FVAL vs. BERZ ETF Comparison

Comparison of Fidelity Value Factor ETF (FVAL) to MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ)

FVAL

Fidelity Value Factor ETF

FVAL Description

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Value Factor Index. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Value Factor Index, which is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies that have attractive valuations.

Grade (RS Rating)

Last Trade

$63.26

Average Daily Volume

81,569

Number of Holdings ^*

124

* may have additional holdings in another (foreign) market

BERZ

MicroSectors FANG & Innovation -3x Inverse Leveraged ETN

BERZ Description

BERZ provides daily -3x inverse exposure to an index of FANG and technology companies that meet certain requirements. The fund will consistently comprise eight core components (Alphabet, Amazon, Apple, Facebook, Microsoft, Netflix, NVIDIA, and Tesla) and include seven companies determined through a selection methodology. Eligible securities must be listed on a US exchange, classified in the technology sector, and have a market cap of at least 10 billion USD. Selection will begin with ranking the securities by market cap and selecting the 30 largest companies which will then be sorted by 12-month average daily value traded. The top seven stocks will complete the index along with the eight core components and are then equally weighted. The index is rebalanced monthly and reconstituted quarterly. As a leveraged inverse product with -3x factor that resets daily, BERZ is not a buy-and-hold investment and should not be expected to provide index leverage return greater than a one day period.

Grade (RS Rating)

Last Trade

$14.22

Average Daily Volume

104,363

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FVAL	BERZ
30 Days	3.33%	-19.93%
60 Days	5.59%	-22.76%
90 Days	6.82%	-27.71%
12 Months	28.35%	-70.44%

9 Overlapping Holdings

Symbol	Grade	Weight in FVAL	Weight in BERZ	Overlap
AAPL	C	6.68%	6.67%	6.67%
AMZN	C	3.88%	6.67%	3.88%
CRM	B	1.46%	6.67%	1.46%
GOOGL	C	3.72%	6.67%	3.72%
INTC	D	0.77%	6.67%	0.77%
META	D	2.55%	6.67%	2.55%
MSFT	F	6.37%	6.67%	6.37%
MU	D	0.85%	6.67%	0.85%
NVDA	C	7.33%	6.67%	6.67%

FVAL Overweight 115 Positions Relative to BERZ

Symbol	Grade	Weight
BRK.A	B	2.07%
JPM	A	1.84%
UNH	C	1.69%
V	A	1.44%
JNJ	D	1.31%
HD	A	1.22%
ACN	C	1.15%
XOM	B	1.14%
BAC	A	1.13%
ABBV	D	1.11%
IBM	C	1.09%
WFC	A	1.08%
PG	A	1.08%
WMT	A	1.07%
MRK	F	1.01%
QCOM	F	1.0%
BMY	B	0.98%
ZM	B	0.98%
GILD	C	0.97%
BKNG	A	0.87%
UAL	A	0.84%
MCD	D	0.84%
AXP	A	0.83%
CI	F	0.81%
HPE	B	0.81%
CAT	B	0.77%
CTSH	B	0.76%
C	A	0.74%
COF	B	0.72%
CVS	D	0.71%
TRV	B	0.68%
DFS	B	0.68%
HON	B	0.68%
SYF	B	0.67%
ELV	F	0.67%
GM	B	0.67%
CVX	A	0.67%
EXPE	B	0.66%
DAL	C	0.64%
ADP	B	0.64%
T	A	0.62%
CMCSA	B	0.61%
VZ	C	0.61%
RPRX	D	0.61%
UNP	C	0.61%
DE	A	0.59%
SWKS	F	0.56%
JXN	C	0.56%
LMT	D	0.56%
PRU	A	0.56%
LVS	C	0.55%
UPS	C	0.55%
MO	A	0.55%
CNC	D	0.54%
RNR	C	0.54%
LIN	D	0.53%
PCAR	B	0.53%
KVUE	A	0.52%
CMI	A	0.52%
F	C	0.51%
OZK	B	0.51%
EBAY	D	0.51%
EG	C	0.5%
WYNN	D	0.5%
MMM	D	0.5%
G	B	0.49%
TGT	F	0.48%
FDX	B	0.48%
NEE	D	0.46%
RHI	B	0.44%
KR	B	0.43%
OC	A	0.42%
KMB	D	0.41%
COP	C	0.4%
M	D	0.39%
AGCO	D	0.38%
ADM	D	0.35%
ACI	C	0.34%
DUK	C	0.34%
PLD	D	0.32%
BG	F	0.32%
EOG	A	0.31%
PCG	A	0.29%
PARA	C	0.28%
SPG	B	0.27%
EXC	C	0.26%
ATKR	C	0.26%
NRG	B	0.26%
AEP	D	0.26%
PSA	D	0.25%
FCX	D	0.24%
MPC	D	0.24%
O	D	0.23%
CBRE	B	0.23%
VLO	C	0.22%
NFG	A	0.2%
VICI	C	0.2%
NUE	C	0.19%
NEM	D	0.19%
BXP	D	0.18%
DVN	F	0.18%
CF	B	0.18%
STLD	B	0.18%
UGI	A	0.18%
HST	C	0.17%
JLL	D	0.17%
WPC	D	0.16%
ARE	D	0.16%
GLPI	C	0.16%
DOW	F	0.16%
LYB	F	0.15%
CIVI	D	0.13%
MOS	F	0.13%
MUR	D	0.13%
CLF	F	0.11%

FVAL Underweight 6 Positions Relative to BERZ

Symbol	Grade	Weight
TSLA	B	-6.67%
PANW	C	-6.67%
NFLX	A	-6.67%
AVGO	D	-6.67%
AMD	F	-6.67%
ADBE	C	-6.67%