Fidelity Canadian Long/Short Alternative ETF (FCLS.NEO) Alternatives

The Fidelity Canadian Long/Short Alternative ETF is an actively managed alternative fund that takes long and short positions in equity securities of Canadian companies. It combines Fidelity's proprietary research ratings with rules-based controls, typically holding 120%-150% long exposure and 30%-50% short exposure to seek returns with reduced correlation to the broad Canadian equity market. The fund may use leverage through short selling and is benchmarked against the S&P/TSX Capped Composite Index.