FVAL vs. USMV ETF Comparison

Comparison of Fidelity Value Factor ETF (FVAL) to iShares MSCI USA Minimum Volatility ETF (USMV)

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

$63.26

Average Daily Volume

81,569

Number of Holdings ^*

124

* may have additional holdings in another (foreign) market

USMV

iShares MSCI USA Minimum Volatility ETF

USMV Description

The investment seeks the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market. The fund generally invests at least 90% of its assets in securities of the underlying index or in depositary receipts representing securities in the underlying index. The underlying index follows a rules-based methodology to determine weights for securities in the index that seeks to minimize total risk of the MSCI USA Index. Components primarily include consumer staples, healthcare and information technology companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$93.46

Average Daily Volume

1,630,912

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

Performance

Period	FVAL	USMV
30 Days	3.33%	1.70%
60 Days	5.59%	2.42%
90 Days	6.82%	4.02%
12 Months	28.35%	25.63%

42 Overlapping Holdings

Symbol	Grade	Weight in FVAL	Weight in USMV	Overlap
AAPL	C	6.68%	0.99%	0.99%
ABBV	D	1.11%	1.04%	1.04%
ACN	C	1.15%	1.29%	1.15%
ADP	B	0.64%	0.09%	0.09%
AEP	D	0.26%	0.39%	0.26%
AMZN	C	3.88%	0.14%	0.14%
BMY	B	0.98%	0.49%	0.49%
BRK.A	B	2.07%	1.55%	1.55%
CI	F	0.81%	0.21%	0.21%
CMCSA	B	0.61%	0.39%	0.39%
CRM	B	1.46%	0.05%	0.05%
CTSH	B	0.76%	0.76%	0.76%
CVS	D	0.71%	0.04%	0.04%
CVX	A	0.67%	0.34%	0.34%
DUK	C	0.34%	1.49%	0.34%
EG	C	0.5%	0.43%	0.43%
ELV	F	0.67%	0.52%	0.52%
EOG	A	0.31%	0.17%	0.17%
GILD	C	0.97%	0.94%	0.94%
HD	A	1.22%	0.3%	0.3%
HON	B	0.68%	0.25%	0.25%
IBM	C	1.09%	1.66%	1.09%
JNJ	D	1.31%	1.18%	1.18%
KMB	D	0.41%	0.21%	0.21%
KR	B	0.43%	0.61%	0.43%
LIN	D	0.53%	0.16%	0.16%
LMT	D	0.56%	0.82%	0.56%
MCD	D	0.84%	1.25%	0.84%
MPC	D	0.24%	0.54%	0.24%
MRK	F	1.01%	1.01%	1.01%
MSFT	F	6.37%	1.34%	1.34%
NEM	D	0.19%	0.46%	0.19%
NVDA	C	7.33%	0.67%	0.67%
PG	A	1.08%	1.23%	1.08%
T	A	0.62%	0.74%	0.62%
TRV	B	0.68%	1.15%	0.68%
UNH	C	1.69%	1.34%	1.34%
V	A	1.44%	0.9%	0.9%
VLO	C	0.22%	0.05%	0.05%
VZ	C	0.61%	1.35%	0.61%
WMT	A	1.07%	1.78%	1.07%
XOM	B	1.14%	0.45%	0.45%

FVAL Overweight 82 Positions Relative to USMV

Symbol	Grade	Weight
GOOGL	C	3.72%
META	D	2.55%
JPM	A	1.84%
BAC	A	1.13%
WFC	A	1.08%
QCOM	F	1.0%
ZM	B	0.98%
BKNG	A	0.87%
MU	D	0.85%
UAL	A	0.84%
AXP	A	0.83%
HPE	B	0.81%
INTC	D	0.77%
CAT	B	0.77%
C	A	0.74%
COF	B	0.72%
DFS	B	0.68%
SYF	B	0.67%
GM	B	0.67%
EXPE	B	0.66%
DAL	C	0.64%
RPRX	D	0.61%
UNP	C	0.61%
DE	A	0.59%
SWKS	F	0.56%
JXN	C	0.56%
PRU	A	0.56%
LVS	C	0.55%
UPS	C	0.55%
MO	A	0.55%
CNC	D	0.54%
RNR	C	0.54%
PCAR	B	0.53%
KVUE	A	0.52%
CMI	A	0.52%
F	C	0.51%
OZK	B	0.51%
EBAY	D	0.51%
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	B	0.44%
OC	A	0.42%
COP	C	0.4%
M	D	0.39%
AGCO	D	0.38%
ADM	D	0.35%
ACI	C	0.34%
PLD	D	0.32%
BG	F	0.32%
PCG	A	0.29%
PARA	C	0.28%
SPG	B	0.27%
EXC	C	0.26%
ATKR	C	0.26%
NRG	B	0.26%
PSA	D	0.25%
FCX	D	0.24%
O	D	0.23%
CBRE	B	0.23%
NFG	A	0.2%
VICI	C	0.2%
NUE	C	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	D	0.17%
WPC	D	0.16%
ARE	D	0.16%
GLPI	C	0.16%
DOW	F	0.16%
LYB	F	0.15%
CIVI	D	0.13%
MOS	F	0.13%
MUR	D	0.13%
CLF	F	0.11%

FVAL Underweight 128 Positions Relative to USMV

Symbol	Grade	Weight
TMUS	B	-1.95%
MSI	B	-1.81%
PGR	A	-1.67%
WCN	A	-1.56%
RSG	A	-1.55%
CSCO	B	-1.47%
CB	C	-1.47%
APH	A	-1.44%
WM	A	-1.44%
NOC	D	-1.43%
TXN	C	-1.39%
SO	D	-1.35%
MCK	B	-1.35%
ORCL	B	-1.31%
ROP	B	-1.3%
AJG	B	-1.27%
LLY	F	-1.25%
AVGO	D	-1.19%
ED	D	-1.13%
MMC	B	-1.11%
PEP	F	-1.01%
GDDY	A	-1.0%
AZO	C	-0.98%
EA	A	-0.89%
FCNCA	A	-0.88%
CBOE	B	-0.85%
K	A	-0.8%
WEC	A	-0.78%
NOW	A	-0.75%
TSN	B	-0.71%
MA	C	-0.7%
VRTX	F	-0.69%
FI	A	-0.69%
ORLY	B	-0.68%
ACGL	D	-0.68%
COR	B	-0.67%
GIS	D	-0.66%
VRSN	F	-0.64%
AMGN	D	-0.59%
FICO	B	-0.59%
REGN	F	-0.59%
KDP	D	-0.59%
TDY	B	-0.57%
BDX	F	-0.56%
KEYS	A	-0.55%
FANG	D	-0.55%
FFIV	B	-0.55%
INCY	C	-0.53%
AON	A	-0.53%
CME	A	-0.53%
PTC	A	-0.52%
YUM	B	-0.5%
XEL	A	-0.46%
UBER	D	-0.45%
JNPR	F	-0.45%
TJX	A	-0.45%
MDLZ	F	-0.44%
WDAY	B	-0.43%
ERIE	D	-0.42%
VRSK	A	-0.42%
CL	D	-0.41%
CHD	B	-0.4%
HUM	C	-0.4%
BAH	F	-0.39%
AKAM	D	-0.39%
KHC	F	-0.38%
WTW	B	-0.38%
CTVA	C	-0.38%
ROL	B	-0.36%
IT	C	-0.35%
AFG	A	-0.35%
GEN	B	-0.35%
CDW	F	-0.35%
MKL	A	-0.34%
GRMN	B	-0.33%
CPB	D	-0.33%
AIZ	A	-0.32%
NBIX	C	-0.32%
WMB	A	-0.31%
WRB	A	-0.31%
GLW	B	-0.31%
FWONK	B	-0.31%
HSY	F	-0.3%
ANET	C	-0.29%
ICE	C	-0.28%
L	A	-0.28%
AEE	A	-0.24%
HUBS	A	-0.24%
ADI	D	-0.23%
D	C	-0.23%
AZPN	A	-0.23%
ALNY	D	-0.22%
NTAP	C	-0.22%
BMRN	D	-0.22%
HRL	D	-0.21%
TW	A	-0.2%
DTE	C	-0.2%
PKG	A	-0.2%
PFE	D	-0.2%
DPZ	C	-0.19%
CRWD	B	-0.19%
CMS	C	-0.19%
CDNS	B	-0.18%
MELI	D	-0.18%
MOH	F	-0.18%
SNPS	B	-0.18%
HOLX	D	-0.16%
STX	D	-0.16%
GOOG	C	-0.16%
UTHR	C	-0.14%
MDT	D	-0.13%
DELL	C	-0.12%
HIG	B	-0.12%
OXY	D	-0.12%
DGX	A	-0.11%
KO	D	-0.1%
LNT	A	-0.1%
RTX	C	-0.09%
ABT	B	-0.09%
OTIS	C	-0.07%
TEL	B	-0.07%
ATO	A	-0.06%
PSX	C	-0.06%
FSLR	F	-0.06%
KNX	B	-0.06%
BR	A	-0.05%
GD	F	-0.05%
ULTA	F	-0.04%