FBUF vs. JPST ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to JPMorgan Ultra-Short Income ETF (JPST)

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

$27.42

Average Daily Volume

4,691

Number of Holdings ^*

155

* may have additional holdings in another (foreign) market

JPST

JPMorgan Ultra-Short Income ETF

JPST Description

The investment seeks to provide total return. Under normal circumstances, the fund will invest at least 80% of its assets in bonds. It will invest at least 40% of its assets in countries other than the United States. The fund may invest in developed or emerging markets. It generally invests at least 25% of its assets in securities that, at the time of purchase are rated investment grade or the unrated equivalent. "Assets" means net assets plus the amount of borrowings for investment purposes. The fund may also use currency related transactions involving currency derivatives as part of its primary investment strategy.

Grade (RS Rating)

Last Trade

$50.50

Average Daily Volume

5,203,416

Number of Holdings ^*

111

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	JPST
30 Days	1.93%	0.25%
60 Days	4.39%	0.46%
90 Days	5.67%	1.07%
12 Months		5.96%

25 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in JPST	Overlap
AAPL	C	7.34%	0.12%	0.12%
ABBV	F	0.91%	0.04%	0.04%
ABT	B	0.63%	0.01%	0.01%
AXP	A	0.43%	0.01%	0.01%
BAC	A	1.18%	0.01%	0.01%
BK	A	0.12%	0.01%	0.01%
BMY	B	0.74%	0.01%	0.01%
C	A	0.72%	0.01%	0.01%
CAT	B	0.53%	0.01%	0.01%
CI	D	0.63%	0.08%	0.08%
DIS	B	0.65%	0.02%	0.02%
GILD	C	0.74%	0.13%	0.13%
KR	B	0.12%	0.07%	0.07%
LDOS	C	0.31%	0.26%	0.26%
MMM	D	0.19%	0.01%	0.01%
NEE	C	0.82%	0.03%	0.03%
ORCL	A	0.04%	0.04%	0.04%
PFE	F	0.41%	0.01%	0.01%
PM	B	0.94%	0.01%	0.01%
SCHW	B	0.79%	0.01%	0.01%
T	A	0.71%	0.14%	0.14%
TMO	F	0.38%	0.74%	0.38%
UNH	B	0.57%	0.01%	0.01%
WFC	A	0.28%	0.11%	0.11%
XOM	B	1.56%	0.06%	0.06%

FBUF Overweight 130 Positions Relative to JPST

Symbol	Grade	Weight
NVDA	B	7.37%
MSFT	D	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%
MA	B	1.36%
HD	B	1.32%
NFLX	A	1.28%
TSLA	B	1.27%
CRM	B	1.16%
MRK	D	0.96%
ADBE	C	0.94%
QCOM	F	0.85%
CMCSA	B	0.84%
WMT	A	0.82%
CSCO	B	0.8%
PG	C	0.8%
LLY	F	0.76%
UNP	C	0.75%
JNJ	C	0.73%
PYPL	B	0.72%
TJX	A	0.72%
LMT	D	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%
KLAC	F	0.61%
SQ	A	0.6%
NOC	D	0.6%
BDX	F	0.58%
CL	D	0.55%
SEIC	B	0.54%
MMC	B	0.53%
ZM	C	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%
TXT	D	0.5%
CSX	C	0.49%
GE	D	0.48%
EOG	A	0.48%
CMG	B	0.47%
IGT	F	0.46%
CME	B	0.44%
SPG	A	0.44%
GRMN	B	0.44%
MSI	B	0.43%
EXEL	B	0.43%
WM	B	0.41%
HWM	A	0.38%
ALLE	C	0.38%
PCAR	B	0.37%
NUE	C	0.36%
ANF	F	0.35%
TDC	D	0.35%
ALRM	C	0.34%
PPG	F	0.34%
INCY	C	0.34%
F	C	0.33%
SKYW	C	0.31%
CAH	B	0.31%
COST	A	0.3%
RTX	D	0.28%
TMUS	B	0.28%
MEDP	D	0.28%
TROW	B	0.28%
TRV	B	0.26%
ADP	A	0.26%
MSCI	C	0.26%
AMGN	F	0.25%
UBER	F	0.24%
SYK	B	0.24%
LRCX	F	0.24%
CVS	D	0.23%
RSG	A	0.23%
MGM	D	0.23%
AMT	C	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	C	0.17%
LNW	F	0.16%
BBWI	C	0.16%
OXY	D	0.15%
IDXX	F	0.15%
VST	A	0.14%
CLX	A	0.14%
ITW	B	0.14%
GL	C	0.13%
GEN	B	0.13%
INTU	B	0.12%
AON	A	0.12%
NSC	B	0.11%
DASH	B	0.11%
LPLA	A	0.11%
UNM	A	0.1%
ED	C	0.1%
AME	A	0.09%
TWLO	A	0.09%
NRG	B	0.09%
DOCU	B	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%
VEEV	C	0.04%
TNL	A	0.04%
UTHR	C	0.04%
TOL	B	0.02%
CVX	A	0.02%
PEGA	B	0.02%

FBUF Underweight 86 Positions Relative to JPST

Symbol	Grade	Weight
CASH	B	-2.2%
AZN	F	-0.57%
EQH	C	-0.35%
KDP	F	-0.31%
CCEP	C	-0.3%
ATO	A	-0.3%
MCD	D	-0.29%
BXMT	C	-0.25%
SNX	D	-0.23%
TDY	B	-0.22%
HART	D	-0.19%
BA	F	-0.18%
D	C	-0.17%
OGS	A	-0.17%
VZ	C	-0.16%
ETR	B	-0.16%
CNP	A	-0.14%
DB	D	-0.13%
CAG	F	-0.13%
SO	C	-0.11%
VTRS	A	-0.1%
GM	C	-0.1%
FITB	B	-0.1%
HUM	C	-0.09%
WEC	A	-0.09%
MLM	C	-0.09%
JBHT	C	-0.09%
IFF	D	-0.08%
STT	B	-0.08%
DT	D	-0.08%
NEM	D	-0.08%
DUK	C	-0.08%
CFG	B	-0.07%
BX	A	-0.07%
HSBC	A	-0.07%
SBUX	A	-0.06%
BG	D	-0.06%
ACR	A	-0.06%
SEB	F	-0.06%
AEP	C	-0.05%
MS	A	-0.05%
AL	B	-0.05%
BHF	C	-0.04%
KKR	A	-0.04%
MDLZ	F	-0.04%
COF	C	-0.04%
PL	B	-0.04%
ARES	A	-0.03%
CHD	A	-0.03%
R	B	-0.03%
ROP	B	-0.03%
BCC	B	-0.03%
BMO	A	-0.03%
HON	C	-0.02%
WLK	D	-0.02%
MSC	D	-0.02%
ETN	A	-0.02%
AZO	C	-0.02%
GSK	F	-0.02%
AER	A	-0.02%
BNS	A	-0.02%
EPD	A	-0.01%
IBM	C	-0.01%
ICE	C	-0.01%
MCO	B	-0.01%
DHR	F	-0.01%
CSL	C	-0.01%
PSX	C	-0.01%
PNC	B	-0.01%
HBAN	A	-0.01%
ES	C	-0.01%
JXN	C	-0.01%
MET	A	-0.01%
UBS	B	-0.01%
RY	A	-0.01%
TFC	A	-0.01%
DE	B	-0.01%
KEY	B	-0.01%
MUFG	B	-0.01%
GS	A	-0.01%
NWG	A	-0.01%
TD	D	-0.01%
PFG	D	-0.01%
CM	A	-0.01%
USB	A	-0.01%
AIG	B	-0.01%