BTAL vs. FFSM ETF Comparison

Comparison of QuantShares U.S. Market Neutral Anti Beta Fund ETF (BTAL) to Fidelity Fundamental Small-Mid Cap ETF (FFSM)

BTAL

QuantShares U.S. Market Neutral Anti Beta Fund ETF

BTAL Description

The investment seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Index. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stock, including the short positions, in the Target Anti-Beta Index. The Target Anti-Beta Index is a market neutral index that is dollar-neutral. As such, it identifies long and short securities positions of approximately equal dollar amounts. In choosing to track a market neutral index, the fund seeks to limit the effects of general market movements on the fund.

Grade (RS Rating)

Last Trade

$19.20

Average Daily Volume

467,825

Number of Holdings ^*

391

* 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

$28.75

Average Daily Volume

28,347

Number of Holdings ^*

171

* may have additional holdings in another (foreign) market

Performance

Period	BTAL	FFSM
30 Days	-2.59%	5.05%
60 Days	-1.84%	4.89%
90 Days	-2.74%	5.78%
12 Months	-5.88%	33.64%

38 Overlapping Holdings

Symbol	Grade	Weight in BTAL	Weight in FFSM	Overlap
ACGL	C	0.4%	1.45%	0.4%
AES	F	-0.34%	0.65%	-0.34%
AIZ	A	0.46%	0.91%	0.46%
ALSN	B	0.56%	0.76%	0.56%
AR	B	-0.52%	1.27%	-0.52%
ASGN	F	0.44%	0.65%	0.44%
AXTA	B	-0.49%	0.42%	-0.49%
BLDR	D	-0.44%	0.46%	-0.44%
CACI	D	0.53%	1.06%	0.53%
CC	C	-0.44%	0.01%	-0.44%
CNM	D	-0.37%	0.47%	-0.37%
CNXC	F	-0.25%	0.29%	-0.25%
CRL	D	-0.47%	0.52%	-0.47%
CXT	C	0.42%	0.36%	0.36%
DKS	D	-0.37%	0.84%	-0.37%
DOX	D	0.47%	0.92%	0.47%
EXP	B	-0.55%	1.44%	-0.55%
G	B	0.51%	0.59%	0.51%
ITT	A	-0.49%	1.2%	-0.49%
JLL	D	-0.47%	1.1%	-0.47%
KBR	F	0.45%	0.46%	0.45%
LITE	B	-0.66%	0.44%	-0.66%
LNG	A	0.51%	0.9%	0.51%
LPLA	A	0.59%	0.01%	0.01%
LPX	B	-0.51%	0.65%	-0.51%
MOH	F	0.4%	1.1%	0.4%
MUSA	B	0.44%	1.34%	0.44%
ON	D	0.4%	0.62%	0.4%
ORI	A	0.46%	0.96%	0.46%
PFGC	B	-0.51%	1.16%	-0.51%
PNFP	B	-0.56%	0.73%	-0.56%
RGA	A	0.47%	0.76%	0.47%
RGEN	D	-0.45%	0.19%	-0.45%
SNV	C	-0.57%	0.88%	-0.57%
SNX	D	0.42%	0.95%	0.42%
USFD	A	-0.51%	1.16%	-0.51%
VRT	B	-0.68%	1.14%	-0.68%
XPO	B	-0.56%	0.56%	-0.56%

BTAL Overweight 353 Positions Relative to FFSM

Symbol	Grade	Weight
MSTR	B	1.11%
BILL	A	0.72%
PAYC	B	0.62%
SFM	A	0.62%
IBKR	A	0.61%
ZI	D	0.58%
CFLT	B	0.57%
HQY	A	0.57%
PCTY	C	0.57%
SNA	A	0.56%
TGNA	B	0.56%
UNM	A	0.56%
FTNT	C	0.56%
KMI	A	0.55%
WH	B	0.55%
NWL	C	0.55%
BWXT	B	0.54%
GILD	C	0.53%
FFIV	B	0.53%
BMY	B	0.53%
PCAR	B	0.53%
BKR	A	0.53%
CW	C	0.52%
RLI	A	0.51%
TRV	B	0.51%
TXRH	B	0.51%
SAIC	F	0.51%
THG	A	0.51%
MCK	A	0.51%
ORLY	B	0.51%
MKL	A	0.51%
MSI	B	0.51%
PKG	A	0.5%
UTHR	C	0.5%
LULU	C	0.5%
CSCO	B	0.5%
SBRA	C	0.5%
TDY	B	0.5%
SIGI	C	0.49%
AEE	A	0.49%
T	A	0.49%
KR	B	0.49%
XEL	A	0.49%
GLW	B	0.49%
PAYX	B	0.49%
WELL	A	0.49%
CHH	A	0.49%
VFC	C	0.49%
DBX	B	0.49%
TMUS	B	0.49%
FOXA	A	0.49%
JAZZ	B	0.48%
AON	A	0.48%
BRO	B	0.48%
VTRS	A	0.48%
ADP	A	0.48%
RYAN	A	0.48%
PNM	B	0.48%
HON	C	0.48%
CINF	A	0.48%
DRI	B	0.47%
ROP	B	0.47%
WEN	D	0.47%
AXS	A	0.47%
CME	B	0.47%
CDP	C	0.47%
ALL	A	0.47%
MSM	C	0.47%
WEC	A	0.46%
X	B	0.46%
EDR	A	0.46%
CTSH	B	0.46%
CCK	D	0.46%
NEU	D	0.46%
CHD	A	0.46%
IBM	C	0.46%
CLH	C	0.46%
WTW	B	0.46%
ARMK	B	0.46%
PGR	A	0.46%
SLGN	A	0.46%
CMG	B	0.46%
COR	B	0.46%
HEI	A	0.46%
CSX	C	0.46%
RNR	C	0.46%
WM	B	0.46%
L	A	0.45%
LNT	A	0.45%
RTX	D	0.45%
ACN	B	0.45%
REG	A	0.45%
HPQ	B	0.45%
OHI	C	0.45%
ADC	A	0.45%
BWA	D	0.45%
HIG	B	0.45%
CHRW	B	0.45%
PNW	A	0.45%
DGX	A	0.45%
GD	D	0.45%
AVB	B	0.45%
XOM	B	0.44%
CMS	C	0.44%
MSFT	D	0.44%
VRSN	C	0.44%
CB	C	0.44%
RSG	A	0.44%
NOC	D	0.44%
COLM	C	0.44%
ELS	C	0.44%
DECK	A	0.44%
DLB	B	0.44%
WRB	A	0.44%
CF	A	0.44%
UNH	B	0.44%
J	D	0.43%
JNPR	D	0.43%
DUK	C	0.43%
EQR	C	0.43%
YUM	D	0.43%
MCD	D	0.43%
TJX	A	0.43%
DD	C	0.43%
PAG	B	0.42%
GLPI	C	0.42%
MSA	F	0.42%
MMC	B	0.42%
EG	C	0.42%
OLLI	D	0.42%
MKC	C	0.42%
ED	C	0.42%
CI	D	0.42%
VZ	C	0.42%
TXT	D	0.42%
AVT	C	0.42%
TNET	F	0.41%
VICI	C	0.41%
CHE	D	0.41%
LMT	D	0.41%
JNJ	C	0.41%
FLO	D	0.41%
CBOE	C	0.41%
O	C	0.4%
FCN	F	0.4%
WPC	C	0.4%
AMGN	F	0.4%
HRB	D	0.4%
MOS	F	0.39%
KHC	F	0.39%
ERIE	D	0.39%
FANG	C	0.39%
GIS	D	0.39%
PFE	F	0.39%
WTM	A	0.39%
AMCR	C	0.39%
KO	D	0.38%
OXY	D	0.38%
BG	D	0.38%
AKAM	D	0.38%
CPB	D	0.38%
FOXF	F	0.37%
MUR	D	0.37%
GPC	D	0.37%
DVN	F	0.37%
FMC	D	0.37%
ABBV	F	0.37%
ARW	D	0.37%
ST	F	0.37%
MAN	F	0.37%
MTCH	D	0.36%
HUM	C	0.35%
SRPT	F	0.35%
NEM	D	0.34%
ELV	F	0.34%
AZO	C	0.33%
CNC	D	0.32%
MDU	D	0.31%
BMRN	F	0.31%
AGL	F	0.19%
SMCI	F	-0.18%
SEDG	F	-0.21%
RUN	F	-0.21%
ENPH	F	-0.22%
MRNA	F	-0.24%
CE	F	-0.25%
MPWR	F	-0.27%
TXG	F	-0.3%
WOLF	F	-0.3%
EL	F	-0.3%
CELH	F	-0.3%
RIVN	F	-0.32%
NTLA	F	-0.32%
OPEN	F	-0.33%
COTY	F	-0.34%
BRZE	C	-0.34%
RKT	F	-0.34%
AMKR	D	-0.35%
TER	F	-0.35%
TFX	F	-0.36%
WMS	F	-0.37%
PLD	F	-0.38%
DINO	D	-0.38%
RIG	D	-0.38%
ELF	C	-0.38%
ALLY	C	-0.38%
LRCX	F	-0.39%
EFX	F	-0.39%
SHLS	F	-0.4%
FND	D	-0.4%
W	D	-0.4%
IDXX	F	-0.4%
KMX	B	-0.4%
ARWR	D	-0.4%
ARE	F	-0.41%
AWK	C	-0.41%
KSS	F	-0.41%
BLD	D	-0.41%
CWEN	C	-0.41%
ALGN	D	-0.41%
ELAN	D	-0.41%
AGNC	C	-0.41%
FCX	F	-0.42%
MKSI	C	-0.42%
WBA	F	-0.42%
AMD	F	-0.42%
EW	C	-0.42%
NVCR	C	-0.43%
TGT	F	-0.43%
CHX	C	-0.43%
RYN	D	-0.43%
ROIV	C	-0.43%
POWI	F	-0.43%
CSGP	D	-0.43%
PINS	F	-0.43%
UGI	C	-0.43%
MGM	D	-0.43%
FBIN	D	-0.43%
BBWI	C	-0.44%
MTDR	B	-0.44%
SSD	F	-0.44%
F	C	-0.44%
UBER	F	-0.44%
APG	B	-0.45%
DAR	C	-0.45%
OC	A	-0.45%
SEE	C	-0.45%
NWE	B	-0.45%
THO	B	-0.45%
D	C	-0.45%
MU	D	-0.46%
CRSP	D	-0.46%
CARR	C	-0.46%
RMD	C	-0.46%
CZR	F	-0.46%
SMG	C	-0.46%
PATH	C	-0.46%
AVGO	D	-0.47%
TOL	B	-0.47%
TRU	D	-0.47%
LAMR	C	-0.47%
BXP	C	-0.47%
CFG	B	-0.48%
ROKU	D	-0.48%
KRC	B	-0.48%
TROW	B	-0.48%
SHW	B	-0.48%
ZS	B	-0.48%
OZK	B	-0.49%
LNC	C	-0.49%
PENN	C	-0.49%
ANET	C	-0.49%
NTRA	A	-0.49%
NET	B	-0.49%
NRG	B	-0.49%
ILMN	C	-0.49%
USB	A	-0.49%
HHH	B	-0.49%
TREX	C	-0.49%
RRC	B	-0.5%
NVT	B	-0.5%
CAR	C	-0.5%
GH	B	-0.5%
RF	A	-0.5%
VEEV	C	-0.51%
PEN	B	-0.51%
CBRE	B	-0.51%
ALB	B	-0.51%
TT	A	-0.51%
WAL	B	-0.51%
PWR	A	-0.51%
NVDA	B	-0.51%
SNAP	D	-0.52%
CEG	C	-0.52%
DKNG	B	-0.52%
FYBR	C	-0.52%
ETN	A	-0.53%
FOUR	A	-0.53%
GNRC	C	-0.53%
NTRS	A	-0.53%
JHG	B	-0.53%
INTC	C	-0.53%
PYPL	B	-0.53%
DNLI	D	-0.53%
AA	A	-0.53%
MDB	B	-0.54%
SCHW	B	-0.54%
RBLX	C	-0.54%
URI	C	-0.54%
RMBS	B	-0.54%
ZION	B	-0.54%
DELL	B	-0.54%
KKR	A	-0.55%
RH	C	-0.55%
VNO	C	-0.55%
CMA	B	-0.55%
WCC	B	-0.55%
IOT	A	-0.55%
EXPE	B	-0.56%
BX	A	-0.56%
TTD	B	-0.56%
OWL	A	-0.57%
COHR	B	-0.57%
GME	C	-0.57%
Z	A	-0.57%
CRWD	B	-0.57%
CG	B	-0.57%
SQ	A	-0.58%
EQT	B	-0.59%
TPG	A	-0.59%
MRVL	B	-0.59%
LYV	A	-0.6%
DASH	B	-0.6%
GTLS	A	-0.6%
TDOC	C	-0.6%
DAY	B	-0.6%
SAIA	B	-0.62%
CCL	A	-0.63%
PODD	C	-0.63%
DUOL	A	-0.65%
TSLA	B	-0.68%
HOOD	B	-0.68%
LYFT	C	-0.69%
COIN	C	-0.69%
CVNA	B	-0.69%
DAL	B	-0.69%
TOST	B	-0.7%
AXON	A	-0.74%
VST	A	-0.74%
PTON	A	-0.76%
SOFI	B	-0.78%
AFRM	A	-0.78%
PLTR	B	-0.85%

BTAL Underweight 133 Positions Relative to FFSM

Symbol	Grade	Weight
EME	A	-1.81%
UHS	D	-1.5%
FTI	A	-1.47%
TPX	B	-1.46%
NSIT	F	-1.33%
BJ	A	-1.22%
FN	C	-1.22%
CROX	D	-1.17%
SN	D	-1.11%
WHD	B	-1.01%
CR	A	-1.01%
RRX	B	-1.01%
BOOT	C	-0.9%
TMDX	F	-0.9%
DFS	B	-0.89%
AIT	B	-0.88%
STX	C	-0.84%
AYI	B	-0.81%
TGLS	B	-0.81%
FAF	A	-0.77%
BC	C	-0.76%
VTR	B	-0.76%
NXST	C	-0.75%
SF	B	-0.75%
PCG	A	-0.72%
HLI	A	-0.71%
GPK	C	-0.71%
AEIS	C	-0.66%
ACM	B	-0.66%
KBH	D	-0.64%
FCNCA	A	-0.63%
BECN	B	-0.61%
MMS	F	-0.6%
CMC	B	-0.6%
FSS	B	-0.6%
LBRT	D	-0.59%
VNT	C	-0.59%
CBT	D	-0.59%
CADE	B	-0.59%
WBS	A	-0.57%
NOG	B	-0.57%
MEDP	D	-0.57%
MTSI	B	-0.57%
PRI	B	-0.56%
EPRT	B	-0.56%
HOLX	D	-0.56%
BCO	F	-0.56%
CHDN	B	-0.54%
ESI	B	-0.54%
CIEN	C	-0.53%
ASO	F	-0.53%
WTFC	A	-0.52%
CWK	C	-0.51%
RJF	A	-0.51%
PVH	C	-0.51%
HAYW	B	-0.51%
IESC	C	-0.51%
GMS	B	-0.51%
WIX	A	-0.5%
AFG	A	-0.49%
EBC	B	-0.49%
CTRE	C	-0.49%
EAT	A	-0.47%
BOKF	B	-0.46%
TENB	C	-0.45%
OLN	F	-0.45%
PRCT	B	-0.44%
NOMD	D	-0.42%
TEX	F	-0.42%
ARGX	B	-0.41%
COMP	B	-0.4%
LW	C	-0.4%
MASI	B	-0.39%
IP	A	-0.37%
CAH	B	-0.36%
GVA	A	-0.35%
RUSHA	C	-0.35%
AZZ	A	-0.34%
GTES	A	-0.33%
WFRD	D	-0.33%
PCVX	D	-0.32%
FLEX	B	-0.31%
AZEK	A	-0.3%
UPBD	B	-0.3%
ARCB	C	-0.3%
MTB	A	-0.3%
SKY	A	-0.3%
LEA	F	-0.3%
GRBK	D	-0.3%
IBTX	B	-0.29%
FBP	C	-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	C	-0.2%
CRNX	C	-0.19%
ACLX	C	-0.19%
KFRC	D	-0.18%
CYTK	F	-0.18%
MDGL	B	-0.16%
NUVL	C	-0.16%
AAP	D	-0.15%
XPRO	D	-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	C	-0.08%
MRUS	F	-0.07%
PBH	A	-0.06%
ARVN	F	-0.04%
ATKR	D	-0.01%
FIBK	B	-0.01%
STLD	B	-0.01%
AME	A	-0.01%
ALXO	F	-0.0%
EWTX	C	-0.0%
ZNTL	F	-0.0%