FQAL vs. LSAF ETF Comparison

Comparison of Fidelity Quality Factor ETF (FQAL) to LeaderShares AlphaFactor US Core Equity ETF (LSAF)

FQAL

Fidelity Quality Factor ETF

FQAL Description

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Quality Factor Index. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Quality Factor Index, which is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with a higher quality profile than the broader market.

Grade (RS Rating)

Last Trade

$67.19

Average Daily Volume

29,912

Number of Holdings ^*

124

* 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	FQAL	LSAF
30 Days	2.60%	5.32%
60 Days	4.35%	6.52%
90 Days	5.86%	9.24%
12 Months	30.56%	34.17%

17 Overlapping Holdings

Symbol	Grade	Weight in FQAL	Weight in LSAF	Overlap
AAPL	C	6.62%	0.93%	0.93%
AMP	A	0.92%	1.15%	0.92%
AZO	C	0.75%	0.92%	0.75%
BKNG	A	1.21%	1.17%	1.17%
CAT	B	0.77%	0.94%	0.77%
CPAY	A	0.82%	1.13%	0.82%
EXP	A	0.16%	1.01%	0.16%
FICO	B	0.96%	1.14%	0.96%
GOOGL	C	3.69%	0.96%	0.96%
LMT	D	0.56%	0.88%	0.56%
LOW	D	1.02%	0.93%	0.93%
MO	A	0.44%	1.04%	0.44%
MTD	D	0.58%	0.76%	0.58%
ORLY	B	0.84%	0.99%	0.84%
RS	B	0.17%	1.04%	0.17%
SPGI	C	0.92%	0.94%	0.92%
VST	B	0.43%	1.32%	0.43%

FQAL Overweight 107 Positions Relative to LSAF

Symbol	Grade	Weight
NVDA	C	7.24%
MSFT	F	6.3%
META	D	2.51%
AVGO	D	2.0%
LLY	F	1.72%
V	A	1.61%
HD	A	1.5%
MA	C	1.48%
JNJ	D	1.35%
XOM	B	1.16%
ABBV	D	1.14%
MCD	D	1.11%
BX	A	1.05%
ACN	C	1.05%
BMY	B	1.02%
COST	B	1.01%
PGR	A	1.0%
GILD	C	1.0%
PG	A	0.98%
ADBE	C	0.97%
NFLX	A	0.97%
PANW	C	0.96%
QCOM	F	0.91%
VRTX	F	0.86%
GRMN	B	0.86%
CME	A	0.85%
VEEV	C	0.84%
ZTS	D	0.81%
EWBC	A	0.78%
CFR	B	0.77%
AMAT	F	0.77%
MCO	B	0.76%
MSCI	C	0.75%
ABNB	C	0.75%
JXN	C	0.74%
YUM	B	0.72%
ACGL	D	0.71%
CBSH	A	0.71%
DPZ	C	0.69%
CVX	A	0.68%
LRCX	F	0.67%
IDXX	F	0.67%
KO	D	0.66%
KNSL	B	0.65%
QLYS	C	0.64%
ADP	B	0.64%
KLAC	D	0.64%
WSM	B	0.63%
PM	B	0.63%
UNP	C	0.61%
MEDP	D	0.57%
T	A	0.57%
VZ	C	0.56%
CTAS	B	0.55%
GWW	B	0.55%
ITW	B	0.54%
FAST	B	0.53%
AME	A	0.52%
LIN	D	0.52%
MMM	D	0.5%
TDG	D	0.49%
CSX	B	0.49%
PAYX	C	0.49%
CPRT	A	0.48%
NEE	D	0.47%
VRSK	A	0.46%
OTIS	C	0.45%
ODFL	B	0.45%
COP	C	0.41%
TTD	B	0.41%
MDLZ	F	0.38%
CL	D	0.36%
SO	D	0.36%
CEG	D	0.36%
WMB	A	0.34%
EOG	A	0.32%
MNST	C	0.31%
KMB	D	0.31%
TPL	A	0.31%
PLD	D	0.3%
SHW	A	0.3%
LNG	B	0.28%
NRG	B	0.27%
AMT	D	0.27%
WEC	A	0.26%
SPG	B	0.25%
HSY	F	0.25%
FCX	D	0.24%
ECL	D	0.24%
PSA	D	0.23%
O	D	0.21%
NFG	A	0.2%
AM	A	0.19%
EXR	D	0.19%
UGI	A	0.19%
AVB	B	0.19%
MLM	B	0.19%
WHD	B	0.18%
VICI	C	0.18%
NUE	C	0.18%
EQR	B	0.17%
CF	B	0.17%
SBAC	D	0.16%
ESS	B	0.16%
RGLD	C	0.15%
AVY	D	0.15%
GLPI	C	0.14%

FQAL Underweight 82 Positions Relative to LSAF

Symbol	Grade	Weight
TRGP	B	-1.34%
EXEL	B	-1.27%
SYF	B	-1.24%
UNM	A	-1.21%
OWL	A	-1.19%
AAON	B	-1.18%
EXPE	B	-1.17%
GM	B	-1.17%
PLNT	A	-1.16%
FI	A	-1.15%
DUOL	A	-1.15%
FTNT	C	-1.15%
NTNX	A	-1.14%
GS	A	-1.14%
STLD	B	-1.09%
LOPE	B	-1.08%
CMI	A	-1.08%
MAR	B	-1.08%
TMUS	B	-1.08%
PRI	A	-1.06%
WSO	A	-1.05%
EQH	B	-1.05%
GWRE	A	-1.04%
FOXA	B	-1.04%
WRB	A	-1.04%
AXP	A	-1.03%
HLT	A	-1.03%
JBL	B	-1.03%
MUSA	A	-1.02%
ORI	A	-1.02%
GEN	B	-1.02%
RL	B	-1.01%
AMG	B	-1.0%
LPX	B	-1.0%
EEFT	B	-1.0%
BR	A	-1.0%
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%
PSX	C	-0.95%
AFL	B	-0.95%
DVA	B	-0.95%
COLM	B	-0.93%
POST	C	-0.93%
MPC	D	-0.93%
PVH	C	-0.93%
TOL	B	-0.93%
CSL	C	-0.93%
SNX	C	-0.92%
GPK	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%
NSA	D	-0.87%
KBR	F	-0.87%
NVR	D	-0.86%
LEN	D	-0.85%
SAIC	F	-0.85%
THC	D	-0.85%
BLDR	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%
CROX	D	-0.67%