FFLV vs. QVAL ETF Comparison

Comparison of Fidelity Fundamental Large Cap Value ETF (FFLV) to ValueShares U.S. Quantitative Value ETF (QVAL)

FFLV

Fidelity Fundamental Large Cap Value ETF

FFLV Description

The fund will normally invest at least 80% of the fund"s assets in equity securities of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$23.11

Average Daily Volume

884

Number of Holdings ^*

108

* may have additional holdings in another (foreign) market

QVAL

ValueShares U.S. Quantitative Value ETF

QVAL Description

The investment seeks long-term capital appreciation. The fund is an actively managed ETF. Under normal circumstances, it seeks to achieve its investment objective by investing primarily in U.S. equity securities that the Adviser believes, based on quantitative analysis, are undervalued at the time of purchase and have the potential for capital appreciation. The fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of U.S. companies. It will invest primarily in the exchange-listed common stock of U.S. companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$46.73

Average Daily Volume

18,437

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FFLV	QVAL
30 Days	4.61%	4.01%
60 Days	5.50%	2.30%
90 Days	6.74%	4.43%
12 Months		26.73%

14 Overlapping Holdings

Symbol	Grade	Weight in FFLV	Weight in QVAL	Overlap
ALSN	B	1.38%	2.14%	1.38%
CMCSA	B	2.31%	1.99%	1.99%
CNC	D	0.96%	1.87%	0.96%
CVS	D	1.21%	1.95%	1.21%
ELV	F	1.96%	1.9%	1.9%
GPK	C	0.82%	1.95%	0.82%
GTES	A	0.38%	2.11%	0.38%
HPQ	B	0.47%	2.0%	0.47%
HRB	D	0.27%	1.96%	0.27%
IPG	D	0.42%	1.8%	0.42%
MOH	F	0.13%	1.76%	0.13%
SIG	B	0.2%	2.02%	0.2%
TEX	D	0.21%	1.99%	0.21%
TPR	B	0.17%	2.28%	0.17%

FFLV Overweight 94 Positions Relative to QVAL

Symbol	Grade	Weight
XOM	B	4.54%
JPM	A	4.36%
CSCO	B	3.48%
WFC	A	3.09%
HIG	B	2.6%
BAC	A	2.34%
UNH	C	2.23%
TRV	B	2.2%
JNJ	D	2.03%
KVUE	A	1.95%
JCI	C	1.84%
FDX	B	1.7%
PLD	D	1.66%
CI	F	1.59%
EIX	B	1.58%
USFD	A	1.49%
PCG	A	1.49%
APO	B	1.37%
WELL	A	1.32%
SJM	D	1.24%
AZN	D	1.09%
BRK.A	B	1.04%
WLK	D	1.01%
RJF	A	1.01%
TKR	D	0.99%
MCHP	D	0.94%
SRE	A	0.89%
COR	B	0.88%
MRK	F	0.88%
AFG	A	0.87%
TSM	B	0.86%
TRGP	B	0.84%
DOX	D	0.84%
GEN	B	0.83%
KDP	D	0.8%
UHAL	D	0.8%
CB	C	0.76%
ORI	A	0.75%
GDDY	A	0.7%
RRX	B	0.69%
LMT	D	0.68%
FLR	B	0.68%
TPX	B	0.67%
CNXC	F	0.67%
PSA	D	0.65%
LW	C	0.65%
SNX	C	0.61%
BCO	D	0.6%
WCC	B	0.58%
XPO	B	0.58%
LOW	D	0.58%
BC	C	0.58%
KO	D	0.57%
CG	A	0.56%
AES	F	0.54%
ALLY	C	0.54%
CEG	D	0.52%
KEY	B	0.52%
SW	A	0.47%
VST	B	0.46%
UFPI	B	0.46%
GMS	B	0.46%
GPN	B	0.44%
LAD	A	0.43%
APTV	D	0.39%
FAF	A	0.38%
DOOO	F	0.37%
LPX	B	0.36%
OLN	D	0.33%
HRI	B	0.32%
CC	C	0.31%
AAP	C	0.31%
DAR	C	0.31%
HOG	D	0.3%
LITE	B	0.29%
SLM	A	0.28%
CPT	B	0.28%
MDU	D	0.27%
UPBD	B	0.26%
G	B	0.26%
BG	F	0.25%
OMF	A	0.24%
PM	B	0.22%
NXST	C	0.22%
VSTS	C	0.22%
CIEN	B	0.22%
AR	B	0.2%
COMP	B	0.2%
SNY	F	0.17%
CCI	D	0.14%
EWBC	A	0.13%
FCNCA	A	0.12%
WBS	A	0.11%
FTRE	D	0.07%

FFLV Underweight 36 Positions Relative to QVAL

Symbol	Grade	Weight
BKR	B	-2.26%
UAL	A	-2.22%
MO	A	-2.19%
TAP	C	-2.18%
FTI	A	-2.15%
HES	B	-2.14%
FOXA	B	-2.12%
LRN	A	-2.12%
DAL	C	-2.1%
SNA	A	-2.1%
WFRD	D	-2.07%
TGT	F	-2.07%
URBN	C	-2.06%
SM	B	-2.06%
ANF	C	-2.05%
JBL	B	-2.02%
CTSH	B	-2.02%
TOL	B	-2.01%
MHK	D	-2.0%
MMM	D	-1.99%
UTHR	C	-1.98%
WSM	B	-1.97%
CAT	B	-1.97%
BBY	D	-1.94%
DKS	C	-1.94%
LEN	D	-1.92%
CNH	C	-1.9%
THC	D	-1.89%
OMC	C	-1.89%
LYB	F	-1.88%
FCX	D	-1.87%
UHS	D	-1.87%
CRI	D	-1.85%
MAT	D	-1.78%
ASO	F	-1.76%
CROX	D	-1.7%