FVAL vs. ITAN ETF Comparison

Comparison of Fidelity Value Factor ETF (FVAL) to Sparkline Intangible Value ETF (ITAN)

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

ITAN

Sparkline Intangible Value ETF

ITAN Description

The investment seeks long-term capital appreciation. The fund is an actively-managed exchange-traded fund (âETFâ). The fund will invest in U.S.-listed equity securities that Sparkline Capital LP (the âSub-Adviserâ) believes are attractive relative to its proprietary measure of âintangible-augmented intrinsic value.â The fundâs investments may include common stocks and Real Estate Investment Trusts (REITs). Although the fund will not concentrate its investments in a particular industry, the Sub-Adviser anticipates that fund will hold a meaningful amount of stocks in the technology, communications, healthcare, and consumer discretionary sectors.

Grade (RS Rating)

Last Trade

$32.05

Average Daily Volume

1,878

Number of Holdings ^*

151

* may have additional holdings in another (foreign) market

Performance

Period	FVAL	ITAN
30 Days	3.33%	5.34%
60 Days	5.59%	7.33%
90 Days	6.82%	9.71%
12 Months	28.35%	31.35%

42 Overlapping Holdings

Symbol	Grade	Weight in FVAL	Weight in ITAN	Overlap
ACI	C	0.34%	0.3%	0.3%
ACN	C	1.15%	1.6%	1.15%
AGCO	D	0.38%	0.19%	0.19%
AMZN	C	3.88%	4.86%	3.88%
BMY	B	0.98%	1.03%	0.98%
CMCSA	B	0.61%	1.06%	0.61%
CMI	A	0.52%	0.84%	0.52%
CNC	D	0.54%	0.54%	0.54%
COF	B	0.72%	1.09%	0.72%
CRM	B	1.46%	2.14%	1.46%
CTSH	B	0.76%	0.8%	0.76%
CVS	D	0.71%	0.9%	0.71%
DAL	C	0.64%	0.6%	0.6%
EBAY	D	0.51%	0.66%	0.51%
EXPE	B	0.66%	0.58%	0.58%
F	C	0.51%	0.82%	0.51%
FDX	B	0.48%	0.85%	0.48%
G	B	0.49%	0.28%	0.28%
GILD	C	0.97%	0.92%	0.92%
GM	B	0.67%	1.0%	0.67%
GOOGL	C	3.72%	2.09%	2.09%
HON	B	0.68%	1.21%	0.68%
HPE	B	0.81%	0.63%	0.63%
IBM	C	1.09%	1.69%	1.09%
INTC	D	0.77%	1.26%	0.77%
JLL	D	0.17%	0.37%	0.17%
KR	B	0.43%	0.51%	0.43%
LMT	D	0.56%	0.39%	0.39%
M	D	0.39%	0.16%	0.16%
META	D	2.55%	2.87%	2.55%
MMM	D	0.5%	0.89%	0.5%
PARA	C	0.28%	0.28%	0.28%
PRU	A	0.56%	0.53%	0.53%
QCOM	F	1.0%	1.55%	1.0%
RHI	B	0.44%	0.22%	0.22%
SWKS	F	0.56%	0.32%	0.32%
T	A	0.62%	1.55%	0.62%
TGT	F	0.48%	1.03%	0.48%
UAL	A	0.84%	0.7%	0.7%
VZ	C	0.61%	1.3%	0.61%
WFC	A	1.08%	1.51%	1.08%
ZM	B	0.98%	0.54%	0.54%

FVAL Overweight 82 Positions Relative to ITAN

Symbol	Grade	Weight
NVDA	C	7.33%
AAPL	C	6.68%
MSFT	F	6.37%
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%
XOM	B	1.14%
BAC	A	1.13%
ABBV	D	1.11%
PG	A	1.08%
WMT	A	1.07%
MRK	F	1.01%
BKNG	A	0.87%
MU	D	0.85%
MCD	D	0.84%
AXP	A	0.83%
CI	F	0.81%
CAT	B	0.77%
C	A	0.74%
TRV	B	0.68%
DFS	B	0.68%
SYF	B	0.67%
ELV	F	0.67%
CVX	A	0.67%
ADP	B	0.64%
RPRX	D	0.61%
UNP	C	0.61%
DE	A	0.59%
JXN	C	0.56%
LVS	C	0.55%
UPS	C	0.55%
MO	A	0.55%
RNR	C	0.54%
LIN	D	0.53%
PCAR	B	0.53%
KVUE	A	0.52%
OZK	B	0.51%
EG	C	0.5%
WYNN	D	0.5%
NEE	D	0.46%
OC	A	0.42%
KMB	D	0.41%
COP	C	0.4%
ADM	D	0.35%
DUK	C	0.34%
PLD	D	0.32%
BG	F	0.32%
EOG	A	0.31%
PCG	A	0.29%
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%
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 109 Positions Relative to ITAN

Symbol	Grade	Weight
ORCL	B	-2.31%
GOOG	C	-2.09%
CSCO	B	-1.78%
TMUS	B	-1.42%
PFE	D	-1.28%
RTX	C	-1.23%
MDT	D	-1.18%
DELL	C	-1.11%
DIS	B	-1.1%
PYPL	B	-1.1%
BA	F	-0.96%
NOC	D	-0.91%
PANW	C	-0.89%
SQ	B	-0.87%
LHX	C	-0.74%
HPQ	B	-0.72%
CHTR	C	-0.72%
ALL	A	-0.72%
DASH	A	-0.71%
BDX	F	-0.7%
GD	F	-0.7%
WDAY	B	-0.7%
JCI	C	-0.69%
NXPI	D	-0.66%
ADSK	A	-0.64%
NTAP	C	-0.6%
GLW	B	-0.59%
CVNA	B	-0.56%
LDOS	C	-0.55%
ILMN	D	-0.54%
WBD	C	-0.53%
DOCU	A	-0.53%
EA	A	-0.53%
CAH	B	-0.53%
WDC	D	-0.53%
HUM	C	-0.53%
SNAP	C	-0.51%
ZS	C	-0.51%
TWLO	A	-0.49%
NTNX	A	-0.49%
VTRS	A	-0.49%
BAH	F	-0.47%
FFIV	B	-0.46%
BBY	D	-0.46%
IQV	D	-0.46%
ZBRA	B	-0.46%
J	F	-0.45%
ROK	B	-0.45%
LH	C	-0.45%
OKTA	C	-0.44%
BAX	D	-0.44%
DD	D	-0.44%
DGX	A	-0.43%
TRMB	B	-0.43%
BIIB	F	-0.42%
JNPR	F	-0.42%
ACM	A	-0.42%
CIEN	B	-0.41%
CACI	D	-0.41%
PSTG	D	-0.39%
ROKU	D	-0.39%
AAL	B	-0.38%
LUMN	C	-0.37%
LYFT	C	-0.37%
DBX	B	-0.37%
JBL	B	-0.37%
DVA	B	-0.36%
IP	B	-0.34%
EMN	D	-0.34%
TRU	D	-0.34%
TPR	B	-0.34%
NWSA	B	-0.33%
JAZZ	B	-0.32%
AKAM	D	-0.32%
ALLY	C	-0.32%
TAP	C	-0.31%
ELAN	D	-0.3%
TXT	D	-0.3%
SWK	D	-0.29%
ETSY	D	-0.29%
WBA	F	-0.29%
ANF	C	-0.28%
RIVN	F	-0.27%
BIO	D	-0.27%
WHR	B	-0.27%
HAS	D	-0.26%
MASI	A	-0.26%
BOX	B	-0.26%
EXAS	D	-0.26%
FAF	A	-0.25%
W	F	-0.25%
U	C	-0.25%
PATH	C	-0.24%
DOX	D	-0.24%
ALK	C	-0.24%
GAP	C	-0.24%
IVZ	B	-0.24%
MAT	D	-0.24%
UAA	C	-0.24%
ARW	D	-0.23%
FLS	B	-0.23%
MTCH	D	-0.23%
BWA	D	-0.22%
NOV	C	-0.22%
HRB	D	-0.21%
QRVO	F	-0.2%
HOG	D	-0.19%
RUN	F	-0.14%
XRAY	F	-0.13%