FFSM vs. LSAF ETF Comparison

Comparison of Fidelity Fundamental Small-Mid Cap ETF (FFSM) to LeaderShares AlphaFactor US Core Equity ETF (LSAF)

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

LSAF

LeaderShares AlphaFactor US Core Equity ETF

LSAF Description

The investment seeks to provide investment results that correspond generally, before fees and expenses, to the performance of the AlphaFactor® US Core Equity Index. Under normal circumstances, at least 80% of the fund's net assets, including any borrowings for investment purposes, will be invested in a diversified portfolio of equity securities of U.S. common stocks included in the index. The index utilizes a quantitative rules-based investment methodology that applies a multi-factor ranking process and is focused on the largest 1,000 U.S. common stocks based on market capitalization.

Grade (RS Rating)

Last Trade

$43.63

Average Daily Volume

11,395

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FFSM	LSAF
30 Days	7.11%	5.32%
60 Days	5.92%	6.52%
90 Days	6.92%	9.24%
12 Months	35.08%	34.17%

12 Overlapping Holdings

Symbol	Grade	Weight in FFSM	Weight in LSAF	Overlap
BLDR	D	0.46%	0.85%	0.46%
CROX	D	1.17%	0.67%	0.67%
EXP	A	1.44%	1.01%	1.01%
GPK	C	0.71%	0.92%	0.71%
KBR	F	0.46%	0.87%	0.46%
LPX	B	0.65%	1.0%	0.65%
MUSA	A	1.34%	1.02%	1.02%
ORI	A	0.96%	1.02%	0.96%
PRI	A	0.56%	1.06%	0.56%
PVH	C	0.51%	0.93%	0.51%
SNX	C	0.95%	0.92%	0.92%
STLD	B	0.01%	1.09%	0.01%

FFSM Overweight 159 Positions Relative to LSAF

Symbol	Grade	Weight
EME	C	1.81%
UHS	D	1.5%
FTI	A	1.47%
TPX	B	1.46%
ACGL	D	1.45%
NSIT	F	1.33%
AR	B	1.27%
BJ	A	1.22%
FN	D	1.22%
ITT	A	1.2%
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%
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%
PCG	A	0.72%
HLI	B	0.71%
AEIS	B	0.66%
ACM	A	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%
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%
NOG	A	0.57%
MEDP	D	0.57%
MTSI	B	0.57%
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%
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%
BOKF	B	0.46%
TENB	C	0.45%
OLN	D	0.45%
PRCT	B	0.44%
LITE	B	0.44%
NOMD	D	0.42%
AXTA	A	0.42%
TEX	D	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%
GVA	A	0.35%
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%
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 87 Positions Relative to LSAF

Symbol	Grade	Weight
TRGP	B	-1.34%
VST	B	-1.32%
EXEL	B	-1.27%
SYF	B	-1.24%
UNM	A	-1.21%
OWL	A	-1.19%
AAON	B	-1.18%
BKNG	A	-1.17%
EXPE	B	-1.17%
GM	B	-1.17%
PLNT	A	-1.16%
FI	A	-1.15%
DUOL	A	-1.15%
FTNT	C	-1.15%
AMP	A	-1.15%
NTNX	A	-1.14%
GS	A	-1.14%
FICO	B	-1.14%
CPAY	A	-1.13%
LOPE	B	-1.08%
CMI	A	-1.08%
MAR	B	-1.08%
TMUS	B	-1.08%
WSO	A	-1.05%
EQH	B	-1.05%
GWRE	A	-1.04%
RS	B	-1.04%
MO	A	-1.04%
FOXA	B	-1.04%
WRB	A	-1.04%
AXP	A	-1.03%
HLT	A	-1.03%
JBL	B	-1.03%
GEN	B	-1.02%
RL	B	-1.01%
AMG	B	-1.0%
EEFT	B	-1.0%
BR	A	-1.0%
ORLY	B	-0.99%
LNW	D	-0.99%
REG	B	-0.98%
MET	A	-0.98%
AIG	B	-0.98%
HIG	B	-0.97%
H	B	-0.97%
FIS	C	-0.97%
IT	C	-0.97%
UTHR	C	-0.97%
WWD	B	-0.96%
GOOGL	C	-0.96%
PSX	C	-0.95%
AFL	B	-0.95%
DVA	B	-0.95%
CAT	B	-0.94%
SPGI	C	-0.94%
LOW	D	-0.93%
COLM	B	-0.93%
POST	C	-0.93%
MPC	D	-0.93%
AAPL	C	-0.93%
TOL	B	-0.93%
CSL	C	-0.93%
AZO	C	-0.92%
MTG	C	-0.92%
PSN	D	-0.91%
SPB	C	-0.9%
COKE	C	-0.9%
TXT	D	-0.9%
CI	F	-0.9%
EBAY	D	-0.89%
AN	C	-0.89%
MAS	D	-0.88%
DD	D	-0.88%
LMT	D	-0.88%
NSA	D	-0.87%
NVR	D	-0.86%
LEN	D	-0.85%
SAIC	F	-0.85%
THC	D	-0.85%
BLD	D	-0.84%
HRB	D	-0.84%
PHM	D	-0.84%
MHK	D	-0.81%
FBIN	D	-0.8%
HCA	F	-0.78%
WMS	D	-0.77%
MTD	D	-0.76%