FVAL vs. FEPI ETF Comparison

Comparison of Fidelity Value Factor ETF (FVAL) to REX FANG & Innovation Equity Premium Income ETF (FEPI)

FVAL

Fidelity Value Factor ETF

FVAL Description

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Value Factor Index. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Value Factor Index, which is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies that have attractive valuations.

Grade (RS Rating)

Last Trade

$59.57

Average Daily Volume

55,847

Number of Holdings ^*

124

* may have additional holdings in another (foreign) market

FEPI

REX FANG & Innovation Equity Premium Income ETF

FEPI Description

FEPI employs a covered call strategy, aiming for a balance between generating income and participating in potential gains within the technology sector. Specifically, the fund holds the stocks of its benchmark, the Solactive FANG Innovation Index, and writes slightly out-of-the-money call options on them. This approach capitalizes on the volatility of big-tech firms that is reflected in the option premiums, while limiting some of the potential stock gains. It also provides a small buffer against declines in stock prices. Note that the buffer is limited to the options premiums and may not fully offset underlying security losses. The benchmark is an equal-weighted index comprised of 15 US technology companies, eight of which are core holdings: Apple, Alphabet, Amazon, Meta, Microsoft, Netflix, Nvidia, and Tesla. The remaining seven are selected based on quarterly trading volumes from various Factset technology-related industries.

Grade (RS Rating)

Last Trade

$51.22

Average Daily Volume

185,640

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FVAL	FEPI
30 Days	2.44%	0.63%
60 Days	2.80%	-0.02%
90 Days	5.00%	-1.49%
12 Months	24.77%

9 Overlapping Holdings

Symbol	Grade	Weight in FVAL	Weight in FEPI	Overlap
AAPL	C	6.96%	6.53%	6.53%
AMZN	C	3.76%	7.26%	3.76%
CRM	D	1.21%	6.73%	1.21%
GOOGL	D	3.57%	6.43%	3.57%
INTC	F	0.65%	6.91%	0.65%
META	B	2.54%	6.75%	2.54%
MSFT	C	6.96%	6.94%	6.94%
MU	F	0.84%	5.99%	0.84%
NVDA	D	6.47%	6.73%	6.47%

FVAL Overweight 115 Positions Relative to FEPI

Symbol	Grade	Weight
BRK.A	C	2.08%
UNH	C	1.78%
JPM	D	1.62%
JNJ	C	1.49%
V	C	1.4%
ABBV	C	1.38%
MRK	D	1.28%
ACN	C	1.2%
HD	B	1.2%
IBM	B	1.2%
PG	C	1.17%
XOM	C	1.12%
QCOM	D	1.1%
WMT	C	1.08%
BAC	D	0.99%
ELV	C	0.97%
CI	C	0.96%
GILD	B	0.95%
MCD	B	0.9%
BMY	C	0.9%
ZM	C	0.86%
WFC	D	0.81%
CVS	D	0.81%
CTSH	C	0.8%
AXP	B	0.79%
CNC	D	0.75%
CAT	B	0.73%
BKNG	C	0.73%
SWKS	D	0.72%
RPRX	C	0.7%
HPE	D	0.69%
VZ	B	0.68%
UNP	C	0.68%
C	C	0.66%
TRV	C	0.65%
HON	D	0.64%
ADP	B	0.63%
T	C	0.63%
LMT	C	0.63%
CVX	D	0.62%
DE	B	0.62%
CMCSA	D	0.59%
LIN	B	0.58%
RNR	C	0.57%
GM	C	0.57%
COF	B	0.57%
EBAY	B	0.56%
MMM	B	0.55%
UPS	D	0.55%
MO	C	0.55%
EG	C	0.54%
NEE	C	0.54%
PRU	C	0.54%
DFS	B	0.53%
KVUE	C	0.53%
F	F	0.52%
EXPE	C	0.52%
SYF	C	0.51%
TGT	C	0.5%
JXN	A	0.49%
FDX	C	0.49%
UAL	C	0.48%
LVS	D	0.48%
DAL	C	0.47%
PCAR	D	0.47%
CMI	C	0.46%
OZK	D	0.46%
KMB	D	0.46%
G	C	0.45%
WYNN	D	0.45%
KR	C	0.43%
ADM	D	0.41%
RHI	D	0.4%
M	F	0.4%
COP	D	0.39%
AGCO	D	0.39%
PLD	C	0.38%
DUK	C	0.37%
OC	D	0.37%
ACI	F	0.36%
BG	D	0.36%
AEP	C	0.3%
PSA	B	0.29%
PARA	F	0.29%
EOG	D	0.29%
EXC	C	0.28%
PCG	C	0.28%
MPC	F	0.27%
NEM	B	0.27%
SPG	B	0.26%
ATKR	F	0.26%
O	C	0.26%
FCX	D	0.25%
NRG	C	0.24%
VICI	C	0.23%
CBRE	A	0.22%
VLO	F	0.22%
ARE	C	0.2%
DOW	D	0.2%
NFG	B	0.2%
WPC	C	0.19%
BXP	B	0.19%
DVN	F	0.19%
UGI	C	0.19%
NUE	F	0.19%
LYB	D	0.18%
HST	C	0.18%
GLPI	C	0.18%
CF	C	0.17%
JLL	B	0.17%
MUR	F	0.15%
STLD	F	0.15%
CIVI	F	0.14%
MOS	F	0.14%
CLF	F	0.12%

FVAL Underweight 6 Positions Relative to FEPI

Symbol	Grade	Weight
TSLA	C	-7.3%
AMD	D	-7.23%
NFLX	B	-7.16%
AVGO	C	-7.08%
PANW	D	-6.95%
ADBE	F	-6.53%