FBUF vs. DVAL ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to Dynamic US Large Cap Value ETF (DVAL)

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

DVAL

Dynamic US Large Cap Value ETF

DVAL Description

Dynamic US Large Cap Value ETF is an exchange traded fund launched by Franklin Resources, Inc. It is managed by Franklin Advisers, Inc. and Brandywine Global Investment Management, LLC. The fund invests in public equity markets of the United States. It invests in stocks of companies operating across diversified sectors. It invests in value stocks of large-cap companies, within the market capitalization range of the Russell 1000 Index. The fund employs quantitative analysis to create its portfolio. The fund seeks to benchmark the performance of its portfolio against the Russell 1000 Value Index and the S&P 500 Index. It employs proprietary research to create its portfolio. Dynamic US Large Cap Value ETF was formed on December 27, 2006 and is domiciled in the United States.

Grade (RS Rating)

Last Trade

$14.92

Average Daily Volume

7,020

Number of Holdings ^*

110

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	DVAL
30 Days	3.10%	4.63%
60 Days	4.70%	5.94%
90 Days	6.08%	7.93%
12 Months		28.10%

24 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in DVAL	Overlap
AMGN	D	0.25%	0.63%	0.25%
AXP	A	0.43%	1.5%	0.43%
BMY	B	0.74%	0.68%	0.68%
CAT	B	0.53%	3.17%	0.53%
CMCSA	B	0.84%	4.34%	0.84%
CSCO	B	0.8%	3.43%	0.8%
CVX	A	0.02%	2.2%	0.02%
DIS	B	0.65%	0.52%	0.52%
EOG	A	0.48%	0.53%	0.48%
JNJ	D	0.73%	1.56%	0.73%
LMT	D	0.71%	4.4%	0.71%
MGM	D	0.23%	0.76%	0.23%
MMM	D	0.19%	1.33%	0.19%
MRK	F	0.96%	0.35%	0.35%
NRG	B	0.09%	0.77%	0.09%
NUE	C	0.36%	1.15%	0.36%
PCAR	B	0.37%	1.2%	0.37%
PG	A	0.8%	0.96%	0.8%
PYPL	B	0.72%	2.36%	0.72%
TMUS	B	0.28%	3.65%	0.28%
TOL	B	0.02%	0.31%	0.02%
TXT	D	0.5%	0.5%	0.5%
WFC	A	0.28%	0.71%	0.28%
WMT	A	0.82%	1.37%	0.82%

FBUF Overweight 131 Positions Relative to DVAL

Symbol	Grade	Weight
NVDA	C	7.37%
AAPL	C	7.34%
MSFT	F	5.66%
AMZN	C	3.84%
META	D	2.89%
BRK.A	B	2.2%
GOOGL	C	2.04%
JPM	A	1.93%
GOOG	C	1.89%
AVGO	D	1.62%
XOM	B	1.56%
MA	C	1.36%
HD	A	1.32%
NFLX	A	1.28%
TSLA	B	1.27%
BAC	A	1.18%
CRM	B	1.16%
PM	B	0.94%
ADBE	C	0.94%
ABBV	D	0.91%
QCOM	F	0.85%
NEE	D	0.82%
SCHW	B	0.79%
LLY	F	0.76%
UNP	C	0.75%
GILD	C	0.74%
TJX	A	0.72%
C	A	0.72%
T	A	0.71%
TT	A	0.68%
PGR	A	0.67%
AMAT	F	0.67%
V	A	0.65%
CTAS	B	0.65%
ECL	D	0.63%
CI	F	0.63%
ABT	B	0.63%
KLAC	D	0.61%
SQ	B	0.6%
NOC	D	0.6%
BDX	F	0.58%
UNH	C	0.57%
CL	D	0.55%
SEIC	B	0.54%
MMC	B	0.53%
ZM	B	0.53%
DBX	B	0.52%
ZBRA	B	0.52%
CVNA	B	0.52%
DVN	F	0.52%
MU	D	0.5%
NOW	A	0.5%
CSX	B	0.49%
GE	D	0.48%
CMG	B	0.47%
IGT	F	0.46%
CME	A	0.44%
SPG	B	0.44%
GRMN	B	0.44%
MSI	B	0.43%
EXEL	B	0.43%
WM	A	0.41%
PFE	D	0.41%
TMO	F	0.38%
HWM	A	0.38%
ALLE	D	0.38%
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%
COST	B	0.3%
RTX	C	0.28%
MEDP	D	0.28%
TROW	B	0.28%
TRV	B	0.26%
ADP	B	0.26%
MSCI	C	0.26%
UBER	D	0.24%
SYK	C	0.24%
LRCX	F	0.24%
CVS	D	0.23%
RSG	A	0.23%
AMT	D	0.21%
LHX	C	0.21%
SPGI	C	0.21%
GAP	C	0.21%
BIIB	F	0.21%
FTNT	C	0.2%
PEP	F	0.19%
TPH	D	0.18%
SSNC	B	0.18%
CACI	D	0.17%
PSA	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%
INTU	C	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%
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%
PEGA	A	0.02%

FBUF Underweight 86 Positions Relative to DVAL

Symbol	Grade	Weight
IBM	C	-4.21%
DE	A	-3.88%
HON	B	-3.53%
GM	B	-3.32%
COP	C	-3.1%
MPC	D	-2.74%
BLDR	D	-1.86%
LYB	F	-1.44%
STLD	B	-1.41%
WMB	A	-1.32%
VLO	C	-1.26%
CSL	C	-1.06%
PHM	D	-1.05%
EXPD	D	-1.04%
KHC	F	-0.98%
RS	B	-0.97%
GIS	D	-0.95%
SCI	B	-0.93%
OC	A	-0.9%
JBL	B	-0.89%
CF	B	-0.83%
EBAY	D	-0.78%
CRBG	B	-0.74%
PSX	C	-0.71%
BG	F	-0.7%
DRI	B	-0.67%
MLM	B	-0.66%
EXPE	B	-0.66%
ORI	A	-0.65%
IPG	D	-0.65%
MRO	B	-0.64%
NVR	D	-0.64%
AN	C	-0.62%
CPAY	A	-0.6%
EQH	B	-0.6%
AFG	A	-0.58%
BERY	B	-0.52%
FOXA	B	-0.51%
WH	B	-0.49%
EVR	B	-0.48%
ARMK	B	-0.47%
OMF	A	-0.45%
SYY	B	-0.45%
MTG	C	-0.45%
VZ	C	-0.43%
NXST	C	-0.42%
TRMB	B	-0.41%
AMG	B	-0.4%
FLEX	A	-0.4%
TRGP	B	-0.37%
BC	C	-0.35%
RL	B	-0.33%
KBH	D	-0.33%
DVA	B	-0.31%
SAIC	F	-0.31%
MUSA	A	-0.29%
R	B	-0.28%
DKS	C	-0.27%
BCC	B	-0.26%
RHI	B	-0.26%
AM	A	-0.25%
EMN	D	-0.23%
AOS	F	-0.23%
COKE	C	-0.22%
EXP	A	-0.22%
BLD	D	-0.2%
PVH	C	-0.19%
H	B	-0.18%
SNX	C	-0.18%
INGR	B	-0.17%
CBT	C	-0.17%
CNM	D	-0.17%
FANG	D	-0.15%
MDU	D	-0.14%
NEU	C	-0.14%
FMC	D	-0.13%
WEX	D	-0.13%
BYD	C	-0.13%
CHX	C	-0.1%
GPK	C	-0.1%
TPR	B	-0.09%
RDN	C	-0.08%
OMC	C	-0.05%
WSC	D	-0.04%
VOYA	B	-0.04%
WCC	B	-0.0%