FFLC vs. USMV ETF Comparison

Comparison of Fidelity Fundamental Large Cap Core ETF (FFLC) to iShares MSCI USA Minimum Volatility ETF (USMV)

FFLC

Fidelity Fundamental Large Cap Core ETF

FFLC Description

FFLC seeks to achieve long-term capital growth by investing in a global core equity portfolio of large-cap stocks. The adviser generally defines large caps as companies with similar market capitalizations to Russell 1000 or S&P 500 companies. Stocks are selected using fundamental analysis of factors such as financial condition and industry position of each issuer, as well as market and economic conditions. The adviser then incorporates a quantitative portfolio construction process to emphasize securities in which the adviser has high conviction, subject to risk, liquidity, and trading characteristics. The portfolio includes stocks with growth and/or value characteristics. Despite its large-cap focus, the fund's strategy can lead to investments in small- and mid-cap companies. Before February 26, 2024, the fund traded as Fidelity New Millennium ETF under the ticker FMIL. The fund previously used a semitransparent ETF structure.

Grade (RS Rating)

Last Trade

$45.35

Average Daily Volume

95,481

Number of Holdings ^*

133

* may have additional holdings in another (foreign) market

USMV

iShares MSCI USA Minimum Volatility ETF

USMV Description

The investment seeks the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market. The fund generally invests at least 90% of its assets in securities of the underlying index or in depositary receipts representing securities in the underlying index. The underlying index follows a rules-based methodology to determine weights for securities in the index that seeks to minimize total risk of the MSCI USA Index. Components primarily include consumer staples, healthcare and information technology companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$91.29

Average Daily Volume

2,249,365

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

Performance

Period	FFLC	USMV
30 Days	2.14%	1.48%
60 Days	3.75%	6.10%
90 Days	4.49%	8.43%
12 Months	40.09%	25.48%

33 Overlapping Holdings

Symbol	Grade	Weight in FFLC	Weight in USMV	Overlap
AAPL	C	4.51%	0.97%	0.97%
ACGL	B	0.24%	0.8%	0.24%
ADI	C	0.55%	0.25%	0.25%
AMZN	C	3.26%	0.12%	0.12%
CB	B	0.97%	1.5%	0.97%
CI	C	0.52%	0.23%	0.23%
CMCSA	D	1.16%	0.36%	0.36%
CRM	D	0.98%	0.04%	0.04%
CSCO	B	0.44%	1.29%	0.44%
FSLR	C	0.25%	0.07%	0.07%
GILD	B	0.29%	0.89%	0.29%
HOLX	C	0.28%	0.17%	0.17%
KDP	B	0.63%	0.71%	0.63%
KO	B	0.73%	0.11%	0.11%
LIN	B	0.81%	0.17%	0.17%
LLY	C	1.93%	1.58%	1.58%
LMT	B	0.68%	0.88%	0.68%
MMC	C	0.53%	1.16%	0.53%
MRK	D	0.26%	1.22%	0.26%
MSFT	C	7.7%	1.38%	1.38%
NOC	A	0.6%	1.52%	0.6%
NVDA	D	3.39%	0.54%	0.54%
ORCL	B	0.79%	1.12%	0.79%
REGN	C	0.76%	0.92%	0.76%
SNPS	D	0.44%	0.17%	0.17%
SO	A	0.82%	1.37%	0.82%
TJX	C	1.2%	0.45%	0.45%
UBER	C	1.04%	0.47%	0.47%
UNH	C	1.72%	1.38%	1.38%
V	C	1.63%	0.83%	0.83%
WDAY	D	0.44%	0.42%	0.42%
WMT	B	0.49%	1.66%	0.49%
XOM	D	1.49%	0.43%	0.43%

FFLC Overweight 100 Positions Relative to USMV

Symbol	Grade	Weight
META	A	2.57%
GOOGL	D	2.4%
ADBE	F	1.41%
BA	F	1.31%
AMD	D	1.27%
BSX	B	1.23%
WFC	D	1.08%
NFLX	B	1.06%
ETN	C	1.05%
TMO	C	1.03%
PH	A	1.02%
JPM	D	0.98%
INTU	C	0.92%
NKE	D	0.92%
PWR	B	0.92%
GE	A	0.9%
BAC	D	0.9%
KVUE	C	0.88%
DHR	C	0.82%
FCX	D	0.75%
CAT	B	0.75%
IR	C	0.73%
APTV	D	0.71%
BKR	C	0.7%
SHOP	C	0.69%
ON	F	0.69%
NXPI	D	0.68%
SYK	C	0.67%
HWM	B	0.67%
JBL	D	0.67%
GNRC	D	0.66%
CEG	A	0.66%
VST	A	0.65%
BKNG	B	0.61%
MS	C	0.6%
SLB	F	0.6%
BJ	D	0.58%
TSM	C	0.58%
DIS	D	0.57%
PFGC	B	0.57%
FLEX	C	0.52%
LNG	C	0.51%
CNC	C	0.51%
RL	B	0.51%
ABNB	D	0.5%
CE	F	0.49%
HLT	B	0.49%
MLM	D	0.48%
CLX	C	0.47%
AZN	D	0.47%
VRT	C	0.46%
NVR	B	0.45%
BWXT	C	0.45%
DT	C	0.43%
KBR	D	0.42%
ESI	D	0.42%
CMG	C	0.42%
ARES	A	0.41%
FCN	C	0.41%
SPOT	B	0.4%
ITT	B	0.39%
LEN	C	0.39%
CBRE	A	0.39%
BLDR	C	0.39%
FOUR	C	0.39%
AVY	D	0.38%
EDR	A	0.37%
URI	B	0.37%
GS	C	0.33%
WSC	D	0.32%
HLI	A	0.32%
TRNO	C	0.32%
HES	D	0.32%
FTI	D	0.29%
EL	F	0.27%
MDB	D	0.27%
CHDN	D	0.27%
SAM	F	0.27%
GLPI	C	0.26%
TT	A	0.26%
ASML	F	0.25%
NVO	D	0.25%
AR	D	0.24%
FND	C	0.24%
TER	D	0.22%
WST	D	0.22%
DKS	D	0.21%
STZ	D	0.2%
WNS	F	0.19%
ESS	C	0.18%
FAF	C	0.18%
OI	D	0.17%
NFE	F	0.16%
OWL	C	0.16%
MU	F	0.14%
MASI	D	0.12%
AGL	F	0.12%
LEGN	F	0.12%
LFST	C	0.06%
MRVL	C	0.04%

FFLC Underweight 137 Positions Relative to USMV

Symbol	Grade	Weight
TMUS	C	-1.7%
IBM	A	-1.7%
PGR	A	-1.68%
MSI	B	-1.64%
DUK	B	-1.55%
WCN	D	-1.55%
RSG	D	-1.52%
BRK.A	C	-1.49%
VZ	B	-1.44%
TXN	C	-1.38%
WM	D	-1.37%
ROP	C	-1.31%
APH	C	-1.29%
AJG	D	-1.29%
ACN	C	-1.28%
JNJ	C	-1.28%
MCD	B	-1.27%
PG	C	-1.26%
ABBV	C	-1.22%
ED	C	-1.22%
AVGO	C	-1.21%
PEP	D	-1.15%
MCK	F	-1.14%
TRV	B	-1.05%
AZO	D	-0.99%
CBOE	C	-0.87%
K	A	-0.81%
GDDY	C	-0.81%
EA	D	-0.78%
CTSH	C	-0.77%
GIS	B	-0.77%
VRTX	D	-0.75%
WEC	B	-0.75%
FCNCA	D	-0.73%
ELV	C	-0.72%
T	C	-0.71%
AMGN	B	-0.7%
TSN	D	-0.69%
MA	B	-0.67%
COR	D	-0.66%
NOW	A	-0.65%
VRSN	D	-0.65%
ORLY	D	-0.63%
KR	C	-0.59%
BDX	F	-0.59%
NEM	B	-0.58%
FI	A	-0.57%
MPC	D	-0.56%
KEYS	C	-0.54%
FANG	D	-0.53%
ERIE	B	-0.52%
MDLZ	C	-0.52%
TDY	C	-0.52%
CME	C	-0.51%
YUM	F	-0.51%
FFIV	B	-0.49%
AON	B	-0.49%
JNPR	A	-0.49%
INCY	C	-0.48%
FICO	B	-0.48%
CL	C	-0.47%
HUM	F	-0.47%
PTC	D	-0.47%
AKAM	D	-0.45%
CDW	D	-0.45%
EG	C	-0.45%
KHC	C	-0.44%
BAH	B	-0.44%
AEP	C	-0.42%
XEL	B	-0.42%
BMY	C	-0.41%
VRSK	D	-0.4%
CPB	B	-0.39%
CTVA	B	-0.37%
ROL	C	-0.37%
CHD	C	-0.37%
WTW	C	-0.36%
HSY	D	-0.35%
AFG	B	-0.34%
IT	A	-0.34%
NBIX	F	-0.33%
MKL	C	-0.32%
GEN	B	-0.32%
WRB	C	-0.3%
CVX	D	-0.3%
BMRN	F	-0.3%
ICE	C	-0.29%
FWONK	C	-0.29%
HD	A	-0.28%
AIZ	B	-0.28%
GLW	B	-0.28%
L	D	-0.27%
GRMN	D	-0.27%
ANET	A	-0.27%
ALNY	C	-0.25%
PFE	C	-0.24%
MOH	D	-0.23%
D	B	-0.23%
WMB	B	-0.23%
HON	D	-0.22%
HRL	D	-0.22%
AEE	A	-0.22%
KMB	D	-0.22%
DTE	B	-0.21%
NTAP	D	-0.21%
AZPN	B	-0.21%
MELI	B	-0.2%
CMS	B	-0.2%
HUBS	D	-0.18%
PKG	B	-0.18%
STX	C	-0.17%
TW	B	-0.17%
DPZ	D	-0.17%
CDNS	D	-0.16%
EOG	D	-0.15%
CRWD	D	-0.14%
MDT	C	-0.14%
GOOG	D	-0.14%
OXY	F	-0.13%
UTHR	C	-0.13%
HIG	B	-0.12%
LNT	B	-0.1%
DELL	C	-0.1%
DGX	C	-0.1%
RTX	C	-0.09%
ABT	C	-0.09%
ADP	B	-0.08%
TEL	D	-0.07%
PSX	D	-0.06%
GD	B	-0.06%
KNX	D	-0.06%
OTIS	C	-0.06%
ULTA	D	-0.05%
VLO	F	-0.05%
CVS	F	-0.05%
BR	D	-0.05%
ATO	B	-0.05%