BOUT vs. FDCF ETF Comparison

Comparison of Innovator IBD Breakout Opportunities ETF (BOUT) to Fidelity Disruptive Communications ETF (FDCF)

BOUT

Innovator IBD Breakout Opportunities ETF

BOUT Description

The investment seeks to track, before fees and expenses, the performance of the IBD® Breakout Stocks Index (the "index"). The fund will normally invest at least 80% of its net assets (including investment borrowings) in the equity securities that comprise the index. The index seeks to provide opportunistic investment exposure to those stocks with the potential to "break out," or experience a period of sustained price growth beyond the stock's recent "resistance level," with consideration for various market conditions. The fund is non-diversified. BOUT uses technical analysis to find stocks that are likely to breakout. The funds index relies on an algorithm that establishes a base price (a recent high) for each eligible security. The index then follows the trend for each stock. Selected stocks are ranked by a combination of relative strength and fundamental factors, and then weighted in fixed tiers according to this ranking. In addition, BOUT will move 50% of its portfolio into T-bills based on market signals: a rapid increase in either margin debt or overall stock prices, combined with slowing reversing momentum in the S&P 500. The T-bill position will remain in place until the S&P 500 falls by 50% or show indications of rising momentum. BOUT is rebalanced and reconstituted weekly after the close on Friday. The frequent rebalance schedule means the fund will be highly responsive to the technical factors that drive its strategy, but could also experience high turnover.

Grade (RS Rating)

Last Trade

$37.13

Average Daily Volume

1,985

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

$37.90

Average Daily Volume

4,586

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BOUT	FDCF
30 Days	1.56%	1.08%
60 Days	4.83%	12.61%
90 Days	9.10%	17.35%
12 Months	26.97%	47.37%

2 Overlapping Holdings

	Symbol	Grade	Weight in BOUT	Weight in FDCF	Overlap
	NOW	A	1.27%	1.25%	1.25%
	TSM	B	1.31%	4.61%	1.31%

BOUT Overweight 42 Positions Relative to FDCF

Symbol	Grade	Weight
PACS	C	4.48%
MS	B	4.47%
LBRDK	A	4.44%
NEM	D	4.42%
VIK	A	4.39%
EXPE	A	4.28%
EQIX	B	4.25%
AHR	B	4.24%
IDCC	A	4.01%
ETN	B	3.82%
SPGI	D	3.81%
EQH	B	3.78%
CRM	A	3.73%
BAH	A	3.73%
DVA	D	3.71%
PGR	D	3.63%
CRDO	A	2.87%
VRNS	D	2.61%
ULS	B	2.59%
IR	C	2.49%
DT	A	2.49%
NMIH	D	2.44%
ONON	D	2.35%
COLL	F	2.23%
TBBK	D	1.28%
CDNA	C	1.24%
SCCO	B	1.22%
SN	C	1.2%
TCOM	A	1.14%
BEKE	A	1.06%
ROAD	B	0.45%
AXON	B	0.43%
TPH	D	0.42%
IBKR	A	0.42%
CWAN	B	0.42%
AVGO	C	0.42%
ALKT	B	0.42%
GMED	A	0.41%
CORT	A	0.41%
ACGL	F	0.4%
PLMR	D	0.39%
JD	B	0.38%

BOUT Underweight 33 Positions Relative to FDCF

Symbol	Grade	Weight
NVDA	B	-5.49%
GOOGL	A	-5.43%
AMT	D	-5.21%
AMZN	A	-5.16%
ANET	A	-4.98%
SE	B	-4.54%
TMUS	B	-4.22%
LBRDA	A	-3.93%
SNAP	C	-3.74%
META	B	-3.2%
PDD	C	-3.15%
PINS	C	-2.81%
UBER	C	-2.81%
AAPL	C	-2.53%
CDNS	A	-2.2%
CMCSA	A	-2.15%
TWLO	A	-2.0%
NFLX	A	-1.92%
IOT	C	-1.79%
BABA	B	-1.54%
PI	C	-1.47%
MSFT	D	-1.42%
NXPI	D	-1.31%
SPOT	B	-1.3%
ZM	A	-1.25%
DY	D	-1.03%
SNPS	B	-1.02%
NET	B	-0.98%
DOCU	B	-0.96%
GOGO	F	-0.88%
BMBL	C	-0.86%
SATS	B	-0.85%
ON	F	-0.76%