FPRO vs. HIPS ETF Comparison

Comparison of Fidelity Real Estate Investment ETF (FPRO) to Master Income ETF (HIPS)

FPRO

Fidelity Real Estate Investment ETF

FPRO Description

The investment seeks above-average income and long-term capital growth, consistent with reasonable investment risk. The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Order) and is not required to publicly disclose its complete portfolio holdings each business day. The fund normally invests at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments. It invests in domestic and foreign issuers. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$23.75

Average Daily Volume

5,739

Number of Holdings ^*

* may have additional holdings in another (foreign) market

HIPS

Master Income ETF

HIPS Description

The Master Income ETF seeks to track the total return performance, before fees and expenses, of the TFMS HIPS 300 Index. The Index is constructed to capture 300 high income securities, typically with pass-through structures, across the following sectors: (i) closed-end funds (“CEFs”), (ii) mortgage real estate investment trusts (“REITs”), (iii) commercial equity REITs, (iv) residential/diversified REITs, (v) asset management and business development companies (“BDCs”), and (vi) energy production and energy transportation & processing companies. Energy-related companies included in the Index are expected to primarily be structured as master limited partnerships (“MLPs”). CEFs included in the Index are limited to taxable, debt-based funds and may include CEFs that invest primarily in bank loans, high-yield securities (also known as “junk bonds”), foreign securities (including those in emerging markets), and mortgage- or asset-backed securities. The Index is constituted using proprietary methodology developed by Trust and Fiduciary Management Services, Inc. The Index Provider determines the relative weightings of the securities in the Index and publishes information regarding the market value of the Index.

Grade (RS Rating)

Last Trade

$13.06

Average Daily Volume

31,473

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FPRO	HIPS
30 Days	-0.37%	2.25%
60 Days	-2.31%	1.38%
90 Days	2.18%	3.36%
12 Months	20.74%	19.42%

1 Overlapping Holdings

	Symbol	Grade	Weight in FPRO	Weight in HIPS	Overlap
	NNN	C	3.78%	2.18%	2.18%

FPRO Overweight 39 Positions Relative to HIPS

Symbol	Grade	Weight
PLD	D	10.01%
AMT	D	9.56%
EQIX	A	7.21%
PSA	D	5.89%
VTR	B	5.69%
WELL	A	5.23%
CBRE	B	4.11%
KIM	A	3.9%
UDR	C	3.51%
CUBE	D	3.33%
DLR	A	3.31%
EQR	C	2.75%
SUI	C	2.69%
COLD	D	2.21%
CCI	C	2.18%
AMH	C	2.09%
MAA	B	2.02%
EXR	C	1.92%
INVH	D	1.57%
CSGP	C	1.36%
UE	B	1.36%
LAMR	D	1.29%
SBAC	D	1.17%
CPT	C	1.08%
STAG	D	1.07%
REG	A	0.92%
FCPT	C	0.84%
PECO	B	0.77%
TRNO	D	0.73%
SKT	A	0.68%
WY	D	0.64%
COMP	B	0.55%
RHP	B	0.45%
ELME	D	0.42%
ELS	B	0.4%
MAC	A	0.34%
AKR	A	0.24%
IVT	A	0.09%
DRH	B	0.02%

FPRO Underweight 36 Positions Relative to HIPS

Symbol	Grade	Weight
BGX	A	-2.79%
LTC	B	-2.79%
JQC	A	-2.78%
JFR	A	-2.75%
ARCC	A	-2.72%
ET	A	-2.68%
SLRC	A	-2.66%
FSK	A	-2.65%
EFT	A	-2.64%
EPD	A	-2.64%
FCT	A	-2.63%
FDUS	A	-2.62%
BXSL	A	-2.62%
BLW	C	-2.6%
MPLX	A	-2.6%
DMLP	A	-2.6%
GTY	A	-2.59%
CQP	B	-2.56%
GBDC	B	-2.55%
NBB	D	-2.54%
KRP	B	-2.53%
DSU	A	-2.52%
ALX	D	-2.49%
PAA	B	-2.48%
SBRA	B	-2.48%
WES	C	-2.48%
GLPI	C	-2.48%
OHI	C	-2.46%
USAC	B	-2.44%
BSM	B	-2.44%
PK	D	-2.41%
EPR	D	-2.28%
NMFC	D	-2.26%
GSBD	F	-2.2%
NHS	D	-2.02%
GNL	D	-1.83%