TVAL vs. FFLV ETF Comparison

Comparison of T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF (TVAL) to Fidelity Fundamental Large Cap Value ETF (FFLV)

TVAL

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF

TVAL Description

The fund will invest primarily in U.S. equity securities. In taking a value approach to investment selection, the adviser seeks to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. Some of the principal measures used to identify such stocks are: price/earnings ratio, price/book value ratio, price/sales ratio, dividend yield, price/cash flow, undervalued assets, and restructuring opportunities. The fund may purchase the stocks of companies of any size, but typically focuses on larger companies.

Grade (RS Rating)

Last Trade

$33.11

Average Daily Volume

12,620

Number of Holdings ^*

144

* may have additional holdings in another (foreign) market

FFLV

Fidelity Fundamental Large Cap Value ETF

FFLV Description

The fund will normally invest at least 80% of the fund"s assets in equity securities of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$22.94

Average Daily Volume

878

Number of Holdings ^*

108

* may have additional holdings in another (foreign) market

Performance

Period	TVAL	FFLV
30 Days	2.08%	3.62%
60 Days	3.98%	5.11%
90 Days	5.24%	5.96%
12 Months	28.36%

27 Overlapping Holdings

Symbol	Grade	Weight in TVAL	Weight in FFLV	Overlap
APO	B	0.46%	1.37%	0.46%
AZN	F	0.47%	1.09%	0.47%
BAC	A	1.89%	2.34%	1.89%
CB	C	2.23%	0.76%	0.76%
CI	D	0.87%	1.59%	0.87%
CMCSA	B	0.46%	2.31%	0.46%
CVS	D	0.23%	1.21%	0.23%
ELV	F	1.81%	1.96%	1.81%
HIG	B	1.96%	2.6%	1.96%
JNJ	C	1.82%	2.03%	1.82%
JPM	A	1.23%	4.36%	1.23%
KDP	F	0.4%	0.8%	0.4%
KO	D	0.72%	0.57%	0.57%
KVUE	A	1.49%	1.95%	1.49%
MCHP	F	0.27%	0.94%	0.27%
MOH	F	0.28%	0.13%	0.13%
MRK	D	0.8%	0.88%	0.8%
PLD	F	0.34%	1.66%	0.34%
PM	B	1.41%	0.22%	0.22%
PSA	C	0.44%	0.65%	0.44%
SNY	F	0.19%	0.17%	0.17%
SRE	A	0.68%	0.89%	0.68%
TSM	B	0.39%	0.86%	0.39%
UNH	B	1.9%	2.23%	1.9%
VST	A	0.74%	0.46%	0.46%
WFC	A	1.77%	3.09%	1.77%
XOM	B	2.56%	4.54%	2.56%

TVAL Overweight 117 Positions Relative to FFLV

Symbol	Grade	Weight
WMT	A	1.89%
SO	C	1.67%
FI	A	1.53%
LHX	C	1.36%
COP	C	1.25%
AVB	B	1.22%
GE	D	1.21%
LLY	F	1.19%
TMO	F	1.12%
SWK	D	1.1%
CMI	A	1.09%
QCOM	F	1.08%
BDX	F	1.01%
EQH	C	1.0%
GOOG	C	0.95%
SCHW	B	0.89%
TMUS	B	0.88%
WY	F	0.88%
META	D	0.87%
AIG	B	0.87%
ZBH	C	0.85%
CL	D	0.84%
EOG	A	0.82%
C	A	0.81%
MCK	A	0.8%
FITB	B	0.77%
NWSA	A	0.75%
NSC	B	0.74%
CVX	A	0.73%
LIN	C	0.73%
PG	C	0.72%
TXN	C	0.7%
HUBB	B	0.7%
ACN	B	0.7%
GEV	B	0.7%
TTE	F	0.7%
HON	C	0.68%
MMC	B	0.67%
KMB	C	0.66%
MSFT	D	0.65%
AEE	A	0.65%
DHR	F	0.65%
IP	A	0.64%
HD	B	0.63%
RSG	A	0.62%
WDC	D	0.6%
NEE	C	0.59%
VZ	C	0.58%
USB	A	0.56%
BA	F	0.56%
MS	A	0.56%
D	C	0.55%
AZO	C	0.52%
RPM	A	0.52%
ROK	C	0.52%
CF	A	0.52%
BAX	F	0.5%
CSX	C	0.49%
HWM	A	0.48%
REXR	F	0.48%
PGR	A	0.48%
MAR	A	0.47%
WMB	A	0.46%
EQT	B	0.46%
MCD	D	0.46%
TDG	D	0.46%
HBAN	A	0.45%
ARES	A	0.45%
MU	D	0.45%
HCA	F	0.45%
BLK	B	0.43%
FANG	C	0.43%
MDLZ	F	0.43%
REGN	F	0.42%
UNP	C	0.42%
CPAY	A	0.42%
LEN	D	0.42%
LVS	B	0.41%
LAMR	C	0.4%
CAG	F	0.4%
ALL	A	0.39%
AMAT	F	0.38%
ABBV	F	0.36%
YUM	D	0.36%
BKR	A	0.35%
KEYS	A	0.35%
ADI	D	0.35%
MSI	B	0.34%
EFX	F	0.33%
A	D	0.33%
COF	C	0.33%
STLD	B	0.32%
UAL	A	0.31%
TT	A	0.31%
AME	A	0.31%
OTIS	C	0.3%
CAT	B	0.3%
VRTX	D	0.29%
ROP	B	0.29%
TJX	A	0.29%
UPS	C	0.28%
CARR	C	0.27%
AXP	A	0.26%
SPGI	C	0.26%
CDW	F	0.25%
MGM	D	0.24%
ZTS	D	0.23%
CME	B	0.23%
HAL	C	0.22%
VMC	B	0.22%
AMD	F	0.22%
MET	A	0.22%
BHP	F	0.2%
DIS	B	0.2%
AVY	F	0.19%
DTE	C	0.17%
EQIX	A	0.16%

TVAL Underweight 81 Positions Relative to FFLV

Symbol	Grade	Weight
CSCO	B	-3.48%
TRV	B	-2.2%
JCI	B	-1.84%
FDX	B	-1.7%
EIX	B	-1.58%
USFD	A	-1.49%
PCG	A	-1.49%
ALSN	B	-1.38%
WELL	A	-1.32%
SJM	D	-1.24%
BRK.A	B	-1.04%
WLK	D	-1.01%
RJF	A	-1.01%
TKR	D	-0.99%
CNC	D	-0.96%
COR	B	-0.88%
AFG	A	-0.87%
TRGP	A	-0.84%
DOX	D	-0.84%
GEN	B	-0.83%
GPK	C	-0.82%
UHAL	D	-0.8%
ORI	A	-0.75%
GDDY	A	-0.7%
RRX	B	-0.69%
LMT	D	-0.68%
FLR	B	-0.68%
TPX	B	-0.67%
CNXC	F	-0.67%
LW	C	-0.65%
SNX	D	-0.61%
BCO	F	-0.6%
WCC	B	-0.58%
XPO	B	-0.58%
LOW	C	-0.58%
BC	C	-0.58%
CG	B	-0.56%
AES	F	-0.54%
ALLY	C	-0.54%
CEG	C	-0.52%
KEY	B	-0.52%
HPQ	B	-0.47%
SW	A	-0.47%
UFPI	C	-0.46%
GMS	B	-0.46%
GPN	B	-0.44%
LAD	A	-0.43%
IPG	D	-0.42%
APTV	F	-0.39%
FAF	A	-0.38%
GTES	A	-0.38%
DOOO	F	-0.37%
LPX	B	-0.36%
OLN	F	-0.33%
HRI	C	-0.32%
CC	C	-0.31%
AAP	D	-0.31%
DAR	C	-0.31%
HOG	D	-0.3%
LITE	B	-0.29%
SLM	A	-0.28%
CPT	B	-0.28%
MDU	D	-0.27%
HRB	D	-0.27%
UPBD	B	-0.26%
G	B	-0.26%
BG	D	-0.25%
OMF	A	-0.24%
NXST	C	-0.22%
VSTS	C	-0.22%
CIEN	C	-0.22%
TEX	F	-0.21%
AR	B	-0.2%
COMP	B	-0.2%
SIG	B	-0.2%
TPR	B	-0.17%
CCI	C	-0.14%
EWBC	A	-0.13%
FCNCA	A	-0.12%
WBS	A	-0.11%
FTRE	D	-0.07%