FVAL vs. SHRT ETF Comparison

Comparison of Fidelity Value Factor ETF (FVAL) to Gotham Short Strategies ETF (SHRT)

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

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

$7.55

Average Daily Volume

2,487

Number of Holdings ^*

200

* may have additional holdings in another (foreign) market

Performance

Period	FVAL	SHRT
30 Days	3.33%	-7.59%
60 Days	5.59%	-8.76%
90 Days	6.82%	-8.43%
12 Months	28.35%	-6.99%

13 Overlapping Holdings

Symbol	Grade	Weight in FVAL	Weight in SHRT	Overlap
ABBV	D	1.11%	0.48%	0.48%
CF	B	0.18%	0.34%	0.18%
CI	F	0.81%	0.31%	0.31%
CVX	A	0.67%	1.31%	0.67%
EOG	A	0.31%	1.12%	0.31%
FCX	D	0.24%	0.71%	0.24%
GM	B	0.67%	2.09%	0.67%
MU	D	0.85%	0.82%	0.82%
MUR	D	0.13%	0.61%	0.13%
NFG	A	0.2%	0.22%	0.2%
SWKS	F	0.56%	1.21%	0.56%
TGT	F	0.48%	2.05%	0.48%
UPS	C	0.55%	0.8%	0.55%

FVAL Overweight 111 Positions Relative to SHRT

Symbol	Grade	Weight
NVDA	C	7.33%
AAPL	C	6.68%
MSFT	F	6.37%
AMZN	C	3.88%
GOOGL	C	3.72%
META	D	2.55%
BRK.A	B	2.07%
JPM	A	1.84%
UNH	C	1.69%
CRM	B	1.46%
V	A	1.44%
JNJ	D	1.31%
HD	A	1.22%
ACN	C	1.15%
XOM	B	1.14%
BAC	A	1.13%
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%
HPE	B	0.81%
INTC	D	0.77%
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%
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%
JXN	C	0.56%
LMT	D	0.56%
PRU	A	0.56%
LVS	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%
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%
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%
MPC	D	0.24%
O	D	0.23%
CBRE	B	0.23%
VLO	C	0.22%
VICI	C	0.2%
NUE	C	0.19%
NEM	D	0.19%
BXP	D	0.18%
DVN	F	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%
CLF	F	0.11%

FVAL Underweight 187 Positions Relative to SHRT

Symbol	Grade	Weight
THC	D	-1.9%
LRCX	F	-1.84%
LPX	B	-1.65%
FMC	D	-1.45%
BIIB	F	-1.36%
CHWY	B	-1.34%
CRUS	D	-1.26%
TSN	B	-1.15%
ELAN	D	-1.13%
RVTY	F	-1.12%
PPC	C	-1.09%
GTLS	B	-1.08%
QGEN	D	-1.01%
ZBRA	B	-1.0%
WBA	F	-0.92%
JBHT	C	-0.9%
QRVO	F	-0.88%
LII	A	-0.84%
MATX	C	-0.83%
CHTR	C	-0.82%
JCI	C	-0.81%
NOC	D	-0.81%
MTZ	B	-0.8%
D	C	-0.8%
KLAC	D	-0.8%
UHS	D	-0.8%
TKO	B	-0.78%
CTLT	B	-0.75%
INGR	B	-0.73%
MKSI	C	-0.71%
CEG	D	-0.69%
OVV	B	-0.69%
ICUI	D	-0.67%
STX	D	-0.66%
WDC	D	-0.65%
LHX	C	-0.65%
PFE	D	-0.65%
CROX	D	-0.64%
J	F	-0.63%
CL	D	-0.63%
MOH	F	-0.63%
BALL	D	-0.62%
MRO	B	-0.59%
HOLX	D	-0.58%
ENPH	F	-0.57%
KMX	B	-0.56%
EL	F	-0.56%
RGEN	D	-0.55%
POST	C	-0.55%
ANET	C	-0.51%
EME	C	-0.5%
AVNT	B	-0.5%
CNX	A	-0.5%
ECL	D	-0.5%
AVTR	F	-0.49%
NCLH	B	-0.48%
FSS	B	-0.47%
CLX	B	-0.46%
EXEL	B	-0.46%
SCCO	F	-0.45%
TPX	B	-0.44%
HALO	F	-0.44%
GNRC	B	-0.43%
BMRN	D	-0.42%
CCK	C	-0.4%
MAS	D	-0.39%
SLGN	A	-0.38%
LTH	C	-0.37%
VMC	B	-0.36%
HAS	D	-0.35%
NSC	B	-0.35%
DD	D	-0.35%
TRU	D	-0.34%
ZTS	D	-0.33%
IQV	D	-0.33%
GD	F	-0.33%
MSGS	A	-0.32%
VMI	B	-0.32%
AMAT	F	-0.31%
XRAY	F	-0.31%
JAZZ	B	-0.3%
LKQ	D	-0.3%
HES	B	-0.3%
TWLO	A	-0.29%
BLD	D	-0.29%
MMS	F	-0.29%
CTRA	B	-0.27%
SO	D	-0.27%
EMR	A	-0.26%
UI	A	-0.26%
ONTO	D	-0.26%
TXRH	C	-0.25%
ASH	D	-0.24%
BPMC	C	-0.24%
SYK	C	-0.23%
SKYW	B	-0.23%
WSM	B	-0.23%
ILMN	D	-0.22%
LEVI	F	-0.22%
ALLE	D	-0.21%
FLS	B	-0.21%
PSN	D	-0.21%
BAH	F	-0.2%
HIMS	B	-0.2%
EFX	F	-0.2%
COTY	F	-0.2%
MRVL	B	-0.2%
EW	C	-0.19%
TYL	B	-0.19%
CHDN	B	-0.18%
FOXA	B	-0.18%
H	B	-0.17%
NBIX	C	-0.17%
ALKS	B	-0.17%
GFS	C	-0.16%
GDDY	A	-0.16%
ACIW	B	-0.16%
ESI	A	-0.16%
EMN	D	-0.16%
ADMA	B	-0.15%
APPF	B	-0.15%
KTB	B	-0.15%
VTRS	A	-0.14%
VLTO	D	-0.14%
SHAK	C	-0.14%
RKLB	B	-0.13%
SWX	B	-0.13%
LYFT	C	-0.13%
ISRG	A	-0.12%
INFA	D	-0.12%
TMO	F	-0.12%
PODD	C	-0.11%
GMED	A	-0.11%
CNI	D	-0.11%
IDXX	F	-0.11%
PNR	A	-0.1%
IPG	D	-0.1%
AWI	A	-0.09%
FCN	D	-0.09%
SEM	B	-0.09%
OLED	D	-0.09%
TPL	A	-0.09%
KEX	C	-0.09%
PEN	B	-0.09%
SPOT	B	-0.08%
RGLD	C	-0.08%
PLXS	B	-0.08%
IGT	F	-0.08%
NOV	C	-0.08%
REGN	F	-0.08%
PTC	A	-0.07%
CHD	B	-0.07%
CWAN	B	-0.07%
ABG	B	-0.07%
VRSN	F	-0.07%
ROST	C	-0.06%
PRIM	A	-0.06%
SNDR	B	-0.05%
NXST	C	-0.05%
QTWO	A	-0.05%
FTDR	A	-0.04%
DTM	B	-0.04%
NTRA	B	-0.03%
MPWR	F	-0.03%
UBER	D	-0.03%
CMC	B	-0.03%
PWR	A	-0.02%
AOS	F	-0.02%
TER	D	-0.02%
DNB	B	-0.02%
BFAM	D	-0.02%
HSIC	B	-0.02%
APG	B	-0.02%
MTCH	D	-0.02%
TTEK	F	-0.02%
BLDR	D	-0.02%
R	B	-0.01%
RUSHA	C	-0.01%
GEHC	F	-0.01%
IAC	D	-0.01%
SITM	B	-0.01%
DOX	D	-0.01%
ZBH	C	-0.01%
EHC	B	-0.01%
DVA	B	-0.01%
OPCH	D	-0.01%
CRVL	A	-0.0%