FVAL vs. CLSE ETF Comparison

Comparison of Fidelity Value Factor ETF (FVAL) to Convergence Long/Short Equity ETF (CLSE)

FVAL

Fidelity Value Factor ETF

FVAL Description

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Value Factor Index. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Value Factor Index, which is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies that have attractive valuations.

Grade (RS Rating)

Last Trade

$60.28

Average Daily Volume

55,600

Number of Holdings ^*

124

* may have additional holdings in another (foreign) market

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

$21.91

Average Daily Volume

54,531

Number of Holdings ^*

326

* may have additional holdings in another (foreign) market

Performance

Period	FVAL	CLSE
30 Days	0.48%	0.37%
60 Days	1.20%	3.39%
90 Days	3.50%	0.46%
12 Months	21.61%	34.65%

53 Overlapping Holdings

Symbol	Grade	Weight in FVAL	Weight in CLSE	Overlap
AAPL	D	6.96%	2.26%	2.26%
ABBV	C	1.38%	1.04%	1.04%
AGCO	D	0.39%	-0.24%	-0.24%
AMZN	C	3.76%	2.5%	2.5%
BAC	D	0.99%	0.81%	0.81%
BG	D	0.36%	0.72%	0.36%
BKNG	B	0.73%	0.25%	0.25%
BMY	C	0.9%	0.49%	0.49%
C	D	0.66%	-0.48%	-0.48%
CAT	C	0.73%	0.33%	0.33%
CNC	C	0.75%	0.73%	0.73%
CVX	D	0.62%	0.51%	0.51%
DVN	F	0.19%	0.35%	0.19%
EXPE	C	0.52%	0.53%	0.52%
FCX	D	0.25%	0.38%	0.25%
FDX	C	0.49%	0.5%	0.49%
GILD	B	0.95%	0.98%	0.95%
GM	B	0.57%	0.54%	0.54%
GOOGL	D	3.57%	2.93%	2.93%
HD	B	1.2%	1.17%	1.17%
HPE	D	0.69%	1.52%	0.69%
IBM	B	1.2%	1.7%	1.2%
INTC	F	0.65%	-0.93%	-0.93%
JLL	B	0.17%	0.32%	0.17%
JNJ	B	1.49%	0.96%	0.96%
JPM	D	1.62%	0.77%	0.77%
JXN	B	0.49%	0.72%	0.49%
KMB	D	0.46%	0.4%	0.4%
KR	B	0.43%	0.17%	0.17%
LMT	C	0.63%	0.54%	0.54%
LVS	D	0.48%	-0.36%	-0.36%
META	A	2.54%	3.15%	2.54%
MO	C	0.55%	0.81%	0.55%
MPC	D	0.27%	0.74%	0.27%
MRK	D	1.28%	0.53%	0.53%
MSFT	C	6.96%	1.12%	1.12%
MU	F	0.84%	1.02%	0.84%
NEE	B	0.54%	0.55%	0.54%
NEM	B	0.27%	0.62%	0.27%
NRG	C	0.24%	0.54%	0.24%
NVDA	D	6.47%	4.12%	4.12%
O	B	0.26%	-0.31%	-0.31%
PG	C	1.17%	0.81%	0.81%
QCOM	D	1.1%	2.58%	1.1%
RNR	B	0.57%	-0.22%	-0.22%
SPG	B	0.26%	0.41%	0.26%
SYF	C	0.51%	0.86%	0.51%
T	B	0.63%	1.03%	0.63%
UNP	B	0.68%	0.57%	0.57%
VLO	D	0.22%	0.79%	0.22%
WFC	D	0.81%	0.55%	0.55%
WMT	B	1.08%	2.07%	1.08%
XOM	D	1.12%	0.58%	0.58%

FVAL Overweight 71 Positions Relative to CLSE

Symbol	Grade	Weight
BRK.A	C	2.08%
UNH	C	1.78%
V	B	1.4%
CRM	D	1.21%
ACN	C	1.2%
ELV	C	0.97%
CI	C	0.96%
MCD	C	0.9%
ZM	C	0.86%
CVS	D	0.81%
CTSH	C	0.8%
AXP	B	0.79%
SWKS	F	0.72%
RPRX	C	0.7%
VZ	B	0.68%
TRV	B	0.65%
HON	D	0.64%
ADP	B	0.63%
DE	B	0.62%
CMCSA	D	0.59%
LIN	B	0.58%
COF	C	0.57%
EBAY	B	0.56%
MMM	B	0.55%
UPS	D	0.55%
EG	B	0.54%
PRU	C	0.54%
DFS	C	0.53%
KVUE	B	0.53%
F	D	0.52%
TGT	C	0.5%
UAL	B	0.48%
DAL	C	0.47%
PCAR	D	0.47%
CMI	C	0.46%
OZK	D	0.46%
G	C	0.45%
WYNN	D	0.45%
ADM	D	0.41%
RHI	D	0.4%
M	F	0.4%
COP	D	0.39%
PLD	C	0.38%
DUK	C	0.37%
OC	C	0.37%
ACI	F	0.36%
AEP	B	0.3%
PSA	B	0.29%
PARA	F	0.29%
EOG	D	0.29%
EXC	B	0.28%
PCG	C	0.28%
ATKR	F	0.26%
VICI	C	0.23%
CBRE	A	0.22%
ARE	B	0.2%
DOW	D	0.2%
NFG	B	0.2%
WPC	B	0.19%
BXP	B	0.19%
UGI	C	0.19%
NUE	F	0.19%
LYB	F	0.18%
HST	D	0.18%
GLPI	B	0.18%
CF	B	0.17%
MUR	D	0.15%
STLD	D	0.15%
CIVI	F	0.14%
MOS	F	0.14%
CLF	F	0.12%

FVAL Underweight 273 Positions Relative to CLSE

Symbol	Grade	Weight
AVGO	C	-2.58%
APP	B	-2.04%
ANET	B	-1.86%
CVLT	B	-1.64%
NTAP	D	-1.64%
GDDY	C	-1.58%
CVNA	B	-1.53%
GOOG	D	-1.22%
ORCL	B	-1.22%
DOCU	C	-1.21%
ACIW	B	-1.12%
HALO	B	-1.03%
AMG	C	-0.98%
PYPL	B	-0.98%
SNEX	C	-0.95%
OGN	D	-0.92%
JHG	B	-0.92%
NTRS	B	-0.91%
AVT	D	-0.88%
UHS	B	-0.87%
THC	B	-0.85%
AMRX	B	-0.85%
NTNX	C	-0.84%
DVA	B	-0.82%
EME	B	-0.81%
SEIC	B	-0.81%
MLI	B	-0.75%
FTDR	B	-0.75%
PPC	D	-0.72%
MCK	F	-0.71%
UMBF	B	-0.71%
IDCC	B	-0.7%
RF	B	-0.69%
CHRW	B	-0.66%
IIPR	B	-0.65%
IESC	C	-0.63%
OSCR	B	-0.63%
GVA	B	-0.63%
FITB	B	-0.61%
CAH	C	-0.61%
STRL	B	-0.6%
VRT	C	-0.59%
MUSA	C	-0.59%
TSLA	C	-0.59%
CFG	D	-0.57%
TSN	C	-0.57%
PATK	B	-0.55%
AMGN	B	-0.55%
PNW	B	-0.55%
PGR	A	-0.55%
MTZ	B	-0.54%
PRIM	C	-0.54%
AVA	B	-0.54%
MET	A	-0.54%
SLVM	B	-0.53%
MWA	C	-0.53%
HRB	C	-0.53%
RGA	B	-0.53%
VST	C	-0.53%
RTX	C	-0.51%
ADMA	B	-0.49%
CNA	C	-0.49%
NSA	B	-0.48%
KLAC	D	-0.47%
LNTH	C	-0.46%
EEFT	D	-0.45%
EQR	B	-0.44%
RGLD	B	-0.43%
REZI	D	-0.43%
ACT	A	-0.42%
LAMR	A	-0.41%
SAIC	C	-0.4%
MRO	D	-0.39%
SCCO	D	-0.39%
LDOS	C	-0.38%
J	D	-0.36%
CTRE	B	-0.36%
BCO	B	-0.36%
GRMN	D	-0.35%
KNF	B	-0.35%
ABM	D	-0.34%
TOL	B	-0.34%
STAG	C	-0.33%
GLW	B	-0.32%
ALSN	B	-0.32%
ANF	D	-0.32%
NFLX	B	-0.31%
SM	D	-0.31%
VTRS	C	-0.31%
EXP	B	-0.31%
NVR	B	-0.3%
IBP	C	-0.27%
CPNG	B	-0.26%
CCL	C	-0.24%
ADUS	B	-0.15%
SPOT	B	-0.13%
ALNY	B	-0.12%
NTRA	B	-0.12%
MHO	B	-0.1%
QQQ	C	-0.0%
JOBY	F	--0.04%
CAR	F	--0.05%
CRNX	C	--0.05%
MRNA	F	--0.06%
COLD	D	--0.08%
ROK	D	--0.08%
ALIT	D	--0.08%
FOXF	F	--0.08%
AES	C	--0.08%
AGL	F	--0.09%
NXST	D	--0.09%
VAC	F	--0.1%
DRVN	C	--0.1%
HGV	D	--0.1%
WOR	F	--0.1%
AWR	B	--0.1%
WTW	B	--0.1%
MCW	F	--0.1%
VMC	D	--0.11%
HHH	C	--0.11%
CC	F	--0.11%
ACVA	B	--0.11%
DRI	C	--0.11%
TXG	D	--0.11%
VFC	C	--0.12%
VAL	F	--0.12%
AAL	D	--0.12%
PGNY	F	--0.12%
AA	D	--0.12%
CGON	C	--0.12%
BC	C	--0.13%
VSAT	F	--0.14%
PPBI	D	--0.14%
CHK	D	--0.15%
RBLX	B	--0.15%
EXR	B	--0.15%
AESI	C	--0.15%
PYCR	D	--0.15%
CG	C	--0.15%
DAY	D	--0.15%
MTN	D	--0.15%
UHAL	B	--0.16%
CLDX	C	--0.16%
PCH	C	--0.16%
WTRG	D	--0.16%
BIRK	D	--0.16%
KRG	B	--0.16%
ILMN	C	--0.16%
WAL	B	--0.16%
UEC	F	--0.17%
VNO	B	--0.17%
GTLS	F	--0.17%
SJM	C	--0.17%
ENOV	F	--0.18%
KNSL	C	--0.18%
XPO	D	--0.18%
HI	F	--0.18%
BE	F	--0.19%
BANC	B	--0.19%
CZR	C	--0.19%
FCNCA	D	--0.19%
WY	C	--0.19%
CNH	C	--0.19%
LAD	C	--0.19%
COTY	F	--0.2%
COLB	B	--0.2%
TMDX	C	--0.2%
CINF	B	--0.2%
EL	F	--0.2%
TFC	D	--0.2%
LKQ	D	--0.2%
AVAV	D	--0.2%
WOLF	F	--0.2%
AJG	C	--0.21%
LUV	C	--0.21%
GPOR	C	--0.21%
SOFI	C	--0.21%
BX	B	--0.21%
SHC	B	--0.22%
IRTC	F	--0.22%
CNX	A	--0.22%
DXCM	F	--0.22%
RBA	C	--0.22%
WBA	F	--0.22%
CIEN	C	--0.22%
AEIS	D	--0.23%
TTD	B	--0.23%
WTM	F	--0.23%
SW	B	--0.23%
IPAR	D	--0.23%
XYL	D	--0.23%
DLTR	F	--0.23%
FDS	C	--0.23%
PTEN	F	--0.24%
SUM	C	--0.24%
BIO	C	--0.24%
OKE	B	--0.24%
MS	D	--0.25%
VSH	D	--0.25%
WAT	C	--0.25%
ALB	F	--0.26%
AL	D	--0.26%
APD	B	--0.26%
SITE	D	--0.26%
FLYW	F	--0.26%
EQT	D	--0.26%
WSC	D	--0.26%
CSCO	B	--0.27%
VVV	D	--0.27%
GT	F	--0.27%
HASI	B	--0.27%
CELH	F	--0.28%
HSY	C	--0.28%
NEOG	C	--0.29%
GMED	D	--0.29%
LW	D	--0.29%
APLS	F	--0.29%
FIVN	F	--0.3%
MNST	C	--0.31%
INSP	C	--0.31%
RVMD	C	--0.32%
ENPH	C	--0.32%
PEN	D	--0.32%
REGN	C	--0.32%
FOUR	C	--0.33%
SRE	B	--0.33%
EVTC	D	--0.33%
RGEN	F	--0.33%
EXAS	C	--0.34%
IAC	C	--0.34%
TOST	B	--0.34%
D	C	--0.34%
LPLA	D	--0.35%
MARA	F	--0.35%
ZI	D	--0.36%
ADBE	D	--0.36%
GE	B	--0.36%
ON	D	--0.36%
KLIC	D	--0.36%
LYV	B	--0.36%
AFRM	C	--0.36%
NDAQ	B	--0.36%
WBD	D	--0.38%
RIOT	F	--0.38%
BBIO	D	--0.38%
BA	F	--0.38%
PATH	D	--0.39%
SATS	B	--0.4%
BRZE	F	--0.4%
MKTX	C	--0.4%
RIVN	F	--0.41%
CCOI	C	--0.43%
CGNX	D	--0.43%
FIVE	D	--0.45%
TTWO	D	--0.47%
ZBRA	B	--0.48%
GLOB	D	--0.48%
GFS	F	--0.48%
LSCC	D	--0.5%
MDB	D	--0.5%
MCHP	D	--0.5%
CFLT	F	--0.5%
BILL	D	--0.5%
DV	F	--0.5%
POOL	C	--0.54%
SMCI	F	--0.55%
RH	B	--0.56%
WDC	D	--0.58%
LBRDK	D	--0.58%
FND	C	--0.59%
U	D	--0.6%
LITE	B	--0.69%
TXN	C	--0.85%