FVAL vs. NACP ETF Comparison

Comparison of Fidelity Value Factor ETF (FVAL) to Impact Shares NAACP Minority Empowerment ETF (NACP)

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

$63.69

Average Daily Volume

81,730

Number of Holdings ^*

124

* may have additional holdings in another (foreign) market

NACP

Impact Shares NAACP Minority Empowerment ETF

NACP Description

The investment seeks investment results that, before fees and expenses, track the performance of the Morningstar Minority Empowerment Index (the underlying index). The fund will, under normal circumstances, invest at least 80% of its total assets, plus borrowings for investment purposes (the "80% basket") in component securities of the underlying index ("Component Securities"). The underlying index is designed to measure the performance of large and mid- capitalization companies that are "empowering to minorities," and to exhibit risk and return characteristics similar to those of the Morningstar US Large-Mid Cap ® Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$42.98

Average Daily Volume

3,547

Number of Holdings ^*

197

* may have additional holdings in another (foreign) market

Performance

Period	FVAL	NACP
30 Days	4.00%	3.16%
60 Days	5.45%	4.10%
90 Days	7.75%	7.46%
12 Months	29.12%	33.96%

64 Overlapping Holdings

Symbol	Grade	Weight in FVAL	Weight in NACP	Overlap
AAPL	B	6.68%	5.03%	5.03%
ABBV	D	1.11%	1.22%	1.11%
ACN	B	1.15%	3.58%	1.15%
ADM	F	0.35%	0.11%	0.11%
ADP	B	0.64%	0.4%	0.4%
AEP	D	0.26%	0.19%	0.19%
AMZN	C	3.88%	4.47%	3.88%
AXP	A	0.83%	0.56%	0.56%
BAC	A	1.13%	0.99%	0.99%
BG	F	0.32%	0.05%	0.05%
BMY	B	0.98%	0.35%	0.35%
C	A	0.74%	0.45%	0.45%
CF	B	0.18%	0.05%	0.05%
CI	D	0.81%	0.37%	0.37%
CMI	A	0.52%	0.15%	0.15%
COP	D	0.4%	0.49%	0.4%
CVS	D	0.71%	0.27%	0.27%
CVX	B	0.67%	1.04%	0.67%
DAL	B	0.64%	0.09%	0.09%
DE	B	0.59%	0.36%	0.36%
DUK	C	0.34%	0.32%	0.32%
DVN	F	0.18%	0.1%	0.1%
EBAY	C	0.51%	0.11%	0.11%
ELV	F	0.67%	0.47%	0.47%
EXC	D	0.26%	0.15%	0.15%
F	C	0.51%	0.15%	0.15%
FCX	F	0.24%	0.25%	0.24%
FDX	B	0.48%	0.25%	0.25%
GILD	B	0.97%	0.35%	0.35%
GM	B	0.67%	0.18%	0.18%
GOOGL	C	3.72%	2.41%	2.41%
HON	B	0.68%	0.46%	0.46%
IBM	C	1.09%	3.08%	1.09%
INTC	C	0.77%	1.52%	0.77%
JNJ	D	1.31%	1.44%	1.31%
JPM	B	1.84%	2.39%	1.84%
KR	A	0.43%	0.13%	0.13%
META	D	2.55%	3.63%	2.55%
MMM	D	0.5%	0.26%	0.26%
MOS	F	0.13%	0.03%	0.03%
MPC	F	0.24%	0.23%	0.23%
MRK	F	1.01%	1.03%	1.01%
MSFT	D	6.37%	4.63%	4.63%
MU	D	0.85%	1.75%	0.85%
NEE	D	0.46%	0.66%	0.46%
NEM	F	0.19%	0.22%	0.19%
NRG	C	0.26%	0.07%	0.07%
NVDA	C	7.33%	4.9%	4.9%
OC	B	0.42%	0.05%	0.05%
PCG	B	0.29%	0.09%	0.09%
PLD	D	0.32%	0.42%	0.32%
QCOM	F	1.0%	3.18%	1.0%
SYF	A	0.67%	0.08%	0.08%
T	A	0.62%	0.45%	0.45%
TRV	B	0.68%	0.18%	0.18%
UAL	B	0.84%	0.05%	0.05%
UNH	B	1.69%	1.95%	1.69%
UNP	C	0.61%	0.56%	0.56%
UPS	C	0.55%	0.35%	0.35%
V	A	1.44%	1.53%	1.44%
VLO	C	0.22%	0.17%	0.17%
VZ	B	0.61%	2.26%	0.61%
WMT	B	1.07%	0.73%	0.73%
XOM	C	1.14%	2.0%	1.14%

FVAL Overweight 60 Positions Relative to NACP

Symbol	Grade	Weight
BRK.A	B	2.07%
CRM	B	1.46%
HD	A	1.22%
WFC	A	1.08%
PG	A	1.08%
ZM	B	0.98%
BKNG	B	0.87%
MCD	D	0.84%
HPE	B	0.81%
CAT	B	0.77%
CTSH	B	0.76%
COF	B	0.72%
DFS	B	0.68%
EXPE	B	0.66%
CMCSA	C	0.61%
RPRX	D	0.61%
SWKS	F	0.56%
JXN	B	0.56%
LMT	D	0.56%
PRU	A	0.56%
LVS	C	0.55%
MO	A	0.55%
CNC	F	0.54%
RNR	C	0.54%
LIN	D	0.53%
PCAR	B	0.53%
KVUE	A	0.52%
OZK	B	0.51%
EG	C	0.5%
WYNN	D	0.5%
G	B	0.49%
TGT	F	0.48%
RHI	C	0.44%
KMB	C	0.41%
M	D	0.39%
AGCO	D	0.38%
ACI	C	0.34%
EOG	C	0.31%
PARA	C	0.28%
SPG	C	0.27%
ATKR	C	0.26%
PSA	C	0.25%
O	D	0.23%
CBRE	B	0.23%
NFG	B	0.2%
VICI	C	0.2%
NUE	D	0.19%
BXP	D	0.18%
STLD	B	0.18%
UGI	A	0.18%
HST	C	0.17%
JLL	B	0.17%
WPC	D	0.16%
ARE	D	0.16%
GLPI	B	0.16%
DOW	F	0.16%
LYB	F	0.15%
CIVI	D	0.13%
MUR	F	0.13%
CLF	F	0.11%

FVAL Underweight 133 Positions Relative to NACP

Symbol	Grade	Weight
UBER	D	-2.29%
TSLA	B	-2.22%
GOOG	C	-2.16%
PANW	C	-1.81%
MA	B	-1.4%
KO	D	-0.99%
PEP	F	-0.92%
TMO	F	-0.83%
ABT	B	-0.69%
GE	D	-0.69%
DHR	D	-0.64%
HPQ	B	-0.62%
PFE	D	-0.62%
SPGI	C	-0.55%
DELL	C	-0.54%
LOW	C	-0.51%
MS	B	-0.47%
EA	C	-0.45%
ETN	A	-0.44%
MDT	D	-0.42%
BSX	C	-0.41%
BA	D	-0.38%
MELI	C	-0.38%
MDLZ	F	-0.36%
NKE	F	-0.36%
SO	D	-0.35%
SCHW	A	-0.33%
EQIX	A	-0.29%
TT	B	-0.29%
NOC	D	-0.29%
PNC	A	-0.27%
PYPL	A	-0.27%
ITW	A	-0.27%
MCO	A	-0.26%
AON	A	-0.24%
CSX	B	-0.24%
BDX	F	-0.23%
PSX	C	-0.22%
TFC	B	-0.22%
EMR	A	-0.22%
ECL	D	-0.21%
NSC	A	-0.2%
WMB	B	-0.19%
MAR	A	-0.19%
OKE	C	-0.18%
SRE	A	-0.18%
CCI	D	-0.18%
D	C	-0.18%
URI	B	-0.18%
MET	A	-0.17%
BK	A	-0.17%
JCI	C	-0.17%
HLT	A	-0.17%
LNG	B	-0.16%
IPG	C	-0.16%
LHX	C	-0.16%
KMI	B	-0.15%
HES	C	-0.15%
EW	C	-0.15%
DD	D	-0.14%
PEG	A	-0.14%
A	D	-0.14%
HWM	B	-0.14%
OTIS	C	-0.13%
AME	A	-0.13%
VRSK	A	-0.13%
VMC	B	-0.12%
IR	A	-0.12%
MLM	B	-0.12%
XEL	A	-0.12%
ED	D	-0.12%
KHC	D	-0.12%
RCL	B	-0.12%
AVB	B	-0.11%
ROK	B	-0.11%
VST	B	-0.11%
EIX	A	-0.11%
RMD	C	-0.11%
XYL	D	-0.11%
HSY	F	-0.1%
WEC	A	-0.1%
PPG	D	-0.1%
BIIB	F	-0.1%
TROW	A	-0.09%
IFF	D	-0.09%
APTV	F	-0.08%
SBAC	D	-0.08%
PPL	B	-0.08%
FE	D	-0.08%
ETR	B	-0.08%
NDAQ	A	-0.08%
DTE	C	-0.08%
ES	D	-0.08%
LII	A	-0.07%
EXPD	C	-0.07%
CMS	C	-0.07%
TSN	B	-0.07%
CLX	C	-0.07%
BAH	F	-0.07%
BAX	F	-0.07%
LH	B	-0.07%
K	A	-0.07%
ILMN	C	-0.07%
HBAN	B	-0.07%
RF	B	-0.07%
SWK	D	-0.06%
LUV	B	-0.06%
DOC	C	-0.06%
DGX	B	-0.06%
HUBB	B	-0.06%
TXT	D	-0.06%
SJM	D	-0.05%
AMH	C	-0.05%
NI	A	-0.05%
ACM	A	-0.05%
NDSN	B	-0.05%
LNT	A	-0.05%
AES	F	-0.05%
JBHT	C	-0.05%
CPB	D	-0.04%
REG	B	-0.04%
LECO	C	-0.04%
TFX	F	-0.04%
ALB	C	-0.04%
EMN	D	-0.04%
USFD	A	-0.04%
WBA	D	-0.03%
BWA	C	-0.03%
SCCO	F	-0.03%
PFG	C	-0.03%
HRL	D	-0.03%
CNH	A	-0.03%
TAP	C	-0.03%