FVAL vs. IWLG ETF Comparison

Comparison of Fidelity Value Factor ETF (FVAL) to IQ MacKay Municipal Insured ETF (IWLG)

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

$62.37

Average Daily Volume

74,190

Number of Holdings ^*

124

* may have additional holdings in another (foreign) market

IWLG

IQ MacKay Municipal Insured ETF

IWLG Description

IQ MacKay Municipal Insured ETF seek long-term growth of capital by employing a bottom-up investment process while investing in companies that have the potential for above-average future earnings and cash flow growth. IQ MacKay Municipal Insured ETF is domiciled in the United States.

Grade (RS Rating)

Last Trade

$47.13

Average Daily Volume

13,423

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FVAL	IWLG
30 Days	0.71%	2.90%
60 Days	5.77%	6.58%
90 Days	7.18%	7.03%
12 Months	27.92%	38.21%

7 Overlapping Holdings

Symbol	Grade	Weight in FVAL	Weight in IWLG	Overlap
AAPL	C	6.63%	6.63%	6.63%
AMZN	B	3.92%	8.27%	3.92%
BKNG	A	0.85%	0.55%	0.55%
GOOGL	B	3.78%	2.42%	2.42%
META	C	2.66%	5.28%	2.66%
MSFT	D	6.37%	12.49%	6.37%
NVDA	B	7.49%	7.8%	7.49%

FVAL Overweight 117 Positions Relative to IWLG

Symbol	Grade	Weight
BRK.A	A	2.01%
JPM	A	1.75%
UNH	B	1.72%
CRM	A	1.42%
V	A	1.4%
ABBV	F	1.32%
JNJ	D	1.3%
HD	A	1.19%
ACN	C	1.14%
XOM	B	1.14%
IBM	D	1.11%
BAC	A	1.08%
MRK	F	1.06%
WMT	A	1.06%
QCOM	F	1.05%
PG	C	1.05%
GILD	B	1.04%
WFC	A	1.0%
MU	D	0.97%
ZM	B	0.97%
BMY	B	0.93%
MCD	D	0.85%
HPE	B	0.83%
AXP	A	0.82%
INTC	C	0.81%
CI	D	0.79%
UAL	A	0.79%
CTSH	B	0.78%
CAT	B	0.77%
CVS	F	0.73%
C	A	0.73%
COF	A	0.71%
ELV	F	0.69%
TRV	A	0.66%
DFS	A	0.66%
EXPE	A	0.65%
GM	A	0.64%
HON	A	0.64%
ADP	B	0.64%
SYF	A	0.64%
CVX	A	0.64%
UNP	D	0.62%
CMCSA	B	0.61%
RPRX	F	0.61%
DAL	A	0.6%
T	A	0.6%
JXN	B	0.59%
DE	D	0.58%
VZ	C	0.58%
SWKS	F	0.58%
LMT	D	0.58%
LVS	C	0.57%
CNC	F	0.56%
RNR	D	0.55%
UPS	C	0.54%
MO	A	0.53%
LIN	D	0.53%
PRU	A	0.53%
PCAR	B	0.53%
EBAY	D	0.51%
MMM	D	0.51%
F	C	0.5%
CMI	A	0.5%
KVUE	A	0.5%
G	A	0.49%
OZK	A	0.48%
EG	D	0.48%
NEE	C	0.46%
FDX	A	0.46%
TGT	D	0.46%
WYNN	D	0.45%
RHI	B	0.44%
KR	B	0.43%
OC	A	0.4%
KMB	C	0.4%
M	C	0.39%
COP	C	0.39%
AGCO	D	0.37%
DUK	C	0.34%
ACI	C	0.34%
ADM	D	0.33%
PLD	D	0.32%
EOG	A	0.31%
BG	D	0.3%
PCG	A	0.28%
PARA	C	0.28%
NRG	B	0.27%
ATKR	C	0.27%
FCX	F	0.26%
AEP	C	0.26%
SPG	A	0.26%
PSA	C	0.25%
CBRE	B	0.24%
EXC	C	0.24%
O	D	0.23%
MPC	D	0.23%
NEM	F	0.21%
VLO	C	0.21%
VICI	C	0.2%
NUE	D	0.2%
NFG	A	0.19%
STLD	B	0.19%
DVN	F	0.18%
UGI	C	0.18%
BXP	D	0.18%
ARE	D	0.17%
CF	A	0.17%
HST	D	0.17%
DOW	F	0.17%
JLL	C	0.17%
WPC	D	0.16%
GLPI	D	0.16%
LYB	F	0.15%
MUR	F	0.14%
MOS	D	0.14%
CIVI	F	0.13%
CLF	F	0.12%

FVAL Underweight 35 Positions Relative to IWLG

Symbol	Grade	Weight
AVGO	C	-4.01%
LLY	F	-2.51%
SPOT	A	-2.49%
GOOG	B	-2.44%
MA	A	-2.33%
ISRG	A	-2.23%
GE	D	-2.0%
KKR	A	-1.99%
TT	A	-1.86%
NFLX	A	-1.8%
AMD	F	-1.78%
WDAY	B	-1.76%
NOW	B	-1.75%
FICO	A	-1.73%
ETN	A	-1.62%
INTU	A	-1.55%
TSLA	B	-1.52%
UBER	C	-1.51%
MELI	D	-1.49%
LRCX	F	-1.43%
CMG	B	-1.34%
SBUX	A	-1.27%
ORCL	A	-1.22%
SYK	A	-1.19%
ORLY	A	-1.19%
SHOP	A	-1.11%
SNPS	C	-1.07%
WCN	A	-1.07%
ASML	F	-1.05%
HLT	A	-1.03%
VMC	B	-0.97%
TXN	C	-0.97%
ALNY	D	-0.95%
BSX	B	-0.95%
ADBE	F	-0.84%