FDFF vs. PFI ETF Comparison

Comparison of Fidelity Disruptive Finance ETF (FDFF) to PowerShares Dynamic Financial (PFI)

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

$37.70

Average Daily Volume

2,380

Number of Holdings ^*

* may have additional holdings in another (foreign) market

PFI

PowerShares Dynamic Financial

PFI Description

The PowerShares Dynamic Financial Sector Portfolio (Fund) is based on the Dynamic Financial Sector IntellidexSM Index (Intellidex Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Intellidex Index thoroughly evaluates companies based on a variety of investment merit criteria, including: price momentum, earnings momentum, quality, management action, and value. The Underlying Intellidex Index is comprised of common stocks of 60 US financial services companies. These are companies that are principally engaged in the business of providing services and products, including banking, investment services, insurance and real estate finance services. The Fund and the Index are rebalanced and reconstituted quarterly in February, May, August and November.

Grade (RS Rating)

Last Trade

$62.51

Average Daily Volume

6,476

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FDFF	PFI
30 Days	9.01%	9.19%
60 Days	14.00%	13.02%
90 Days	16.82%	16.42%
12 Months	43.70%	49.21%

5 Overlapping Holdings

Symbol	Grade	Weight in FDFF	Weight in PFI	Overlap
ARES	A	1.34%	4.16%	1.34%
ICE	C	2.9%	1.8%	1.8%
MA	B	5.06%	5.01%	5.01%
UWMC	D	0.59%	0.77%	0.59%
V	A	5.36%	3.17%	3.17%

FDFF Overweight 28 Positions Relative to PFI

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

FDFF Underweight 35 Positions Relative to PFI

Symbol	Grade	Weight
AMP	A	-4.44%
KKR	A	-3.73%
JPM	A	-3.48%
EVR	B	-2.91%
FCNCA	A	-2.8%
HOOD	B	-2.73%
WAL	B	-2.73%
AXP	A	-2.54%
JEF	A	-2.53%
BRO	B	-2.52%
COOP	B	-2.42%
KNSL	B	-2.39%
MMC	B	-2.24%
AFL	B	-2.07%
PIPR	A	-2.06%
WRB	A	-2.04%
PGR	A	-2.03%
PRI	B	-2.02%
HLI	A	-1.96%
SPG	A	-1.96%
JXN	C	-1.91%
ACGL	C	-1.79%
SFBS	C	-1.72%
VCTR	B	-1.65%
BGC	C	-1.63%
HLNE	B	-1.62%
SLG	B	-1.59%
ENVA	B	-1.49%
RDFN	D	-1.43%
MTG	C	-1.32%
BPOP	C	-1.23%
OFG	B	-1.22%
ERIE	D	-1.15%
TREE	F	-1.11%
NMRK	C	-1.05%