FDEM vs. EUM ETF Comparison

Comparison of Fidelity Targeted Emerging Markets Factor ETF (FDEM) to ProShares Short MSCI Emerging Markets (EUM)

FDEM

Fidelity Targeted Emerging Markets Factor ETF

FDEM Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Targeted International Factor Index℠. The fund invests at least 80% of its assets in securities included in the index and in depository receipts representing securities included in the index. The index is designed to reflect the performance of stocks of large- and mid-capitalization developed international companies that have attractive valuations, high quality profiles, positive momentum signals, lower volatility than the broader developed international equity market, and lower correlation to the U.S. equity market.

Grade (RS Rating)

Last Trade

$25.68

Average Daily Volume

31,311

Number of Holdings ^*

* may have additional holdings in another (foreign) market

EUM

ProShares Short MSCI Emerging Markets

EUM Description

The investment seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the MSCI Emerging Markets IndexÂ®. The fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as the inverse (-1x) of the daily return of the index. The index includes 85% of free float-adjusted market capitalization in each industry group in emerging market countries. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$26.61

Average Daily Volume

10,010

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FDEM	EUM
30 Days	-2.61%	4.93%
60 Days	-1.98%	2.31%
90 Days	-1.62%	2.48%
12 Months	16.06%	-6.13%

4 Overlapping Holdings

Symbol	Grade	Weight in FDEM	Weight in EUM	Overlap
BABA	D	1.37%	6.01%	1.37%
BIDU	F	0.64%	0.6%	0.6%
TCOM	B	0.32%	0.29%	0.29%
YUMC	C	0.18%	0.28%	0.18%

FDEM Overweight 9 Positions Relative to EUM

Symbol	Grade	Weight
PDD	F	0.85%
CHT	D	0.57%
ATHM	D	0.5%
BCH	F	0.38%
VALE	F	0.28%
WIT	A	0.17%
VIPS	F	0.1%
MNSO	F	0.09%
LPL	F	0.03%

FDEM Underweight 5 Positions Relative to EUM

Symbol	Grade	Weight
JD	D	-0.46%
NTES	D	-0.39%
TAL	F	-0.32%
EDU	D	-0.3%
BAP	B	-0.23%