FFSM vs. CLSE ETF Comparison

Comparison of Fidelity Fundamental Small-Mid Cap ETF (FFSM) to Convergence Long/Short Equity ETF (CLSE)

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

$29.06

Average Daily Volume

28,472

Number of Holdings ^*

171

* may have additional holdings in another (foreign) market

CLSE

Convergence Long/Short Equity ETF

CLSE Description

The investment seeks long-term capital growth. The fund seeks to invest, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in long and short positions in equity securities of domestic companies. The adviser intends to maintain a net long exposure (the market value of long positions minus the market value of short positions) of approximately 50% to 100%. Under normal market conditions, the fund’s long positions may range from approximately 90% to 150% and its short positions may range from approximately 20% to 70%.

Grade (RS Rating)

Last Trade

$23.68

Average Daily Volume

66,024

Number of Holdings ^*

337

* may have additional holdings in another (foreign) market

Performance

Period	FFSM	CLSE
30 Days	7.11%	4.69%
60 Days	5.92%	6.81%
90 Days	6.92%	9.38%
12 Months	35.08%	39.93%

37 Overlapping Holdings

Symbol	Grade	Weight in FFSM	Weight in CLSE	Overlap
AEIS	B	0.66%	0.07%	0.07%
AES	F	0.65%	-0.08%	-0.08%
ALGM	D	0.24%	-0.45%	-0.45%
ALSN	B	0.76%	0.66%	0.66%
BC	C	0.76%	-0.08%	-0.08%
CACI	D	1.06%	0.48%	0.48%
CAH	B	0.36%	0.86%	0.36%
CHDN	B	0.54%	-0.18%	-0.18%
CRL	C	0.52%	-0.15%	-0.15%
CTRE	D	0.49%	0.42%	0.42%
CYTK	F	0.18%	-0.3%	-0.3%
EBC	B	0.49%	-0.18%	-0.18%
EME	C	1.81%	0.75%	0.75%
EXP	A	1.44%	0.48%	0.48%
FCNCA	A	0.63%	-0.35%	-0.35%
FN	D	1.22%	0.13%	0.13%
FTI	A	1.47%	0.74%	0.74%
GVA	A	0.35%	0.84%	0.35%
IESC	B	0.51%	0.77%	0.51%
JLL	D	1.1%	0.2%	0.2%
LITE	B	0.44%	-0.6%	-0.6%
LNG	B	0.9%	0.97%	0.9%
LPLA	A	0.01%	-0.34%	-0.34%
LPX	B	0.65%	0.43%	0.43%
LW	C	0.4%	-0.25%	-0.25%
MASI	A	0.39%	-0.17%	-0.17%
MDGL	B	0.16%	-0.17%	-0.17%
MUSA	A	1.34%	0.2%	0.2%
NOG	A	0.57%	-0.21%	-0.21%
ON	D	0.62%	-0.39%	-0.39%
PRCT	B	0.44%	-0.22%	-0.22%
RGA	A	0.76%	0.55%	0.55%
STLD	B	0.01%	-0.13%	-0.13%
TEX	D	0.42%	-0.17%	-0.17%
UHS	D	1.5%	0.7%	0.7%
VRT	B	1.14%	0.68%	0.68%
XPO	B	0.56%	-0.16%	-0.16%

FFSM Overweight 134 Positions Relative to CLSE

Symbol	Grade	Weight
TPX	B	1.46%
ACGL	D	1.45%
NSIT	F	1.33%
AR	B	1.27%
BJ	A	1.22%
ITT	A	1.2%
CROX	D	1.17%
PFGC	B	1.16%
USFD	A	1.16%
SN	D	1.11%
MOH	F	1.1%
WHD	B	1.01%
CR	A	1.01%
RRX	B	1.01%
ORI	A	0.96%
SNX	C	0.95%
DOX	D	0.92%
AIZ	A	0.91%
BOOT	D	0.9%
TMDX	F	0.9%
DFS	B	0.89%
AIT	A	0.88%
SNV	B	0.88%
DKS	C	0.84%
STX	D	0.84%
AYI	B	0.81%
TGLS	B	0.81%
FAF	A	0.77%
VTR	C	0.76%
NXST	C	0.75%
SF	B	0.75%
PNFP	B	0.73%
PCG	A	0.72%
HLI	B	0.71%
GPK	C	0.71%
ACM	A	0.66%
ASGN	F	0.65%
KBH	D	0.64%
BECN	B	0.61%
MMS	F	0.6%
CMC	B	0.6%
FSS	B	0.6%
LBRT	D	0.59%
G	B	0.59%
VNT	B	0.59%
CBT	C	0.59%
CADE	B	0.59%
WBS	A	0.57%
MEDP	D	0.57%
MTSI	B	0.57%
PRI	A	0.56%
EPRT	B	0.56%
HOLX	D	0.56%
BCO	D	0.56%
ESI	A	0.54%
CIEN	B	0.53%
ASO	F	0.53%
WTFC	A	0.52%
CWK	B	0.51%
RJF	A	0.51%
PVH	C	0.51%
HAYW	B	0.51%
GMS	B	0.51%
WIX	B	0.5%
AFG	A	0.49%
EAT	A	0.47%
CNM	D	0.47%
KBR	F	0.46%
BOKF	B	0.46%
BLDR	D	0.46%
TENB	C	0.45%
OLN	D	0.45%
NOMD	D	0.42%
AXTA	A	0.42%
ARGX	A	0.41%
COMP	B	0.4%
IP	B	0.37%
CXT	B	0.36%
RUSHA	C	0.35%
AZZ	B	0.34%
GTES	A	0.33%
WFRD	D	0.33%
PCVX	D	0.32%
FLEX	A	0.31%
AZEK	A	0.3%
UPBD	B	0.3%
ARCB	C	0.3%
MTB	A	0.3%
SKY	A	0.3%
LEA	D	0.3%
GRBK	D	0.3%
CNXC	F	0.29%
IBTX	B	0.29%
FBP	B	0.29%
LCII	C	0.29%
DIOD	D	0.27%
AMN	F	0.27%
LAUR	A	0.24%
DOOO	F	0.23%
PATK	D	0.2%
CRNX	C	0.19%
ACLX	C	0.19%
RGEN	D	0.19%
KFRC	D	0.18%
NUVL	D	0.16%
AAP	C	0.15%
XPRO	F	0.14%
MNDY	C	0.14%
KROS	D	0.13%
ELVN	D	0.12%
VCEL	B	0.12%
VRDN	D	0.12%
OMI	F	0.12%
AXSM	B	0.11%
ANAB	F	0.11%
CSTM	F	0.11%
TYRA	F	0.11%
COGT	D	0.11%
LBPH	A	0.1%
ICLR	D	0.1%
CLDX	F	0.1%
XENE	D	0.09%
AUTL	F	0.08%
TCBK	B	0.08%
MRUS	F	0.07%
PBH	A	0.06%
ARVN	D	0.04%
ATKR	C	0.01%
FIBK	A	0.01%
CC	C	0.01%
AME	A	0.01%
ALXO	F	0.0%
EWTX	C	0.0%
ZNTL	F	0.0%

FFSM Underweight 300 Positions Relative to CLSE

Symbol	Grade	Weight
NVDA	C	-4.61%
GOOGL	C	-3.47%
META	D	-3.3%
AMZN	C	-2.53%
AVGO	D	-2.28%
APP	B	-2.25%
MU	D	-2.13%
HPE	B	-1.92%
CVNA	B	-1.85%
ANET	C	-1.83%
WMT	A	-1.82%
QCOM	F	-1.73%
IDCC	A	-1.51%
GDDY	A	-1.42%
CVLT	B	-1.4%
DOCU	A	-1.37%
PYPL	B	-1.33%
ORCL	B	-1.33%
ACIW	B	-1.3%
TSLA	B	-1.22%
JHG	A	-1.21%
NTNX	A	-1.16%
HD	A	-1.13%
SYF	B	-1.11%
BMY	B	-1.11%
NTRS	A	-1.08%
GILD	C	-1.07%
SNEX	B	-1.06%
PLTR	B	-1.02%
NTAP	C	-1.0%
SEIC	B	-0.95%
HALO	F	-0.9%
AMRX	C	-0.9%
BFH	B	-0.88%
GM	B	-0.87%
COR	B	-0.86%
PPC	C	-0.85%
MLI	C	-0.84%
CARG	C	-0.83%
AAPL	C	-0.83%
JNJ	D	-0.83%
BAC	A	-0.81%
PRIM	A	-0.8%
MO	A	-0.79%
NFLX	A	-0.79%
THC	D	-0.78%
FITB	A	-0.78%
DVA	B	-0.78%
CPNG	D	-0.77%
WFC	A	-0.75%
CNX	A	-0.74%
UTHR	C	-0.73%
PNC	B	-0.72%
ABBV	D	-0.72%
RF	A	-0.72%
STRL	B	-0.71%
ZION	B	-0.71%
CMA	A	-0.71%
NRG	B	-0.71%
TMUS	B	-0.7%
CEIX	A	-0.7%
GEN	B	-0.68%
APH	A	-0.67%
UMBF	B	-0.66%
MTZ	B	-0.66%
AVT	C	-0.66%
MWA	B	-0.65%
BLK	C	-0.65%
JPM	A	-0.64%
CHRW	C	-0.61%
EXPE	B	-0.61%
TSN	B	-0.6%
FFIV	B	-0.6%
FTDR	A	-0.58%
AMG	B	-0.58%
LDOS	C	-0.55%
VST	B	-0.55%
GLW	B	-0.52%
MET	A	-0.52%
SLVM	B	-0.5%
GOOG	C	-0.49%
UI	A	-0.49%
PNW	B	-0.48%
AVA	A	-0.47%
UNP	C	-0.47%
PGR	A	-0.46%
DUOL	A	-0.45%
PG	A	-0.45%
ALL	A	-0.45%
BKNG	A	-0.44%
SCCO	F	-0.41%
RMD	C	-0.4%
JXN	C	-0.39%
SR	A	-0.38%
R	B	-0.38%
SPG	B	-0.37%
CNA	B	-0.37%
CF	B	-0.37%
GRMN	B	-0.37%
OUT	A	-0.36%
EQR	B	-0.35%
CCL	B	-0.35%
CDP	C	-0.34%
RGLD	C	-0.32%
CNC	D	-0.31%
PTON	B	-0.31%
LAMR	D	-0.31%
J	F	-0.31%
MPWR	F	-0.3%
CVS	D	-0.29%
VLO	C	-0.29%
T	A	-0.29%
MDT	D	-0.29%
IIPR	D	-0.28%
APA	D	-0.25%
NVR	D	-0.24%
VRTX	F	-0.23%
MATX	C	-0.22%
NEM	D	-0.22%
TOL	B	-0.22%
EEFT	B	-0.22%
FLR	B	-0.21%
ABM	B	-0.19%
BAH	F	-0.18%
KR	B	-0.17%
NTRA	B	-0.17%
BOX	B	-0.17%
JAZZ	B	-0.16%
FOXA	B	-0.14%
EXPD	D	-0.14%
PRU	A	-0.13%
VCTR	B	-0.12%
VCYT	B	-0.12%
CINF	A	-0.12%
CDE	D	-0.11%
ILMN	D	-0.1%
INCY	C	-0.07%
HQY	B	-0.07%
QQQ	B	-0.0%
LNTH	D	-0.0%
LRCX	F	-0.0%
PENN	C	--0.05%
KNX	B	--0.06%
HGV	B	--0.06%
HUN	F	--0.07%
EXAS	D	--0.07%
RYN	D	--0.07%
COOP	B	--0.07%
CCS	D	--0.07%
JOE	F	--0.08%
FLYW	C	--0.08%
GNTX	C	--0.09%
JBLU	F	--0.09%
NSC	B	--0.1%
MCW	B	--0.1%
ABG	B	--0.1%
ATO	A	--0.1%
ACVA	B	--0.11%
ENPH	F	--0.11%
CGON	F	--0.11%
EL	F	--0.12%
RBA	A	--0.12%
FL	F	--0.12%
PCH	D	--0.12%
DLR	B	--0.13%
EXR	D	--0.13%
AVAV	D	--0.13%
ALIT	C	--0.13%
VMC	B	--0.13%
MLM	B	--0.13%
BPOP	B	--0.14%
PYCR	C	--0.14%
DAY	B	--0.14%
REXR	F	--0.14%
ARWR	F	--0.14%
MKL	A	--0.14%
AA	B	--0.14%
EQIX	A	--0.14%
CZR	F	--0.15%
COLD	D	--0.15%
APD	A	--0.15%
GTLS	B	--0.15%
RNR	C	--0.15%
DRVN	B	--0.15%
NARI	C	--0.16%
FIVN	C	--0.16%
BHF	B	--0.16%
OSK	B	--0.16%
LGIH	D	--0.16%
DAR	C	--0.16%
ALB	C	--0.16%
UHAL	D	--0.16%
AGO	B	--0.16%
EW	C	--0.16%
SITE	D	--0.16%
SW	A	--0.17%
TREX	C	--0.17%
LKQ	D	--0.17%
AJG	B	--0.17%
KRG	B	--0.17%
ENOV	C	--0.18%
UEC	B	--0.18%
AGCO	D	--0.18%
COTY	F	--0.18%
AL	B	--0.18%
CNH	C	--0.18%
BRKR	D	--0.18%
C	A	--0.19%
WAL	B	--0.19%
AIR	B	--0.19%
KNSL	B	--0.2%
SRE	A	--0.2%
GATX	A	--0.2%
BIRK	D	--0.2%
BE	B	--0.21%
AESI	B	--0.21%
WTM	A	--0.21%
BANC	A	--0.22%
MTN	C	--0.22%
SAIA	B	--0.22%
SUM	B	--0.22%
EQT	B	--0.23%
PSA	D	--0.23%
XYL	D	--0.23%
WTRG	B	--0.24%
ELF	C	--0.24%
IONS	F	--0.24%
GPOR	B	--0.24%
CELH	F	--0.24%
HSY	F	--0.24%
DELL	C	--0.25%
KEY	B	--0.25%
BILL	A	--0.26%
NEOG	F	--0.26%
AUR	C	--0.26%
AWK	D	--0.26%
VAL	D	--0.27%
FOUR	B	--0.27%
STNE	F	--0.27%
TEAM	A	--0.27%
MSCI	C	--0.27%
PTEN	C	--0.27%
MNST	C	--0.28%
SOFI	A	--0.28%
ESTC	C	--0.29%
MDB	C	--0.29%
XP	F	--0.29%
MKTX	D	--0.29%
LYV	A	--0.3%
NDAQ	A	--0.3%
APLS	D	--0.3%
APTV	D	--0.32%
GTLB	B	--0.32%
VVV	F	--0.33%
CCOI	B	--0.33%
ZBRA	B	--0.34%
ABNB	C	--0.34%
INSP	D	--0.34%
APO	B	--0.35%
AFRM	B	--0.35%
CACC	D	--0.36%
COHR	B	--0.36%
BBIO	F	--0.36%
ZI	D	--0.36%
BEN	C	--0.36%
DG	F	--0.4%
SATS	D	--0.4%
BA	F	--0.4%
RBLX	C	--0.41%
DLTR	F	--0.41%
PINS	D	--0.41%
U	C	--0.41%
RIVN	F	--0.42%
TTWO	A	--0.43%
WBD	C	--0.43%
SNPS	B	--0.44%
DV	C	--0.45%
CGNX	C	--0.45%
GE	D	--0.46%
CDNS	B	--0.46%
MRNA	F	--0.47%
SMCI	F	--0.47%
RH	B	--0.47%
CFLT	B	--0.47%
CHTR	C	--0.48%
CSCO	B	--0.52%
FND	C	--0.53%
BRZE	C	--0.56%
FIVE	F	--0.56%
NWS	B	--0.57%
WST	C	--0.59%
POOL	C	--0.61%
MCHP	D	--0.63%
DXCM	D	--0.63%
WDC	D	--0.65%
LSCC	D	--0.7%
ROP	B	--0.7%
TXN	C	--0.81%
INTC	D	--0.93%
FSLR	F	--1.26%