QVAL vs. FFSM ETF Comparison

Comparison of ValueShares U.S. Quantitative Value ETF (QVAL) to Fidelity Fundamental Small-Mid Cap ETF (FFSM)

QVAL

ValueShares U.S. Quantitative Value ETF

QVAL Description

The investment seeks long-term capital appreciation. The fund is an actively managed ETF. Under normal circumstances, it seeks to achieve its investment objective by investing primarily in U.S. equity securities that the Adviser believes, based on quantitative analysis, are undervalued at the time of purchase and have the potential for capital appreciation. The fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of U.S. companies. It will invest primarily in the exchange-listed common stock of U.S. companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$44.42

Average Daily Volume

22,690

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FFSM

Fidelity Fundamental Small-Mid Cap ETF

FFSM Description

FFSM discloses holdings only on a monthly basis with a 30-day lag. The fund actively selects global mid- and small-cap companies with both growth and value factors. The portfolio is selected using fundamental and quantitative analysis, considering factors such as issuer's financial health and industry position, as well as the overall economic condition. The fund has a Tracking Basket Structure in place, which acts as a proxy portfolio that includes some of the funds holdings from recent disclosure, significant portion of the funds holdings, and cash. This is designed to track the funds daily performance, facilitate arbitrage opportunities and help mitigate the risk of front-running. However, investors should note that its non-transparent structure could result in wider spreads. Before February 26, 2024, the fund traded as Fidelity Small-Mid Cap Opportunities ETF under the ticker FSMO.

Grade (RS Rating)

Last Trade

$25.97

Average Daily Volume

21,683

Number of Holdings ^*

158

* may have additional holdings in another (foreign) market

Performance

Period	QVAL	FFSM
30 Days	4.08%	6.57%
60 Days	3.91%	3.80%
90 Days	8.69%	6.20%
12 Months	38.16%	26.55%

11 Overlapping Holdings

Symbol	Grade	Weight in QVAL	Weight in FFSM	Overlap
ALSN	D	2.02%	0.67%	0.67%
ATKR	F	1.77%	0.88%	0.88%
CROX	C	2.15%	1.26%	1.26%
GPK	C	2.08%	0.72%	0.72%
KBH	B	2.09%	0.55%	0.55%
LBRT	A	1.96%	0.48%	0.48%
LEA	F	1.99%	0.43%	0.43%
MOH	F	2.01%	1.36%	1.36%
PVH	D	2.04%	1.0%	1.0%
TEX	C	2.13%	0.21%	0.21%
UHS	B	2.03%	1.23%	1.23%

QVAL Overweight 38 Positions Relative to FFSM

Symbol	Grade	Weight
THC	B	2.26%
UTHR	A	2.21%
INSW	B	2.2%
ANF	A	2.1%
DINO	D	2.06%
TOL	B	2.05%
HPQ	C	2.05%
OC	C	2.04%
TMHC	B	2.04%
BG	C	2.03%
UFPI	C	2.03%
SM	D	2.02%
CEIX	D	2.02%
SNA	D	2.02%
ELV	A	1.99%
MO	A	1.99%
CSCO	F	1.98%
AGCO	F	1.98%
IPG	D	1.98%
T	B	1.98%
OMC	B	1.98%
CRI	F	1.97%
ARCH	D	1.96%
WFRD	C	1.96%
CMCSA	F	1.96%
BBY	D	1.94%
JBL	F	1.93%
ARW	C	1.92%
VLO	D	1.92%
HAL	D	1.92%
ULTA	F	1.91%
MTCH	F	1.9%
APA	F	1.89%
SIG	C	1.87%
CRC	F	1.84%
CVI	F	1.84%
PBF	D	1.79%
AMR	F	1.78%

QVAL Underweight 147 Positions Relative to FFSM

Symbol	Grade	Weight
FTI	C	-1.63%
TPX	C	-1.58%
EME	B	-1.51%
AZO	D	-1.46%
AR	A	-1.41%
VRT	C	-1.4%
ACGL	A	-1.23%
XPO	D	-1.21%
MUSA	B	-1.2%
BJ	B	-1.15%
RRX	D	-1.14%
PFGC	C	-1.14%
ITT	A	-1.12%
EXP	D	-1.09%
USFD	B	-1.06%
DKS	D	-1.02%
FN	B	-1.01%
DOX	F	-0.99%
LPLA	C	-0.97%
NSIT	B	-0.93%
WHD	C	-0.92%
AIZ	D	-0.88%
FAF	D	-0.87%
DFS	C	-0.86%
ORI	A	-0.86%
CHDN	C	-0.84%
LNG	D	-0.84%
CACI	B	-0.84%
VNT	D	-0.83%
NXST	C	-0.82%
AYI	C	-0.82%
AME	D	-0.82%
JLL	B	-0.81%
BC	F	-0.8%
AIT	B	-0.79%
ASGN	C	-0.76%
SNX	A	-0.75%
STX	C	-0.73%
CRL	D	-0.73%
PRI	D	-0.72%
GVA	B	-0.71%
RGA	A	-0.7%
ON	D	-0.7%
MEDP	D	-0.7%
BECN	C	-0.7%
ACHC	F	-0.67%
STLD	D	-0.67%
ACM	D	-0.66%
PNFP	C	-0.66%
AEIS	C	-0.66%
CMC	B	-0.66%
SNV	B	-0.65%
SN	A	-0.65%
KBR	C	-0.65%
TGLS	C	-0.64%
CNM	B	-0.64%
PCG	A	-0.64%
CC	C	-0.63%
WBS	D	-0.63%
G	D	-0.63%
AES	B	-0.6%
CAH	F	-0.59%
DT	D	-0.59%
HLI	C	-0.59%
FCNCA	B	-0.59%
MMS	B	-0.58%
HOLX	D	-0.57%
OLN	C	-0.57%
CADE	C	-0.57%
FSS	B	-0.57%
RJF	B	-0.56%
TENB	F	-0.56%
CIEN	C	-0.56%
LPX	B	-0.54%
VTR	B	-0.54%
AFG	B	-0.52%
ESI	D	-0.52%
WTFC	B	-0.52%
HAYW	C	-0.52%
CBT	B	-0.51%
MTSI	C	-0.51%
EXLS	C	-0.5%
OI	F	-0.49%
NOMD	D	-0.48%
LSCC	F	-0.48%
BCO	B	-0.46%
WSC	F	-0.46%
LGIH	D	-0.46%
EPRT	B	-0.45%
EBC	B	-0.44%
ASO	F	-0.43%
BOKF	B	-0.43%
CHX	D	-0.43%
LITE	D	-0.41%
CACC	F	-0.41%
CWK	B	-0.4%
CNXC	D	-0.39%
FBP	C	-0.39%
FROG	D	-0.38%
RUSHA	D	-0.37%
FIBK	C	-0.36%
OMI	F	-0.35%
BOOT	B	-0.35%
FLEX	C	-0.35%
TMDX	B	-0.34%
ESGR	B	-0.34%
ICHR	D	-0.34%
NOG	D	-0.34%
DOOO	D	-0.32%
LCII	D	-0.32%
DIOD	C	-0.31%
ARGX	F	-0.31%
WST	F	-0.31%
PGNY	F	-0.3%
EAT	B	-0.29%
ALGM	D	-0.29%
PRO	F	-0.29%
HELE	D	-0.28%
RGEN	D	-0.25%
MTB	B	-0.25%
IBTX	C	-0.24%
CSTM	D	-0.23%
KFRC	F	-0.22%
PATK	D	-0.21%
MDGL	D	-0.2%
CRNX	B	-0.18%
XPRO	C	-0.18%
CYTK	F	-0.16%
VCEL	C	-0.15%
ECPG	C	-0.14%
ACLX	D	-0.13%
NUVL	D	-0.13%
CLDX	D	-0.13%
ICLR	D	-0.12%
PCVX	C	-0.11%
XENE	F	-0.09%
AXSM	C	-0.09%
LAUR	B	-0.08%
TCBK	C	-0.07%
PBH	D	-0.07%
ARVN	D	-0.07%
MORF	F	-0.06%
VRNA	F	-0.06%
TXG	F	-0.05%
ZNTL	F	-0.03%
KROS	D	-0.02%
ALXO	C	-0.01%