FHEQ vs. PHEQ ETF Comparison

Comparison of Fidelity Hedged Equity ETF (FHEQ) to Parametric Hedged Equity ETF (PHEQ)

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

PHEQ

Parametric Hedged Equity ETF

PHEQ Description

The fund seeks to provide capital appreciation by investing its net assets in equity securities of certain U.S. large capitalization companies that are constituents of the Solactive GBS US 500 at the time of purchase.

Grade (RS Rating)

Last Trade

$29.49

Average Daily Volume

19,326

Number of Holdings ^*

203

* may have additional holdings in another (foreign) market

Performance

Period	FHEQ	PHEQ
30 Days	2.51%	1.99%
60 Days	3.80%	3.02%
90 Days	4.54%	3.86%
12 Months		16.61%

72 Overlapping Holdings

Symbol	Grade	Weight in FHEQ	Weight in PHEQ	Overlap
AAPL	C	7.31%	6.85%	6.85%
ABBV	D	1.0%	0.85%	0.85%
ADBE	C	0.93%	0.48%	0.48%
AME	A	0.22%	0.28%	0.22%
AMGN	D	0.24%	0.45%	0.24%
AMZN	C	3.64%	4.1%	3.64%
AVGO	D	1.49%	1.71%	1.49%
AXP	A	0.43%	0.57%	0.43%
BAC	A	1.17%	0.98%	0.98%
BAH	F	0.09%	0.12%	0.09%
BMY	B	0.68%	0.48%	0.48%
BRK.A	B	2.19%	1.42%	1.42%
CAT	B	0.48%	0.55%	0.48%
COST	B	0.45%	1.07%	0.45%
CRM	B	1.09%	0.63%	0.63%
CSCO	B	0.79%	0.79%	0.79%
CTAS	B	0.66%	0.42%	0.42%
CVX	A	0.02%	0.84%	0.02%
DASH	A	0.12%	0.13%	0.12%
DIS	B	0.57%	0.57%	0.57%
DOC	D	0.08%	0.29%	0.08%
DVN	F	0.53%	0.17%	0.17%
GOOG	C	1.74%	1.9%	1.74%
GOOGL	C	2.02%	2.28%	2.02%
HD	A	1.32%	1.15%	1.15%
HWM	A	0.27%	0.36%	0.27%
JNJ	D	0.61%	1.04%	0.61%
JPM	A	1.82%	1.73%	1.73%
KLAC	D	0.54%	0.34%	0.34%
L	A	0.07%	0.24%	0.07%
LLY	F	0.76%	1.39%	0.76%
LMT	D	0.69%	0.58%	0.58%
LPLA	A	0.03%	0.05%	0.03%
LRCX	F	0.23%	0.29%	0.23%
MA	C	1.34%	1.14%	1.14%
META	D	2.87%	2.66%	2.66%
MGM	D	0.22%	0.13%	0.13%
MKL	A	0.09%	0.23%	0.09%
MMM	D	0.22%	0.44%	0.22%
MRK	F	0.69%	0.69%	0.69%
MS	A	0.16%	0.39%	0.16%
MSFT	F	5.64%	6.55%	5.64%
MU	D	0.47%	0.31%	0.31%
NFLX	A	1.26%	0.8%	0.8%
NOW	A	0.34%	0.61%	0.34%
NVDA	C	7.27%	7.12%	7.12%
ORCL	B	0.04%	0.73%	0.04%
PG	A	0.87%	1.09%	0.87%
PPG	F	0.34%	0.18%	0.18%
PYPL	B	0.54%	0.28%	0.28%
QCOM	F	0.84%	0.33%	0.33%
ROST	C	0.1%	0.32%	0.1%
RSG	A	0.2%	0.34%	0.2%
SCCO	F	0.04%	0.07%	0.04%
SCHW	B	0.56%	0.35%	0.35%
SQ	B	0.59%	0.12%	0.12%
T	A	0.67%	0.68%	0.67%
TMO	F	0.26%	0.59%	0.26%
TMUS	B	0.29%	0.51%	0.29%
TRV	B	0.49%	0.39%	0.39%
TSLA	B	1.26%	1.91%	1.26%
UBER	D	0.14%	0.29%	0.14%
UNH	C	0.57%	1.37%	0.57%
UNP	C	0.73%	0.52%	0.52%
V	A	0.47%	1.28%	0.47%
VEEV	C	0.12%	0.1%	0.1%
WDAY	B	0.16%	0.13%	0.13%
WFC	A	0.15%	0.67%	0.15%
WM	A	0.38%	0.44%	0.38%
WMT	A	0.8%	0.96%	0.8%
XOM	B	1.54%	1.4%	1.4%
ZM	B	0.52%	0.18%	0.18%

FHEQ Overweight 96 Positions Relative to PHEQ

Symbol	Grade	Weight
PM	B	0.92%
CMCSA	B	0.83%
NEE	D	0.73%
TJX	A	0.73%
GILD	C	0.73%
AMAT	F	0.7%
TT	A	0.69%
CI	F	0.63%
PGR	A	0.63%
ECL	D	0.62%
BDX	F	0.59%
CL	D	0.58%
NOC	D	0.56%
PFE	D	0.56%
SEIC	B	0.54%
C	A	0.54%
CVNA	B	0.52%
MMC	B	0.52%
TXT	D	0.51%
DBX	B	0.51%
MSCI	C	0.49%
CMG	B	0.49%
ZBRA	B	0.47%
GE	D	0.45%
IGT	F	0.45%
ALLE	D	0.44%
RTX	C	0.44%
EOG	A	0.43%
CSX	B	0.43%
EXEL	B	0.43%
PCAR	B	0.42%
CAH	B	0.4%
ALRM	C	0.4%
CME	A	0.37%
BK	A	0.36%
TDC	D	0.35%
ANF	C	0.33%
LDOS	C	0.32%
NUE	C	0.32%
MEDP	D	0.31%
GRMN	B	0.31%
CACI	D	0.3%
SKYW	B	0.29%
SPGI	C	0.28%
INCY	C	0.27%
MSI	B	0.26%
IDXX	F	0.26%
NSC	B	0.26%
FTNT	C	0.24%
AMT	D	0.24%
BLK	C	0.23%
TROW	B	0.23%
LHX	C	0.23%
CVS	D	0.22%
BIIB	F	0.21%
XEL	A	0.21%
GL	B	0.2%
CLX	B	0.2%
PSA	D	0.19%
GAP	C	0.18%
DOCU	A	0.18%
HLT	A	0.18%
VZ	C	0.18%
GEHC	F	0.17%
LNW	D	0.17%
FTI	A	0.17%
ADP	B	0.16%
SPG	B	0.16%
PEGA	A	0.16%
F	C	0.15%
TPH	D	0.15%
ETN	A	0.15%
GEN	B	0.13%
CINF	A	0.12%
SOLV	C	0.12%
NBIX	C	0.11%
BBWI	D	0.11%
QRVO	F	0.11%
VST	B	0.11%
KR	B	0.11%
PLTK	B	0.1%
ANET	C	0.08%
ALL	A	0.07%
BCC	B	0.07%
MDLZ	F	0.07%
TENB	C	0.06%
CRUS	D	0.06%
LYFT	C	0.06%
BLD	D	0.05%
UTHR	C	0.05%
QGEN	D	0.04%
MHO	D	0.02%
TWLO	A	0.02%
UNM	A	0.01%
NWL	B	0.01%
OGE	B	0.01%

FHEQ Underweight 131 Positions Relative to PHEQ

Symbol	Grade	Weight
KO	D	-0.77%
PEP	F	-0.72%
LIN	D	-0.67%
ABT	B	-0.6%
TXN	C	-0.59%
ISRG	A	-0.58%
LOW	D	-0.57%
IBM	C	-0.56%
AMD	F	-0.51%
MDT	D	-0.51%
TRGP	B	-0.46%
KKR	A	-0.46%
DE	A	-0.44%
ETR	B	-0.4%
DAL	C	-0.39%
BKNG	A	-0.39%
PRU	A	-0.37%
PLTR	B	-0.36%
VRTX	F	-0.36%
AVB	B	-0.35%
PPL	B	-0.34%
K	A	-0.34%
LNT	A	-0.33%
DOV	A	-0.33%
YUM	B	-0.33%
KMB	D	-0.33%
OTIS	C	-0.33%
HIG	B	-0.33%
EQR	B	-0.32%
EXR	D	-0.32%
BA	F	-0.32%
LH	C	-0.31%
CMS	C	-0.31%
BRO	B	-0.31%
HBAN	A	-0.31%
DTE	C	-0.31%
PANW	C	-0.3%
DRI	B	-0.3%
AEE	A	-0.3%
COR	B	-0.3%
PHM	D	-0.3%
APO	B	-0.3%
CNP	B	-0.28%
SYF	B	-0.27%
MAA	B	-0.27%
CFG	B	-0.26%
MRVL	B	-0.25%
MELI	D	-0.25%
LII	A	-0.25%
ARES	A	-0.25%
GLW	B	-0.25%
MRO	B	-0.24%
FE	C	-0.24%
NDAQ	A	-0.24%
URI	B	-0.24%
JBHT	C	-0.24%
RMD	C	-0.24%
FANG	D	-0.24%
NEM	D	-0.23%
ULTA	F	-0.23%
EXPD	D	-0.23%
LNG	B	-0.22%
LYB	F	-0.22%
HEI	B	-0.22%
WRB	A	-0.21%
SSNC	B	-0.21%
REGN	F	-0.21%
ARE	D	-0.21%
AMCR	D	-0.21%
LULU	C	-0.21%
PFG	D	-0.2%
MSTR	C	-0.2%
ESS	B	-0.19%
SPOT	B	-0.19%
TTD	B	-0.18%
WBD	C	-0.18%
CPB	D	-0.18%
CSL	C	-0.18%
CRWD	B	-0.17%
CAG	D	-0.17%
IFF	D	-0.16%
AKAM	D	-0.16%
HAL	C	-0.16%
ABNB	C	-0.15%
MOH	F	-0.14%
APTV	D	-0.14%
NDSN	B	-0.14%
HEI	B	-0.14%
ZBH	C	-0.14%
ON	D	-0.14%
DELL	C	-0.14%
HUBS	A	-0.14%
HUBB	B	-0.13%
DDOG	A	-0.13%
ALNY	D	-0.13%
FCNCA	A	-0.13%
RBLX	C	-0.12%
COIN	C	-0.12%
TW	A	-0.11%
STLD	B	-0.11%
IBKR	A	-0.11%
VRT	B	-0.1%
SUI	D	-0.1%
DOX	D	-0.09%
TRU	D	-0.09%
BLDR	D	-0.08%
ZS	C	-0.08%
NET	B	-0.07%
AGR	B	-0.07%
YUMC	C	-0.07%
DKNG	B	-0.07%
SNOW	C	-0.06%
ALGN	D	-0.06%
AVTR	F	-0.06%
TEAM	A	-0.06%
SNAP	C	-0.05%
CE	F	-0.05%
OWL	A	-0.05%
ILMN	D	-0.05%
OKTA	C	-0.04%
WLK	D	-0.04%
BSY	D	-0.04%
RPRX	D	-0.04%
CPNG	D	-0.03%
PINS	D	-0.03%
SIRI	C	-0.03%
ENPH	F	-0.03%
RKT	F	-0.03%
WSM	B	-0.02%
WMG	C	-0.02%
MRNA	F	-0.01%