RVER vs. FDCF ETF Comparison

Comparison of Advisor Managed Portfolios Trenchless Fund ETF (RVER) to Fidelity Disruptive Communications ETF (FDCF)

RVER

Advisor Managed Portfolios Trenchless Fund ETF

RVER Description

RVER seeks to outperform the S&P 500 Index over all time horizons through a narrow exposure to the US equity market. The fund typically invests in approximately 12 to 30 US-listed stocks of any market capitalization. The portfolio construction starts by screening companies based on valuation metrics such as free cash flow, net income, EBITDA, and revenue. Securities are then assessed using growth factors, including top and bottom-line revenue and net income growth. This analysis seeks to exclude firms with negative outliers and those the sub-adviser believes are likely to miss earnings expectations. The remaining companies are screened based on a review of the number and size of institutional holders. After these three initial screens, the sub-adviser ranks and selects from the remaining companies based on its view of positive price change potential. As an actively managed fund, the sub-adviser has full discretion to make buy, sell, and hold decisions at any time.

Grade (RS Rating)

Last Trade

$29.30

Average Daily Volume

7,443

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FDCF

Fidelity Disruptive Communications ETF

FDCF Description

The fund normally invests at least 80% of assets in securities of disruptive communications companies. Fidelity's disruptive strategies seek to identify innovative developments that could signal new directions for delivering products and services to customers. Generally, these companies have or are developing new or unconventional ways of doing business that could disrupt and displace incumbents over time. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$38.44

Average Daily Volume

6,444

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	RVER	FDCF
30 Days	7.79%	1.96%
60 Days	12.17%	8.19%
90 Days	16.22%	8.71%
12 Months		41.24%

7 Overlapping Holdings

Symbol	Grade	Weight in RVER	Weight in FDCF	Overlap
AMZN	C	5.02%	5.62%	5.02%
GOOGL	C	6.26%	5.47%	5.47%
MSFT	D	4.47%	1.37%	1.37%
NVDA	B	3.85%	5.66%	3.85%
PINS	F	3.48%	2.53%	2.53%
SNAP	D	5.18%	3.02%	3.02%
TSM	B	3.65%	4.34%	3.65%

RVER Overweight 9 Positions Relative to FDCF

Symbol	Grade	Weight
LYFT	C	9.0%
SNOW	B	5.29%
DKNG	B	4.84%
ULTA	F	4.69%
MRK	D	4.34%
WDAY	B	4.33%
SMCI	F	3.86%
SQ	A	3.81%
PANW	B	3.48%

RVER Underweight 28 Positions Relative to FDCF

Symbol	Grade	Weight
SE	A	-4.91%
ANET	C	-4.87%
AMT	C	-4.68%
TMUS	B	-4.48%
LBRDA	C	-4.1%
META	D	-3.08%
PDD	F	-2.9%
TWLO	A	-2.78%
UBER	F	-2.47%
AAPL	C	-2.43%
CDNS	B	-2.28%
CMCSA	B	-2.2%
NFLX	A	-2.08%
IOT	A	-1.88%
SPOT	B	-1.51%
BABA	D	-1.41%
ZM	C	-1.39%
NOW	A	-1.35%
PI	D	-1.3%
DOCU	B	-1.11%
DY	D	-1.09%
NXPI	D	-1.09%
SNPS	B	-1.04%
GOGO	C	-1.02%
NET	B	-1.01%
BMBL	C	-0.98%
SATS	D	-0.71%
ON	D	-0.69%