FBUF vs. ADME ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to Aptus Drawdown Managed Equity ETF (ADME)

FBUF

Fidelity Dynamic Buffered Equity ETF

FBUF Description

FBUF seeks capital appreciation by investing in a large-cap equity portfolio of US and foreign stocks while utilizing a defensive options collar strategy. The fund aims to outperform the S&P 500 by picking stocks using a computer-aided, quantitative analysis of historical valuation, growth, and profitability, among other factors. The proprietary process seeks to find the optimal portfolio holdings, overweight stocks with positive characteristics, and manage benchmark relative risks. For the options strategy, the fund typically buys out-of-the-money put options on the S&P 500 Index and simultaneously sells out-of-the-money S&P 500 Index call options. Premium earned from writing calls is intended to offset the cost of buying puts, but this essentially caps the upside returns of the equity portfolio. For a continuous downside hedge, the adviser selects put options through a laddered approach that rolls monthly. The adviser diversifies the written call positions, which are rolled weekly, with different strike prices and expiration dates.

Grade (RS Rating)

Last Trade

$27.53

Average Daily Volume

5,177

Number of Holdings ^*

155

* may have additional holdings in another (foreign) market

ADME

Aptus Drawdown Managed Equity ETF

ADME Description

The investment seeks capital appreciation with downside protection. The fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its objective principally by investing in a portfolio of typically 40 to 50 U.S.-listed equity securities, while limiting downside risk by purchasing exchange-listed put options on one or more broad-based indexes or ETFs that track the performance of the U.S. equity market. Under normal circumstances, at least 80% of the fund's net assets (plus borrowings for investment purposes) will be invested in equity securities.

Grade (RS Rating)

Last Trade

$47.47

Average Daily Volume

34,161

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	ADME
30 Days	3.10%	2.15%
60 Days	4.70%	3.21%
90 Days	6.08%	4.52%
12 Months		28.04%

46 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in ADME	Overlap
AAPL	C	7.34%	6.89%	6.89%
ABBV	D	0.91%	0.65%	0.65%
ABT	B	0.63%	0.8%	0.63%
ADBE	C	0.94%	0.47%	0.47%
ADP	B	0.26%	0.32%	0.26%
AMAT	F	0.67%	1.34%	0.67%
AMGN	D	0.25%	0.36%	0.25%
AMT	D	0.21%	0.82%	0.21%
AMZN	C	3.84%	3.67%	3.67%
AVGO	D	1.62%	1.93%	1.62%
BAC	A	1.18%	1.02%	1.02%
BMY	B	0.74%	0.71%	0.71%
BRK.A	B	2.2%	1.72%	1.72%
C	A	0.72%	0.62%	0.62%
CAT	B	0.53%	1.74%	0.53%
CMCSA	B	0.84%	0.38%	0.38%
COST	B	0.3%	1.05%	0.3%
CSX	B	0.49%	1.01%	0.49%
CTAS	B	0.65%	0.97%	0.65%
EOG	A	0.48%	0.48%	0.48%
GOOG	C	1.89%	3.58%	1.89%
INTU	C	0.12%	1.05%	0.12%
JNJ	D	0.73%	1.02%	0.73%
JPM	A	1.93%	2.0%	1.93%
LLY	F	0.76%	1.19%	0.76%
LMT	D	0.71%	1.61%	0.71%
META	D	2.89%	2.44%	2.44%
MMC	B	0.53%	0.89%	0.53%
MSFT	F	5.66%	6.09%	5.66%
MSI	B	0.43%	0.9%	0.43%
NEE	D	0.82%	0.69%	0.69%
NFLX	A	1.28%	1.33%	1.28%
NOW	A	0.5%	2.11%	0.5%
NVDA	C	7.37%	7.17%	7.17%
PG	A	0.8%	1.11%	0.8%
PGR	A	0.67%	1.68%	0.67%
PSA	D	0.17%	0.48%	0.17%
SYK	C	0.24%	1.82%	0.24%
TJX	A	0.72%	0.87%	0.72%
TMO	F	0.38%	1.04%	0.38%
TMUS	B	0.28%	1.23%	0.28%
TSLA	B	1.27%	1.89%	1.27%
UNH	C	0.57%	1.25%	0.57%
V	A	0.65%	1.79%	0.65%
WMT	A	0.82%	1.2%	0.82%
XOM	B	1.56%	1.84%	1.56%

FBUF Overweight 109 Positions Relative to ADME

Symbol	Grade	Weight
GOOGL	C	2.04%
MA	C	1.36%
HD	A	1.32%
CRM	B	1.16%
MRK	F	0.96%
PM	B	0.94%
QCOM	F	0.85%
CSCO	B	0.8%
SCHW	B	0.79%
UNP	C	0.75%
GILD	C	0.74%
PYPL	B	0.72%
T	A	0.71%
TT	A	0.68%
DIS	B	0.65%
ECL	D	0.63%
CI	F	0.63%
KLAC	D	0.61%
SQ	B	0.6%
NOC	D	0.6%
BDX	F	0.58%
CL	D	0.55%
SEIC	B	0.54%
ZM	B	0.53%
DBX	B	0.52%
ZBRA	B	0.52%
CVNA	B	0.52%
DVN	F	0.52%
MU	D	0.5%
TXT	D	0.5%
GE	D	0.48%
CMG	B	0.47%
IGT	F	0.46%
CME	A	0.44%
SPG	B	0.44%
GRMN	B	0.44%
AXP	A	0.43%
EXEL	B	0.43%
WM	A	0.41%
PFE	D	0.41%
HWM	A	0.38%
ALLE	D	0.38%
PCAR	B	0.37%
NUE	C	0.36%
ANF	C	0.35%
TDC	D	0.35%
ALRM	C	0.34%
PPG	F	0.34%
INCY	C	0.34%
F	C	0.33%
LDOS	C	0.31%
SKYW	B	0.31%
CAH	B	0.31%
RTX	C	0.28%
MEDP	D	0.28%
TROW	B	0.28%
WFC	A	0.28%
TRV	B	0.26%
MSCI	C	0.26%
UBER	D	0.24%
LRCX	F	0.24%
CVS	D	0.23%
RSG	A	0.23%
MGM	D	0.23%
LHX	C	0.21%
SPGI	C	0.21%
GAP	C	0.21%
BIIB	F	0.21%
FTNT	C	0.2%
PEP	F	0.19%
MMM	D	0.19%
TPH	D	0.18%
SSNC	B	0.18%
CACI	D	0.17%
LNW	D	0.16%
BBWI	D	0.16%
OXY	D	0.15%
IDXX	F	0.15%
VST	B	0.14%
CLX	B	0.14%
ITW	B	0.14%
GL	B	0.13%
GEN	B	0.13%
KR	B	0.12%
BK	A	0.12%
AON	A	0.12%
NSC	B	0.11%
DASH	A	0.11%
LPLA	A	0.11%
UNM	A	0.1%
ED	D	0.1%
AME	A	0.09%
TWLO	A	0.09%
NRG	B	0.09%
DOCU	A	0.09%
LYFT	C	0.08%
CINF	A	0.07%
PLTK	B	0.07%
CRUS	D	0.07%
QRVO	F	0.06%
NBIX	C	0.06%
ANET	C	0.06%
ORCL	B	0.04%
VEEV	C	0.04%
TNL	A	0.04%
UTHR	C	0.04%
TOL	B	0.02%
CVX	A	0.02%
PEGA	A	0.02%

FBUF Underweight 30 Positions Relative to ADME

Symbol	Grade	Weight
LIN	D	-1.31%
BLK	C	-1.23%
LOW	D	-1.2%
MS	A	-1.15%
ACN	C	-1.13%
KO	D	-1.13%
MAR	B	-1.11%
FI	A	-1.09%
ISRG	A	-1.05%
SO	D	-1.0%
MCD	D	-0.96%
HON	B	-0.91%
ADI	D	-0.86%
PHM	D	-0.8%
FANG	D	-0.74%
ICE	C	-0.71%
DLR	B	-0.71%
MKC	D	-0.68%
DE	A	-0.64%
DUK	C	-0.64%
ETN	A	-0.63%
MO	A	-0.6%
TYL	B	-0.59%
AMD	F	-0.45%
VRTX	F	-0.45%
HCA	F	-0.45%
SHW	A	-0.44%
BR	A	-0.42%
FCX	D	-0.35%
SLB	C	-0.25%