FVAL vs. RUNN ETF Comparison

Comparison of Fidelity Value Factor ETF (FVAL) to Running Oak Efficient Growth ETF (RUNN)

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

RUNN

Running Oak Efficient Growth ETF

RUNN Description

The fund is in an actively managed exchange-traded fund ("ETF"). Under normal circumstances, the fund seeks to achieve its investment objective by investing primarily in exchange-traded equity securities of large and mid-sized U.S. companies with market capitalizations of at least $5 billion. The fund is roughly equally-weighted with 50-75 stocks typically held in the portfolio. The fund may invest up to 20% of net assets in non-U.S. companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$35.38

Average Daily Volume

44,462

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FVAL	RUNN
30 Days	4.00%	6.37%
60 Days	5.45%	6.34%
90 Days	7.75%	8.73%
12 Months	29.12%	32.80%

6 Overlapping Holdings

Symbol	Grade	Weight in FVAL	Weight in RUNN	Overlap
ACN	B	1.15%	1.77%	1.15%
ADP	B	0.64%	1.81%	0.64%
CI	D	0.81%	1.67%	0.81%
HON	B	0.68%	1.9%	0.68%
UNH	B	1.69%	1.71%	1.69%
V	A	1.44%	1.86%	1.44%

FVAL Overweight 118 Positions Relative to RUNN

Symbol	Grade	Weight
NVDA	C	7.33%
AAPL	B	6.68%
MSFT	D	6.37%
AMZN	C	3.88%
GOOGL	C	3.72%
META	D	2.55%
BRK.A	B	2.07%
JPM	B	1.84%
CRM	B	1.46%
JNJ	D	1.31%
HD	A	1.22%
XOM	C	1.14%
BAC	A	1.13%
ABBV	D	1.11%
IBM	C	1.09%
WFC	A	1.08%
PG	A	1.08%
WMT	B	1.07%
MRK	F	1.01%
QCOM	F	1.0%
BMY	B	0.98%
ZM	B	0.98%
GILD	B	0.97%
BKNG	B	0.87%
MU	D	0.85%
UAL	B	0.84%
MCD	D	0.84%
AXP	A	0.83%
HPE	B	0.81%
INTC	C	0.77%
CAT	B	0.77%
CTSH	B	0.76%
C	A	0.74%
COF	B	0.72%
CVS	D	0.71%
TRV	B	0.68%
DFS	B	0.68%
SYF	A	0.67%
ELV	F	0.67%
GM	B	0.67%
CVX	B	0.67%
EXPE	B	0.66%
DAL	B	0.64%
T	A	0.62%
CMCSA	C	0.61%
VZ	B	0.61%
RPRX	D	0.61%
UNP	C	0.61%
DE	B	0.59%
SWKS	F	0.56%
JXN	B	0.56%
LMT	D	0.56%
PRU	A	0.56%
LVS	C	0.55%
UPS	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%
CMI	A	0.52%
F	C	0.51%
OZK	B	0.51%
EBAY	C	0.51%
EG	C	0.5%
WYNN	D	0.5%
MMM	D	0.5%
G	B	0.49%
TGT	F	0.48%
FDX	B	0.48%
NEE	D	0.46%
RHI	C	0.44%
KR	A	0.43%
OC	B	0.42%
KMB	C	0.41%
COP	D	0.4%
M	D	0.39%
AGCO	D	0.38%
ADM	F	0.35%
ACI	C	0.34%
DUK	C	0.34%
PLD	D	0.32%
BG	F	0.32%
EOG	C	0.31%
PCG	B	0.29%
PARA	C	0.28%
SPG	C	0.27%
EXC	D	0.26%
ATKR	C	0.26%
NRG	C	0.26%
AEP	D	0.26%
PSA	C	0.25%
FCX	F	0.24%
MPC	F	0.24%
O	D	0.23%
CBRE	B	0.23%
VLO	C	0.22%
NFG	B	0.2%
VICI	C	0.2%
NUE	D	0.19%
NEM	F	0.19%
BXP	D	0.18%
DVN	F	0.18%
CF	B	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%
MOS	F	0.13%
MUR	F	0.13%
CLF	F	0.11%

FVAL Underweight 49 Positions Relative to RUNN

Symbol	Grade	Weight
FI	A	-1.95%
RBA	B	-1.92%
EME	B	-1.92%
BSX	C	-1.9%
AME	A	-1.89%
WSO	A	-1.88%
ETN	A	-1.87%
PRI	A	-1.87%
APD	A	-1.86%
ITT	A	-1.86%
PH	A	-1.86%
FDS	B	-1.85%
GWW	A	-1.84%
TXRH	A	-1.83%
BR	A	-1.83%
SYK	C	-1.83%
TDY	B	-1.82%
SAIA	C	-1.81%
GGG	B	-1.79%
BRO	B	-1.79%
CW	B	-1.79%
DECK	A	-1.78%
RSG	A	-1.77%
IR	A	-1.77%
NSC	A	-1.75%
DRI	B	-1.75%
TJX	A	-1.74%
GOOG	C	-1.73%
FELE	B	-1.72%
SSNC	A	-1.72%
TTC	D	-1.71%
AJG	A	-1.71%
TSCO	C	-1.7%
NVT	B	-1.7%
J	F	-1.69%
ROP	B	-1.68%
CSL	B	-1.68%
ICE	D	-1.65%
MMC	A	-1.65%
DOX	D	-1.62%
FCN	D	-1.61%
GD	F	-1.61%
BDX	F	-1.61%
AVY	D	-1.6%
STE	F	-1.6%
LDOS	D	-1.57%
ICLR	F	-1.56%
CACI	D	-1.5%
IQV	F	-1.47%