LSAF vs. FDIS ETF Comparison

Comparison of LeaderShares AlphaFactor US Core Equity ETF (LSAF) to Fidelity MSCI Consumer Discretionary Index ETF (FDIS)

LSAF

LeaderShares AlphaFactor US Core Equity ETF

LSAF Description

The investment seeks to provide investment results that correspond generally, before fees and expenses, to the performance of the AlphaFactor® US Core Equity Index. Under normal circumstances, at least 80% of the fund's net assets, including any borrowings for investment purposes, will be invested in a diversified portfolio of equity securities of U.S. common stocks included in the index. The index utilizes a quantitative rules-based investment methodology that applies a multi-factor ranking process and is focused on the largest 1,000 U.S. common stocks based on market capitalization.

Grade (RS Rating)

Last Trade

$41.30

Average Daily Volume

13,659

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FDIS

Fidelity MSCI Consumer Discretionary Index ETF

FDIS Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Consumer Discretionary Index. Investing at least 80% of assets in securities included in the fund's underlying index. The fund's underlying index is the MSCI USA IMI Consumer Discretionary Index, which represents the performance of the consumer discretionary sector in the U.S. equity market. It may or may not hold all of the securities in the MSCI USA IMI Consumer Discretionary Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$87.90

Average Daily Volume

135,218

Number of Holdings ^*

263

* may have additional holdings in another (foreign) market

Performance

Period	LSAF	FDIS
30 Days	2.61%	5.70%
60 Days	9.72%	12.20%
90 Days	9.40%	6.62%
12 Months	32.72%	26.96%

19 Overlapping Holdings

Symbol	Grade	Weight in LSAF	Weight in FDIS	Overlap
ABNB	D	0.78%	1.0%	0.78%
AN	B	1.02%	0.11%	0.11%
AZO	D	0.97%	0.96%	0.96%
BBWI	F	0.74%	0.13%	0.13%
BKNG	C	0.97%	2.5%	0.97%
DECK	C	0.87%	0.44%	0.44%
EBAY	A	1.08%	0.59%	0.59%
GM	D	0.9%	0.93%	0.9%
H	C	0.95%	0.15%	0.15%
HLT	B	0.97%	1.03%	0.97%
LEN	B	1.11%	0.79%	0.79%
MAR	B	0.93%	1.08%	0.93%
MUSA	D	0.95%	0.2%	0.2%
NVR	A	1.12%	0.55%	0.55%
PHM	A	1.16%	0.55%	0.55%
PVH	F	0.84%	0.12%	0.12%
RL	B	1.03%	0.17%	0.17%
TOL	A	1.19%	0.3%	0.3%
VVV	D	0.9%	0.12%	0.12%

LSAF Overweight 78 Positions Relative to FDIS

Symbol	Grade	Weight
APP	B	1.4%
VST	A	1.22%
EXP	C	1.18%
FFIV	C	1.17%
UHS	D	1.17%
ALSN	A	1.16%
URI	B	1.15%
MAS	A	1.14%
THC	C	1.13%
AFL	A	1.12%
HCA	A	1.12%
RTX	A	1.09%
MTG	B	1.08%
CAT	A	1.08%
USFD	C	1.08%
VRT	B	1.07%
DVA	B	1.06%
NRG	A	1.06%
JBL	D	1.06%
SAIC	B	1.06%
AXP	A	1.06%
WAB	A	1.05%
SPGI	C	1.05%
OMC	A	1.05%
AWI	A	1.05%
MET	A	1.05%
GWW	A	1.05%
HIG	A	1.05%
CPAY	A	1.04%
UNM	A	1.04%
ORI	A	1.04%
AMG	C	1.03%
LAMR	C	1.02%
UTHR	B	1.02%
PRI	A	1.02%
DD	B	1.01%
DE	A	1.0%
SPB	B	1.0%
META	A	1.0%
CSL	A	0.99%
LDOS	A	0.99%
AMP	A	0.99%
PFG	C	0.99%
AOS	B	0.99%
SLM	C	0.98%
OTIS	A	0.98%
WSO	B	0.98%
AAPL	C	0.97%
DOV	C	0.97%
SYF	C	0.96%
CI	C	0.95%
NFLX	C	0.95%
EQH	C	0.94%
SNX	C	0.94%
LNG	D	0.93%
KEX	C	0.93%
V	C	0.93%
MKL	B	0.92%
HOOD	C	0.91%
TXT	D	0.91%
OC	B	0.91%
AIG	F	0.9%
VRSK	D	0.89%
STLD	C	0.88%
CRUS	D	0.87%
COTY	F	0.87%
NUE	D	0.86%
ADBE	F	0.85%
MPC	F	0.85%
PSX	F	0.84%
CNM	F	0.84%
GOOGL	C	0.81%
FDX	D	0.81%
COP	D	0.81%
VLO	F	0.79%
MCK	F	0.74%
LRCX	F	0.72%
OVV	F	0.71%

LSAF Underweight 244 Positions Relative to FDIS

Symbol	Grade	Weight
AMZN	C	-22.3%
TSLA	B	-12.38%
HD	A	-6.7%
MCD	A	-3.74%
LOW	A	-2.61%
TJX	C	-2.3%
SBUX	B	-1.91%
NKE	D	-1.88%
MELI	C	-1.66%
CMG	C	-1.39%
ORLY	A	-1.2%
DHI	B	-0.99%
ROST	C	-0.91%
RCL	C	-0.8%
F	D	-0.74%
DASH	B	-0.72%
YUM	B	-0.69%
LULU	D	-0.55%
TSCO	A	-0.55%
GRMN	D	-0.49%
ULTA	D	-0.37%
EXPE	B	-0.37%
APTV	D	-0.37%
BBY	B	-0.37%
DRI	C	-0.37%
WSM	C	-0.36%
GPC	D	-0.36%
CVNA	A	-0.35%
CCL	C	-0.35%
LVS	B	-0.34%
BURL	D	-0.34%
DKNG	D	-0.33%
DPZ	D	-0.28%
POOL	B	-0.27%
WING	B	-0.25%
BLD	C	-0.25%
DKS	D	-0.25%
FND	B	-0.24%
KMX	D	-0.24%
SCI	C	-0.23%
TXRH	B	-0.23%
TPR	B	-0.22%
LKQ	F	-0.21%
HAS	A	-0.2%
ARMK	B	-0.2%
CZR	C	-0.19%
HRB	C	-0.19%
SKX	C	-0.19%
NCLH	C	-0.19%
TPX	B	-0.19%
MGM	D	-0.19%
DUOL	B	-0.19%
CHDN	D	-0.18%
CROX	C	-0.18%
LAD	B	-0.18%
WYNN	B	-0.18%
MHK	B	-0.18%
BFAM	C	-0.17%
BWA	C	-0.17%
LNW	F	-0.17%
RIVN	F	-0.17%
VFC	B	-0.16%
MTH	B	-0.16%
TMHC	B	-0.16%
PLNT	C	-0.16%
KBH	C	-0.15%
WH	C	-0.15%
MAT	C	-0.15%
GNTX	F	-0.15%
MTN	D	-0.15%
MOD	C	-0.15%
ANF	D	-0.15%
IBP	C	-0.14%
ETSY	F	-0.14%
GME	D	-0.14%
OLLI	C	-0.14%
ALV	F	-0.14%
GPI	C	-0.13%
THO	C	-0.13%
BC	C	-0.13%
BOOT	B	-0.13%
LEA	F	-0.13%
WHR	C	-0.13%
MHO	A	-0.12%
HOG	C	-0.12%
CHWY	C	-0.12%
RH	C	-0.12%
SKY	A	-0.12%
TPH	B	-0.11%
FTDR	C	-0.11%
CHH	C	-0.11%
PII	D	-0.11%
BROS	D	-0.11%
W	D	-0.11%
ASO	D	-0.11%
GAP	F	-0.11%
CPRI	C	-0.11%
FIVE	D	-0.11%
BYD	C	-0.11%
LRN	C	-0.1%
EAT	A	-0.1%
SHAK	C	-0.1%
LOPE	D	-0.1%
KTB	B	-0.1%
ABG	D	-0.1%
SGBX	F	-0.1%
SIG	C	-0.1%
HBI	B	-0.09%
GRBK	B	-0.09%
TNL	B	-0.09%
ATGE	C	-0.09%
PAG	D	-0.09%
DORM	C	-0.09%
PATK	B	-0.09%
CVCO	A	-0.09%
YETI	D	-0.09%
SHOO	A	-0.09%
LCID	D	-0.09%
M	F	-0.09%
AEO	C	-0.09%
LGIH	C	-0.08%
RRR	D	-0.08%
COLM	B	-0.08%
GHC	B	-0.08%
PENN	D	-0.08%
NWL	D	-0.08%
WEN	C	-0.08%
LCII	B	-0.08%
CCS	C	-0.08%
WWW	B	-0.07%
GOLF	F	-0.07%
QS	F	-0.07%
LEG	D	-0.07%
URBN	F	-0.07%
LZB	C	-0.07%
UAA	B	-0.07%
CAKE	B	-0.07%
VAC	D	-0.07%
ADTN	C	-0.07%
LAUR	C	-0.07%
VSCO	C	-0.07%
LTH	C	-0.07%
JWN	D	-0.07%
VC	F	-0.07%
VSTO	D	-0.07%
CRI	D	-0.07%
PHIN	D	-0.07%
FL	F	-0.07%
PTON	D	-0.07%
HGV	F	-0.07%
CWH	C	-0.06%
BKE	C	-0.06%
FOXF	F	-0.06%
WGO	D	-0.06%
AAP	F	-0.06%
STRA	F	-0.06%
UA	B	-0.06%
OSW	C	-0.06%
SABR	C	-0.06%
PZZA	D	-0.06%
ADNT	D	-0.06%
GT	F	-0.06%
SBH	B	-0.06%
KSS	D	-0.06%
EVRI	B	-0.06%
LEVI	B	-0.06%
ETD	B	-0.05%
CBRL	D	-0.05%
BLMN	F	-0.05%
UTI	D	-0.05%
SAH	D	-0.05%
DAN	F	-0.05%
MBUU	D	-0.05%
OXM	F	-0.05%
VZIO	B	-0.05%
COUR	F	-0.05%
FLUT	B	-0.05%
SONO	D	-0.05%
MNRO	C	-0.05%
CAL	F	-0.05%
HZO	C	-0.05%
MODG	F	-0.05%
PTLO	C	-0.05%
BZH	B	-0.05%
SCVL	C	-0.05%
FIGS	C	-0.05%
WINA	D	-0.05%
WRBY	C	-0.05%
DFH	C	-0.05%
DDS	D	-0.05%
RVLV	C	-0.05%
HOV	C	-0.05%
XPEL	D	-0.05%
GIII	C	-0.05%
MCRI	B	-0.05%
THRM	F	-0.05%
EYE	F	-0.04%
UDMY	F	-0.04%
AXL	F	-0.04%
PRDO	D	-0.04%
PLAY	D	-0.04%
ACEL	C	-0.04%
BJRI	D	-0.04%
GTX	F	-0.04%
ODP	F	-0.04%
JACK	F	-0.04%
MCW	F	-0.04%
PLYA	D	-0.04%
HELE	D	-0.04%
RGR	F	-0.04%
WOR	F	-0.04%
CHUY	B	-0.04%
SMP	D	-0.04%
DNUT	D	-0.04%
GDEN	D	-0.04%
RICK	F	-0.03%
LESL	F	-0.03%
BALY	B	-0.03%
WOOF	C	-0.03%
ARKO	C	-0.03%
KRUS	D	-0.03%
DIN	D	-0.03%
ARHS	F	-0.03%
GES	F	-0.03%
FWRG	F	-0.03%
SWBI	F	-0.03%
GRPN	F	-0.02%
LAZR	F	-0.02%
TH	F	-0.02%
XPOF	F	-0.02%
MOV	F	-0.02%
DBI	F	-0.02%
CRCT	C	-0.02%
LEGH	C	-0.02%
BOWL	F	-0.02%
SRI	F	-0.02%
CRMT	F	-0.02%
DENN	D	-0.02%
LIND	D	-0.02%
HVT	F	-0.02%
FLWS	F	-0.01%
EWCZ	F	-0.01%
RSI	C	-0.0%
AMRK	B	-0.0%