FFSM vs. IFRA ETF Comparison

Comparison of Fidelity Fundamental Small-Mid Cap ETF (FFSM) to iShares U.S. Infrastructure ETF (IFRA)

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

IFRA

iShares U.S. Infrastructure ETF

IFRA Description

The investment seeks to track the investment results of the NYSE® FactSet U.S. Infrastructure Index (the "underlying index"), an index composed of equities of U.S. companies that have infrastructure exposure and that could benefit from a potential increase in domestic infrastructure activities. The fund generally will invest at least 90% of its assets in the component securities of the underlying index. The index is designed to measure the performance of equity securities of U.S. companies involved in U.S. focused infrastructure activities. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$51.22

Average Daily Volume

310,420

Number of Holdings ^*

150

* may have additional holdings in another (foreign) market

Performance

Period	FFSM	IFRA
30 Days	7.11%	8.33%
60 Days	5.92%	9.82%
90 Days	6.92%	13.63%
12 Months	35.08%	39.72%

12 Overlapping Holdings

Symbol	Grade	Weight in FFSM	Weight in IFRA	Overlap
ACM	A	0.66%	0.56%	0.56%
AZEK	A	0.3%	0.56%	0.3%
BLDR	D	0.46%	0.53%	0.46%
CMC	B	0.6%	0.59%	0.59%
EME	C	1.81%	0.7%	0.7%
EXP	A	1.44%	0.63%	0.63%
GVA	A	0.35%	0.66%	0.35%
LPX	B	0.65%	0.6%	0.6%
OLN	D	0.45%	0.5%	0.45%
PCG	A	0.72%	0.69%	0.69%
STLD	B	0.01%	0.62%	0.01%
TEX	D	0.42%	0.52%	0.42%

FFSM Overweight 159 Positions Relative to IFRA

Symbol	Grade	Weight
UHS	D	1.5%
FTI	A	1.47%
TPX	B	1.46%
ACGL	D	1.45%
MUSA	A	1.34%
NSIT	F	1.33%
AR	B	1.27%
BJ	A	1.22%
FN	D	1.22%
ITT	A	1.2%
CROX	D	1.17%
PFGC	B	1.16%
USFD	A	1.16%
VRT	B	1.14%
SN	D	1.11%
JLL	D	1.1%
MOH	F	1.1%
CACI	D	1.06%
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%
LNG	B	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%
ALSN	B	0.76%
BC	C	0.76%
VTR	C	0.76%
RGA	A	0.76%
NXST	C	0.75%
SF	B	0.75%
PNFP	B	0.73%
HLI	B	0.71%
GPK	C	0.71%
AEIS	B	0.66%
ASGN	F	0.65%
AES	F	0.65%
KBH	D	0.64%
FCNCA	A	0.63%
ON	D	0.62%
BECN	B	0.61%
MMS	F	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%
NOG	A	0.57%
MEDP	D	0.57%
MTSI	B	0.57%
PRI	A	0.56%
EPRT	B	0.56%
HOLX	D	0.56%
XPO	B	0.56%
BCO	D	0.56%
CHDN	B	0.54%
ESI	A	0.54%
CIEN	B	0.53%
ASO	F	0.53%
WTFC	A	0.52%
CRL	C	0.52%
CWK	B	0.51%
RJF	A	0.51%
PVH	C	0.51%
HAYW	B	0.51%
IESC	B	0.51%
GMS	B	0.51%
WIX	B	0.5%
AFG	A	0.49%
EBC	B	0.49%
CTRE	D	0.49%
EAT	A	0.47%
CNM	D	0.47%
KBR	F	0.46%
BOKF	B	0.46%
TENB	C	0.45%
PRCT	B	0.44%
LITE	B	0.44%
NOMD	D	0.42%
AXTA	A	0.42%
ARGX	A	0.41%
COMP	B	0.4%
LW	C	0.4%
MASI	A	0.39%
IP	B	0.37%
CXT	B	0.36%
CAH	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%
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%
ALGM	D	0.24%
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%
CYTK	F	0.18%
MDGL	B	0.16%
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%
LPLA	A	0.01%
AME	A	0.01%
ALXO	F	0.0%
EWTX	C	0.0%
ZNTL	F	0.0%

FFSM Underweight 138 Positions Relative to IFRA

Symbol	Grade	Weight
VST	B	-1.23%
USLM	A	-0.91%
DTM	B	-0.87%
CENX	B	-0.86%
KNTK	B	-0.85%
CEG	D	-0.85%
MYRG	B	-0.84%
STRL	B	-0.83%
KMI	A	-0.83%
AGX	B	-0.82%
WMB	A	-0.82%
MGEE	C	-0.8%
PRIM	A	-0.8%
NRG	B	-0.79%
ETR	B	-0.79%
OKE	A	-0.78%
ROAD	A	-0.77%
IDA	A	-0.74%
TXNM	A	-0.73%
ENLC	A	-0.72%
XEL	A	-0.72%
FIX	A	-0.72%
CNP	B	-0.72%
LMB	A	-0.72%
SRE	A	-0.72%
ATO	A	-0.72%
AEE	A	-0.71%
OGS	A	-0.71%
CMP	C	-0.71%
NI	A	-0.71%
GBX	A	-0.71%
PEG	A	-0.71%
MSEX	B	-0.7%
CPK	A	-0.7%
MTZ	B	-0.7%
CSX	B	-0.7%
BKH	A	-0.69%
EVRG	A	-0.69%
OGE	B	-0.69%
AM	A	-0.69%
NSC	B	-0.69%
AWR	B	-0.68%
HEES	B	-0.68%
MLI	C	-0.68%
MTRX	B	-0.68%
PNW	B	-0.68%
PPL	B	-0.68%
NWN	A	-0.68%
LXFR	C	-0.68%
LNT	A	-0.67%
ALE	A	-0.67%
GLDD	B	-0.67%
RYI	C	-0.67%
SUM	B	-0.67%
WEC	A	-0.67%
SR	A	-0.66%
APOG	B	-0.66%
AGR	B	-0.66%
UTL	B	-0.66%
NWE	B	-0.66%
D	C	-0.65%
BXC	B	-0.65%
WTRG	B	-0.65%
PWR	A	-0.65%
CMS	C	-0.65%
EXC	C	-0.65%
DTE	C	-0.64%
SO	D	-0.64%
NWPX	A	-0.64%
CRS	A	-0.64%
AWI	A	-0.63%
POR	C	-0.63%
KNF	A	-0.63%
TPC	C	-0.63%
VMI	B	-0.63%
NGVT	B	-0.63%
AVA	A	-0.63%
OC	A	-0.62%
NEE	D	-0.62%
URI	B	-0.62%
UNP	C	-0.62%
EIX	B	-0.62%
DUK	C	-0.62%
FE	C	-0.61%
CWT	D	-0.61%
ECVT	C	-0.61%
ASTE	B	-0.61%
ARTNA	D	-0.61%
YORW	D	-0.61%
TRN	C	-0.6%
ES	D	-0.6%
SJW	D	-0.6%
AWK	D	-0.6%
AEP	D	-0.6%
VMC	B	-0.6%
ED	D	-0.6%
KALU	C	-0.59%
LXU	B	-0.59%
HE	C	-0.59%
X	C	-0.58%
MLM	B	-0.58%
TREX	C	-0.57%
OSK	B	-0.57%
FLR	B	-0.57%
CSL	C	-0.56%
BCC	B	-0.56%
RS	B	-0.56%
ASIX	A	-0.55%
APG	B	-0.55%
SWX	B	-0.55%
ROCK	C	-0.54%
NFE	D	-0.54%
SSD	D	-0.53%
BWMN	C	-0.53%
HWKN	B	-0.53%
XPEL	C	-0.53%
ZEUS	C	-0.52%
POOL	C	-0.52%
NUE	C	-0.52%
KOP	C	-0.51%
EMN	D	-0.51%
AESI	B	-0.5%
CLF	F	-0.5%
BLD	D	-0.5%
NVEE	F	-0.5%
HAYN	C	-0.5%
MTUS	C	-0.49%
J	F	-0.49%
IIIN	C	-0.48%
ATI	D	-0.48%
WOR	F	-0.47%
WMS	D	-0.46%
WLK	D	-0.46%
LYB	F	-0.44%
MDU	D	-0.36%
MATV	D	-0.33%
NVRI	F	-0.33%
TTEK	F	-0.09%