FHEQ vs. NACP ETF Comparison

Comparison of Fidelity Hedged Equity ETF (FHEQ) to Impact Shares NAACP Minority Empowerment ETF (NACP)

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

$27.87

Average Daily Volume

24,517

Number of Holdings ^*

168

* may have additional holdings in another (foreign) market

NACP

Impact Shares NAACP Minority Empowerment ETF

NACP Description

The investment seeks investment results that, before fees and expenses, track the performance of the Morningstar Minority Empowerment Index (the underlying index). The fund will, under normal circumstances, invest at least 80% of its total assets, plus borrowings for investment purposes (the "80% basket") in component securities of the underlying index ("Component Securities"). The underlying index is designed to measure the performance of large and mid- capitalization companies that are "empowering to minorities," and to exhibit risk and return characteristics similar to those of the Morningstar US Large-Mid Cap ® Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$42.72

Average Daily Volume

3,518

Number of Holdings ^*

197

* may have additional holdings in another (foreign) market

Performance

Period	FHEQ	NACP
30 Days	2.51%	2.08%
60 Days	3.80%	4.48%
90 Days	4.54%	6.57%
12 Months		32.92%

68 Overlapping Holdings

Symbol	Grade	Weight in FHEQ	Weight in NACP	Overlap
AAPL	C	7.31%	5.03%	5.03%
ABBV	D	1.0%	1.22%	1.0%
ADP	B	0.16%	0.4%	0.16%
AME	A	0.22%	0.13%	0.13%
AMZN	C	3.64%	4.47%	3.64%
AXP	A	0.43%	0.56%	0.43%
BAC	A	1.17%	0.99%	0.99%
BAH	F	0.09%	0.07%	0.07%
BDX	F	0.59%	0.23%	0.23%
BIIB	F	0.21%	0.1%	0.1%
BK	A	0.36%	0.17%	0.17%
BMY	B	0.68%	0.35%	0.35%
C	A	0.54%	0.45%	0.45%
CI	F	0.63%	0.37%	0.37%
CLX	B	0.2%	0.07%	0.07%
CSX	B	0.43%	0.24%	0.24%
CVS	D	0.22%	0.27%	0.22%
CVX	A	0.02%	1.04%	0.02%
DOC	D	0.08%	0.06%	0.06%
DVN	F	0.53%	0.1%	0.1%
ECL	D	0.62%	0.21%	0.21%
ETN	A	0.15%	0.44%	0.15%
F	C	0.15%	0.15%	0.15%
GE	D	0.45%	0.69%	0.45%
GILD	C	0.73%	0.35%	0.35%
GOOG	C	1.74%	2.16%	1.74%
GOOGL	C	2.02%	2.41%	2.02%
HLT	A	0.18%	0.17%	0.17%
HWM	A	0.27%	0.14%	0.14%
JNJ	D	0.61%	1.44%	0.61%
JPM	A	1.82%	2.39%	1.82%
KR	B	0.11%	0.13%	0.11%
LHX	C	0.23%	0.16%	0.16%
MA	C	1.34%	1.4%	1.34%
MDLZ	F	0.07%	0.36%	0.07%
META	D	2.87%	3.63%	2.87%
MMM	D	0.22%	0.26%	0.22%
MRK	F	0.69%	1.03%	0.69%
MS	A	0.16%	0.47%	0.16%
MSFT	F	5.64%	4.63%	4.63%
MU	D	0.47%	1.75%	0.47%
NEE	D	0.73%	0.66%	0.66%
NOC	D	0.56%	0.29%	0.29%
NSC	B	0.26%	0.2%	0.2%
NVDA	C	7.27%	4.9%	4.9%
PFE	D	0.56%	0.62%	0.56%
PPG	F	0.34%	0.1%	0.1%
PYPL	B	0.54%	0.27%	0.27%
QCOM	F	0.84%	3.18%	0.84%
SCCO	F	0.04%	0.03%	0.03%
SCHW	B	0.56%	0.33%	0.33%
SPGI	C	0.28%	0.55%	0.28%
T	A	0.67%	0.45%	0.45%
TMO	F	0.26%	0.83%	0.26%
TROW	B	0.23%	0.09%	0.09%
TRV	B	0.49%	0.18%	0.18%
TSLA	B	1.26%	2.22%	1.26%
TT	A	0.69%	0.29%	0.29%
TXT	D	0.51%	0.06%	0.06%
UBER	D	0.14%	2.29%	0.14%
UNH	C	0.57%	1.95%	0.57%
UNP	C	0.73%	0.56%	0.56%
V	A	0.47%	1.53%	0.47%
VST	B	0.11%	0.11%	0.11%
VZ	C	0.18%	2.26%	0.18%
WMT	A	0.8%	0.73%	0.73%
XEL	A	0.21%	0.12%	0.12%
XOM	B	1.54%	2.0%	1.54%

FHEQ Overweight 100 Positions Relative to NACP

Symbol	Grade	Weight
BRK.A	B	2.19%
AVGO	D	1.49%
HD	A	1.32%
NFLX	A	1.26%
CRM	B	1.09%
ADBE	C	0.93%
PM	B	0.92%
PG	A	0.87%
CMCSA	B	0.83%
CSCO	B	0.79%
LLY	F	0.76%
TJX	A	0.73%
AMAT	F	0.7%
LMT	D	0.69%
CTAS	B	0.66%
PGR	A	0.63%
SQ	B	0.59%
CL	D	0.58%
DIS	B	0.57%
SEIC	B	0.54%
KLAC	D	0.54%
ZM	B	0.52%
CVNA	B	0.52%
MMC	B	0.52%
DBX	B	0.51%
MSCI	C	0.49%
CMG	B	0.49%
CAT	B	0.48%
ZBRA	B	0.47%
IGT	F	0.45%
COST	B	0.45%
ALLE	D	0.44%
RTX	C	0.44%
EOG	A	0.43%
EXEL	B	0.43%
PCAR	B	0.42%
CAH	B	0.4%
ALRM	C	0.4%
WM	A	0.38%
CME	A	0.37%
TDC	D	0.35%
NOW	A	0.34%
ANF	C	0.33%
LDOS	C	0.32%
NUE	C	0.32%
MEDP	D	0.31%
GRMN	B	0.31%
CACI	D	0.3%
TMUS	B	0.29%
SKYW	B	0.29%
INCY	C	0.27%
MSI	B	0.26%
IDXX	F	0.26%
FTNT	C	0.24%
AMT	D	0.24%
AMGN	D	0.24%
BLK	C	0.23%
LRCX	F	0.23%
MGM	D	0.22%
RSG	A	0.2%
GL	B	0.2%
PSA	D	0.19%
GAP	C	0.18%
DOCU	A	0.18%
GEHC	F	0.17%
LNW	D	0.17%
FTI	A	0.17%
WDAY	B	0.16%
SPG	B	0.16%
PEGA	A	0.16%
TPH	D	0.15%
WFC	A	0.15%
GEN	B	0.13%
DASH	A	0.12%
VEEV	C	0.12%
CINF	A	0.12%
SOLV	C	0.12%
NBIX	C	0.11%
BBWI	D	0.11%
QRVO	F	0.11%
ROST	C	0.1%
PLTK	B	0.1%
MKL	A	0.09%
ANET	C	0.08%
ALL	A	0.07%
BCC	B	0.07%
L	A	0.07%
TENB	C	0.06%
CRUS	D	0.06%
LYFT	C	0.06%
BLD	D	0.05%
UTHR	C	0.05%
ORCL	B	0.04%
QGEN	D	0.04%
LPLA	A	0.03%
MHO	D	0.02%
TWLO	A	0.02%
UNM	A	0.01%
NWL	B	0.01%
OGE	B	0.01%

FHEQ Underweight 129 Positions Relative to NACP

Symbol	Grade	Weight
ACN	C	-3.58%
IBM	C	-3.08%
PANW	C	-1.81%
INTC	D	-1.52%
KO	D	-0.99%
PEP	F	-0.92%
ABT	B	-0.69%
DHR	F	-0.64%
HPQ	B	-0.62%
DELL	C	-0.54%
LOW	D	-0.51%
COP	C	-0.49%
ELV	F	-0.47%
HON	B	-0.46%
EA	A	-0.45%
MDT	D	-0.42%
PLD	D	-0.42%
BSX	B	-0.41%
BA	F	-0.38%
MELI	D	-0.38%
DE	A	-0.36%
NKE	D	-0.36%
UPS	C	-0.35%
SO	D	-0.35%
DUK	C	-0.32%
EQIX	A	-0.29%
PNC	B	-0.27%
ITW	B	-0.27%
MCO	B	-0.26%
FDX	B	-0.25%
FCX	D	-0.25%
AON	A	-0.24%
MPC	D	-0.23%
PSX	C	-0.22%
TFC	A	-0.22%
NEM	D	-0.22%
EMR	A	-0.22%
WMB	A	-0.19%
AEP	D	-0.19%
MAR	B	-0.19%
OKE	A	-0.18%
SRE	A	-0.18%
CCI	D	-0.18%
D	C	-0.18%
GM	B	-0.18%
URI	B	-0.18%
MET	A	-0.17%
VLO	C	-0.17%
JCI	C	-0.17%
LNG	B	-0.16%
IPG	D	-0.16%
KMI	A	-0.15%
HES	B	-0.15%
EXC	C	-0.15%
CMI	A	-0.15%
EW	C	-0.15%
DD	D	-0.14%
PEG	A	-0.14%
A	D	-0.14%
OTIS	C	-0.13%
VRSK	A	-0.13%
VMC	B	-0.12%
IR	B	-0.12%
MLM	B	-0.12%
ED	D	-0.12%
KHC	F	-0.12%
RCL	A	-0.12%
AVB	B	-0.11%
ROK	B	-0.11%
EBAY	D	-0.11%
EIX	B	-0.11%
ADM	D	-0.11%
RMD	C	-0.11%
XYL	D	-0.11%
HSY	F	-0.1%
WEC	A	-0.1%
PCG	A	-0.09%
IFF	D	-0.09%
DAL	C	-0.09%
SYF	B	-0.08%
APTV	D	-0.08%
SBAC	D	-0.08%
PPL	B	-0.08%
FE	C	-0.08%
ETR	B	-0.08%
NDAQ	A	-0.08%
DTE	C	-0.08%
ES	D	-0.08%
NRG	B	-0.07%
LII	A	-0.07%
EXPD	D	-0.07%
CMS	C	-0.07%
TSN	B	-0.07%
BAX	D	-0.07%
LH	C	-0.07%
K	A	-0.07%
ILMN	D	-0.07%
HBAN	A	-0.07%
RF	A	-0.07%
SWK	D	-0.06%
LUV	C	-0.06%
DGX	A	-0.06%
HUBB	B	-0.06%
SJM	D	-0.05%
AMH	D	-0.05%
NI	A	-0.05%
OC	A	-0.05%
ACM	A	-0.05%
NDSN	B	-0.05%
UAL	A	-0.05%
LNT	A	-0.05%
AES	F	-0.05%
JBHT	C	-0.05%
BG	F	-0.05%
CF	B	-0.05%
CPB	D	-0.04%
REG	B	-0.04%
LECO	B	-0.04%
TFX	F	-0.04%
ALB	C	-0.04%
EMN	D	-0.04%
USFD	A	-0.04%
WBA	F	-0.03%
BWA	D	-0.03%
PFG	D	-0.03%
MOS	F	-0.03%
HRL	D	-0.03%
CNH	C	-0.03%
TAP	C	-0.03%