FBUF vs. GQI ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to Natixis Gateway Quality Income ETF (GQI)

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

GQI

Natixis Gateway Quality Income ETF

GQI Description

The fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in high-quality stocks and written index call option exposure. Under normal circumstances, the fund invests in a diversified portfolio of U.S. large- and mid-capitalization stocks with quality characteristics identified through certain fundamental metrics determined by Gateway Investment Advisers, LLC.

Grade (RS Rating)

Last Trade

$55.08

Average Daily Volume

16,705

Number of Holdings ^*

110

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	GQI
30 Days	3.10%	3.64%
60 Days	4.70%	3.68%
90 Days	6.08%	4.45%
12 Months

42 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in GQI	Overlap
AAPL	C	7.34%	7.33%	7.33%
ADBE	C	0.94%	1.01%	0.94%
AMAT	F	0.67%	0.8%	0.67%
AMZN	C	3.84%	3.32%	3.32%
ANET	C	0.06%	0.24%	0.06%
CAH	B	0.31%	0.54%	0.31%
CI	F	0.63%	0.24%	0.24%
CL	D	0.55%	0.79%	0.55%
CLX	B	0.14%	0.38%	0.14%
CMG	B	0.47%	0.1%	0.1%
COST	B	0.3%	2.11%	0.3%
CTAS	B	0.65%	1.37%	0.65%
CVS	D	0.23%	0.79%	0.23%
DVN	F	0.52%	0.45%	0.45%
EOG	A	0.48%	1.25%	0.48%
GOOGL	C	2.04%	4.31%	2.04%
HD	A	1.32%	2.17%	1.32%
IDXX	F	0.15%	0.63%	0.15%
INCY	C	0.34%	0.22%	0.22%
ITW	B	0.14%	1.34%	0.14%
JNJ	D	0.73%	0.44%	0.44%
KR	B	0.12%	0.71%	0.12%
LLY	F	0.76%	0.63%	0.63%
LMT	D	0.71%	0.13%	0.13%
LRCX	F	0.24%	0.36%	0.24%
MA	C	1.36%	2.24%	1.36%
META	D	2.89%	3.03%	2.89%
MMM	D	0.19%	0.27%	0.19%
MRK	F	0.96%	0.88%	0.88%
MSFT	F	5.66%	5.69%	5.66%
NFLX	A	1.28%	0.16%	0.16%
NOW	A	0.5%	0.56%	0.5%
NRG	B	0.09%	0.24%	0.09%
NUE	C	0.36%	0.48%	0.36%
NVDA	C	7.37%	7.73%	7.37%
PGR	A	0.67%	0.19%	0.19%
QCOM	F	0.85%	0.37%	0.37%
TJX	A	0.72%	1.08%	0.72%
TSLA	B	1.27%	1.7%	1.27%
UNH	C	0.57%	0.72%	0.57%
V	A	0.65%	0.48%	0.48%
WMT	A	0.82%	2.1%	0.82%

FBUF Overweight 113 Positions Relative to GQI

Symbol	Grade	Weight
BRK.A	B	2.2%
JPM	A	1.93%
GOOG	C	1.89%
AVGO	D	1.62%
XOM	B	1.56%
BAC	A	1.18%
CRM	B	1.16%
PM	B	0.94%
ABBV	D	0.91%
CMCSA	B	0.84%
NEE	D	0.82%
CSCO	B	0.8%
PG	A	0.8%
SCHW	B	0.79%
UNP	C	0.75%
BMY	B	0.74%
GILD	C	0.74%
PYPL	B	0.72%
C	A	0.72%
T	A	0.71%
TT	A	0.68%
DIS	B	0.65%
ECL	D	0.63%
ABT	B	0.63%
KLAC	D	0.61%
SQ	B	0.6%
NOC	D	0.6%
BDX	F	0.58%
SEIC	B	0.54%
MMC	B	0.53%
ZM	B	0.53%
CAT	B	0.53%
DBX	B	0.52%
ZBRA	B	0.52%
CVNA	B	0.52%
MU	D	0.5%
TXT	D	0.5%
CSX	B	0.49%
GE	D	0.48%
IGT	F	0.46%
CME	A	0.44%
SPG	B	0.44%
GRMN	B	0.44%
MSI	B	0.43%
AXP	A	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%
PCAR	B	0.37%
ANF	C	0.35%
TDC	D	0.35%
ALRM	C	0.34%
PPG	F	0.34%
F	C	0.33%
LDOS	C	0.31%
SKYW	B	0.31%
RTX	C	0.28%
TMUS	B	0.28%
MEDP	D	0.28%
TROW	B	0.28%
WFC	A	0.28%
TRV	B	0.26%
ADP	B	0.26%
MSCI	C	0.26%
AMGN	D	0.25%
UBER	D	0.24%
SYK	C	0.24%
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%
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%
VST	B	0.14%
GL	B	0.13%
GEN	B	0.13%
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%
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 68 Positions Relative to GQI

Symbol	Grade	Weight
BKNG	A	-1.98%
ACN	C	-1.63%
MCK	B	-1.47%
TGT	F	-1.3%
PSX	C	-0.96%
GWW	B	-0.93%
FAST	B	-0.86%
VLO	C	-0.86%
KMB	D	-0.84%
MPC	D	-0.75%
COR	B	-0.74%
ODFL	B	-0.7%
SYY	B	-0.69%
LULU	C	-0.65%
CDNS	B	-0.61%
HUM	C	-0.6%
GEV	B	-0.59%
CNC	D	-0.57%
NKE	D	-0.56%
DECK	A	-0.5%
NVR	D	-0.49%
ADM	D	-0.48%
ELV	F	-0.43%
SPOT	B	-0.42%
RMD	C	-0.42%
BLDR	D	-0.4%
CMI	A	-0.38%
WST	C	-0.38%
STLD	B	-0.38%
LYV	A	-0.35%
VRSK	A	-0.34%
TSN	B	-0.34%
LUV	C	-0.32%
ULTA	F	-0.31%
EXPD	D	-0.31%
BBY	D	-0.31%
MOH	F	-0.31%
ALGN	D	-0.3%
DPZ	C	-0.28%
CTSH	B	-0.28%
CDW	F	-0.28%
JBL	B	-0.28%
JBHT	C	-0.27%
ROL	B	-0.26%
VRSN	F	-0.25%
EPAM	C	-0.25%
MPWR	F	-0.25%
POOL	C	-0.25%
BG	F	-0.24%
CHRW	C	-0.24%
REGN	F	-0.24%
PRU	A	-0.24%
LYB	F	-0.21%
PAYC	B	-0.19%
AOS	F	-0.16%
CRWD	B	-0.16%
MKTX	D	-0.15%
MTD	D	-0.14%
LEN	D	-0.14%
ZTS	D	-0.13%
PANW	C	-0.12%
MNST	C	-0.12%
WBA	F	-0.11%
SNPS	B	-0.1%
BWA	D	-0.09%
UPS	C	-0.09%
TER	D	-0.08%
DLTR	F	-0.06%