FFSM vs. FWD ETF Comparison

Comparison of Fidelity Fundamental Small-Mid Cap ETF (FFSM) to AB Disruptors ETF (FWD)

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

$28.31

Average Daily Volume

25,196

Number of Holdings ^*

171

* may have additional holdings in another (foreign) market

FWD

AB Disruptors ETF

FWD Description

FWD seeks capital growth by actively investing in companies globally, believed to be at the forefront of innovative growth trends. The funds adviser considers such companies as market disrupters. Many may utilize technology to enhance or create new demand for their product or service. The selection process combines a top-down evaluation of macroeconomic growth trends with fundamental, bottom-up analysis of individual companies. Factors such as current and projected profitability, pricing power, competitiveness, technological superiority, and management robustness of a company are considered. Targeted themes may include cloud infrastructure & AI, energy transition, transportation & logistics, medical innovation, digital transactions & media, and industrial innovation. The resulting portfolio of 80-120 stocks is considered non-diversified and may heavily focus on industries within the Information Technology sector.

Grade (RS Rating)

Last Trade

$81.72

Average Daily Volume

19,575

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FFSM	FWD
30 Days	1.98%	3.20%
60 Days	6.51%	7.97%
90 Days	9.77%	7.75%
12 Months	32.02%	45.06%

8 Overlapping Holdings

Symbol	Grade	Weight in FFSM	Weight in FWD	Overlap
CIEN	B	0.53%	0.76%	0.53%
CRL	C	0.52%	0.55%	0.52%
LITE	B	0.44%	0.68%	0.44%
MEDP	D	0.57%	0.46%	0.46%
MNDY	C	0.14%	0.73%	0.14%
ON	F	0.62%	1.01%	0.62%
RGEN	C	0.19%	0.48%	0.19%
VRT	B	1.14%	1.63%	1.14%

FFSM Overweight 163 Positions Relative to FWD

Symbol	Grade	Weight
EME	B	1.81%
UHS	D	1.5%
FTI	B	1.47%
TPX	B	1.46%
ACGL	C	1.45%
EXP	B	1.44%
MUSA	B	1.34%
NSIT	F	1.33%
AR	B	1.27%
BJ	B	1.22%
FN	C	1.22%
ITT	A	1.2%
CROX	F	1.17%
PFGC	B	1.16%
USFD	B	1.16%
SN	C	1.11%
JLL	C	1.1%
MOH	F	1.1%
CACI	C	1.06%
WHD	B	1.01%
CR	B	1.01%
RRX	B	1.01%
ORI	A	0.96%
SNX	C	0.95%
DOX	C	0.92%
AIZ	A	0.91%
BOOT	C	0.9%
TMDX	F	0.9%
LNG	B	0.9%
DFS	B	0.89%
AIT	A	0.88%
SNV	B	0.88%
DKS	D	0.84%
STX	D	0.84%
AYI	A	0.81%
TGLS	B	0.81%
FAF	C	0.77%
ALSN	B	0.76%
BC	D	0.76%
VTR	C	0.76%
RGA	A	0.76%
NXST	C	0.75%
SF	A	0.75%
PNFP	B	0.73%
PCG	A	0.72%
HLI	B	0.71%
GPK	D	0.71%
AEIS	B	0.66%
ACM	B	0.66%
ASGN	D	0.65%
AES	F	0.65%
LPX	A	0.65%
KBH	D	0.64%
FCNCA	B	0.63%
BECN	B	0.61%
MMS	F	0.6%
CMC	B	0.6%
FSS	C	0.6%
LBRT	F	0.59%
G	B	0.59%
VNT	C	0.59%
CBT	C	0.59%
CADE	B	0.59%
WBS	A	0.57%
NOG	B	0.57%
MTSI	B	0.57%
PRI	B	0.56%
EPRT	C	0.56%
HOLX	D	0.56%
XPO	B	0.56%
BCO	F	0.56%
CHDN	B	0.54%
ESI	B	0.54%
ASO	F	0.53%
WTFC	B	0.52%
CWK	C	0.51%
RJF	A	0.51%
PVH	C	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	C	0.49%
EAT	B	0.47%
CNM	D	0.47%
KBR	D	0.46%
BOKF	B	0.46%
BLDR	C	0.46%
TENB	C	0.45%
OLN	F	0.45%
PRCT	C	0.44%
NOMD	F	0.42%
AXTA	A	0.42%
TEX	D	0.42%
ARGX	B	0.41%
COMP	B	0.4%
LW	B	0.4%
MASI	B	0.39%
IP	B	0.37%
CXT	F	0.36%
CAH	B	0.36%
GVA	B	0.35%
RUSHA	B	0.35%
AZZ	B	0.34%
GTES	B	0.33%
WFRD	F	0.33%
PCVX	D	0.32%
FLEX	B	0.31%
AZEK	B	0.3%
UPBD	B	0.3%
ARCB	C	0.3%
MTB	A	0.3%
SKY	B	0.3%
LEA	F	0.3%
GRBK	D	0.3%
CNXC	F	0.29%
IBTX	B	0.29%
FBP	B	0.29%
LCII	D	0.29%
DIOD	F	0.27%
AMN	F	0.27%
ALGM	F	0.24%
LAUR	B	0.24%
DOOO	F	0.23%
PATK	C	0.2%
CRNX	B	0.19%
ACLX	C	0.19%
KFRC	C	0.18%
CYTK	C	0.18%
MDGL	C	0.16%
NUVL	D	0.16%
AAP	C	0.15%
XPRO	F	0.14%
KROS	C	0.13%
ELVN	C	0.12%
VCEL	B	0.12%
VRDN	C	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	F	0.1%
CLDX	F	0.1%
XENE	C	0.09%
AUTL	F	0.08%
TCBK	B	0.08%
MRUS	C	0.07%
PBH	A	0.06%
ARVN	D	0.04%
ATKR	C	0.01%
FIBK	B	0.01%
CC	C	0.01%
LPLA	A	0.01%
STLD	C	0.01%
AME	A	0.01%
ALXO	F	0.0%
EWTX	C	0.0%
ZNTL	C	0.0%

FFSM Underweight 74 Positions Relative to FWD

Symbol	Grade	Weight
NVDA	A	-5.44%
TSLA	B	-2.9%
VST	B	-2.21%
ORCL	A	-2.12%
GEV	B	-2.07%
ANET	C	-1.59%
ISRG	A	-1.59%
AVGO	C	-1.51%
TXN	B	-1.5%
BSX	A	-1.49%
NFLX	A	-1.45%
META	B	-1.44%
SHOP	B	-1.39%
AMZN	A	-1.36%
PLTR	B	-1.26%
MRVL	B	-1.23%
FTNT	B	-1.2%
HWM	B	-1.18%
EPAM	B	-1.17%
SPOT	A	-1.17%
TTD	B	-1.14%
COHR	C	-1.12%
ETN	B	-1.09%
CRWD	B	-1.08%
DASH	A	-1.05%
APO	B	-1.05%
MU	D	-1.04%
TT	B	-1.03%
IOT	B	-1.01%
LRCX	F	-0.98%
CAT	B	-0.97%
LSCC	D	-0.96%
ARM	D	-0.96%
DDOG	B	-0.95%
TER	F	-0.94%
TEAM	B	-0.94%
AMAT	F	-0.93%
MDB	C	-0.91%
MELI	D	-0.86%
WAB	B	-0.85%
BKR	B	-0.84%
LLY	F	-0.83%
GWRE	A	-0.78%
SYK	A	-0.78%
RBLX	B	-0.75%
NEE	D	-0.74%
AAPL	C	-0.73%
ADBE	C	-0.73%
SNPS	C	-0.73%
ABBV	F	-0.71%
AMD	F	-0.7%
MSFT	C	-0.69%
HUBS	B	-0.66%
SLAB	F	-0.65%
ADI	D	-0.64%
ILMN	C	-0.62%
BKNG	A	-0.61%
TMO	F	-0.6%
AFRM	B	-0.59%
NOW	A	-0.56%
GOOGL	C	-0.53%
FROG	C	-0.52%
UBER	F	-0.52%
RDDT	B	-0.51%
ABT	C	-0.5%
BSY	F	-0.49%
IQV	F	-0.47%
IPGP	C	-0.45%
ABNB	C	-0.45%
MPWR	F	-0.42%
FCX	F	-0.41%
PI	D	-0.41%
Z	B	-0.4%
CALX	F	-0.01%