FESM vs. BOUT ETF Comparison

Comparison of Fidelity Enhanced Small Cap ETF (FESM) to Innovator IBD Breakout Opportunities ETF (BOUT)

FESM

Fidelity Enhanced Small Cap ETF

FESM Description

The fund will normally invest at least 80% of assets in common stocks included in the Russell 2000® Index, which is a market capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$29.25

Average Daily Volume

40,377

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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

$34.80

Average Daily Volume

2,760

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FESM	BOUT
30 Days	1.92%	0.33%
60 Days	-0.24%	-0.64%
90 Days	2.77%	1.68%
12 Months		15.97%

0 Overlapping Holdings

	Symbol	Grade	Weight in FESM	Weight in BOUT	Overlap

FESM Overweight 8 Positions Relative to BOUT

Symbol	Grade	Weight
SMCI	D	2.39%
MSTR	D	0.93%
CVNA	B	0.88%
ELF	D	0.86%
MTDR	D	0.78%
MUR	C	0.78%
IBP	D	0.75%
SIGI	F	0.73%

FESM Underweight 25 Positions Relative to BOUT

Symbol	Grade	Weight
NXPI	A	-7.48%
MSDL	A	-7.09%
HQY	D	-6.96%
FTI	B	-6.82%
NOG	B	-6.67%
ALKT	B	-5.96%
DVA	B	-4.64%
CRS	B	-4.5%
IRM	C	-4.37%
XYL	A	-4.31%
BCSF	B	-4.07%
PANW	B	-4.03%
IBKR	B	-4.01%
HUBS	D	-3.88%
GOOG	B	-3.84%
LPLA	B	-2.05%
AZN	A	-2.04%
ERJ	B	-1.99%
INTU	D	-1.97%
GOOGL	B	-1.92%
FWRG	C	-1.09%
AVAV	A	-1.03%
NVO	D	-1.02%
HEI	A	-1.01%
WAB	A	-0.99%