MUSQ vs. CBLS ETF Comparison

Comparison of MUSQ Global Music Industry ETF (MUSQ) to Changebridge Capital Long/Short Equity ETF (CBLS)

MUSQ

MUSQ Global Music Industry ETF

MUSQ Description

The index is comprised of publicly-traded global companies that generate at least 50% of their annual revenue or $1 billion in annual sales from one or more of the sub-segments of the global music industry. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of Global Music Investments. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$23.78

Average Daily Volume

1,557

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

$26.64

Average Daily Volume

1,942

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MUSQ	CBLS
30 Days	2.41%	3.33%
60 Days	5.95%	4.83%
90 Days	2.66%	4.52%
12 Months	0.60%	35.33%

1 Overlapping Holdings

	Symbol	Grade	Weight in MUSQ	Weight in CBLS	Overlap
	AMZN	B	5.56%	2.83%	2.83%

MUSQ Overweight 14 Positions Relative to CBLS

Symbol	Grade	Weight
GOOGL	B	5.31%
SPOT	A	4.87%
SONY	B	4.82%
AAPL	C	4.79%
IHRT	C	4.05%
LYV	A	3.75%
SONO	C	3.25%
WMG	B	3.24%
EDR	A	3.1%
DLB	B	3.09%
TSQ	F	3.05%
TME	D	2.96%
MSGE	F	2.75%
RSVR	A	1.41%

MUSQ Underweight 62 Positions Relative to CBLS

Symbol	Grade	Weight
NVDA	A	-3.31%
LNG	A	-3.31%
WTTR	A	-3.07%
INTC	C	-2.91%
GTLS	A	-2.81%
MGNI	B	-2.76%
WMT	A	-2.75%
SKY	A	-2.73%
BWXT	B	-2.7%
COST	A	-2.64%
ORCL	A	-2.62%
STRL	B	-2.54%
CCL	A	-2.49%
RDDT	A	-2.45%
OSW	B	-2.43%
IBN	D	-2.38%
ECL	D	-2.32%
GD	D	-2.32%
NARI	C	-2.3%
RTX	D	-2.29%
ROL	B	-2.28%
D	C	-2.24%
AER	B	-2.24%
VST	A	-2.23%
SO	C	-2.23%
NEE	C	-2.12%
ERJ	B	-2.12%
HUMA	F	-2.11%
SCHW	A	-2.08%
MC	B	-1.98%
ETR	A	-1.93%
SCI	B	-1.92%
DELL	C	-1.91%
TDG	D	-1.78%
CRSP	D	-0.86%
KLG	D	--0.49%
KDP	D	--0.5%
POST	C	--0.5%
GIS	D	--0.51%
PEP	F	--0.51%
DOOO	F	--0.9%
TTC	F	--0.93%
R	B	--0.95%
GIII	F	--0.97%
PFE	F	--1.06%
SIG	C	--1.07%
JNJ	D	--1.1%
MRNA	F	--1.15%
MIDD	D	--1.16%
ROK	B	--1.17%
ENR	A	--1.19%
AME	A	--1.2%
NVO	D	--1.3%
LLY	F	--1.37%
F	C	--1.41%
DE	C	--1.45%
HELE	C	--1.71%
HSY	F	--1.75%
VSAT	F	--1.75%
GOGO	C	--1.77%
NOW	B	--1.8%
TSLA	B	--2.63%