FPFD vs. IPPP ETF Comparison

Comparison of Fidelity Preferred Securities & Income ETF (FPFD) to Preferred-Plus ETF (IPPP)

FPFD

Fidelity Preferred Securities & Income ETF

FPFD Description

The investment seeks high total return through a combination of current income and capital appreciation. The fund normally invests at least 80% of the fund's assets in preferred securities and other income-producing securities. It normally invests in all types of preferred securities and other income-producing securities such as contingent convertible securities and corporate hybrid securities. The fund primarily invests in securities rated at least BB by S&P, Ba by Moodys, comparably rated by at least one nationally recognized credit rating agency, or, if unrated, considered by FMR to be of comparable quality. It is non-diversified.

Grade (RS Rating)

Last Trade

$21.96

Average Daily Volume

17,197

Number of Holdings ^*

13

* may have additional holdings in another (foreign) market

IPPP

Preferred-Plus ETF

IPPP Description

The investment seeks to provide income. The fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in a portfolio of preferred securities issued by U.S. and non-U.S. companies. It may invest in preferred securities of all issuer capitalizations. The fund may also invest in publicly-traded partnerships (“PTPs”). The Advisor intends to maintain approximately 10% asset exposure to a credit spread options strategy, although market conditions may dictate additional exposure.

Grade (RS Rating)

Last Trade

$10.41

Average Daily Volume

1,232

Number of Holdings ^*

12

* may have additional holdings in another (foreign) market

Performance

Period	FPFD	IPPP
30 Days	-0.65%	0.15%
60 Days	-1.76%	-1.04%
90 Days	0.16%	3.16%
12 Months	13.30%	18.84%

5 Overlapping Holdings

	Symbol	Grade	Weight in FPFD	Weight in IPPP	Overlap
	AQNB	C	0.2%	1.29%	0.2%
	PRS	B	0.1%	0.58%	0.1%
	SOJD	F	0.28%	0.53%	0.28%
	T	A	1.11%	0.94%	0.94%
	UZE	B	0.19%	1.36%	0.19%

FPFD Overweight 8 Positions Relative to IPPP

	Symbol	Grade	Weight
	AFGE	D	0.31%
	RZC	C	0.27%
	UNMA	C	0.23%
	TBB	C	0.21%
	AIZN	D	0.14%
	WTFCM	B	0.13%
	ACGLO	C	0.12%
	ELC	C	0.06%

FPFD Underweight 7 Positions Relative to IPPP

	Symbol	Grade	Weight
	AGNC	D	-1.42%
	WTFCP	A	-1.26%
	SREA	D	-1.18%
	NRUC	D	-0.97%
	CMSD	C	-0.6%
	TBC	C	-0.6%
	RZB	C	-0.58%

FPFD: Top Represented Industries & Keywords

Industries: Other Banks - Regional - US Insurance - Diversified Telecom Services

Keywords: Insurance Broadband Electricity Hands Free Devices Internet Access Natural Gas Personal Computer Wireless Data Cards Retail Store Telecommunications Voice And Data Voice Services Wireless Data Wireless Voice American Depositary Receipt American Financial Group Annuity Products Arch Capital Group Asset Management Assurant Bank

IPPP: Top Represented Industries & Keywords

Industries: Other Banks - Regional REIT - Residential Telecom Services

Keywords: Electricity Mortgage Backed Security Natural Gas Natural Gas Distribution American Capital Asset Management Bank Banking Batteries Battery Charger Bond Insurance Broadband Commercial Banking Communication Services Critical Illness Customer Premises Equipment Data Communication Services Dial Up Internet Access Digital Subscriber Line Disability