alternative Yield ETF (LBAY) to Vanguard ESG U.S. Corporate Bond ETF (VCEB)

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

$25.95

Average Daily Volume

5,437

Number of Holdings ^*

* may have additional holdings in another (foreign) market

VCEB

Vanguard ESG U.S. Corporate Bond ETF

VCEB Description

The investment seeks to track the performance of the Bloomberg Barclays MSCI US Corporate SRI Select Index (the ?index?). The index excludes bonds with maturities of 1 year or less and with less than $750 million outstanding, and is screened for certain environmental, social, and governance (ESG) criteria by the index provider, which is independent of Vanguard. All of the fund?s investments will be selected through the sampling process, and under normal circumstances, at least 80% of the fund?s assets will be invested in bonds included in the index.

Grade (RS Rating)

Last Trade

$62.83

Average Daily Volume

28,586

Number of Holdings ^*

246

* may have additional holdings in another (foreign) market

Performance

Period	LBAY	VCEB
30 Days	-1.38%	1.73%
60 Days	-4.21%	2.75%
90 Days	-1.23%	3.46%
12 Months	-1.11%	5.42%

23 Overlapping Holdings

Symbol	Grade	Weight in LBAY	Weight in VCEB	Overlap
AAPL	B	-1.36%	0.01%	-1.36%
ABBV	B	3.97%	0.03%	0.03%
APD	D	4.16%	0.02%	0.02%
AWK	C	4.2%	0.02%	0.02%
BG	B	5.47%	0.03%	0.03%
BKNG	C	2.73%	0.02%	0.02%
BLK	B	-1.72%	0.02%	-1.72%
CARR	B	2.49%	0.02%	0.02%
CMCSA	F	4.04%	0.01%	0.01%
DLR	B	-1.75%	0.01%	-1.75%
EQIX	C	-1.58%	0.03%	-1.58%
FIS	C	5.11%	0.01%	0.01%
ICE	A	4.45%	0.01%	0.01%
JNJ	D	3.0%	0.01%	0.01%
KDP	D	2.85%	0.01%	0.01%
KO	B	2.85%	0.01%	0.01%
MDT	D	3.77%	0.05%	0.05%
MMM	B	3.74%	0.01%	0.01%
NEM	A	3.99%	0.02%	0.02%
T	B	2.56%	0.01%	0.01%
V	F	4.92%	0.02%	0.02%
WM	B	2.62%	0.01%	0.01%
ZBH	F	4.34%	0.03%	0.03%

LBAY Overweight 32 Positions Relative to VCEB

Symbol	Grade	Weight
XOM	D	5.35%
ORI	C	4.85%
AGNC	A	4.35%
LHX	A	4.03%
PKG	C	3.93%
UNP	D	3.29%
MTN	F	3.19%
LW	F	3.1%
PCH	F	2.67%
SPGI	A	2.6%
RIO	D	2.54%
MSCI	C	2.54%
DPZ	D	2.47%
SOLV	F	1.64%
DUOL	F	-0.78%
COIN	D	-0.81%
DAL	D	-0.98%
FIX	D	-1.09%
NFLX	C	-1.1%
SITE	F	-1.1%
IRM	B	-1.13%
BURL	A	-1.13%
CMG	D	-1.28%
VRT	D	-1.33%
DKS	C	-1.36%
SQ	D	-1.39%
SF	B	-1.64%
DASH	F	-1.73%
PLNT	B	-1.81%
OLLI	A	-1.83%
TSLA	C	-1.87%
RCL	B	-1.9%

LBAY Underweight 223 Positions Relative to VCEB

Symbol	Grade	Weight
DT	F	-0.19%
MTB	A	-0.07%
TJX	A	-0.07%
MOS	F	-0.06%
WRK	C	-0.06%
DD	B	-0.06%
PGR	B	-0.05%
AFL	A	-0.05%
EQH	A	-0.05%
MCHP	D	-0.04%
LEN	C	-0.04%
KMB	A	-0.04%
GWW	D	-0.04%
OTIS	B	-0.04%
NOW	C	-0.04%
STLA	F	-0.04%
AZO	C	-0.04%
TCN	A	-0.04%
CTAS	B	-0.04%
CPT	B	-0.04%
VRSK	B	-0.04%
MMC	A	-0.04%
EXPE	C	-0.04%
FTV	D	-0.03%
EQR	C	-0.03%
DGX	B	-0.03%
VRSN	D	-0.03%
CMA	A	-0.03%
BWA	F	-0.03%
SJM	F	-0.03%
ROP	C	-0.03%
RF	A	-0.03%
EG	C	-0.03%
PWR	D	-0.03%
PPG	D	-0.03%
DOC	B	-0.03%
ORLY	C	-0.03%
AMP	B	-0.03%
ACGL	D	-0.03%
NVR	B	-0.03%
LH	C	-0.03%
K	D	-0.03%
IFF	B	-0.03%
HAS	D	-0.03%
LLY	B	-0.03%
NTRS	B	-0.03%
BHF	D	-0.03%
SYF	A	-0.03%
CFG	A	-0.03%
GIS	D	-0.03%
DG	D	-0.03%
WAB	D	-0.03%
ITW	D	-0.03%
ADP	F	-0.03%
MU	C	-0.03%
BDX	F	-0.03%
ETN	C	-0.03%
MA	D	-0.03%
ALLY	A	-0.03%
BMY	F	-0.03%
ABT	D	-0.03%
VOD	B	-0.03%
HUN	D	-0.02%
HST	D	-0.02%
HRL	F	-0.02%
HIG	C	-0.02%
MKC	C	-0.02%
MCK	C	-0.02%
LEA	F	-0.02%
AJG	A	-0.02%
NTAP	B	-0.02%
A	D	-0.02%
QRVO	B	-0.02%
APH	B	-0.02%
RL	C	-0.02%
BEN	D	-0.02%
BAX	D	-0.02%
VTR	A	-0.02%
VMC	C	-0.02%
UHS	B	-0.02%
TT	A	-0.02%
CAH	F	-0.02%
XRAY	F	-0.02%
CSL	B	-0.02%
CMI	C	-0.02%
EMN	D	-0.02%
VFC	D	-0.02%
CF	F	-0.02%
RJF	D	-0.02%
O	C	-0.02%
MLM	D	-0.02%
HBAN	C	-0.02%
SWK	D	-0.02%
REGN	B	-0.02%
TRV	D	-0.02%
EFX	C	-0.02%
DLTR	F	-0.02%
DE	F	-0.02%
CME	D	-0.02%
WBA	F	-0.02%
ADM	C	-0.02%
BR	B	-0.02%
SHW	C	-0.02%
SBUX	F	-0.02%
CPB	B	-0.02%
GLW	B	-0.02%
OMC	C	-0.02%
FITB	B	-0.02%
CRM	F	-0.02%
BABA	C	-0.02%
DB	B	-0.02%
CSCO	D	-0.02%
IBM	C	-0.02%
HCA	D	-0.02%
GOOGL	C	-0.02%
HSBC	D	-0.02%
AVGO	B	-0.02%
GSK	D	-0.02%
AZN	D	-0.02%
ORCL	B	-0.02%
BAC	A	-0.02%
CHTR	D	-0.02%
VZ	B	-0.02%
EXP	D	-0.01%
ADI	B	-0.01%
GLPI	B	-0.01%
EA	B	-0.01%
WB	F	-0.01%
MRVL	C	-0.01%
MDLZ	F	-0.01%
GPN	F	-0.01%
PLD	C	-0.01%
PH	C	-0.01%
AMAT	C	-0.01%
MSI	B	-0.01%
RSG	A	-0.01%
AON	C	-0.01%
BRX	B	-0.01%
EBAY	B	-0.01%
MAR	C	-0.01%
KEY	B	-0.01%
RPRX	D	-0.01%
ARE	B	-0.01%
SCHW	C	-0.01%
DHR	D	-0.01%
ZTS	C	-0.01%
TXN	B	-0.01%
NXPI	B	-0.01%
MET	C	-0.01%
KLAC	B	-0.01%
HUM	D	-0.01%
USB	B	-0.01%
TSN	D	-0.01%
BXP	B	-0.01%
BSX	B	-0.01%
TMO	D	-0.01%
BMO	D	-0.01%
BK	A	-0.01%
BERY	C	-0.01%
STT	B	-0.01%
AXP	B	-0.01%
PYPL	D	-0.01%
WELL	B	-0.01%
CM	B	-0.01%
CCI	C	-0.01%
AER	B	-0.01%
ADBE	C	-0.01%
NVDA	C	-0.01%
NKE	F	-0.01%
MRK	C	-0.01%
LOW	C	-0.01%
HPQ	C	-0.01%
CB	D	-0.01%
CAT	D	-0.01%
CAG	F	-0.01%
BNS	C	-0.01%
SYY	D	-0.01%
SPG	B	-0.01%
PRU	A	-0.01%
AMT	B	-0.01%
FDX	B	-0.01%
DOW	F	-0.01%
DFS	B	-0.01%
PNC	A	-0.01%
PFE	C	-0.01%
PEP	D	-0.01%
AL	C	-0.01%
LUV	D	-0.01%
LRCX	C	-0.01%
HPE	B	-0.01%
GM	B	-0.01%
COF	C	-0.01%
CI	D	-0.01%
TGT	C	-0.01%
TD	D	-0.01%
BIIB	C	-0.01%
SYK	C	-0.01%
VTRS	C	-0.01%
UNH	D	-0.01%
TFC	A	-0.01%
PG	D	-0.01%
AMGN	B	-0.01%
NWG	B	-0.01%
MUFG	B	-0.01%
UPS	F	-0.01%
QCOM	C	-0.01%
AIG	C	-0.01%
MCD	D	-0.01%
INTC	D	-0.01%
HD	C	-0.01%
GILD	C	-0.01%
RY	B	-0.01%
C	B	-0.01%
FOXA	A	-0.01%
DIS	F	-0.01%
AMZN	C	-0.01%
DELL	C	-0.01%
JPM	B	-0.01%
TMUS	B	-0.01%
GS	A	-0.01%
MSFT	C	-0.01%
MS	A	-0.01%
CVS	F	-0.01%