FHEQ vs. INRO ETF Comparison

Comparison of Fidelity Hedged Equity ETF (FHEQ) to BlackRock U.S. Industry Rotation ETF (INRO)

FHEQ

Fidelity Hedged Equity ETF

FHEQ Description

FHEQ is actively managed, investing in equity securities with market caps similar to the S&P 500 and Russell 1000. The fund utilizes quantitative analysis and options for downside protection.

Grade (RS Rating)

Last Trade

$28.04

Average Daily Volume

25,044

Number of Holdings ^*

168

* may have additional holdings in another (foreign) market

INRO

BlackRock U.S. Industry Rotation ETF

INRO Description

INRO is targeted US equity exposure, actively managed by shifting the selection and weighting of the portfolio towards industries among the broad domestic market. Portfolio allocation is based on five potential sources of return: information regarding the current economic cycle, valuation, quality metrics, analyst expectation data and recent individual industry trends. The strategy aims to capture the potential alpha from the dispersion between industry allocations and the broad market. During temporary defensive periods, the fund may depart from this principal investment strategy to invest 100% of the portfolio in liquid, short-term securities. The fund may engage in active and frequent trading. Derivatives may also be used to seek returns or hedge exposure. Up to one-third of the value of the funds assets may be lending.

Grade (RS Rating)

Last Trade

$28.69

Average Daily Volume

3,168

Number of Holdings ^*

429

* may have additional holdings in another (foreign) market

Performance

Period	FHEQ	INRO
30 Days	2.91%	5.01%
60 Days	4.05%	6.65%
90 Days	5.96%	9.53%
12 Months

112 Overlapping Holdings

Symbol	Grade	Weight in FHEQ	Weight in INRO	Overlap
AAPL	A	7.31%	5.76%	5.76%
ABBV	D	1.0%	0.39%	0.39%
ADBE	C	0.93%	0.32%	0.32%
ADP	A	0.16%	0.29%	0.16%
ALL	A	0.07%	0.08%	0.07%
ALLE	D	0.44%	0.08%	0.08%
AMAT	F	0.7%	0.3%	0.3%
AME	A	0.22%	0.15%	0.15%
AMGN	F	0.24%	0.2%	0.2%
AMT	D	0.24%	0.11%	0.11%
AMZN	B	3.64%	1.47%	1.47%
AVGO	D	1.49%	1.54%	1.49%
AXP	A	0.43%	1.14%	0.43%
BAC	A	1.17%	0.81%	0.81%
BAH	F	0.09%	0.04%	0.04%
BBWI	C	0.11%	0.02%	0.02%
BIIB	F	0.21%	0.03%	0.03%
BK	A	0.36%	0.11%	0.11%
BMY	B	0.68%	0.11%	0.11%
BRK.A	B	2.19%	0.06%	0.06%
C	B	0.54%	0.34%	0.34%
CAT	B	0.48%	0.35%	0.35%
CINF	A	0.12%	0.04%	0.04%
CME	A	0.37%	0.3%	0.3%
COST	A	0.45%	0.47%	0.45%
CRM	B	1.09%	0.45%	0.45%
CSX	B	0.43%	0.25%	0.25%
CTAS	A	0.66%	0.34%	0.34%
CVX	A	0.02%	0.5%	0.02%
DOC	C	0.08%	0.03%	0.03%
DOCU	B	0.18%	0.02%	0.02%
DVN	F	0.53%	0.04%	0.04%
ECL	D	0.62%	0.0%	0.0%
EOG	C	0.43%	0.15%	0.15%
ETN	A	0.15%	0.48%	0.15%
F	C	0.15%	0.06%	0.06%
FTNT	B	0.24%	0.08%	0.08%
GE	C	0.45%	0.08%	0.08%
GEN	A	0.13%	0.02%	0.02%
GILD	B	0.73%	0.14%	0.14%
GOOG	C	1.74%	2.72%	1.74%
GOOGL	C	2.02%	3.13%	2.02%
GRMN	B	0.31%	0.22%	0.22%
HD	B	1.32%	1.17%	1.17%
HWM	B	0.27%	0.02%	0.02%
INCY	B	0.27%	0.02%	0.02%
JNJ	D	0.61%	0.37%	0.37%
JPM	B	1.82%	1.74%	1.74%
KLAC	D	0.54%	0.17%	0.17%
KR	A	0.11%	0.05%	0.05%
L	A	0.07%	0.03%	0.03%
LDOS	D	0.32%	0.05%	0.05%
LHX	C	0.23%	0.02%	0.02%
LLY	D	0.76%	0.57%	0.57%
LMT	D	0.69%	0.05%	0.05%
LPLA	A	0.03%	0.08%	0.03%
LRCX	D	0.23%	0.19%	0.19%
MA	A	1.34%	0.04%	0.04%
META	D	2.87%	3.68%	2.87%
MKL	A	0.09%	0.04%	0.04%
MMC	A	0.52%	0.16%	0.16%
MMM	C	0.22%	0.76%	0.22%
MRK	D	0.69%	0.24%	0.24%
MS	C	0.16%	0.55%	0.16%
MSCI	B	0.49%	0.16%	0.16%
MSFT	C	5.64%	4.24%	4.24%
MU	D	0.47%	0.23%	0.23%
NBIX	C	0.11%	0.02%	0.02%
NEE	D	0.73%	0.97%	0.73%
NOC	D	0.56%	0.03%	0.03%
NOW	A	0.34%	0.3%	0.3%
NSC	A	0.26%	0.22%	0.22%
NUE	D	0.32%	0.01%	0.01%
NVDA	C	7.27%	7.62%	7.27%
ORCL	B	0.04%	0.45%	0.04%
PCAR	B	0.42%	0.11%	0.11%
PFE	D	0.56%	0.14%	0.14%
PGR	A	0.63%	0.23%	0.23%
PM	A	0.92%	0.87%	0.87%
PSA	C	0.19%	0.07%	0.07%
PYPL	B	0.54%	0.01%	0.01%
QCOM	F	0.84%	0.39%	0.39%
QRVO	F	0.11%	0.01%	0.01%
ROST	C	0.1%	0.14%	0.1%
RSG	A	0.2%	0.2%	0.2%
RTX	D	0.44%	0.06%	0.06%
SCHW	A	0.56%	0.41%	0.41%
SEIC	A	0.54%	0.02%	0.02%
SPGI	B	0.28%	0.55%	0.28%
TJX	A	0.73%	0.39%	0.39%
TMO	F	0.26%	0.24%	0.24%
TMUS	A	0.29%	4.56%	0.29%
TROW	A	0.23%	0.05%	0.05%
TRV	B	0.49%	0.09%	0.09%
TSLA	B	1.26%	1.32%	1.26%
TT	A	0.69%	0.65%	0.65%
TWLO	B	0.02%	0.01%	0.01%
TXT	D	0.51%	0.01%	0.01%
UBER	D	0.14%	0.49%	0.14%
UNH	B	0.57%	0.01%	0.01%
UNP	C	0.73%	0.54%	0.54%
UTHR	B	0.05%	0.02%	0.02%
V	A	0.47%	0.04%	0.04%
VST	B	0.11%	0.19%	0.11%
WDAY	C	0.16%	0.08%	0.08%
WFC	A	0.15%	0.64%	0.15%
WM	A	0.38%	0.37%	0.37%
WMT	A	0.8%	0.45%	0.45%
XEL	A	0.21%	0.24%	0.21%
XOM	C	1.54%	0.95%	0.95%
ZBRA	A	0.47%	0.04%	0.04%
ZM	B	0.52%	0.03%	0.03%

FHEQ Overweight 56 Positions Relative to INRO

Symbol	Grade	Weight
NFLX	B	1.26%
PG	A	0.87%
CMCSA	C	0.83%
CSCO	A	0.79%
T	A	0.67%
CI	D	0.63%
SQ	C	0.59%
BDX	F	0.59%
CL	D	0.58%
DIS	B	0.57%
CVNA	B	0.52%
DBX	C	0.51%
CMG	B	0.49%
IGT	F	0.45%
EXEL	A	0.43%
CAH	B	0.4%
ALRM	C	0.4%
TDC	D	0.35%
PPG	D	0.34%
ANF	C	0.33%
MEDP	D	0.31%
CACI	D	0.3%
SKYW	A	0.29%
MSI	B	0.26%
IDXX	F	0.26%
BLK	C	0.23%
MGM	F	0.22%
CVS	D	0.22%
GL	C	0.2%
CLX	C	0.2%
GAP	C	0.18%
HLT	A	0.18%
VZ	B	0.18%
GEHC	F	0.17%
LNW	D	0.17%
FTI	A	0.17%
SPG	A	0.16%
PEGA	A	0.16%
TPH	C	0.15%
DASH	A	0.12%
VEEV	B	0.12%
SOLV	C	0.12%
PLTK	B	0.1%
ANET	C	0.08%
BCC	B	0.07%
MDLZ	F	0.07%
TENB	C	0.06%
CRUS	D	0.06%
LYFT	C	0.06%
BLD	D	0.05%
QGEN	D	0.04%
SCCO	F	0.04%
MHO	C	0.02%
UNM	A	0.01%
NWL	B	0.01%
OGE	A	0.01%

FHEQ Underweight 317 Positions Relative to INRO

Symbol	Grade	Weight
HON	B	-1.6%
BXP	C	-1.35%
CBRE	A	-0.87%
GS	A	-0.64%
CSGP	C	-0.63%
SO	C	-0.6%
VMC	B	-0.59%
MLM	B	-0.57%
DUK	C	-0.54%
COF	B	-0.48%
URI	B	-0.47%
AMD	F	-0.47%
BX	B	-0.45%
CEG	C	-0.45%
GWW	A	-0.44%
LOW	C	-0.43%
CARR	D	-0.42%
MO	A	-0.41%
FAST	A	-0.4%
TXN	D	-0.39%
JCI	C	-0.39%
PWR	A	-0.37%
ICE	D	-0.33%
DHI	D	-0.33%
AEP	C	-0.32%
KKR	A	-0.31%
GEV	B	-0.31%
DFS	B	-0.29%
LEN	D	-0.28%
MCO	A	-0.28%
INTU	C	-0.26%
PCG	A	-0.26%
EXC	C	-0.25%
Z	B	-0.25%
EMR	A	-0.24%
COP	D	-0.24%
INTC	D	-0.22%
ADI	D	-0.22%
WCN	A	-0.21%
ORLY	A	-0.21%
PNC	A	-0.21%
CPRT	A	-0.21%
EIX	A	-0.21%
NVR	D	-0.21%
DE	B	-0.2%
USB	A	-0.2%
COIN	C	-0.2%
ETR	A	-0.2%
EME	B	-0.19%
APH	B	-0.19%
AMP	A	-0.19%
DHR	D	-0.19%
SYF	A	-0.18%
PANW	B	-0.18%
WELL	A	-0.18%
PLTR	B	-0.18%
PHM	D	-0.18%
TFC	B	-0.17%
CB	C	-0.17%
PH	A	-0.17%
ODFL	B	-0.16%
WSO	B	-0.16%
VRT	B	-0.16%
MRVL	B	-0.16%
FE	D	-0.15%
AZO	B	-0.15%
VRTX	D	-0.15%
BLDR	D	-0.15%
ITW	A	-0.15%
NDAQ	A	-0.14%
ES	D	-0.14%
LII	B	-0.14%
CSL	B	-0.14%
WMB	B	-0.13%
RJF	A	-0.13%
SW	B	-0.13%
FCX	F	-0.12%
MAS	D	-0.12%
OC	B	-0.12%
SNPS	B	-0.12%
CDNS	B	-0.12%
CRWD	B	-0.12%
NXPI	D	-0.12%
OKE	B	-0.12%
ARES	A	-0.12%
NRG	B	-0.12%
EVRG	A	-0.11%
REGN	F	-0.11%
PAYX	B	-0.11%
LNT	A	-0.11%
VLTO	D	-0.11%
AON	A	-0.11%
NEM	F	-0.11%
ACM	A	-0.11%
APP	B	-0.1%
AJG	A	-0.1%
CMI	A	-0.1%
PKG	A	-0.1%
KMI	B	-0.1%
PSX	C	-0.1%
MPC	D	-0.1%
ROK	B	-0.1%
EQIX	A	-0.1%
MSTR	C	-0.1%
NTRS	A	-0.1%
GLW	B	-0.09%
GM	C	-0.09%
TSCO	D	-0.09%
IP	B	-0.09%
AIG	B	-0.09%
LNG	A	-0.09%
MTB	B	-0.09%
AFL	A	-0.09%
ROP	B	-0.09%
VRSK	A	-0.09%
SLB	C	-0.09%
ADSK	B	-0.09%
MCHP	D	-0.08%
BR	A	-0.08%
TRGP	B	-0.08%
EFX	D	-0.08%
ZTS	F	-0.08%
OTIS	C	-0.08%
HUBB	B	-0.08%
MET	A	-0.08%
IR	A	-0.08%
FDS	B	-0.08%
TGT	F	-0.08%
FITB	B	-0.08%
FICO	A	-0.08%
VLO	C	-0.08%
BALL	D	-0.08%
BKR	C	-0.07%
DELL	C	-0.07%
HBAN	B	-0.07%
WAB	A	-0.07%
RF	B	-0.07%
MELI	C	-0.07%
PRU	A	-0.07%
AMCR	D	-0.07%
HES	B	-0.07%
DLR	A	-0.07%
AVY	D	-0.07%
ACN	B	-0.07%
CCI	D	-0.06%
CFG	B	-0.06%
JBHT	B	-0.06%
DDOG	B	-0.06%
XYL	D	-0.06%
VTR	C	-0.06%
KEYS	B	-0.06%
ON	D	-0.06%
HOOD	B	-0.06%
MPWR	F	-0.06%
AOS	F	-0.06%
OXY	F	-0.06%
TEAM	B	-0.06%
FANG	F	-0.06%
ROL	A	-0.06%
HPQ	B	-0.06%
FBIN	D	-0.06%
TW	A	-0.06%
IBM	C	-0.06%
IQV	D	-0.05%
WTW	A	-0.05%
A	D	-0.05%
PPL	A	-0.05%
ANSS	B	-0.05%
HUBS	B	-0.05%
ULTA	F	-0.05%
ATO	A	-0.05%
HPE	B	-0.05%
CG	B	-0.05%
CCK	D	-0.05%
FTV	B	-0.05%
BURL	B	-0.05%
TPL	B	-0.05%
CDW	F	-0.05%
WSM	B	-0.05%
FCNCA	B	-0.05%
BBY	D	-0.05%
PINS	D	-0.05%
HIG	A	-0.05%
KEY	B	-0.05%
DOV	A	-0.05%
VICI	C	-0.05%
ACGL	D	-0.05%
STT	A	-0.05%
PNR	A	-0.04%
SNA	A	-0.04%
PTC	A	-0.04%
ARE	D	-0.04%
WDC	C	-0.04%
TRMB	B	-0.04%
UPS	C	-0.04%
ALNY	D	-0.04%
BRO	A	-0.04%
TYL	A	-0.04%
J	D	-0.04%
MKTX	D	-0.04%
HAL	C	-0.04%
FSLR	F	-0.04%
CBOE	B	-0.04%
EQT	B	-0.04%
PFG	C	-0.04%
SYY	C	-0.04%
IRM	C	-0.04%
BA	F	-0.04%
EXR	C	-0.04%
NTAP	B	-0.04%
TDY	B	-0.04%
TRU	D	-0.04%
SMCI	F	-0.03%
SWK	D	-0.03%
MANH	C	-0.03%
MRO	B	-0.03%
DT	C	-0.03%
EG	C	-0.03%
WAT	A	-0.03%
PSTG	D	-0.03%
ZS	C	-0.03%
PAYC	A	-0.03%
SWKS	D	-0.03%
DAY	B	-0.03%
ILMN	C	-0.03%
NDSN	B	-0.03%
GD	F	-0.03%
CTRA	B	-0.03%
SBAC	D	-0.03%
WST	C	-0.03%
WRB	A	-0.03%
TDG	D	-0.03%
WY	D	-0.03%
GGG	B	-0.03%
ENTG	D	-0.03%
LIN	D	-0.03%
SNAP	C	-0.03%
JBL	C	-0.03%
DAL	B	-0.03%
TER	D	-0.03%
IEX	B	-0.03%
AES	F	-0.03%
SSNC	A	-0.03%
BEN	C	-0.03%
STX	D	-0.03%
DKS	C	-0.03%
MTD	D	-0.03%
KMX	B	-0.03%
KNX	B	-0.03%
IT	C	-0.02%
BMRN	D	-0.02%
LUV	C	-0.02%
MRNA	F	-0.02%
TTC	D	-0.02%
DINO	F	-0.02%
DG	F	-0.02%
ERIE	D	-0.02%
ENPH	F	-0.02%
AXON	A	-0.02%
AVTR	D	-0.02%
AIZ	A	-0.02%
ALLY	B	-0.02%
AFG	A	-0.02%
RVTY	D	-0.02%
UHAL	D	-0.02%
IOT	B	-0.02%
CNH	B	-0.02%
MTCH	D	-0.02%
OVV	C	-0.02%
FDX	B	-0.02%
GLPI	B	-0.02%
EBAY	C	-0.02%
CPT	A	-0.01%
CTVA	A	-0.01%
FIS	D	-0.01%
APD	A	-0.01%
SUI	D	-0.01%
DOW	F	-0.01%
ACI	C	-0.01%
SHW	A	-0.01%
STLD	B	-0.01%
MDB	C	-0.01%
ESS	B	-0.01%
RS	B	-0.01%
VRSN	C	-0.01%
MAA	B	-0.01%
HEI	B	-0.01%
INVH	D	-0.01%
RPRX	D	-0.01%
EPAM	C	-0.01%
VTRS	B	-0.01%
BIO	D	-0.01%
NET	B	-0.01%
APO	A	-0.01%
CTLT	B	-0.01%
DD	D	-0.01%
APA	F	-0.01%
RIVN	D	-0.01%
EQR	A	-0.01%
DLTR	D	-0.01%
EXAS	D	-0.01%
SNOW	C	-0.01%
CRL	D	-0.01%
AVB	A	-0.01%
FI	A	-0.01%
TECH	C	-0.01%
CHRD	F	-0.01%
GDDY	A	-0.01%
BSY	D	-0.01%
CTSH	A	-0.01%
LYB	F	-0.0%
HII	D	-0.0%
CHRW	C	-0.0%
FNF	B	-0.0%
HEI	B	-0.0%
WBA	F	-0.0%
EXPD	D	-0.0%