DFNL vs. FDFF ETF Comparison

Comparison of Davis Select Financial ETF (DFNL) to Fidelity Disruptive Finance ETF (FDFF)

DFNL

Davis Select Financial ETF

DFNL Description

The investment seeks long-term growth of capital. The fund's investment adviser, uses the Davis Investment Discipline to invest, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes in securities issued by companies principally engaged in the financial services sector. The fund's portfolio, generally, contains between 15 and 35 companies. It invests, principally, in common stocks. The fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets. It is non-diversified.

Grade (RS Rating)

Last Trade

$32.76

Average Daily Volume

9,070

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FDFF

Fidelity Disruptive Finance ETF

FDFF Description

The fund normally invests at least 80% of assets in securities of disruptive finance 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

$29.49

Average Daily Volume

3,059

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	DFNL	FDFF
30 Days	0.22%	-6.54%
60 Days	4.27%	-6.37%
90 Days	6.81%	2.72%
12 Months	28.81%

1 Overlapping Holdings

	Symbol	Grade	Weight in DFNL	Weight in FDFF	Overlap
	COF	B	9.63%	4.86%	4.86%

DFNL Overweight 19 Positions Relative to FDFF

Symbol	Grade	Weight
BRK.A	D	7.33%
JPM	A	6.47%
WFC	B	5.97%
MKL	A	5.59%
CB	C	5.45%
FITB	A	5.36%
BK	B	5.14%
AXP	B	4.78%
USB	D	4.6%
PNC	A	4.58%
L	A	3.4%
TFC	A	2.8%
BAC	B	2.53%
RKT	B	2.37%
NTB	A	1.78%
MTB	A	1.48%
STT	D	1.4%
SCHW	A	1.39%
EG	D	1.1%

DFNL Underweight 8 Positions Relative to FDFF

Symbol	Grade	Weight
V	D	-5.76%
MA	D	-5.56%
BLK	D	-5.43%
EFX	C	-5.14%
BRP	C	-4.05%
ICE	D	-4.03%
FLYW	F	-3.84%
DLO	F	-3.67%