CLSE vs. FQAL ETF Comparison

Comparison of Convergence Long/Short Equity ETF (CLSE) to Fidelity Quality Factor ETF (FQAL)

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

$23.61

Average Daily Volume

63,574

Number of Holdings ^*

337

* may have additional holdings in another (foreign) market

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

$66.83

Average Daily Volume

29,902

Number of Holdings ^*

124

* may have additional holdings in another (foreign) market

Performance

Period	CLSE	FQAL
30 Days	4.15%	1.49%
60 Days	9.66%	5.24%
90 Days	10.02%	6.80%
12 Months	40.83%	30.99%

42 Overlapping Holdings

Symbol	Grade	Weight in CLSE	Weight in FQAL	Overlap
AAPL	C	1.12%	6.53%	1.12%
ABBV	F	1.03%	1.35%	1.03%
ABNB	C	-0.27%	0.82%	-0.27%
ADBE	C	-0.51%	0.94%	-0.51%
AVGO	C	2.43%	2.17%	2.17%
BKNG	A	0.37%	1.16%	0.37%
BMY	B	1.28%	0.97%	0.97%
CF	B	0.36%	0.17%	0.17%
EQR	C	0.34%	0.16%	0.16%
EXP	B	0.48%	0.17%	0.17%
EXR	D	-0.14%	0.18%	-0.14%
GILD	B	1.11%	1.09%	1.09%
GOOGL	C	3.45%	3.77%	3.45%
GRMN	A	0.13%	0.85%	0.13%
HD	B	1.12%	1.43%	1.12%
HSY	F	-0.23%	0.25%	-0.23%
JNJ	D	0.84%	1.34%	0.84%
JXN	C	0.62%	0.79%	0.62%
KNSL	C	-0.17%	0.61%	-0.17%
LNG	B	0.93%	0.26%	0.26%
LRCX	F	0.0%	0.74%	0.0%
META	B	3.33%	2.62%	2.62%
MLM	B	-0.14%	0.2%	-0.14%
MNST	B	-0.28%	0.32%	-0.28%
MO	A	0.76%	0.41%	0.41%
MSCI	B	-0.26%	0.71%	-0.26%
NFLX	A	0.75%	0.91%	0.75%
NRG	C	0.74%	0.27%	0.27%
NVDA	A	4.52%	7.41%	4.52%
PG	C	0.44%	0.92%	0.44%
PGR	A	0.46%	0.98%	0.46%
PM	B	0.42%	0.59%	0.42%
PSA	D	-0.24%	0.22%	-0.24%
QCOM	F	1.78%	0.96%	0.96%
RGLD	C	0.34%	0.15%	0.15%
SO	D	0.0%	0.35%	0.0%
SPG	A	0.37%	0.24%	0.24%
T	A	0.53%	0.54%	0.53%
TTD	B	-0.19%	0.45%	-0.19%
UNP	D	0.53%	0.62%	0.53%
VST	B	0.52%	0.4%	0.4%
XOM	B	0.56%	1.15%	0.56%

CLSE Overweight 295 Positions Relative to FQAL

Symbol	Grade	Weight
APP	B	2.93%
AMZN	A	2.42%
MU	D	2.37%
HPE	B	1.96%
ANET	C	1.92%
CVNA	B	1.88%
WMT	A	1.81%
IDCC	B	1.51%
ACIW	B	1.49%
CVLT	B	1.49%
GDDY	B	1.41%
DOCU	B	1.34%
ORCL	A	1.33%
NTAP	D	1.21%
JHG	A	1.16%
PYPL	A	1.14%
NTNX	B	1.13%
SYF	B	1.08%
NTRS	A	1.06%
SNEX	B	1.06%
TSLA	B	1.04%
HALO	C	1.0%
BFH	B	0.91%
PLTR	B	0.9%
AMG	B	0.9%
PPC	C	0.9%
SEIC	A	0.89%
AMRX	B	0.87%
MLI	B	0.87%
GVA	B	0.84%
IESC	B	0.82%
PRIM	B	0.82%
GM	B	0.82%
CARG	B	0.79%
THC	B	0.78%
BAC	A	0.78%
CAH	B	0.76%
EME	B	0.76%
DVA	C	0.75%
FITB	A	0.75%
COR	B	0.75%
STRL	B	0.74%
CPNG	B	0.73%
WFC	A	0.72%
ALNY	D	0.71%
UHS	D	0.71%
CEIX	B	0.71%
AVT	C	0.7%
VRT	B	0.7%
MWA	B	0.68%
ZION	B	0.68%
RF	A	0.67%
MTZ	B	0.67%
PNC	B	0.67%
APH	B	0.67%
ALSN	B	0.66%
UMBF	B	0.65%
LDOS	C	0.64%
JPM	A	0.62%
IBM	D	0.62%
MPWR	F	0.62%
FTDR	B	0.61%
EXPE	B	0.6%
YOU	D	0.6%
FTI	B	0.59%
FLR	C	0.58%
CHRW	A	0.58%
SLVM	C	0.57%
TMUS	A	0.56%
TSN	B	0.55%
CACI	C	0.55%
RGA	A	0.53%
MET	C	0.51%
GOOG	C	0.49%
PNW	A	0.48%
VLO	C	0.47%
AVA	C	0.46%
MPC	D	0.45%
ALL	B	0.45%
CNA	C	0.44%
GLW	B	0.44%
FFIV	B	0.44%
SCCO	F	0.43%
RMD	C	0.43%
LPX	A	0.42%
CTRE	C	0.42%
UI	B	0.38%
R	B	0.37%
SR	C	0.36%
J	D	0.35%
DUOL	A	0.34%
OUT	B	0.34%
PTON	C	0.34%
CCL	B	0.34%
NEM	F	0.32%
LAMR	D	0.31%
CNC	F	0.31%
MDT	D	0.3%
CVS	F	0.29%
IIPR	F	0.29%
ATGE	C	0.29%
IBP	F	0.26%
NVR	D	0.25%
TOL	B	0.23%
MATX	B	0.22%
EEFT	C	0.22%
JLL	C	0.2%
MUSA	B	0.2%
ABM	B	0.19%
KR	A	0.17%
BAH	C	0.17%
SQ	B	0.15%
MRK	F	0.15%
NSA	D	0.15%
FN	C	0.14%
EXPD	C	0.14%
VCYT	B	0.12%
CINF	A	0.12%
PRU	B	0.12%
SEE	C	0.11%
ANF	C	0.11%
NTRA	B	0.1%
ILMN	C	0.1%
UTHR	B	0.08%
AEIS	B	0.07%
INCY	B	0.07%
HQY	B	0.07%
LNTH	F	0.05%
QQQ	A	0.0%
PATK	C	0.0%
HGV	B	-0.06%
EXAS	F	-0.07%
RYN	F	-0.07%
CCS	F	-0.07%
HUN	F	-0.08%
AES	F	-0.08%
VMC	B	-0.08%
FLYW	B	-0.08%
GNTX	C	-0.09%
BC	D	-0.09%
JOE	F	-0.09%
FL	F	-0.09%
APD	B	-0.1%
ABG	B	-0.1%
REXR	F	-0.1%
PENN	B	-0.1%
NSC	B	-0.11%
MCW	C	-0.11%
DLR	C	-0.11%
ALIT	C	-0.12%
EL	F	-0.12%
ENPH	F	-0.12%
PCH	F	-0.12%
ACVA	B	-0.12%
EQIX	B	-0.12%
MKL	A	-0.13%
BECN	B	-0.13%
PYCR	B	-0.14%
BPOP	C	-0.14%
AGO	B	-0.14%
CC	C	-0.15%
AA	C	-0.15%
JBLU	C	-0.15%
AGCO	F	-0.15%
DAY	B	-0.15%
GTLS	B	-0.15%
AVAV	C	-0.15%
DRVN	A	-0.15%
MTN	C	-0.16%
CZR	F	-0.16%
CRL	C	-0.16%
OSK	B	-0.16%
TREX	C	-0.16%
BHF	B	-0.16%
COTY	D	-0.16%
DAR	B	-0.16%
CNH	D	-0.16%
NXST	C	-0.16%
COLD	F	-0.16%
LGIH	F	-0.16%
ALB	C	-0.16%
EW	F	-0.16%
RNR	D	-0.16%
C	B	-0.17%
RBA	B	-0.17%
AL	B	-0.17%
UHAL	D	-0.17%
LKQ	C	-0.17%
NARI	C	-0.17%
KRG	B	-0.17%
AJG	A	-0.17%
SITE	D	-0.17%
XPO	B	-0.17%
BIRK	F	-0.17%
AIR	B	-0.18%
SW	B	-0.18%
EBC	B	-0.18%
MASI	B	-0.18%
MDGL	C	-0.19%
XYL	F	-0.19%
CHDN	B	-0.19%
ENOV	C	-0.19%
WAL	B	-0.19%
BRKR	F	-0.19%
TEX	D	-0.19%
PRCT	C	-0.19%
GATX	B	-0.2%
WTM	A	-0.2%
CGON	D	-0.2%
UEC	C	-0.2%
BE	B	-0.21%
SRE	B	-0.21%
ATO	B	-0.21%
SAIA	B	-0.22%
EQT	B	-0.22%
AESI	F	-0.22%
GPOR	B	-0.23%
NOG	B	-0.23%
BANC	B	-0.23%
ARWR	C	-0.24%
SUM	B	-0.24%
VAL	D	-0.24%
ELF	C	-0.24%
KEY	B	-0.25%
LYV	A	-0.25%
LW	B	-0.26%
TEAM	B	-0.26%
CELH	F	-0.26%
WTRG	C	-0.26%
AUR	D	-0.27%
PTEN	C	-0.27%
SOFI	B	-0.27%
AWK	D	-0.27%
FCNCA	B	-0.27%
PINS	F	-0.28%
FOUR	B	-0.28%
NEOG	D	-0.29%
BILL	B	-0.29%
ESTC	C	-0.29%
GT	C	-0.29%
MKTX	C	-0.3%
XP	F	-0.3%
NDAQ	B	-0.3%
MDB	C	-0.3%
STNE	F	-0.31%
BEN	C	-0.31%
AFRM	B	-0.31%
APLS	F	-0.31%
GTLB	B	-0.32%
LPLA	A	-0.34%
VVV	B	-0.34%
COHR	C	-0.34%
CACC	D	-0.34%
ZBRA	B	-0.35%
APO	B	-0.35%
CCOI	C	-0.36%
DG	F	-0.36%
ALGM	F	-0.36%
INSP	F	-0.37%
BA	F	-0.37%
DLTR	F	-0.38%
WBD	B	-0.39%
PATH	C	-0.39%
BBIO	F	-0.4%
RIVN	F	-0.41%
ON	F	-0.41%
CYTK	C	-0.44%
U	F	-0.45%
MRNA	F	-0.46%
NWS	B	-0.47%
MCHP	F	-0.48%
GE	D	-0.48%
SATS	D	-0.48%
CGNX	C	-0.48%
RH	C	-0.49%
DV	C	-0.49%
RBLX	B	-0.5%
TTWO	A	-0.5%
FIVE	F	-0.51%
FND	F	-0.52%
CFLT	B	-0.52%
ZI	C	-0.54%
BRZE	C	-0.54%
DELL	C	-0.55%
WST	B	-0.57%
FIVN	C	-0.58%
DXCM	C	-0.58%
POOL	D	-0.58%
SMCI	F	-0.59%
WDC	D	-0.73%
LSCC	D	-0.76%
TXN	B	-0.87%
LITE	B	-0.88%
INTC	C	-0.99%
FSLR	F	-1.21%

CLSE Underweight 82 Positions Relative to FQAL

Symbol	Grade	Weight
MSFT	C	-6.31%
LLY	F	-1.8%
V	A	-1.56%
MA	B	-1.44%
MCD	C	-1.09%
ACN	B	-1.05%
LOW	B	-0.99%
COST	B	-0.99%
BX	A	-0.99%
PANW	B	-0.94%
VRTX	B	-0.91%
FICO	B	-0.9%
SPGI	C	-0.89%
AMP	A	-0.88%
AMAT	F	-0.87%
VEEV	B	-0.86%
CME	B	-0.82%
ORLY	A	-0.82%
CAT	B	-0.8%
ZTS	D	-0.79%
CPAY	A	-0.77%
CFR	B	-0.75%
EWBC	B	-0.75%
AZO	B	-0.74%
YUM	B	-0.73%
MCO	C	-0.73%
DPZ	C	-0.7%
KLAC	F	-0.69%
IDXX	F	-0.68%
ACGL	C	-0.68%
MTD	F	-0.68%
CBSH	A	-0.66%
QLYS	B	-0.66%
KO	F	-0.66%
CVX	A	-0.65%
MEDP	D	-0.64%
ADP	A	-0.64%
WSM	F	-0.63%
LMT	D	-0.57%
VZ	D	-0.54%
GWW	B	-0.54%
CTAS	B	-0.54%
ITW	B	-0.53%
LIN	D	-0.53%
FAST	B	-0.52%
AME	A	-0.5%
TDG	D	-0.5%
MMM	C	-0.5%
CSX	B	-0.49%
PAYX	B	-0.49%
ODFL	B	-0.46%
CPRT	A	-0.46%
NEE	D	-0.45%
VRSK	A	-0.45%
OTIS	D	-0.45%
COP	C	-0.4%
MDLZ	F	-0.38%
CEG	D	-0.38%
CL	F	-0.34%
WMB	B	-0.33%
SHW	A	-0.3%
KMB	D	-0.3%
TPL	B	-0.3%
EOG	A	-0.29%
PLD	D	-0.29%
AMT	F	-0.27%
FCX	F	-0.26%
WEC	B	-0.25%
ECL	C	-0.24%
NUE	D	-0.2%
O	D	-0.2%
NFG	D	-0.19%
WHD	B	-0.18%
UGI	D	-0.18%
AVB	B	-0.18%
AM	B	-0.18%
RS	C	-0.17%
VICI	D	-0.17%
SBAC	D	-0.16%
AVY	F	-0.15%
ESS	C	-0.15%
GLPI	D	-0.14%