FLRG vs. NACP ETF Comparison

Comparison of Fidelity U.S. Multifactor ETF (FLRG) to Impact Shares NAACP Minority Empowerment ETF (NACP)

FLRG

Fidelity U.S. Multifactor ETF

FLRG Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Multifactor Index?. The fund normally invests at least 80% of its assets in securities included in the Fidelity U.S. Multifactor Index?. The Fidelity U.S. Multifactor Index? is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with attractive valuations, high quality profiles, positive momentum signals, and lower volatility than the broader market.

Grade (RS Rating)

Last Trade

$35.37

Average Daily Volume

51,658

Number of Holdings ^*

101

* 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

$42.72

Average Daily Volume

3,518

Number of Holdings ^*

197

* may have additional holdings in another (foreign) market

Performance

Period	FLRG	NACP
30 Days	3.91%	2.08%
60 Days	5.11%	4.48%
90 Days	6.17%	6.57%
12 Months	32.36%	32.92%

21 Overlapping Holdings

Symbol	Grade	Weight in FLRG	Weight in NACP	Overlap
ABBV	D	1.29%	1.22%	1.22%
ADP	B	1.17%	0.4%	0.4%
CF	B	0.91%	0.05%	0.05%
CI	F	0.83%	0.37%	0.37%
DELL	C	0.54%	0.54%	0.54%
EA	A	0.17%	0.45%	0.17%
GOOGL	C	3.46%	2.41%	2.41%
IBM	C	0.9%	3.08%	0.9%
JNJ	D	1.35%	1.44%	1.35%
MA	C	1.64%	1.4%	1.4%
META	D	2.47%	3.63%	2.47%
MSFT	F	6.44%	4.63%	4.63%
NVDA	C	6.08%	4.9%	4.9%
QCOM	F	0.81%	3.18%	0.81%
SYF	B	0.88%	0.08%	0.08%
T	A	0.41%	0.45%	0.41%
V	A	1.66%	1.53%	1.53%
VLO	C	0.81%	0.17%	0.17%
VRSK	A	1.0%	0.13%	0.13%
VST	B	1.76%	0.11%	0.11%
VZ	C	0.47%	2.26%	0.47%

FLRG Overweight 80 Positions Relative to NACP

Symbol	Grade	Weight
LLY	F	1.98%
AVGO	D	1.93%
HD	A	1.62%
PG	A	1.43%
MCD	D	1.28%
PGR	A	1.25%
LMT	D	1.2%
BKNG	A	1.15%
NFG	A	1.12%
PSA	D	1.04%
PAYX	C	1.04%
PCAR	B	1.03%
ALSN	B	1.02%
ACGL	D	1.02%
PM	B	1.01%
MLI	C	1.0%
BCC	B	0.97%
SNA	A	0.97%
HIG	B	0.95%
NVR	D	0.94%
LEN	D	0.91%
ORLY	B	0.91%
PHM	D	0.91%
AMGN	D	0.91%
DTM	B	0.9%
EG	C	0.9%
JXN	C	0.89%
CRBG	B	0.88%
VICI	C	0.88%
OHI	C	0.87%
MTG	C	0.87%
AZO	C	0.87%
HRB	D	0.87%
ESNT	D	0.87%
WSM	B	0.86%
RGA	A	0.83%
CTRA	B	0.83%
NUE	C	0.82%
MO	A	0.82%
CL	D	0.82%
STLD	B	0.81%
RDN	C	0.81%
REGN	F	0.8%
VRTX	F	0.79%
AMAT	F	0.77%
BRBR	A	0.77%
KMB	D	0.75%
UTHR	C	0.7%
NFLX	A	0.69%
ANET	C	0.68%
CNC	D	0.67%
CRWD	B	0.67%
CHRD	D	0.67%
KLAC	D	0.65%
MOH	F	0.65%
MSI	B	0.64%
FICO	B	0.63%
RPRX	D	0.63%
LRCX	F	0.63%
APH	A	0.61%
CDNS	B	0.6%
MCK	B	0.6%
ZM	B	0.56%
NXPI	D	0.55%
GDDY	A	0.53%
CTSH	B	0.52%
GEN	B	0.51%
DBX	B	0.5%
AKAM	D	0.5%
ACIW	B	0.5%
NTAP	C	0.49%
CRUS	D	0.47%
DOX	D	0.47%
CVLT	B	0.47%
DLB	B	0.45%
SWKS	F	0.43%
QLYS	C	0.42%
CMCSA	B	0.41%
TMUS	B	0.31%
FOXA	B	0.14%

FLRG Underweight 176 Positions Relative to NACP

Symbol	Grade	Weight
AAPL	C	-5.03%
AMZN	C	-4.47%
ACN	C	-3.58%
JPM	A	-2.39%
UBER	D	-2.29%
TSLA	B	-2.22%
GOOG	C	-2.16%
XOM	B	-2.0%
UNH	C	-1.95%
PANW	C	-1.81%
MU	D	-1.75%
INTC	D	-1.52%
CVX	A	-1.04%
MRK	F	-1.03%
KO	D	-0.99%
BAC	A	-0.99%
PEP	F	-0.92%
TMO	F	-0.83%
WMT	A	-0.73%
ABT	B	-0.69%
GE	D	-0.69%
NEE	D	-0.66%
DHR	F	-0.64%
HPQ	B	-0.62%
PFE	D	-0.62%
AXP	A	-0.56%
UNP	C	-0.56%
SPGI	C	-0.55%
LOW	D	-0.51%
COP	C	-0.49%
ELV	F	-0.47%
MS	A	-0.47%
HON	B	-0.46%
C	A	-0.45%
ETN	A	-0.44%
MDT	D	-0.42%
PLD	D	-0.42%
BSX	B	-0.41%
BA	F	-0.38%
MELI	D	-0.38%
DE	A	-0.36%
MDLZ	F	-0.36%
NKE	D	-0.36%
BMY	B	-0.35%
UPS	C	-0.35%
GILD	C	-0.35%
SO	D	-0.35%
SCHW	B	-0.33%
DUK	C	-0.32%
EQIX	A	-0.29%
TT	A	-0.29%
NOC	D	-0.29%
PNC	B	-0.27%
CVS	D	-0.27%
PYPL	B	-0.27%
ITW	B	-0.27%
MMM	D	-0.26%
MCO	B	-0.26%
FDX	B	-0.25%
FCX	D	-0.25%
AON	A	-0.24%
CSX	B	-0.24%
MPC	D	-0.23%
BDX	F	-0.23%
PSX	C	-0.22%
TFC	A	-0.22%
NEM	D	-0.22%
EMR	A	-0.22%
ECL	D	-0.21%
NSC	B	-0.2%
WMB	A	-0.19%
AEP	D	-0.19%
MAR	B	-0.19%
OKE	A	-0.18%
SRE	A	-0.18%
TRV	B	-0.18%
CCI	D	-0.18%
D	C	-0.18%
GM	B	-0.18%
URI	B	-0.18%
MET	A	-0.17%
BK	A	-0.17%
JCI	C	-0.17%
HLT	A	-0.17%
LNG	B	-0.16%
IPG	D	-0.16%
LHX	C	-0.16%
KMI	A	-0.15%
HES	B	-0.15%
EXC	C	-0.15%
CMI	A	-0.15%
EW	C	-0.15%
F	C	-0.15%
DD	D	-0.14%
PEG	A	-0.14%
A	D	-0.14%
HWM	A	-0.14%
OTIS	C	-0.13%
KR	B	-0.13%
AME	A	-0.13%
VMC	B	-0.12%
IR	B	-0.12%
MLM	B	-0.12%
XEL	A	-0.12%
ED	D	-0.12%
KHC	F	-0.12%
RCL	A	-0.12%
AVB	B	-0.11%
ROK	B	-0.11%
EBAY	D	-0.11%
EIX	B	-0.11%
ADM	D	-0.11%
RMD	C	-0.11%
XYL	D	-0.11%
HSY	F	-0.1%
DVN	F	-0.1%
WEC	A	-0.1%
PPG	F	-0.1%
BIIB	F	-0.1%
PCG	A	-0.09%
TROW	B	-0.09%
IFF	D	-0.09%
DAL	C	-0.09%
APTV	D	-0.08%
SBAC	D	-0.08%
PPL	B	-0.08%
FE	C	-0.08%
ETR	B	-0.08%
NDAQ	A	-0.08%
DTE	C	-0.08%
ES	D	-0.08%
NRG	B	-0.07%
LII	A	-0.07%
EXPD	D	-0.07%
CMS	C	-0.07%
TSN	B	-0.07%
CLX	B	-0.07%
BAH	F	-0.07%
BAX	D	-0.07%
LH	C	-0.07%
K	A	-0.07%
ILMN	D	-0.07%
HBAN	A	-0.07%
RF	A	-0.07%
SWK	D	-0.06%
LUV	C	-0.06%
DOC	D	-0.06%
DGX	A	-0.06%
HUBB	B	-0.06%
TXT	D	-0.06%
SJM	D	-0.05%
AMH	D	-0.05%
NI	A	-0.05%
OC	A	-0.05%
ACM	A	-0.05%
NDSN	B	-0.05%
UAL	A	-0.05%
LNT	A	-0.05%
AES	F	-0.05%
JBHT	C	-0.05%
BG	F	-0.05%
CPB	D	-0.04%
REG	B	-0.04%
LECO	B	-0.04%
TFX	F	-0.04%
ALB	C	-0.04%
EMN	D	-0.04%
USFD	A	-0.04%
WBA	F	-0.03%
BWA	D	-0.03%
SCCO	F	-0.03%
PFG	D	-0.03%
MOS	F	-0.03%
HRL	D	-0.03%
CNH	C	-0.03%
TAP	C	-0.03%