FREL vs. RULE ETF Comparison

Comparison of Fidelity MSCI Real Estate Index ETF (FREL) to Adaptive Core ETF (RULE)

FREL

Fidelity MSCI Real Estate Index ETF

FREL Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Real Estate Index. The fund invests at least 80% of assets in securities included in the fund&#39;s underlying index. The fund&#39;s underlying index is the MSCI USA IMI Real Estate Index, which represents the performance of the real estate sector in the U.S. equity market. The fund may or may not hold all of the securities in the MSCI USA IMI Real Estate Index.

Grade (RS Rating)

Last Trade

$29.37

Average Daily Volume

180,950

Number of Holdings ^*

138

* may have additional holdings in another (foreign) market

RULE

Adaptive Core ETF

RULE Description

Adaptive Core ETF seeks current income. The fund invests in individual equity securities without regard to market capitalization and ETFs that invest in equity securities of any market capitalization including convertible equity securities and fixed income ETFs. The fund’s portfolio may hold securities from issuers of any market capitalization, credit quality, maturity, or country. Fixed income securities may include securities with credit quality below investment grade (commonly referred to as “junk bond” credit quality).

Grade (RS Rating)

Last Trade

$22.00

Average Daily Volume

13,765

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FREL	RULE
30 Days	5.91%	0.31%
60 Days	9.19%	1.42%
90 Days	17.89%	1.09%
12 Months	30.91%	19.24%

1 Overlapping Holdings

	Symbol	Grade	Weight in FREL	Weight in RULE	Overlap
	IRM	B	2.2%	2.58%	2.2%

FREL Overweight 137 Positions Relative to RULE

Symbol	Grade	Weight
PLD	C	7.76%
AMT	C	7.12%
EQIX	B	5.3%
WELL	C	4.69%
PSA	B	3.65%
O	C	3.46%
SPG	A	3.44%
CCI	C	3.33%
DLR	B	3.27%
EXR	B	2.42%
CBRE	A	2.32%
VICI	C	2.25%
AVB	C	2.11%
CSGP	D	2.05%
VTR	C	1.69%
EQR	C	1.69%
SBAC	C	1.67%
WY	C	1.47%
INVH	C	1.43%
ESS	C	1.28%
MAA	C	1.23%
ARE	C	1.23%
SUI	C	1.15%
KIM	C	1.03%
DOC	C	1.02%
UDR	C	0.93%
GLPI	C	0.92%
WPC	C	0.87%
AMH	C	0.86%
ELS	C	0.85%
REG	C	0.84%
CPT	B	0.84%
HST	C	0.78%
CUBE	B	0.78%
JLL	B	0.77%
BXP	B	0.75%
LAMR	A	0.72%
REXR	C	0.7%
OHI	C	0.64%
Z	B	0.58%
EGP	C	0.58%
NNN	C	0.57%
FRT	C	0.56%
BRX	B	0.53%
COLD	D	0.51%
ADC	C	0.49%
FR	C	0.48%
STAG	D	0.47%
TRNO	C	0.43%
VNO	B	0.38%
RHP	C	0.38%
KRG	C	0.38%
EPRT	A	0.35%
PECO	B	0.3%
IRT	B	0.3%
SLG	B	0.29%
CUZ	B	0.29%
SBRA	C	0.28%
RYN	C	0.28%
CTRE	C	0.27%
KRC	B	0.25%
EPR	B	0.24%
NHI	C	0.24%
PCH	C	0.23%
HIW	B	0.23%
MAC	A	0.23%
NSA	B	0.23%
MPW	C	0.22%
APLE	C	0.22%
BNL	B	0.22%
SKT	A	0.22%
PK	D	0.19%
LXP	C	0.19%
FCPT	C	0.18%
UE	B	0.17%
DEI	B	0.17%
AKR	B	0.16%
COMP	C	0.15%
OUT	B	0.15%
DBRG	D	0.15%
HHH	C	0.15%
JOE	C	0.14%
EQC	D	0.14%
CWK	C	0.14%
NMRK	B	0.14%
ROIC	B	0.13%
SHO	C	0.13%
IVT	C	0.13%
GNL	C	0.12%
DRH	C	0.12%
LTC	D	0.11%
ESRT	B	0.1%
PEB	D	0.1%
GTY	C	0.1%
UMH	C	0.09%
RLJ	D	0.09%
RDFN	C	0.09%
ALEX	B	0.09%
XHR	B	0.09%
JBGS	C	0.09%
KW	C	0.08%
PDM	C	0.08%
UNIT	C	0.08%
NTST	D	0.08%
DEA	B	0.08%
OPEN	D	0.08%
AAT	B	0.08%
PLYM	D	0.07%
MMI	C	0.07%
NXRT	C	0.07%
CSR	C	0.07%
EXPI	C	0.07%
AIV	B	0.07%
BDN	C	0.06%
WSR	D	0.05%
AHH	C	0.05%
SVC	F	0.05%
PGRE	C	0.05%
UHT	C	0.04%
OLP	B	0.04%
ALX	B	0.04%
DHC	C	0.04%
HPP	F	0.04%
GMRE	C	0.04%
INN	A	0.04%
GOOD	B	0.04%
FOR	C	0.04%
FRPH	D	0.03%
CLDT	D	0.03%
LAND	D	0.03%
FPI	D	0.03%
CHCT	F	0.03%
BFS	C	0.03%
PKST	C	0.03%
CBL	D	0.02%
TRC	D	0.02%
RMR	C	0.02%

FREL Underweight 33 Positions Relative to RULE

Symbol	Grade	Weight
BIL	B	-4.4%
JPST	B	-4.39%
VEEV	C	-3.51%
ISRG	C	-3.2%
MSI	B	-3.12%
NOW	A	-3.11%
SPHQ	A	-3.09%
REGN	C	-3.08%
SPGI	A	-3.07%
BAX	C	-3.04%
BRO	C	-3.03%
FCNCA	D	-2.98%
COST	B	-2.97%
XLG	B	-2.97%
INTU	C	-2.92%
CRM	D	-2.92%
CAH	C	-2.91%
META	A	-2.86%
AON	B	-2.85%
RMD	C	-2.83%
IWF	B	-2.82%
BLDR	C	-2.8%
MSFT	C	-2.65%
VRSK	D	-2.65%
BK	A	-2.59%
CPAY	C	-2.58%
IR	C	-2.48%
AXON	A	-2.45%
WMT	B	-2.4%
NFLX	B	-2.35%
FTNT	B	-2.24%
ADBE	F	-2.14%
DASH	B	-2.13%