FDWM vs. CBLS ETF Comparison

Comparison of Fidelity Women's Leadership ETF (FDWM) to Changebridge Capital Long/Short Equity ETF (CBLS)

FDWM

Fidelity Women's Leadership ETF

FDWM Description

The investment seeks long-term growth of capital. The Advisor normally invests at least 80% of assets in equity securities of companies that prioritize and advance women's leadership and development. The Adviser may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers. The fund may invest a significant percentage of its assets in relatively few companies and may invest up to 25% in a single company. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$23.90

Average Daily Volume

238

Number of Holdings ^*

101

* may have additional holdings in another (foreign) market

CBLS

Changebridge Capital Long/Short Equity ETF

CBLS Description

The investment seeks long-term capital appreciation while minimizing volatility. The Adviser also considers an assessment of a company's ESG attributes in determining the attractiveness of an investment opportunity. In general, the fund's investments are broadly invested over a number of sectors, but it may focus on the technology, consumer, and healthcare sectors. Under normal circumstances, at least 80% of the fund's net assets, plus borrowings for investment purposes, will be invested long or short in equity securities, including common stocks and depositary receipts. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$26.76

Average Daily Volume

2,182

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FDWM	CBLS
30 Days	3.67%	5.19%
60 Days	2.67%	5.56%
90 Days	5.51%	5.46%
12 Months	25.79%	35.31%

9 Overlapping Holdings

Symbol	Grade	Weight in FDWM	Weight in CBLS	Overlap
AAPL	B	4.35%	2.97%	2.97%
AMZN	C	2.56%	1.96%	1.96%
DE	B	0.92%	-1.48%	-1.48%
DELL	C	0.53%	2.93%	0.53%
GOOG	C	2.61%	3.02%	2.61%
HSY	F	0.5%	-1.69%	-1.69%
INTU	C	0.85%	-0.51%	-0.51%
NEE	D	1.0%	2.14%	1.0%
NVDA	C	3.24%	3.08%	3.08%

FDWM Overweight 92 Positions Relative to CBLS

Symbol	Grade	Weight
MSFT	D	3.66%
ACN	B	2.03%
DIS	B	1.93%
HOLX	D	1.76%
PGR	A	1.73%
CI	D	1.69%
CRM	B	1.62%
JPM	B	1.5%
ANET	C	1.41%
WSM	B	1.4%
ADBE	C	1.32%
CDW	F	1.23%
HUBS	B	1.21%
AMD	F	1.19%
VTR	D	1.16%
NXPI	D	1.16%
CNC	F	1.13%
BAC	A	1.11%
PODD	B	1.1%
MA	B	1.09%
MRVL	B	1.08%
BKR	C	1.04%
HIG	B	1.04%
ALNY	D	1.0%
WEX	F	0.99%
C	A	0.98%
FSLR	F	0.98%
GEV	C	0.96%
NDAQ	A	0.95%
ETN	A	0.94%
LDOS	D	0.94%
ULTA	F	0.94%
GEN	A	0.93%
MMC	A	0.93%
ELV	F	0.92%
TMHC	A	0.92%
PH	A	0.87%
MU	D	0.87%
CLX	C	0.83%
FIS	D	0.82%
EL	F	0.8%
ZTS	D	0.78%
CBT	C	0.78%
HLT	A	0.78%
UPS	C	0.77%
NSIT	F	0.76%
PSA	C	0.75%
FSS	B	0.74%
OTIS	C	0.71%
SAIC	F	0.71%
RRX	A	0.7%
BALL	D	0.69%
MRK	F	0.68%
GSK	F	0.67%
AR	B	0.66%
NFLX	B	0.66%
HBAN	B	0.65%
ETSY	D	0.64%
EMN	D	0.62%
ICLR	F	0.61%
EXAS	F	0.61%
BBY	D	0.61%
VRTX	D	0.59%
CE	F	0.57%
OLED	F	0.57%
SUM	B	0.57%
USB	A	0.56%
OXY	F	0.55%
PINS	F	0.55%
SBUX	B	0.55%
LOW	C	0.54%
EQT	B	0.52%
NVT	B	0.51%
TPR	A	0.51%
ATI	D	0.51%
BG	F	0.47%
MAN	D	0.47%
WRBY	B	0.45%
MTN	C	0.44%
VLTO	C	0.42%
NKE	F	0.37%
RUN	F	0.36%
AMN	F	0.36%
ARCB	C	0.34%
ZLAB	C	0.31%
PD	C	0.29%
ELF	C	0.28%
GAP	C	0.24%
RDUS	C	0.24%
SEDG	F	0.21%
MLKN	D	0.2%
SAGE	F	0.08%

FDWM Underweight 59 Positions Relative to CBLS

Symbol	Grade	Weight
LNG	B	-3.43%
GTLS	B	-2.77%
SKY	B	-2.73%
BWXT	B	-2.7%
COST	B	-2.62%
STRL	B	-2.61%
SCHW	A	-2.56%
CCL	B	-2.54%
EME	B	-2.53%
VST	B	-2.46%
OSW	B	-2.41%
MC	B	-2.37%
IBN	B	-2.36%
WTTR	B	-2.33%
D	C	-2.27%
NARI	C	-2.26%
RDDT	B	-2.26%
SO	D	-2.24%
ECL	D	-2.24%
ROL	B	-2.23%
AER	A	-2.22%
ORCL	C	-2.06%
BLBD	F	-2.06%
WMT	B	-2.03%
ETR	B	-1.96%
INTC	C	-1.93%
SCI	A	-1.93%
ERJ	B	-1.85%
TDG	D	-1.79%
RTX	D	-1.72%
GD	F	-1.69%
ON	C	-1.53%
MGNI	B	-1.31%
DOOO	F	--0.44%
KLG	C	--0.48%
PEP	F	--0.48%
KDP	D	--0.48%
HRB	D	--0.5%
GIS	D	--0.5%
POST	B	--0.51%
ENR	A	--0.67%
GIII	C	--0.89%
R	B	--0.91%
TTC	D	--0.92%
PFE	D	--1.0%
CAG	D	--1.01%
NVO	F	--1.01%
SIG	B	--1.04%
GOGO	C	--1.1%
JNJ	D	--1.1%
NVAX	F	--1.13%
ROK	B	--1.13%
MIDD	B	--1.15%
AME	A	--1.18%
F	C	--1.36%
SNOW	C	--1.49%
DUOL	B	--1.56%
HELE	C	--1.72%
LLY	F	--1.79%