FHEQ vs. TCAF ETF Comparison

Comparison of Fidelity Hedged Equity ETF (FHEQ) to T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Capital Appreciation Equity ETF (TCAF)

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

TCAF

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Capital Appreciation Equity ETF

TCAF Description

The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities. The fund may purchase the stocks of companies of any size, but typically focuses on large U.S. companies. The fund may at times invest significantly in certain sectors, including the information technology and healthcare sectors. It is non-diversified.

Grade (RS Rating)

Last Trade

$33.89

Average Daily Volume

565,915

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FHEQ	TCAF
30 Days	2.51%	1.74%
60 Days	3.80%	2.92%
90 Days	4.54%	3.99%
12 Months		28.41%

35 Overlapping Holdings

Symbol	Grade	Weight in FHEQ	Weight in TCAF	Overlap
AAPL	C	7.31%	5.34%	5.34%
ABBV	D	1.0%	0.67%	0.67%
AME	A	0.22%	0.2%	0.2%
AMT	D	0.24%	0.7%	0.24%
AMZN	C	3.64%	4.51%	3.64%
AVGO	D	1.49%	1.39%	1.39%
BDX	F	0.59%	2.48%	0.59%
BIIB	F	0.21%	0.53%	0.21%
CME	A	0.37%	0.24%	0.24%
CMG	B	0.49%	0.16%	0.16%
CRM	B	1.09%	1.63%	1.09%
CSX	B	0.43%	0.28%	0.28%
DIS	B	0.57%	0.14%	0.14%
GEHC	F	0.17%	0.54%	0.17%
GOOGL	C	2.02%	3.12%	2.02%
HLT	A	0.18%	0.92%	0.18%
KLAC	D	0.54%	0.12%	0.12%
LLY	F	0.76%	1.5%	0.76%
LRCX	F	0.23%	0.32%	0.23%
MA	C	1.34%	1.53%	1.34%
META	D	2.87%	2.3%	2.3%
MMC	B	0.52%	0.98%	0.52%
MS	A	0.16%	0.2%	0.16%
MSCI	C	0.49%	0.14%	0.14%
MSFT	F	5.64%	8.23%	5.64%
NOC	D	0.56%	1.18%	0.56%
NVDA	C	7.27%	6.12%	6.12%
RSG	A	0.2%	0.44%	0.2%
RTX	C	0.44%	1.47%	0.44%
SPGI	C	0.28%	0.2%	0.2%
TMO	F	0.26%	0.93%	0.26%
TT	A	0.69%	0.05%	0.05%
UNH	C	0.57%	2.95%	0.57%
V	A	0.47%	1.44%	0.47%
XEL	A	0.21%	0.11%	0.11%

FHEQ Overweight 133 Positions Relative to TCAF

Symbol	Grade	Weight
BRK.A	B	2.19%
JPM	A	1.82%
GOOG	C	1.74%
XOM	B	1.54%
HD	A	1.32%
TSLA	B	1.26%
NFLX	A	1.26%
BAC	A	1.17%
ADBE	C	0.93%
PM	B	0.92%
PG	A	0.87%
QCOM	F	0.84%
CMCSA	B	0.83%
WMT	A	0.8%
CSCO	B	0.79%
NEE	D	0.73%
UNP	C	0.73%
TJX	A	0.73%
GILD	C	0.73%
AMAT	F	0.7%
MRK	F	0.69%
LMT	D	0.69%
BMY	B	0.68%
T	A	0.67%
CTAS	B	0.66%
CI	F	0.63%
PGR	A	0.63%
ECL	D	0.62%
JNJ	D	0.61%
SQ	B	0.59%
CL	D	0.58%
SCHW	B	0.56%
PFE	D	0.56%
SEIC	B	0.54%
C	A	0.54%
PYPL	B	0.54%
DVN	F	0.53%
ZM	B	0.52%
CVNA	B	0.52%
TXT	D	0.51%
DBX	B	0.51%
TRV	B	0.49%
CAT	B	0.48%
MU	D	0.47%
ZBRA	B	0.47%
GE	D	0.45%
IGT	F	0.45%
COST	B	0.45%
ALLE	D	0.44%
EOG	A	0.43%
AXP	A	0.43%
EXEL	B	0.43%
PCAR	B	0.42%
CAH	B	0.4%
ALRM	C	0.4%
WM	A	0.38%
BK	A	0.36%
TDC	D	0.35%
PPG	F	0.34%
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%
HWM	A	0.27%
INCY	C	0.27%
MSI	B	0.26%
IDXX	F	0.26%
NSC	B	0.26%
FTNT	C	0.24%
AMGN	D	0.24%
BLK	C	0.23%
TROW	B	0.23%
LHX	C	0.23%
MGM	D	0.22%
CVS	D	0.22%
MMM	D	0.22%
GL	B	0.2%
CLX	B	0.2%
PSA	D	0.19%
GAP	C	0.18%
DOCU	A	0.18%
VZ	C	0.18%
LNW	D	0.17%
FTI	A	0.17%
ADP	B	0.16%
WDAY	B	0.16%
SPG	B	0.16%
PEGA	A	0.16%
F	C	0.15%
TPH	D	0.15%
ETN	A	0.15%
WFC	A	0.15%
UBER	D	0.14%
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%
VST	B	0.11%
KR	B	0.11%
ROST	C	0.1%
PLTK	B	0.1%
MKL	A	0.09%
BAH	F	0.09%
ANET	C	0.08%
DOC	D	0.08%
ALL	A	0.07%
BCC	B	0.07%
MDLZ	F	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%
SCCO	F	0.04%
LPLA	A	0.03%
CVX	A	0.02%
MHO	D	0.02%
TWLO	A	0.02%
UNM	A	0.01%
NWL	B	0.01%
OGE	B	0.01%

FHEQ Underweight 58 Positions Relative to TCAF

Symbol	Grade	Weight
FTV	C	-2.71%
DHR	F	-2.63%
RVTY	F	-2.44%
AEE	A	-1.91%
ROP	B	-1.74%
PTC	A	-1.67%
WCN	A	-1.64%
INTU	C	-1.55%
CNP	B	-1.49%
VLTO	D	-1.49%
DTE	C	-1.31%
LIN	D	-1.24%
ABT	B	-1.24%
MLM	B	-1.2%
IR	B	-1.19%
NI	A	-1.09%
ICE	C	-1.06%
MCK	B	-1.05%
YUM	B	-1.04%
AMD	F	-1.02%
ADSK	A	-0.95%
CMS	C	-0.82%
MCD	D	-0.78%
TDY	B	-0.71%
SCI	B	-0.68%
AVTR	F	-0.67%
ELV	F	-0.67%
AJG	B	-0.62%
HUM	C	-0.55%
SBAC	D	-0.55%
NXPI	D	-0.53%
KKR	A	-0.49%
KDP	D	-0.46%
AUR	C	-0.41%
SBUX	A	-0.38%
NKE	D	-0.36%
EXC	C	-0.34%
BKNG	A	-0.34%
IEX	B	-0.33%
ANSS	B	-0.32%
MAR	B	-0.28%
ARGX	A	-0.26%
DLTR	F	-0.25%
ACN	C	-0.25%
WTW	B	-0.21%
SYK	C	-0.15%
SLB	C	-0.15%
CDNS	B	-0.12%
LNT	A	-0.12%
WEC	A	-0.12%
VMC	B	-0.11%
TW	A	-0.1%
INFA	D	-0.1%
GS	A	-0.1%
PNC	B	-0.1%
BA	F	-0.09%
TYL	B	-0.06%
APH	A	-0.04%