FFSM vs. TLTD ETF Comparison

Comparison of Fidelity Fundamental Small-Mid Cap ETF (FFSM) to FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund (TLTD)

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

$28.23

Average Daily Volume

28,455

Number of Holdings ^*

171

* may have additional holdings in another (foreign) market

TLTD

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund

TLTD Description

The investment seeks investment results that correspond generally to the price and yield performance of the MorningstarÂ® Developed Markets ex-US Factor Tilt IndexSM. The fund generally will invest under normal circumstances at least 80% of total assets in the securities of the underlying index and in ADRs and GDRs based on the securities in the underlying index. The underlying index reflects the performance of a selection of equity securities designed to provide broad exposure to the global developed equities markets, excluding the U.S., with increased exposure to small-capitalization stocks and value stocks.

Grade (RS Rating)

Last Trade

$70.30

Average Daily Volume

9,232

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FFSM	TLTD
30 Days	0.79%	-4.42%
60 Days	2.99%	-4.71%
90 Days	5.77%	-3.65%
12 Months	31.40%	12.22%

1 Overlapping Holdings

	Symbol	Grade	Weight in FFSM	Weight in TLTD	Overlap
	DOOO	F	0.23%	0.12%	0.12%

FFSM Overweight 170 Positions Relative to TLTD

Symbol	Grade	Weight
EME	A	1.81%
UHS	D	1.5%
FTI	A	1.47%
TPX	B	1.46%
ACGL	D	1.45%
EXP	B	1.44%
MUSA	B	1.34%
NSIT	F	1.33%
AR	B	1.27%
BJ	B	1.22%
FN	B	1.22%
ITT	A	1.2%
CROX	F	1.17%
PFGC	B	1.16%
USFD	A	1.16%
VRT	A	1.14%
SN	D	1.11%
JLL	D	1.1%
MOH	F	1.1%
CACI	C	1.06%
WHD	B	1.01%
CR	A	1.01%
RRX	B	1.01%
ORI	A	0.96%
SNX	D	0.95%
DOX	D	0.92%
AIZ	A	0.91%
BOOT	D	0.9%
TMDX	F	0.9%
LNG	A	0.9%
DFS	B	0.89%
AIT	B	0.88%
SNV	B	0.88%
DKS	D	0.84%
STX	D	0.84%
AYI	B	0.81%
TGLS	B	0.81%
FAF	C	0.77%
ALSN	B	0.76%
BC	D	0.76%
VTR	B	0.76%
RGA	B	0.76%
NXST	C	0.75%
SF	B	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	F	0.65%
AES	F	0.65%
LPX	B	0.65%
KBH	D	0.64%
FCNCA	A	0.63%
ON	F	0.62%
BECN	B	0.61%
MMS	D	0.6%
CMC	B	0.6%
FSS	B	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%
MEDP	D	0.57%
MTSI	B	0.57%
PRI	A	0.56%
EPRT	A	0.56%
HOLX	D	0.56%
XPO	B	0.56%
BCO	F	0.56%
CHDN	C	0.54%
ESI	B	0.54%
CIEN	B	0.53%
ASO	F	0.53%
WTFC	B	0.52%
CRL	D	0.52%
CWK	C	0.51%
RJF	A	0.51%
PVH	C	0.51%
HAYW	B	0.51%
IESC	A	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%
CNM	C	0.47%
KBR	F	0.46%
BOKF	B	0.46%
BLDR	D	0.46%
TENB	D	0.45%
OLN	F	0.45%
PRCT	B	0.44%
LITE	B	0.44%
NOMD	D	0.42%
AXTA	B	0.42%
TEX	D	0.42%
ARGX	B	0.41%
COMP	B	0.4%
LW	C	0.4%
MASI	B	0.39%
IP	A	0.37%
CXT	C	0.36%
CAH	B	0.36%
GVA	A	0.35%
RUSHA	B	0.35%
AZZ	A	0.34%
GTES	A	0.33%
WFRD	F	0.33%
PCVX	D	0.32%
FLEX	B	0.31%
AZEK	B	0.3%
UPBD	C	0.3%
ARCB	C	0.3%
MTB	A	0.3%
SKY	A	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	A	0.24%
PATK	D	0.2%
CRNX	C	0.19%
ACLX	C	0.19%
RGEN	F	0.19%
KFRC	D	0.18%
CYTK	D	0.18%
MDGL	C	0.16%
NUVL	D	0.16%
AAP	D	0.15%
XPRO	F	0.14%
MNDY	D	0.14%
KROS	D	0.13%
ELVN	C	0.12%
VCEL	A	0.12%
VRDN	D	0.12%
OMI	F	0.12%
AXSM	B	0.11%
ANAB	F	0.11%
CSTM	F	0.11%
TYRA	D	0.11%
COGT	D	0.11%
LBPH	A	0.1%
ICLR	F	0.1%
CLDX	F	0.1%
XENE	D	0.09%
AUTL	F	0.08%
TCBK	B	0.08%
MRUS	F	0.07%
PBH	A	0.06%
ARVN	F	0.04%
ATKR	D	0.01%
FIBK	B	0.01%
CC	D	0.01%
LPLA	A	0.01%
STLD	B	0.01%
AME	A	0.01%
ALXO	F	0.0%
EWTX	C	0.0%
ZNTL	D	0.0%

FFSM Underweight 45 Positions Relative to TLTD

Symbol	Grade	Weight
TM	D	-0.84%
HSBH	A	-0.68%
NVS	D	-0.58%
MUFG	A	-0.41%
UL	D	-0.41%
TD	D	-0.39%
SHOP	B	-0.38%
SONY	B	-0.32%
SMFG	A	-0.27%
ABBV	F	-0.25%
MFG	A	-0.24%
BCS	B	-0.2%
DEO	F	-0.18%
LYG	C	-0.18%
CNI	F	-0.17%
HMC	F	-0.17%
WCN	A	-0.14%
E	F	-0.14%
STLA	F	-0.12%
FLUT	A	-0.12%
GOLD	C	-0.08%
PDS	C	-0.06%
RBA	A	-0.05%
NMR	B	-0.05%
LOGI	F	-0.04%
BBUC	B	-0.04%
CCEP	D	-0.04%
AGCO	F	-0.03%
TAC	B	-0.03%
OTEX	F	-0.03%
QGEN	F	-0.03%
AEI	D	-0.02%
ECO	D	-0.02%
LSPD	B	-0.02%
WFG	C	-0.02%
DNN	A	-0.02%
FLNG	C	-0.01%
ELBM	D	-0.01%
MNTX	B	-0.01%
GOGL	C	-0.01%
ORLA	C	-0.01%
MBAVU	A	-0.01%
TIGO	D	-0.01%
RENB	F	-0.0%
TRMD	D	-0.0%