FDFF vs. CEFD ETF Comparison

Comparison of Fidelity Disruptive Finance ETF (FDFF) to ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD)

FDFF

Fidelity Disruptive Finance ETF

FDFF Description

The fund normally invests at least 80% of assets in securities of disruptive finance companies. Fidelity's disruptive strategies seek to identify innovative developments that could signal new directions for delivering products and services to customers. Generally, these companies have or are developing new or unconventional ways of doing business that could disrupt and displace incumbents over time. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$38.36

Average Daily Volume

2,413

Number of Holdings ^*

* may have additional holdings in another (foreign) market

CEFD

ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN

CEFD Description

The investment seeks to provide 1.5 times leveraged long exposure to the compounded quarterly performance of the S-Network Composite Closed-End Fund Index (the ?index?), reduced by the Accrued Fees. The index is a mutual fund index designed to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce taxable annual yield.

Grade (RS Rating)

Last Trade

$20.22

Average Daily Volume

1,947

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FDFF	CEFD
30 Days	11.95%	1.25%
60 Days	15.45%	1.17%
90 Days	18.88%	4.45%
12 Months	46.23%	29.61%

0 Overlapping Holdings

	Symbol	Grade	Weight in FDFF	Weight in CEFD	Overlap

FDFF Overweight 33 Positions Relative to CEFD

Symbol	Grade	Weight
BLK	C	5.78%
APO	B	5.71%
V	A	5.36%
MA	C	5.06%
COF	B	5.03%
FLYW	C	4.39%
MSTR	C	3.84%
EFX	F	3.33%
ICE	C	2.9%
TOST	B	2.83%
SQ	B	2.07%
OWL	A	2.06%
DLO	C	2.0%
COIN	C	2.0%
FI	A	1.83%
TW	A	1.48%
CBOE	B	1.47%
NRDS	C	1.38%
ARES	A	1.34%
MKTX	D	1.16%
CASH	A	1.15%
VRSK	A	1.1%
NU	C	1.09%
MSCI	C	1.06%
BILL	A	1.03%
VIRT	B	0.99%
PFSI	D	0.96%
AMH	D	0.9%
FOUR	B	0.89%
ALLY	C	0.85%
MELI	D	0.81%
RPAY	D	0.68%
UWMC	D	0.59%

FDFF Underweight 99 Positions Relative to CEFD

Symbol	Grade	Weight
EVV	C	-2.63%
BDJ	C	-2.39%
HYT	A	-2.19%
BTZ	C	-2.16%
NXDT	D	-1.9%
AWF	C	-1.83%
DSL	B	-1.77%
JQC	A	-1.66%
BXMX	A	-1.65%
EMD	C	-1.5%
WIW	D	-1.37%
BHK	D	-1.3%
QQQX	B	-1.26%
BOE	B	-1.23%
BCX	C	-1.2%
HIO	B	-1.19%
JPC	A	-1.18%
RA	B	-1.17%
GHY	A	-1.16%
BGY	B	-1.09%
CII	B	-1.07%
HIX	B	-1.01%
BIT	D	-1.01%
EOS	A	-1.0%
IGD	A	-0.98%
EFT	A	-0.95%
HTD	A	-0.94%
BST	B	-0.92%
BLW	B	-0.92%
EAD	C	-0.9%
ISD	C	-0.88%
LDP	D	-0.84%
FFC	D	-0.83%
EFR	A	-0.82%
FRA	B	-0.82%
TEI	D	-0.75%
PHK	B	-0.75%
EOI	A	-0.73%
MIN	D	-0.71%
EHI	C	-0.71%
NBB	D	-0.71%
MCR	C	-0.7%
PDT	C	-0.69%
DIAX	A	-0.69%
PPT	C	-0.67%
WIA	C	-0.66%
MMT	C	-0.64%
GOF	A	-0.64%
JPI	D	-0.63%
BKT	D	-0.62%
PFN	B	-0.59%
JGH	A	-0.59%
FCT	A	-0.58%
ERC	C	-0.57%
HPS	D	-0.55%
HYI	B	-0.55%
DFP	D	-0.55%
BME	D	-0.54%
BGT	B	-0.49%
HPI	D	-0.47%
PHD	A	-0.44%
BGH	B	-0.44%
FTF	B	-0.43%
GBAB	F	-0.42%
HYB	A	-0.39%
EVG	C	-0.38%
IDE	C	-0.38%
DHF	A	-0.38%
PHT	B	-0.38%
TSI	D	-0.37%
ETB	A	-0.37%
FT	A	-0.37%
STK	A	-0.37%
DHY	A	-0.36%
HPF	D	-0.36%
MSD	C	-0.34%
INSI	D	-0.34%
FFA	A	-0.32%
DBL	C	-0.31%
GDO	F	-0.31%
PSF	D	-0.31%
VBF	D	-0.3%
BGR	A	-0.3%
PIM	C	-0.3%
PFL	C	-0.29%
IGA	A	-0.29%
OPP	C	-0.29%
SPXX	A	-0.27%
FLC	D	-0.24%
MCN	C	-0.24%
CIK	C	-0.24%
WEA	B	-0.22%
FAM	B	-0.21%
VLT	B	-0.19%
MGF	D	-0.19%
VGI	C	-0.18%
HEQ	B	-0.18%
GNT	C	-0.14%
JLS	C	-0.14%

CEFD: Top Represented Industries & Keywords

Industries: Asset Management