FHEQ vs. FLSP ETF Comparison

Comparison of Fidelity Hedged Equity ETF (FHEQ) to Franklin Liberty Systematic Style Premia ETF (FLSP)

FHEQ

Fidelity Hedged Equity ETF

FHEQ Description

FHEQ is actively managed, investing in equity securities with market caps similar to the S&P 500 and Russell 1000. The fund utilizes quantitative analysis and options for downside protection.

Grade (RS Rating)

Last Trade

$27.84

Average Daily Volume

22,683

Number of Holdings ^*

169

* may have additional holdings in another (foreign) market

FLSP

Franklin Liberty Systematic Style Premia ETF

FLSP Description

The investment seeks absolute return. The fund seeks to achieve its investment goal by allocating its assets across two underlying alternative investment strategies, which represent top-down and bottom-up approaches to capturing factor-based risk premia. Through the two strategies, it may invest in or obtain exposure to: (i) equity securities (which may include common stocks and preferred stocks), (ii) debt securities (which may include bonds, notes, debentures, banker's acceptances and commercial paper), (iii) commodity-linked derivative instruments and (iv) currency-related derivative instruments.

Grade (RS Rating)

Last Trade

$24.26

Average Daily Volume

11,868

Number of Holdings ^*

180

* may have additional holdings in another (foreign) market

Performance

Period	FHEQ	FLSP
30 Days	1.74%	0.48%
60 Days	5.17%	0.94%
90 Days	5.89%	1.67%
12 Months		5.45%

57 Overlapping Holdings

Symbol	Grade	Weight in FHEQ	Weight in FLSP	Overlap
ABBV	F	1.0%	0.62%	0.62%
ADBE	C	0.96%	0.42%	0.42%
AMAT	F	0.75%	0.72%	0.72%
BK	B	0.35%	0.24%	0.24%
CAH	B	0.42%	0.11%	0.11%
CI	D	0.65%	0.23%	0.23%
CL	F	0.55%	0.38%	0.38%
CMCSA	B	0.83%	0.43%	0.43%
CNC	F	0.06%	0.15%	0.06%
CRM	B	1.23%	0.71%	0.71%
CSX	B	0.58%	0.32%	0.32%
CTAS	B	0.67%	0.34%	0.34%
DOCU	B	0.2%	0.08%	0.08%
DVN	F	0.51%	0.14%	0.14%
EOG	A	0.27%	0.29%	0.27%
FTNT	B	0.14%	0.26%	0.14%
GEN	B	0.13%	0.09%	0.09%
GILD	B	0.77%	0.46%	0.46%
GOOG	C	1.98%	0.11%	0.11%
HD	B	1.27%	0.29%	0.29%
IDXX	F	0.18%	0.15%	0.15%
INCY	B	0.28%	0.07%	0.07%
KR	A	0.11%	0.21%	0.11%
L	A	0.07%	0.07%	0.07%
LDOS	C	0.39%	0.13%	0.13%
MA	B	1.33%	0.8%	0.8%
META	B	2.96%	0.46%	0.46%
MGM	D	0.15%	0.04%	0.04%
MMM	C	0.22%	0.36%	0.22%
MS	A	0.16%	0.14%	0.14%
MSFT	C	5.62%	0.58%	0.58%
MSI	B	0.24%	0.39%	0.24%
NBIX	C	0.11%	0.07%	0.07%
NOW	A	0.34%	0.74%	0.34%
NUE	D	0.33%	0.14%	0.14%
NVDA	A	7.54%	0.59%	0.59%
PCAR	B	0.43%	0.14%	0.14%
PG	C	0.82%	0.11%	0.11%
PYPL	A	0.54%	0.39%	0.39%
QCOM	F	0.82%	0.63%	0.63%
SEIC	A	0.54%	0.05%	0.05%
SPG	A	0.15%	0.29%	0.15%
STLD	C	0.05%	0.11%	0.05%
T	A	0.63%	0.63%	0.63%
TJX	A	0.72%	0.54%	0.54%
TMO	F	0.28%	0.38%	0.28%
TROW	A	0.22%	0.13%	0.13%
TWLO	B	0.02%	0.08%	0.02%
TXT	D	0.49%	0.08%	0.08%
UBER	F	0.14%	0.53%	0.14%
UHS	D	0.08%	0.07%	0.07%
UTHR	B	0.06%	0.09%	0.06%
V	A	0.46%	0.59%	0.46%
VEEV	B	0.13%	0.13%	0.13%
VST	B	0.1%	0.22%	0.1%
WMT	A	0.79%	0.73%	0.73%
ZM	B	0.57%	0.11%	0.11%

FHEQ Overweight 112 Positions Relative to FLSP

Symbol	Grade	Weight
AAPL	C	7.05%
AMZN	A	3.61%
BRK.A	B	2.12%
GOOGL	C	2.05%
JPM	A	1.75%
AVGO	C	1.73%
XOM	B	1.51%
NFLX	A	1.21%
TSLA	B	1.15%
BAC	A	1.13%
PM	B	0.85%
LLY	F	0.84%
CSCO	A	0.8%
BMY	B	0.77%
LMT	D	0.73%
UNP	D	0.73%
NEE	D	0.69%
TT	B	0.68%
MRK	F	0.66%
PGR	A	0.64%
ECL	C	0.61%
SQ	B	0.6%
BDX	F	0.59%
JNJ	D	0.59%
NOC	D	0.59%
UNH	B	0.58%
PFE	F	0.58%
KLAC	F	0.57%
CMG	B	0.55%
SCHW	B	0.53%
C	B	0.53%
DBX	B	0.53%
MU	D	0.53%
MMC	D	0.52%
TRV	B	0.52%
CVNA	B	0.51%
EXEL	B	0.5%
IGT	F	0.49%
MSCI	B	0.49%
CAT	B	0.48%
ZBRA	B	0.48%
RTX	D	0.45%
COST	B	0.45%
GE	D	0.45%
DIS	B	0.42%
AXP	B	0.42%
SPGI	C	0.41%
ALLE	D	0.4%
WM	A	0.38%
CACI	C	0.37%
CME	B	0.36%
MEDP	D	0.35%
TDC	F	0.34%
ANF	C	0.33%
PPG	F	0.32%
WTW	A	0.31%
GRMN	A	0.31%
SKYW	B	0.3%
HWM	B	0.27%
AMGN	F	0.26%
ALRM	C	0.26%
NSC	B	0.26%
LRCX	F	0.24%
BIIB	F	0.22%
CVS	F	0.21%
LHX	B	0.21%
AMT	F	0.21%
GL	B	0.2%
VZ	D	0.2%
XEL	A	0.2%
CLX	A	0.19%
GAP	B	0.18%
HLT	A	0.18%
PSA	D	0.18%
LNW	F	0.18%
PEGA	B	0.17%
GEHC	D	0.17%
FTI	B	0.17%
ADP	A	0.16%
WDAY	B	0.16%
TPH	C	0.15%
ETN	B	0.15%
F	C	0.14%
SOLV	C	0.13%
BAH	C	0.12%
DASH	A	0.12%
CINF	A	0.12%
QRVO	F	0.11%
ROST	D	0.1%
AME	A	0.1%
PLTK	B	0.1%
ANET	C	0.08%
DOC	C	0.08%
ALL	B	0.07%
LYFT	B	0.07%
BCC	B	0.07%
TMUS	A	0.07%
MDLZ	F	0.07%
BBWI	C	0.07%
CRUS	F	0.06%
IFF	F	0.05%
CCL	B	0.05%
ORCL	A	0.04%
RSG	B	0.04%
SCCO	F	0.04%
ED	D	0.04%
LPLA	A	0.03%
CVX	A	0.02%
MHO	D	0.02%
UNM	A	0.01%
NWL	B	0.01%
OGE	B	0.01%

FHEQ Underweight 123 Positions Relative to FLSP

Symbol	Grade	Weight
BKNG	A	-0.75%
INTU	A	-0.68%
MDT	D	-0.6%
NVS	F	-0.53%
VRTX	B	-0.52%
REGN	F	-0.38%
ELV	F	-0.37%
CDNS	B	-0.32%
GM	B	-0.3%
AFL	C	-0.3%
ADSK	B	-0.29%
FIS	B	-0.27%
HCA	D	-0.27%
FDX	B	-0.27%
MPC	D	-0.26%
FICO	B	-0.26%
TGT	C	-0.25%
BCS	B	-0.24%
CMI	A	-0.24%
PSX	C	-0.23%
AMP	A	-0.22%
A	F	-0.22%
CPRT	A	-0.22%
LNG	B	-0.22%
PH	A	-0.22%
AIG	B	-0.22%
EA	A	-0.21%
MET	C	-0.21%
VLO	C	-0.2%
IQV	F	-0.19%
MELI	D	-0.19%
KMB	D	-0.19%
RCL	A	-0.19%
SNPS	C	-0.19%
CTSH	A	-0.18%
APH	B	-0.18%
SE	B	-0.17%
HPQ	B	-0.17%
LULU	B	-0.17%
MTD	F	-0.16%
APP	B	-0.16%
IR	A	-0.16%
SYY	D	-0.16%
STT	B	-0.15%
EBAY	C	-0.15%
LIN	D	-0.14%
ADM	F	-0.14%
DECK	B	-0.13%
WAT	B	-0.13%
NTAP	D	-0.13%
AVB	B	-0.13%
GDDY	B	-0.13%
VICI	D	-0.13%
ANSS	B	-0.13%
TYL	B	-0.12%
HIG	C	-0.12%
BR	A	-0.12%
PHM	D	-0.12%
VTR	C	-0.12%
PTC	B	-0.11%
PKG	B	-0.11%
BLDR	C	-0.11%
FE	D	-0.11%
AWK	D	-0.11%
EXPE	B	-0.11%
CSL	B	-0.11%
CPAY	A	-0.11%
MOH	F	-0.1%
STX	D	-0.1%
NRG	C	-0.1%
BBY	C	-0.1%
K	A	-0.1%
CBOE	D	-0.1%
LYB	F	-0.1%
LVS	C	-0.1%
HOLX	D	-0.1%
EL	F	-0.09%
VRSN	C	-0.09%
MAS	D	-0.09%
LYV	A	-0.09%
LII	B	-0.09%
EQH	B	-0.08%
OC	A	-0.08%
SSNC	C	-0.08%
WSM	F	-0.08%
RS	C	-0.08%
MRO	B	-0.08%
MANH	C	-0.08%
CF	B	-0.08%
EXPD	C	-0.08%
JBL	C	-0.08%
SNA	A	-0.08%
FFIV	B	-0.07%
AIZ	A	-0.07%
REG	A	-0.07%
VTRS	B	-0.07%
DPZ	C	-0.07%
DT	C	-0.07%
UDR	C	-0.07%
SWKS	F	-0.07%
AVTR	F	-0.07%
ROL	C	-0.07%
TAP	B	-0.06%
FOXA	A	-0.06%
PAYC	B	-0.06%
RPRX	F	-0.06%
OVV	C	-0.06%
MTCH	F	-0.06%
BG	D	-0.06%
DKS	D	-0.06%
GLPI	D	-0.06%
CHRW	A	-0.06%
WYNN	C	-0.05%
ACI	C	-0.05%
CRBG	C	-0.05%
CHKP	C	-0.05%
MOS	D	-0.05%
TER	F	-0.05%
HII	F	-0.04%
AER	B	-0.04%
COR	B	-0.03%
DINO	D	-0.03%
ON	F	-0.03%