FHEQ vs. SHRT ETF Comparison

Comparison of Fidelity Hedged Equity ETF (FHEQ) to Gotham Short Strategies ETF (SHRT)

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

$27.02

Average Daily Volume

20,672

Number of Holdings ^*

157

* may have additional holdings in another (foreign) market

SHRT

Gotham Short Strategies ETF

SHRT Description

The fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities (i.e., swaps), primarily of companies traded on U.S. markets. The fund"s sub-adviser, Gotham Asset Management, LLC ("Gotham" or the "Sub-Adviser") seeks to maintain the fund"s net equity exposure, which is the value of the fund"s long positions minus its short positions, at approximately 50% net short.

Grade (RS Rating)

Last Trade

$8.10

Average Daily Volume

1,878

Number of Holdings ^*

197

* may have additional holdings in another (foreign) market

Performance

Period	FHEQ	SHRT
30 Days	0.66%	-3.73%
60 Days	1.38%	-1.98%
90 Days	5.50%	-3.27%
12 Months

32 Overlapping Holdings

Symbol	Grade	Weight in FHEQ	Weight in SHRT	Overlap
ABBV	A	1.14%	0.35%	0.35%
AMAT	F	0.77%	1.38%	0.77%
BDX	D	0.62%	1.1%	0.62%
BIIB	F	0.25%	0.55%	0.25%
CCL	A	0.05%	1.26%	0.05%
CI	F	0.62%	0.12%	0.12%
CL	D	0.59%	0.58%	0.58%
CNC	F	0.17%	0.83%	0.17%
CRUS	F	0.07%	1.3%	0.07%
CSX	D	0.55%	0.09%	0.09%
DVN	F	0.44%	1.47%	0.44%
GAP	D	0.18%	0.18%	0.18%
GRMN	B	0.24%	0.66%	0.24%
IGT	F	0.5%	0.14%	0.14%
KLAC	F	0.55%	0.67%	0.55%
MDLZ	D	0.08%	0.01%	0.01%
MEDP	F	0.33%	0.01%	0.01%
MMM	D	0.22%	1.12%	0.22%
MPWR	F	0.23%	0.22%	0.22%
MU	C	0.48%	1.58%	0.48%
NBIX	D	0.2%	0.12%	0.12%
NSC	B	0.25%	0.11%	0.11%
PEGA	A	0.2%	0.71%	0.2%
QCOM	D	0.87%	0.08%	0.08%
QRVO	F	0.14%	1.21%	0.14%
ROST	F	0.1%	0.14%	0.1%
SCCO	B	0.05%	0.07%	0.05%
TMO	F	0.73%	1.01%	0.73%
UHS	D	0.08%	0.88%	0.08%
UNP	D	0.72%	0.05%	0.05%
VZ	D	0.54%	0.11%	0.11%
WDAY	F	0.15%	0.79%	0.15%

FHEQ Overweight 125 Positions Relative to SHRT

Symbol	Grade	Weight
AAPL	C	7.51%
NVDA	B	7.47%
MSFT	D	5.86%
META	B	3.02%
AMZN	B	3.01%
BRK.A	D	2.04%
GOOGL	A	1.93%
GOOG	A	1.88%
AVGO	B	1.75%
JPM	A	1.67%
XOM	C	1.54%
MA	B	1.32%
HD	B	1.3%
NFLX	A	1.16%
CRM	B	1.1%
BAC	B	1.08%
LLY	D	0.94%
PM	A	0.93%
TSLA	A	0.93%
ADBE	F	0.92%
PG	D	0.86%
CAT	B	0.85%
CMCSA	A	0.82%
WMT	A	0.79%
SPGI	D	0.78%
CSCO	B	0.78%
GILD	A	0.76%
LMT	D	0.73%
BMY	A	0.72%
MRK	F	0.72%
TJX	D	0.7%
ANET	B	0.67%
TT	C	0.66%
CTAS	B	0.65%
PFE	D	0.65%
T	A	0.64%
JNJ	D	0.64%
ECL	C	0.62%
NEE	D	0.62%
PGR	D	0.61%
NOC	D	0.59%
MSCI	C	0.57%
CMG	D	0.56%
UNH	D	0.55%
MMC	D	0.55%
DBX	B	0.54%
CVNA	A	0.54%
SEIC	A	0.53%
PYPL	B	0.53%
SQ	B	0.53%
CACI	A	0.53%
ZM	A	0.53%
TRV	B	0.52%
SCHW	B	0.5%
C	A	0.49%
RTX	C	0.47%
TXT	F	0.47%
GE	C	0.46%
ETN	B	0.45%
COST	D	0.44%
DIS	B	0.41%
ALLE	C	0.41%
V	A	0.41%
EXEL	A	0.4%
PCAR	C	0.4%
AXP	B	0.4%
CAH	D	0.39%
TDC	B	0.38%
CME	A	0.37%
WM	A	0.36%
PPG	F	0.35%
LDOS	A	0.34%
BK	B	0.34%
ANF	D	0.34%
NUE	F	0.31%
WTW	A	0.29%
AMGN	C	0.28%
UBER	C	0.28%
EOG	D	0.25%
SKYW	A	0.24%
HWM	B	0.24%
XEL	A	0.23%
MSI	C	0.23%
INCY	A	0.23%
CVS	F	0.22%
CLX	C	0.19%
PSA	D	0.19%
GL	C	0.19%
GEHC	D	0.18%
ALRM	F	0.18%
HLT	B	0.17%
DOCU	B	0.17%
LNW	F	0.17%
FTI	B	0.16%
SPG	B	0.15%
ADP	A	0.15%
SOLV	B	0.14%
MS	B	0.14%
TPH	D	0.14%
F	D	0.14%
FTNT	B	0.12%
VEEV	C	0.12%
GEN	A	0.12%
DASH	A	0.11%
KR	B	0.11%
CINF	B	0.11%
UTHR	A	0.1%
VST	B	0.09%
PLTK	A	0.09%
L	C	0.07%
TMUS	B	0.07%
BBWI	F	0.07%
IFF	D	0.06%
ALL	C	0.06%
STLD	B	0.05%
LYFT	C	0.05%
ORCL	B	0.04%
OGE	C	0.04%
AMT	D	0.04%
KO	D	0.03%
MGM	D	0.03%
CVX	C	0.02%
MHO	D	0.02%
AMD	F	0.01%
NWL	A	0.01%

FHEQ Underweight 165 Positions Relative to SHRT

Symbol	Grade	Weight
LPX	D	-1.96%
TGT	F	-1.89%
NRG	A	-1.7%
FMC	B	-1.51%
THC	C	-1.5%
D	B	-1.43%
LRCX	F	-1.43%
MIDD	D	-1.42%
CHWY	D	-1.41%
MTZ	B	-1.36%
SWKS	F	-1.24%
DAR	B	-1.14%
AXTA	A	-1.09%
ELAN	D	-1.06%
MUR	F	-1.06%
BWA	C	-1.02%
TSN	D	-0.98%
RVTY	C	-0.92%
LEA	F	-0.91%
PPC	A	-0.9%
MRO	B	-0.87%
QGEN	D	-0.85%
ALNY	C	-0.85%
DOV	B	-0.85%
RGEN	F	-0.83%
H	D	-0.83%
RMD	B	-0.83%
ALKS	F	-0.82%
IDXX	F	-0.8%
SWK	D	-0.8%
APTV	F	-0.77%
CCK	B	-0.73%
MKSI	F	-0.73%
SMG	B	-0.73%
J	D	-0.7%
MO	A	-0.69%
CTLT	D	-0.69%
CHTR	D	-0.66%
ENPH	F	-0.66%
WDC	D	-0.63%
AVTR	F	-0.62%
ICUI	C	-0.59%
NWSA	B	-0.59%
RBA	B	-0.56%
XRAY	F	-0.55%
BALL	F	-0.53%
POST	D	-0.53%
TKO	D	-0.52%
HOLX	C	-0.51%
INGR	C	-0.51%
MATX	A	-0.47%
ADMA	C	-0.46%
DG	F	-0.45%
LYB	F	-0.45%
EL	F	-0.45%
HALO	D	-0.44%
RRX	B	-0.43%
KMX	F	-0.42%
WFG	C	-0.42%
GM	B	-0.4%
GFS	F	-0.4%
SPOT	A	-0.38%
MSGS	A	-0.38%
SEE	B	-0.37%
AVNT	C	-0.36%
JBHT	A	-0.35%
MOH	D	-0.33%
MMS	D	-0.32%
PPL	A	-0.32%
IP	A	-0.32%
ISRG	B	-0.31%
UI	A	-0.3%
FSS	F	-0.3%
NFG	B	-0.29%
FCX	D	-0.29%
IQV	F	-0.28%
SLGN	A	-0.27%
ONTO	C	-0.27%
ASH	F	-0.27%
GPK	C	-0.26%
QLYS	F	-0.26%
GPI	C	-0.26%
LTH	D	-0.26%
JAZZ	D	-0.26%
COP	C	-0.25%
GOLF	D	-0.22%
MRVL	B	-0.19%
BMRN	F	-0.19%
TWLO	A	-0.17%
OXY	F	-0.17%
DRI	C	-0.17%
SGBX	F	-0.17%
COTY	F	-0.16%
COR	D	-0.16%
TPX	F	-0.16%
ON	D	-0.15%
ARW	D	-0.14%
LEVI	F	-0.14%
SWX	B	-0.13%
HOG	F	-0.13%
MSA	F	-0.12%
WSM	F	-0.11%
OVV	F	-0.1%
IPG	F	-0.1%
TAP	D	-0.1%
WBA	C	-0.1%
AZEK	C	-0.1%
TFX	F	-0.1%
PNR	A	-0.09%
MMSI	B	-0.09%
WAT	D	-0.09%
IAC	F	-0.09%
CMC	B	-0.09%
SYY	D	-0.08%
RKLB	B	-0.08%
CVLT	B	-0.08%
SM	F	-0.08%
CWAN	B	-0.07%
NTRA	D	-0.07%
EFX	D	-0.07%
STE	D	-0.07%
ETSY	D	-0.06%
STZ	F	-0.06%
MTD	F	-0.06%
GDDY	A	-0.06%
SNDR	A	-0.05%
TPL	A	-0.05%
OGN	D	-0.05%
VRNS	C	-0.05%
MAT	A	-0.05%
KWR	F	-0.05%
TTC	F	-0.05%
AVY	D	-0.05%
WING	F	-0.05%
ALGN	F	-0.04%
A	F	-0.04%
MHK	D	-0.04%
BCPC	D	-0.03%
RBC	D	-0.03%
SITM	B	-0.03%
COKE	D	-0.03%
POOL	C	-0.03%
SSNC	D	-0.02%
ACIW	D	-0.02%
NEU	F	-0.02%
TER	F	-0.02%
COLM	C	-0.02%
AVT	B	-0.02%
ZTS	D	-0.02%
BFAM	C	-0.02%
FLNC	A	-0.01%
U	C	-0.01%
AOS	F	-0.01%
PLNT	D	-0.01%
LFUS	D	-0.01%
VMI	B	-0.01%
BMI	D	-0.01%
ADTN	B	-0.0%
DNB	B	-0.0%
REYN	F	-0.0%
VFC	A	-0.0%
VRSN	F	-0.0%
ESI	A	-0.0%
ACLX	B	-0.0%
ALGM	F	-0.0%