TVAL vs. FDLO ETF Comparison

Comparison of T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF (TVAL) to Fidelity Low Volatility Factor ETF (FDLO)

TVAL

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF

TVAL Description

The fund will invest primarily in U.S. equity securities. In taking a value approach to investment selection, the adviser seeks to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. Some of the principal measures used to identify such stocks are: price/earnings ratio, price/book value ratio, price/sales ratio, dividend yield, price/cash flow, undervalued assets, and restructuring opportunities. The fund may purchase the stocks of companies of any size, but typically focuses on larger companies.

Grade (RS Rating)

Last Trade

$33.11

Average Daily Volume

13,066

Number of Holdings ^*

144

* 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

$61.98

Average Daily Volume

74,193

Number of Holdings ^*

125

* may have additional holdings in another (foreign) market

Performance

Period	TVAL	FDLO
30 Days	2.98%	0.81%
60 Days	4.22%	1.49%
90 Days	5.88%	4.05%
12 Months	29.14%	21.68%

50 Overlapping Holdings

Symbol	Grade	Weight in TVAL	Weight in FDLO	Overlap
ABBV	D	0.36%	0.98%	0.36%
ACN	C	0.7%	1.6%	0.7%
AEE	A	0.65%	0.26%	0.26%
AVY	D	0.19%	0.14%	0.14%
AZO	C	0.52%	0.47%	0.47%
BDX	F	1.01%	0.6%	0.6%
CB	C	2.23%	0.72%	0.72%
CL	D	0.84%	0.35%	0.35%
CMCSA	B	0.46%	0.95%	0.46%
CME	A	0.23%	0.69%	0.23%
COP	C	1.25%	0.41%	0.41%
CVX	A	0.73%	0.69%	0.69%
EOG	A	0.82%	0.32%	0.32%
EQIX	A	0.16%	0.31%	0.16%
HD	A	0.63%	1.19%	0.63%
HON	B	0.68%	0.7%	0.68%
JNJ	D	1.82%	1.18%	1.18%
JPM	A	1.23%	1.89%	1.23%
KMB	D	0.66%	0.3%	0.3%
KO	D	0.72%	0.66%	0.66%
LHX	C	1.36%	0.49%	0.49%
LIN	D	0.73%	0.53%	0.53%
LLY	F	1.19%	1.57%	1.19%
MCD	D	0.46%	0.8%	0.46%
MDLZ	F	0.43%	0.37%	0.37%
MMC	B	0.67%	0.67%	0.67%
MRK	F	0.8%	0.88%	0.8%
MSFT	F	0.65%	6.93%	0.65%
MSI	B	0.34%	1.49%	0.34%
OTIS	C	0.3%	0.47%	0.3%
PG	A	0.72%	0.99%	0.72%
PGR	A	0.48%	0.84%	0.48%
PM	B	1.41%	0.62%	0.62%
PSA	D	0.44%	0.25%	0.25%
REGN	F	0.42%	0.5%	0.42%
ROP	B	0.29%	1.21%	0.29%
RSG	A	0.62%	0.47%	0.47%
SO	D	1.67%	0.37%	0.37%
TJX	A	0.29%	0.65%	0.29%
TMO	F	1.12%	0.78%	0.78%
TMUS	B	0.88%	0.97%	0.88%
TXN	C	0.7%	1.48%	0.7%
UNH	C	1.9%	1.55%	1.55%
UNP	C	0.42%	0.63%	0.42%
VMC	B	0.22%	0.2%	0.2%
VRTX	F	0.29%	0.69%	0.29%
VZ	C	0.58%	0.93%	0.58%
WMB	A	0.46%	0.34%	0.34%
WMT	A	1.89%	0.95%	0.95%
XOM	B	2.56%	1.17%	1.17%

TVAL Overweight 94 Positions Relative to FDLO

Symbol	Grade	Weight
HIG	B	1.96%
BAC	A	1.89%
ELV	F	1.81%
WFC	A	1.77%
FI	A	1.53%
KVUE	A	1.49%
AVB	B	1.22%
GE	D	1.21%
SWK	D	1.1%
CMI	A	1.09%
QCOM	F	1.08%
EQH	B	1.0%
GOOG	C	0.95%
SCHW	B	0.89%
WY	D	0.88%
META	D	0.87%
AIG	B	0.87%
CI	F	0.87%
ZBH	C	0.85%
C	A	0.81%
MCK	B	0.8%
FITB	A	0.77%
NWSA	B	0.75%
VST	B	0.74%
NSC	B	0.74%
HUBB	B	0.7%
GEV	B	0.7%
TTE	F	0.7%
SRE	A	0.68%
DHR	F	0.65%
IP	B	0.64%
WDC	D	0.6%
NEE	D	0.59%
USB	A	0.56%
BA	F	0.56%
MS	A	0.56%
D	C	0.55%
RPM	A	0.52%
ROK	B	0.52%
CF	B	0.52%
BAX	D	0.5%
CSX	B	0.49%
HWM	A	0.48%
REXR	F	0.48%
AZN	D	0.47%
MAR	B	0.47%
EQT	B	0.46%
APO	B	0.46%
TDG	D	0.46%
HBAN	A	0.45%
ARES	A	0.45%
MU	D	0.45%
HCA	F	0.45%
BLK	C	0.43%
FANG	D	0.43%
CPAY	A	0.42%
LEN	D	0.42%
LVS	C	0.41%
LAMR	D	0.4%
KDP	D	0.4%
CAG	D	0.4%
TSM	B	0.39%
ALL	A	0.39%
AMAT	F	0.38%
YUM	B	0.36%
BKR	B	0.35%
KEYS	A	0.35%
ADI	D	0.35%
PLD	D	0.34%
EFX	F	0.33%
A	D	0.33%
COF	B	0.33%
STLD	B	0.32%
UAL	A	0.31%
TT	A	0.31%
AME	A	0.31%
CAT	B	0.3%
MOH	F	0.28%
UPS	C	0.28%
CARR	D	0.27%
MCHP	D	0.27%
AXP	A	0.26%
SPGI	C	0.26%
CDW	F	0.25%
MGM	D	0.24%
ZTS	D	0.23%
CVS	D	0.23%
HAL	C	0.22%
AMD	F	0.22%
MET	A	0.22%
BHP	F	0.2%
DIS	B	0.2%
SNY	F	0.19%
DTE	C	0.17%

TVAL Underweight 75 Positions Relative to FDLO

Symbol	Grade	Weight
AAPL	C	-7.26%
GOOGL	C	-4.12%
AMZN	C	-3.92%
BRK.A	B	-2.13%
ORCL	B	-2.01%
CSCO	B	-1.77%
IBM	C	-1.54%
V	A	-1.47%
MA	C	-1.34%
TYL	B	-1.19%
VRSN	F	-1.08%
DOX	D	-1.08%
AKAM	D	-1.03%
T	A	-0.99%
ABT	B	-0.9%
EA	A	-0.72%
ETN	A	-0.72%
LOW	D	-0.71%
AMGN	D	-0.71%
SBUX	A	-0.7%
TRV	B	-0.69%
ADP	B	-0.66%
PEP	F	-0.62%
AJG	B	-0.61%
AIZ	A	-0.61%
FDS	B	-0.59%
LMT	D	-0.58%
ITW	B	-0.56%
WRB	A	-0.56%
NKE	D	-0.56%
WM	A	-0.55%
CBOE	B	-0.55%
FAST	B	-0.54%
ORLY	B	-0.53%
JKHY	D	-0.51%
PAYX	C	-0.51%
GRMN	B	-0.51%
NOC	D	-0.5%
GD	F	-0.49%
TSCO	D	-0.46%
ERIE	D	-0.45%
BAH	F	-0.43%
J	F	-0.39%
DUK	C	-0.35%
FCN	D	-0.34%
XEL	A	-0.3%
SHW	A	-0.3%
KMI	A	-0.3%
HII	D	-0.29%
AMT	D	-0.29%
GIS	D	-0.28%
LNG	B	-0.28%
AEP	D	-0.28%
WEC	A	-0.27%
APD	A	-0.27%
DLR	B	-0.26%
ED	D	-0.25%
CMS	C	-0.24%
HSY	F	-0.24%
ECL	D	-0.24%
DTM	B	-0.23%
O	D	-0.22%
CCI	D	-0.21%
CTVA	C	-0.2%
PKG	A	-0.19%
MLM	B	-0.19%
CTRA	B	-0.19%
CSGP	D	-0.18%
MAA	B	-0.18%
EQR	B	-0.18%
ADC	B	-0.16%
AMH	D	-0.16%
ELS	C	-0.16%
ATR	B	-0.16%
AMCR	D	-0.15%