FMAT vs. LBAY ETF Comparison

Comparison of Fidelity MSCI Materials Index ETF (FMAT) to Leatherback Long/Short Alternative Yield ETF (LBAY)

FMAT

Fidelity MSCI Materials Index ETF

FMAT Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Materials Index. Investing at least 80% of assets in securities included in the fund's underlying index. The fund's underlying index is the MSCI USA IMI Materials Index, which represents the performance of the materials sector in the U.S. equity market. It may or may not hold all of the securities in the MSCI USA IMI Materials Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$52.04

Average Daily Volume

36,842

Number of Holdings ^*

109

* 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

$27.10

Average Daily Volume

4,291

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FMAT	LBAY
30 Days	3.25%	3.18%
60 Days	2.64%	2.99%
90 Days	8.68%	5.46%
12 Months	21.73%	4.65%

3 Overlapping Holdings

Symbol	Grade	Weight in FMAT	Weight in LBAY	Overlap
APD	C	4.13%	3.81%	3.81%
NEM	B	3.61%	3.84%	3.61%
PKG	D	1.21%	4.13%	1.21%

FMAT Overweight 106 Positions Relative to LBAY

Symbol	Grade	Weight
LIN	D	15.66%
SHW	D	5.86%
FCX	A	5.41%
ECL	A	4.52%
NUE	D	3.15%
DOW	B	3.11%
CTVA	B	3.02%
MLM	C	2.78%
VMC	B	2.69%
DD	A	2.54%
PPG	D	2.38%
LYB	C	2.0%
IFF	A	1.87%
BALL	C	1.66%
STLD	D	1.52%
AVY	A	1.37%
RS	D	1.27%
CE	D	1.27%
ALB	C	1.16%
AMCR	A	1.12%
RPM	D	1.1%
CF	F	1.06%
WRK	A	1.0%
IP	B	0.97%
EMN	A	0.9%
CCK	B	0.77%
ATR	B	0.75%
MOS	F	0.73%
EXP	A	0.7%
CLF	D	0.66%
X	D	0.65%
GPK	C	0.64%
FMC	C	0.61%
RGLD	B	0.61%
AXTA	A	0.6%
ATI	B	0.58%
BERY	C	0.54%
OLN	D	0.51%
CMC	B	0.49%
AA	B	0.49%
WLK	B	0.45%
LPX	A	0.43%
SON	B	0.43%
CBT	A	0.42%
ESI	D	0.41%
CRS	B	0.39%
SEE	B	0.39%
BCPC	B	0.37%
ASH	A	0.36%
SUM	D	0.36%
FUL	C	0.32%
NEU	D	0.31%
CC	B	0.31%
KNF	B	0.31%
AVNT	B	0.31%
HUN	D	0.31%
SLGN	B	0.3%
AMR	F	0.26%
HCC	C	0.25%
IOSP	B	0.24%
HL	B	0.22%
SXT	A	0.21%
ARCH	D	0.21%
SMG	D	0.21%
MTX	A	0.2%
SLVM	C	0.19%
KWR	D	0.18%
MP	C	0.17%
TROX	B	0.17%
MTRN	D	0.17%
OI	F	0.16%
SCL	C	0.15%
CDE	B	0.15%
NGVT	B	0.14%
KALU	A	0.12%
HWKN	B	0.12%
GEF	D	0.12%
ASPN	A	0.12%
OEC	B	0.11%
MATV	C	0.08%
ECVT	D	0.08%
WS	F	0.08%
TRS	B	0.08%
PRM	B	0.08%
SXC	D	0.07%
KOP	F	0.07%
CENX	B	0.07%
DNA	F	0.07%
HAYN	D	0.06%
CLW	B	0.06%
IE	B	0.06%
USLM	B	0.06%
ASIX	F	0.05%
RYI	F	0.05%
RDUS	F	0.04%
CMP	F	0.04%
PCT	F	0.04%
ZEUS	F	0.04%
MYE	F	0.04%
PTVE	C	0.04%
LXU	C	0.03%
MERC	C	0.03%
PLL	D	0.02%
GEF	D	0.02%
KRO	A	0.02%
PACK	C	0.02%

FMAT Underweight 49 Positions Relative to LBAY

Symbol	Grade	Weight
FIS	A	-5.54%
XOM	B	-5.3%
BG	B	-5.06%
V	C	-4.9%
ORI	A	-4.73%
ZBH	D	-4.71%
ABBV	D	-4.36%
AGNC	A	-4.18%
ICE	D	-4.14%
AWK	B	-4.12%
WM	A	-3.82%
GEHC	D	-3.81%
LHX	A	-3.78%
MDT	C	-3.78%
CMCSA	D	-3.74%
DIS	D	-3.63%
UNP	C	-3.43%
DPZ	C	-3.21%
LW	D	-3.05%
JNJ	D	-2.98%
CARR	A	-2.95%
MMM	A	-2.88%
PCH	D	-2.83%
KDP	A	-2.73%
KO	A	-2.71%
RIO	B	-2.62%
MTN	D	-2.58%
SPGI	B	-2.41%
SOLV	F	-2.01%
BURL	D	--0.87%
DKS	D	--1.02%
FIVE	F	--1.1%
FIX	B	--1.12%
PLD	D	--1.18%
SITE	D	--1.38%
EQIX	D	--1.42%
PLNT	C	--1.44%
VRT	B	--1.45%
AAPL	B	--1.51%
SQ	D	--1.57%
OLLI	B	--1.62%
DLR	D	--1.65%
RCL	B	--1.66%
BLK	C	--1.66%
DASH	D	--1.79%
CMG	A	--1.93%
TSLA	D	--1.98%
AVGO	C	--2.0%
SF	A	--2.08%