TMSL vs. FHEQ ETF Comparison

Comparison of T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Small-Mid Cap ETF (TMSL) to Fidelity Hedged Equity ETF (FHEQ)

TMSL

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Small-Mid Cap ETF

TMSL Description

The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in assets issued by small- or mid-cap companies. The fund may at times invest significantly in certain sectors, such as the information technology sector.

Grade (RS Rating)

Last Trade

$33.74

Average Daily Volume

62,319

Number of Holdings ^*

256

* may have additional holdings in another (foreign) market

FHEQ

Fidelity Hedged Equity ETF

FHEQ Description

FHEQ is actively managed, investing in equity securities with market caps similar to the S&P 500 and Russell 1000. The fund utilizes quantitative analysis and options for downside protection.

Grade (RS Rating)

Last Trade

$27.91

Average Daily Volume

22,106

Number of Holdings ^*

169

* may have additional holdings in another (foreign) market

Performance

Period	TMSL	FHEQ
30 Days	3.49%	1.67%
60 Days	8.39%	5.89%
90 Days	10.04%	6.98%
12 Months	35.84%

15 Overlapping Holdings

Symbol	Grade	Weight in TMSL	Weight in FHEQ	Overlap
ANET	C	0.1%	0.08%	0.08%
BBWI	C	0.38%	0.07%	0.07%
CVNA	B	0.5%	0.51%	0.5%
DOCU	B	0.71%	0.2%	0.2%
FTI	B	1.23%	0.17%	0.17%
GEN	A	0.64%	0.13%	0.13%
HWM	A	0.29%	0.27%	0.27%
LDOS	B	0.65%	0.39%	0.39%
LPLA	B	0.27%	0.03%	0.03%
NBIX	C	0.29%	0.11%	0.11%
STLD	B	0.54%	0.05%	0.05%
TDC	D	0.14%	0.34%	0.14%
TXT	C	1.17%	0.49%	0.49%
UHS	D	0.34%	0.08%	0.08%
ZBRA	A	0.57%	0.48%	0.48%

TMSL Overweight 241 Positions Relative to FHEQ

Symbol	Grade	Weight
SWK	F	1.44%
SEM	B	1.35%
CPAY	A	1.23%
MKSI	C	1.19%
WAL	B	1.15%
BPOP	C	1.14%
THC	B	1.13%
RNR	D	0.95%
DT	C	0.87%
REXR	F	0.84%
ESAB	B	0.81%
WBS	A	0.8%
LAMR	D	0.79%
RPM	A	0.77%
SSNC	C	0.75%
GDDY	A	0.75%
HII	D	0.75%
VOYA	B	0.67%
BFAM	F	0.65%
RL	B	0.63%
WU	F	0.62%
TFX	F	0.61%
RS	B	0.61%
TOL	C	0.6%
INSM	D	0.59%
CUBE	D	0.59%
NTNX	B	0.59%
BDC	C	0.59%
NI	A	0.59%
VNO	C	0.58%
CRBG	C	0.58%
SAIA	B	0.56%
HBAN	B	0.56%
PATK	D	0.56%
SITE	D	0.55%
EME	B	0.54%
OPCH	F	0.54%
CF	B	0.53%
BURL	C	0.53%
ENTG	D	0.52%
FBP	B	0.52%
XPRO	F	0.52%
STNG	F	0.52%
RGA	A	0.51%
MNDY	C	0.51%
WYNN	F	0.51%
MWA	B	0.51%
WING	D	0.5%
SUM	C	0.5%
AGCO	F	0.5%
VTRS	B	0.5%
CW	B	0.49%
IOT	B	0.49%
CLH	B	0.48%
APG	B	0.48%
EWBC	B	0.48%
WSC	F	0.48%
COOP	B	0.47%
DUOL	B	0.47%
ST	F	0.46%
BLX	A	0.46%
EQH	B	0.46%
EXAS	F	0.45%
TYL	B	0.45%
TTC	F	0.45%
EHC	A	0.45%
OMF	A	0.45%
MIDD	C	0.44%
MORN	B	0.44%
TOST	A	0.43%
BRX	A	0.43%
HUBB	B	0.43%
RRC	B	0.43%
JBL	C	0.42%
TKR	F	0.42%
PLNT	A	0.41%
LRN	B	0.41%
KFY	B	0.41%
FMC	F	0.41%
NVR	D	0.41%
HOLX	D	0.4%
TNL	A	0.4%
EG	D	0.4%
VFC	C	0.39%
AEE	A	0.39%
AWI	B	0.39%
FND	F	0.39%
DKNG	B	0.39%
BCO	F	0.39%
RYN	F	0.39%
SUI	D	0.38%
DPZ	C	0.38%
NCLH	B	0.37%
PHIN	B	0.37%
VRRM	F	0.37%
PR	C	0.36%
REG	A	0.36%
PTC	B	0.36%
NXST	C	0.35%
FITB	A	0.35%
NWS	B	0.35%
PCVX	D	0.34%
RNA	B	0.34%
UPWK	B	0.33%
STGW	B	0.33%
FLO	F	0.33%
ULTA	C	0.33%
DRH	B	0.32%
BPMC	B	0.32%
GEO	B	0.32%
KMPR	A	0.32%
DOLE	C	0.32%
USFD	A	0.32%
MAIN	A	0.31%
DOX	C	0.31%
SKWD	A	0.31%
RVTY	C	0.31%
MANH	C	0.3%
MOH	F	0.3%
LPX	B	0.3%
OC	A	0.3%
POR	D	0.3%
EVRI	A	0.29%
SHOO	D	0.29%
BERY	C	0.28%
TECH	B	0.28%
OFG	B	0.28%
ASGN	C	0.28%
LSTR	B	0.28%
ARMK	B	0.28%
BJ	B	0.28%
FCN	F	0.28%
AYI	B	0.27%
FTDR	B	0.27%
ATEN	B	0.27%
PAYO	B	0.27%
ELS	C	0.26%
CASY	B	0.26%
CPA	B	0.26%
VNT	B	0.26%
STEP	B	0.26%
KRC	C	0.26%
ELF	C	0.26%
ELAN	D	0.26%
PFGC	B	0.25%
PLAB	C	0.25%
HST	C	0.25%
KYMR	C	0.25%
SCI	B	0.25%
CHDN	C	0.25%
NTRA	B	0.25%
BLDR	D	0.25%
VRTS	B	0.25%
AZEK	B	0.24%
PCTY	A	0.24%
MTX	B	0.24%
MCB	B	0.24%
GLOB	B	0.24%
RVMD	B	0.24%
BLBD	F	0.24%
BOX	A	0.24%
CBOE	D	0.23%
CRNX	B	0.23%
BLD	F	0.23%
OIS	B	0.23%
RDDT	B	0.23%
EEFT	C	0.23%
CTLT	D	0.23%
TREX	C	0.23%
WFRD	D	0.22%
UFPI	B	0.22%
TDW	F	0.22%
CELH	F	0.22%
CRL	C	0.22%
ESS	C	0.22%
ALV	C	0.22%
ALKS	B	0.21%
EPR	D	0.21%
ONON	B	0.21%
LSCC	D	0.21%
VRNT	D	0.21%
BRZE	C	0.21%
RGEN	C	0.21%
WFG	D	0.21%
LPRO	B	0.21%
PK	B	0.2%
SWN	C	0.2%
PRDO	B	0.2%
KEX	B	0.2%
THG	A	0.2%
TXRH	A	0.2%
EVRG	A	0.2%
CWEN	D	0.2%
NWE	C	0.19%
OLLI	C	0.19%
HAFC	B	0.19%
NFG	C	0.19%
BGNE	D	0.18%
AHH	D	0.18%
LUV	B	0.18%
LEGN	F	0.18%
RARE	D	0.18%
PBH	A	0.17%
ENS	D	0.17%
TW	C	0.17%
WDC	D	0.17%
PLUS	F	0.16%
AVNT	B	0.16%
BFS	C	0.16%
AVY	F	0.16%
REPL	C	0.16%
SRPT	F	0.16%
BWXT	A	0.16%
VERA	B	0.16%
FIX	B	0.16%
GMRE	D	0.15%
HIG	C	0.15%
XRAY	F	0.15%
CVLT	A	0.15%
CNP	B	0.15%
WTTR	B	0.15%
NRIX	B	0.14%
AMAL	B	0.14%
ESNT	D	0.13%
ACM	B	0.12%
XNCR	B	0.12%
ASND	F	0.12%
NTLA	F	0.11%
MDGL	C	0.11%
ACAD	C	0.11%
CLDX	F	0.11%
IONS	F	0.11%
AKRO	C	0.11%
IDYA	D	0.1%
APPF	B	0.08%
RCKT	F	0.08%
BXC	B	0.08%
PRTA	F	0.07%
SRRK	C	0.06%
PLRX	C	0.06%
SWTX	D	0.04%

TMSL Underweight 154 Positions Relative to FHEQ

Symbol	Grade	Weight
NVDA	B	-7.54%
AAPL	C	-7.05%
MSFT	C	-5.62%
AMZN	A	-3.61%
META	B	-2.96%
BRK.A	B	-2.12%
GOOGL	B	-2.05%
GOOG	B	-1.98%
JPM	B	-1.75%
AVGO	C	-1.73%
XOM	B	-1.51%
MA	B	-1.33%
HD	B	-1.27%
CRM	B	-1.23%
NFLX	A	-1.21%
TSLA	B	-1.15%
BAC	A	-1.13%
ABBV	D	-1.0%
ADBE	C	-0.96%
PM	C	-0.85%
LLY	F	-0.84%
CMCSA	B	-0.83%
QCOM	F	-0.82%
PG	C	-0.82%
CSCO	A	-0.8%
WMT	A	-0.79%
GILD	C	-0.77%
BMY	B	-0.77%
AMAT	F	-0.75%
LMT	C	-0.73%
UNP	C	-0.73%
TJX	B	-0.72%
NEE	D	-0.69%
TT	A	-0.68%
CTAS	A	-0.67%
MRK	F	-0.66%
CI	D	-0.65%
PGR	A	-0.64%
T	A	-0.63%
ECL	C	-0.61%
SQ	B	-0.6%
BDX	D	-0.59%
JNJ	D	-0.59%
NOC	C	-0.59%
CSX	B	-0.58%
UNH	B	-0.58%
PFE	F	-0.58%
KLAC	F	-0.57%
ZM	B	-0.57%
CL	F	-0.55%
CMG	B	-0.55%
SEIC	A	-0.54%
PYPL	A	-0.54%
SCHW	A	-0.53%
C	A	-0.53%
DBX	B	-0.53%
MU	D	-0.53%
MMC	C	-0.52%
TRV	B	-0.52%
DVN	F	-0.51%
EXEL	B	-0.5%
IGT	D	-0.49%
MSCI	B	-0.49%
CAT	C	-0.48%
V	A	-0.46%
RTX	C	-0.45%
COST	B	-0.45%
GE	C	-0.45%
PCAR	B	-0.43%
DIS	B	-0.42%
CAH	A	-0.42%
AXP	B	-0.42%
SPGI	C	-0.41%
ALLE	D	-0.4%
WM	A	-0.38%
CACI	C	-0.37%
CME	A	-0.36%
BK	B	-0.35%
MEDP	C	-0.35%
NOW	A	-0.34%
NUE	C	-0.33%
ANF	D	-0.33%
PPG	F	-0.32%
WTW	A	-0.31%
GRMN	A	-0.31%
SKYW	B	-0.3%
TMO	F	-0.28%
INCY	B	-0.28%
EOG	A	-0.27%
AMGN	F	-0.26%
ALRM	C	-0.26%
NSC	B	-0.26%
LRCX	F	-0.24%
MSI	B	-0.24%
MMM	C	-0.22%
BIIB	F	-0.22%
TROW	B	-0.22%
CVS	F	-0.21%
LHX	A	-0.21%
AMT	F	-0.21%
GL	B	-0.2%
VZ	C	-0.2%
XEL	A	-0.2%
CLX	A	-0.19%
GAP	B	-0.18%
IDXX	D	-0.18%
HLT	A	-0.18%
PSA	C	-0.18%
LNW	F	-0.18%
PEGA	A	-0.17%
GEHC	F	-0.17%
MS	A	-0.16%
ADP	A	-0.16%
WDAY	B	-0.16%
TPH	D	-0.15%
MGM	D	-0.15%
ETN	A	-0.15%
SPG	B	-0.15%
UBER	F	-0.14%
F	C	-0.14%
FTNT	B	-0.14%
SOLV	D	-0.13%
VEEV	B	-0.13%
BAH	C	-0.12%
DASH	A	-0.12%
CINF	A	-0.12%
QRVO	F	-0.11%
KR	A	-0.11%
ROST	F	-0.1%
AME	A	-0.1%
VST	B	-0.1%
PLTK	B	-0.1%
DOC	C	-0.08%
ALL	A	-0.07%
LYFT	B	-0.07%
BCC	B	-0.07%
L	A	-0.07%
TMUS	A	-0.07%
MDLZ	F	-0.07%
UTHR	B	-0.06%
CRUS	F	-0.06%
CNC	F	-0.06%
IFF	F	-0.05%
CCL	A	-0.05%
ORCL	A	-0.04%
RSG	A	-0.04%
SCCO	F	-0.04%
ED	D	-0.04%
CVX	B	-0.02%
MHO	D	-0.02%
TWLO	A	-0.02%
UNM	A	-0.01%
NWL	B	-0.01%
OGE	B	-0.01%