FDLO vs. NACP ETF Comparison

Comparison of Fidelity Low Volatility Factor ETF (FDLO) to Impact Shares NAACP Minority Empowerment ETF (NACP)

FDLO

Fidelity Low Volatility Factor ETF

FDLO Description

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Low Volatility Factor Index. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Low Volatility Factor Index, which is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with lower volatility than the broader market.

Grade (RS Rating)

Last Trade

$61.00

Average Daily Volume

92,216

Number of Holdings ^*

125

* may have additional holdings in another (foreign) market

NACP

Impact Shares NAACP Minority Empowerment ETF

NACP Description

The investment seeks investment results that, before fees and expenses, track the performance of the Morningstar Minority Empowerment Index (the underlying index). The fund will, under normal circumstances, invest at least 80% of its total assets, plus borrowings for investment purposes (the "80% basket") in component securities of the underlying index ("Component Securities"). The underlying index is designed to measure the performance of large and mid- capitalization companies that are "empowering to minorities," and to exhibit risk and return characteristics similar to those of the Morningstar US Large-Mid Cap ® Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$40.97

Average Daily Volume

3,870

Number of Holdings ^*

196

* may have additional holdings in another (foreign) market

Performance

Period	FDLO	NACP
30 Days	1.02%	1.57%
60 Days	5.63%	7.22%
90 Days	6.84%	2.89%
12 Months	28.75%	35.44%

55 Overlapping Holdings

Symbol	Grade	Weight in FDLO	Weight in NACP	Overlap
AAPL	C	7.37%	5.03%	5.03%
ABBV	A	1.16%	1.22%	1.16%
ABT	B	0.88%	0.69%	0.69%
ACN	B	1.58%	3.58%	1.58%
ADP	A	0.6%	0.4%	0.4%
AEP	C	0.3%	0.19%	0.19%
AMH	D	0.16%	0.05%	0.05%
AMZN	C	3.64%	4.47%	3.64%
BAH	A	0.46%	0.07%	0.07%
BDX	B	0.64%	0.23%	0.23%
CCI	C	0.23%	0.18%	0.18%
CMS	A	0.24%	0.07%	0.07%
COP	D	0.38%	0.49%	0.38%
CVX	B	0.62%	1.04%	0.62%
DUK	A	0.37%	0.32%	0.32%
EA	D	0.64%	0.45%	0.45%
ECL	B	0.25%	0.21%	0.21%
ED	A	0.27%	0.12%	0.12%
EQIX	B	0.3%	0.29%	0.29%
ETN	C	0.66%	0.44%	0.44%
GOOGL	B	3.93%	2.41%	2.41%
HON	C	0.64%	0.46%	0.46%
HSY	D	0.27%	0.1%	0.1%
IBM	B	1.66%	3.08%	1.66%
ITW	A	0.54%	0.27%	0.27%
JNJ	D	1.24%	1.44%	1.24%
JPM	D	1.62%	2.39%	1.62%
KMI	A	0.24%	0.15%	0.15%
KO	C	0.76%	0.99%	0.76%
LHX	A	0.47%	0.16%	0.16%
LNG	A	0.24%	0.16%	0.16%
LOW	A	0.7%	0.51%	0.51%
MA	A	1.27%	1.4%	1.27%
MDLZ	C	0.43%	0.36%	0.36%
MLM	D	0.18%	0.12%	0.12%
MRK	F	1.04%	1.03%	1.03%
MSFT	D	7.16%	4.63%	4.63%
NKE	D	0.66%	0.36%	0.36%
NOC	B	0.54%	0.29%	0.29%
OTIS	A	0.49%	0.13%	0.13%
PEP	D	0.66%	0.92%	0.66%
SO	A	0.38%	0.35%	0.35%
T	A	0.96%	0.45%	0.45%
TMO	C	0.94%	0.83%	0.83%
TRV	C	0.63%	0.18%	0.18%
UNH	B	1.52%	1.95%	1.52%
UNP	D	0.66%	0.56%	0.56%
V	C	1.31%	1.53%	1.31%
VMC	D	0.18%	0.12%	0.12%
VZ	A	1.01%	2.26%	1.01%
WEC	A	0.26%	0.1%	0.1%
WMB	A	0.27%	0.19%	0.19%
WMT	A	0.9%	0.73%	0.73%
XEL	A	0.28%	0.12%	0.12%
XOM	A	1.14%	2.0%	1.14%

FDLO Overweight 70 Positions Relative to NACP

Symbol	Grade	Weight
BRK.A	C	2.07%
ORCL	B	1.85%
LLY	D	1.85%
CSCO	A	1.63%
TXN	C	1.55%
MSI	A	1.37%
ROP	C	1.23%
AKAM	D	1.19%
HD	A	1.17%
TYL	B	1.16%
DOX	B	1.14%
VRSN	B	1.14%
PG	C	1.01%
CMCSA	B	0.92%
TMUS	A	0.85%
MCD	A	0.84%
PGR	C	0.83%
AMGN	D	0.81%
CB	A	0.73%
SBUX	B	0.69%
MMC	D	0.68%
VRTX	D	0.68%
REGN	D	0.68%
CME	A	0.67%
TJX	C	0.64%
LMT	A	0.63%
ERIE	A	0.6%
PM	C	0.59%
AJG	D	0.58%
LIN	B	0.57%
CBOE	A	0.56%
AIZ	A	0.56%
FDS	C	0.56%
WM	B	0.52%
JKHY	A	0.52%
WRB	B	0.52%
GD	A	0.51%
ORLY	A	0.5%
AZO	D	0.48%
TSCO	A	0.47%
PAYX	A	0.47%
FAST	B	0.47%
RSG	D	0.45%
J	D	0.44%
GRMN	D	0.43%
FCN	C	0.4%
HII	F	0.39%
CL	D	0.39%
AMT	C	0.34%
GIS	C	0.33%
KMB	B	0.32%
SHW	B	0.31%
EOG	B	0.29%
APD	C	0.26%
PSA	C	0.26%
O	A	0.25%
AEE	A	0.25%
DLR	C	0.24%
CTVA	A	0.22%
CSGP	F	0.19%
EQR	C	0.19%
MAA	C	0.18%
DTM	A	0.18%
CTRA	D	0.18%
AMCR	B	0.17%
PKG	C	0.17%
ATR	A	0.16%
ELS	D	0.16%
AVY	C	0.16%
ADC	B	0.15%

FDLO Underweight 141 Positions Relative to NACP

Symbol	Grade	Weight
NVDA	C	-4.9%
META	A	-3.63%
QCOM	D	-3.18%
UBER	C	-2.29%
TSLA	C	-2.22%
GOOG	B	-2.16%
PANW	D	-1.81%
MU	D	-1.75%
INTC	D	-1.52%
BAC	D	-0.99%
GE	C	-0.69%
NEE	A	-0.66%
DHR	C	-0.64%
HPQ	C	-0.62%
PFE	D	-0.62%
AXP	A	-0.56%
SPGI	C	-0.55%
DELL	C	-0.54%
ELV	F	-0.47%
MS	B	-0.47%
C	B	-0.45%
MDT	B	-0.42%
PLD	D	-0.42%
BSX	A	-0.41%
BA	F	-0.38%
MELI	C	-0.38%
CI	D	-0.37%
DE	A	-0.36%
BMY	B	-0.35%
UPS	D	-0.35%
GILD	A	-0.35%
SCHW	D	-0.33%
TT	A	-0.29%
PNC	C	-0.27%
CVS	D	-0.27%
PYPL	C	-0.27%
MMM	C	-0.26%
MCO	D	-0.26%
FDX	D	-0.25%
FCX	B	-0.25%
AON	A	-0.24%
CSX	D	-0.24%
MPC	F	-0.23%
PSX	D	-0.22%
TFC	D	-0.22%
NEM	C	-0.22%
EMR	B	-0.22%
NSC	C	-0.2%
MAR	B	-0.19%
OKE	B	-0.18%
SRE	A	-0.18%
D	A	-0.18%
GM	D	-0.18%
URI	C	-0.18%
MET	A	-0.17%
BK	C	-0.17%
VLO	F	-0.17%
JCI	B	-0.17%
HLT	A	-0.17%
IPG	C	-0.16%
HES	D	-0.15%
EXC	A	-0.15%
CMI	B	-0.15%
EW	F	-0.15%
F	D	-0.15%
DD	B	-0.14%
PEG	A	-0.14%
A	B	-0.14%
HWM	A	-0.14%
KR	C	-0.13%
AME	D	-0.13%
VRSK	D	-0.13%
IR	A	-0.12%
KHC	D	-0.12%
RCL	C	-0.12%
AVB	C	-0.11%
ROK	D	-0.11%
EBAY	A	-0.11%
VST	A	-0.11%
EIX	A	-0.11%
ADM	D	-0.11%
RMD	C	-0.11%
XYL	C	-0.11%
DVN	F	-0.1%
PPG	D	-0.1%
BIIB	F	-0.1%
PCG	B	-0.09%
TROW	D	-0.09%
IFF	C	-0.09%
DAL	C	-0.09%
SYF	B	-0.08%
APTV	D	-0.08%
SBAC	B	-0.08%
PPL	A	-0.08%
FE	B	-0.08%
ETR	A	-0.08%
NDAQ	C	-0.08%
DTE	A	-0.08%
ES	C	-0.08%
NRG	A	-0.07%
LII	C	-0.07%
EXPD	C	-0.07%
TSN	D	-0.07%
CLX	B	-0.07%
BAX	D	-0.07%
K	B	-0.07%
ILMN	B	-0.07%
HBAN	D	-0.07%
RF	C	-0.07%
SWK	A	-0.06%
LUV	B	-0.06%
DOC	C	-0.06%
DGX	B	-0.06%
HUBB	A	-0.06%
TXT	F	-0.06%
SJM	C	-0.05%
NI	A	-0.05%
OC	C	-0.05%
ACM	C	-0.05%
NDSN	B	-0.05%
UAL	B	-0.05%
LNT	A	-0.05%
AES	B	-0.05%
JBHT	D	-0.05%
BG	F	-0.05%
CF	A	-0.05%
CPB	D	-0.04%
REG	C	-0.04%
LECO	D	-0.04%
TFX	C	-0.04%
ALB	D	-0.04%
EMN	C	-0.04%
USFD	C	-0.04%
WBA	F	-0.03%
BWA	B	-0.03%
SCCO	B	-0.03%
PFG	C	-0.03%
MOS	D	-0.03%
HRL	F	-0.03%
CNH	B	-0.03%
TAP	D	-0.03%