IPPP vs. FDLO ETF Comparison

Comparison of Preferred-Plus ETF (IPPP) to Fidelity Low Volatility Factor ETF (FDLO)

IPPP

Preferred-Plus ETF

IPPP Description

The investment seeks to provide income. The fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in a portfolio of preferred securities issued by U.S. and non-U.S. companies. It may invest in preferred securities of all issuer capitalizations. The fund may also invest in publicly-traded partnerships (“PTPs”). The Advisor intends to maintain approximately 10% asset exposure to a credit spread options strategy, although market conditions may dictate additional exposure.

Grade (RS Rating)

Last Trade

$10.40

Average Daily Volume

748

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FDLO

Fidelity Low Volatility Factor ETF

FDLO Description

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Low Volatility Factor Index. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Low Volatility Factor Index, which is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with lower volatility than the broader market.

Grade (RS Rating)

Last Trade

$62.30

Average Daily Volume

75,598

Number of Holdings ^*

125

* may have additional holdings in another (foreign) market

Performance

Period	IPPP	FDLO
30 Days	-0.85%	0.66%
60 Days	0.22%	3.14%
90 Days	4.86%	6.14%
12 Months	18.93%	23.96%

1 Overlapping Holdings

	Symbol	Grade	Weight in IPPP	Weight in FDLO	Overlap
	T	A	0.96%	0.95%	0.95%

IPPP Overweight 11 Positions Relative to FDLO

Symbol	Grade	Weight
AGNC	C	1.4%
UZE	A	1.33%
AQNB	C	1.26%
WTFCP	A	1.24%
SREA	D	1.21%
NRUC	D	0.99%
CMSD	D	0.6%
TBC	D	0.59%
PRS	C	0.57%
RZB	C	0.57%
SOJD	D	0.55%

IPPP Underweight 124 Positions Relative to FDLO

Symbol	Grade	Weight
AAPL	C	-7.22%
MSFT	C	-6.98%
GOOGL	B	-4.25%
AMZN	A	-4.0%
BRK.A	B	-2.04%
ORCL	A	-2.01%
JPM	B	-1.79%
CSCO	A	-1.75%
LLY	F	-1.65%
ACN	C	-1.6%
IBM	C	-1.58%
TXN	C	-1.58%
UNH	B	-1.55%
V	A	-1.43%
MSI	B	-1.41%
MA	B	-1.31%
ROP	A	-1.24%
AKAM	F	-1.21%
TYL	B	-1.21%
ABBV	D	-1.18%
JNJ	D	-1.18%
DOX	C	-1.17%
XOM	B	-1.17%
HD	B	-1.14%
VRSN	C	-1.09%
CMCSA	B	-0.96%
TMUS	A	-0.94%
WMT	A	-0.93%
PG	C	-0.93%
MRK	F	-0.91%
VZ	C	-0.89%
ABT	C	-0.88%
PGR	A	-0.83%
TMO	F	-0.83%
MCD	C	-0.8%
AMGN	F	-0.79%
VRTX	B	-0.73%
ETN	A	-0.71%
EA	A	-0.7%
LOW	B	-0.69%
CB	C	-0.68%
KO	F	-0.67%
MMC	C	-0.67%
SBUX	B	-0.67%
CME	A	-0.67%
CVX	B	-0.66%
TRV	B	-0.66%
ADP	A	-0.66%
HON	B	-0.65%
UNP	C	-0.64%
PEP	D	-0.63%
TJX	B	-0.62%
AJG	A	-0.59%
LMT	C	-0.59%
PM	C	-0.59%
BDX	D	-0.59%
AIZ	A	-0.57%
FDS	A	-0.57%
NKE	F	-0.55%
ITW	A	-0.55%
CBOE	D	-0.54%
WRB	B	-0.54%
FAST	A	-0.54%
LIN	D	-0.54%
WM	A	-0.54%
REGN	F	-0.53%
JKHY	C	-0.52%
NOC	C	-0.52%
ORLY	A	-0.52%
GRMN	A	-0.51%
GD	A	-0.51%
PAYX	B	-0.51%
LHX	A	-0.5%
BAH	C	-0.49%
RSG	A	-0.47%
AZO	C	-0.47%
ERIE	F	-0.47%
OTIS	C	-0.47%
TSCO	C	-0.47%
J	B	-0.4%
COP	C	-0.4%
MDLZ	F	-0.38%
FCN	F	-0.36%
SO	D	-0.36%
DUK	D	-0.35%
CL	F	-0.34%
WMB	B	-0.32%
SHW	A	-0.3%
EQIX	B	-0.3%
HII	D	-0.29%
KMI	B	-0.29%
KMB	F	-0.29%
EOG	A	-0.29%
GIS	F	-0.28%
XEL	A	-0.28%
AMT	F	-0.28%
AEP	D	-0.27%
WEC	B	-0.26%
DLR	C	-0.26%
LNG	B	-0.26%
APD	B	-0.26%
ED	D	-0.25%
HSY	D	-0.24%
PSA	C	-0.24%
ECL	C	-0.24%
AEE	A	-0.24%
CMS	C	-0.23%
O	D	-0.22%
DTM	B	-0.22%
CTVA	C	-0.21%
MLM	B	-0.2%
VMC	B	-0.2%
CCI	F	-0.2%
CSGP	D	-0.19%
PKG	B	-0.19%
EQR	C	-0.18%
CTRA	B	-0.18%
ATR	A	-0.17%
MAA	C	-0.17%
AMCR	D	-0.15%
ADC	A	-0.15%
AVY	F	-0.15%
AMH	C	-0.15%
ELS	C	-0.15%

IPPP: Top Represented Industries & Keywords

Industries: Other Banks - Regional REIT - Residential Telecom Services