FBUF vs. FELG ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to Fidelity Enhanced Large Cap Growth ETF (FELG)

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

FELG

Fidelity Enhanced Large Cap Growth ETF

FELG Description

The fund will invest at least 80% of assets in common stocks included in the Russell 1000® Growth Index, which is a market capitalization-weighted index designed to measure the performance of the large-cap growth segment of the U.S. equity market. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$34.54

Average Daily Volume

218,971

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	FELG
30 Days	3.10%	3.26%
60 Days	4.70%	5.11%
90 Days	6.08%	6.08%
12 Months		36.88%

65 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in FELG	Overlap
AAPL	C	7.34%	12.05%	7.34%
ABBV	D	0.91%	0.94%	0.91%
ADBE	C	0.94%	1.29%	0.94%
ALLE	D	0.38%	0.33%	0.33%
AMAT	F	0.67%	0.94%	0.67%
AMZN	C	3.84%	6.62%	3.84%
ANET	C	0.06%	0.83%	0.06%
ANF	C	0.35%	0.52%	0.35%
AVGO	D	1.62%	3.11%	1.62%
BBWI	D	0.16%	0.45%	0.16%
BMY	B	0.74%	0.54%	0.54%
CAT	B	0.53%	0.32%	0.32%
CLX	B	0.14%	0.18%	0.14%
CMG	B	0.47%	0.77%	0.47%
COST	B	0.3%	0.91%	0.3%
CRM	B	1.16%	0.59%	0.59%
CTAS	B	0.65%	0.66%	0.65%
CVNA	B	0.52%	0.07%	0.07%
DASH	A	0.11%	0.72%	0.11%
DBX	B	0.52%	0.43%	0.43%
ECL	D	0.63%	0.7%	0.63%
EXEL	B	0.43%	0.57%	0.43%
FTNT	C	0.2%	0.65%	0.2%
GILD	C	0.74%	0.5%	0.5%
GOOG	C	1.89%	2.52%	1.89%
GOOGL	C	2.04%	3.57%	2.04%
GRMN	B	0.44%	0.54%	0.44%
HD	A	1.32%	0.62%	0.62%
HWM	A	0.38%	0.55%	0.38%
IDXX	F	0.15%	0.39%	0.15%
INCY	C	0.34%	0.5%	0.34%
INTU	C	0.12%	0.11%	0.11%
KLAC	D	0.61%	0.79%	0.61%
LLY	F	0.76%	1.54%	0.76%
LMT	D	0.71%	0.62%	0.62%
LRCX	F	0.24%	0.82%	0.24%
LYFT	C	0.08%	0.51%	0.08%
MA	C	1.36%	2.02%	1.36%
MEDP	D	0.28%	0.12%	0.12%
META	D	2.89%	4.74%	2.89%
MRK	F	0.96%	1.35%	0.96%
MSCI	C	0.26%	0.26%	0.26%
MSFT	F	5.66%	10.23%	5.66%
MSI	B	0.43%	0.65%	0.43%
NFLX	A	1.28%	1.81%	1.28%
NOC	D	0.6%	0.49%	0.49%
NOW	A	0.5%	0.51%	0.5%
NVDA	C	7.37%	11.91%	7.37%
ORCL	B	0.04%	0.46%	0.04%
PEP	F	0.19%	0.15%	0.15%
QCOM	F	0.85%	1.12%	0.85%
SCHW	B	0.79%	0.59%	0.59%
SPG	B	0.44%	0.56%	0.44%
SQ	B	0.6%	0.66%	0.6%
TDC	D	0.35%	0.3%	0.3%
TJX	A	0.72%	0.77%	0.72%
TMUS	B	0.28%	0.5%	0.28%
TSLA	B	1.27%	3.47%	1.27%
TT	A	0.68%	0.63%	0.63%
UBER	D	0.24%	0.98%	0.24%
UNP	C	0.75%	0.74%	0.74%
V	A	0.65%	1.2%	0.65%
WMT	A	0.82%	0.13%	0.13%
ZBRA	B	0.52%	0.09%	0.09%
ZM	B	0.53%	0.51%	0.51%

FBUF Overweight 90 Positions Relative to FELG

Symbol	Grade	Weight
BRK.A	B	2.2%
JPM	A	1.93%
XOM	B	1.56%
BAC	A	1.18%
PM	B	0.94%
CMCSA	B	0.84%
NEE	D	0.82%
CSCO	B	0.8%
PG	A	0.8%
JNJ	D	0.73%
PYPL	B	0.72%
C	A	0.72%
T	A	0.71%
PGR	A	0.67%
DIS	B	0.65%
CI	F	0.63%
ABT	B	0.63%
BDX	F	0.58%
UNH	C	0.57%
CL	D	0.55%
SEIC	B	0.54%
MMC	B	0.53%
DVN	F	0.52%
MU	D	0.5%
TXT	D	0.5%
CSX	B	0.49%
GE	D	0.48%
EOG	A	0.48%
IGT	F	0.46%
CME	A	0.44%
AXP	A	0.43%
WM	A	0.41%
PFE	D	0.41%
TMO	F	0.38%
PCAR	B	0.37%
NUE	C	0.36%
ALRM	C	0.34%
PPG	F	0.34%
F	C	0.33%
LDOS	C	0.31%
SKYW	B	0.31%
CAH	B	0.31%
RTX	C	0.28%
TROW	B	0.28%
WFC	A	0.28%
TRV	B	0.26%
ADP	B	0.26%
AMGN	D	0.25%
SYK	C	0.24%
CVS	D	0.23%
RSG	A	0.23%
MGM	D	0.23%
AMT	D	0.21%
LHX	C	0.21%
SPGI	C	0.21%
GAP	C	0.21%
BIIB	F	0.21%
MMM	D	0.19%
TPH	D	0.18%
SSNC	B	0.18%
CACI	D	0.17%
PSA	D	0.17%
LNW	D	0.16%
OXY	D	0.15%
VST	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%
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%
CINF	A	0.07%
PLTK	B	0.07%
CRUS	D	0.07%
QRVO	F	0.06%
NBIX	C	0.06%
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 14 Positions Relative to FELG

Symbol	Grade	Weight
BKNG	A	-1.1%
WDAY	B	-0.71%
NTRA	B	-0.5%
MPWR	F	-0.4%
AXON	A	-0.32%
APP	B	-0.31%
TW	A	-0.31%
NU	C	-0.19%
SCCO	F	-0.14%
BAH	F	-0.11%
ISRG	A	-0.1%
MORN	B	-0.07%
TPL	A	-0.03%
AMD	F	-0.01%