FBUF vs. NBCR ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to Neuberger Berman Core Equity ETF (NBCR)

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

NBCR

Neuberger Berman Core Equity ETF

NBCR Description

To pursue its goal, the fund invests mainly in equity securities of large-capitalization companies, which it defines as companies that have a market capitalization within the market capitalization range of companies in the Russell 1000® Index at the time of initial purchase. The portfolio managers seek to invest in a broadly diversified group of securities that have the potential to outperform the Russell 1000 Index with a lower level of risk through security selection.

Grade (RS Rating)

Last Trade

$27.43

Average Daily Volume

16,373

Number of Holdings ^*

192

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	NBCR
30 Days	3.10%	2.81%
60 Days	4.70%	4.11%
90 Days	6.08%	5.52%
12 Months

57 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in NBCR	Overlap
AAPL	C	7.34%	6.48%	6.48%
ABBV	D	0.91%	0.86%	0.86%
AMAT	F	0.67%	0.52%	0.52%
AMGN	D	0.25%	0.31%	0.25%
AMZN	C	3.84%	3.83%	3.83%
AON	A	0.12%	1.41%	0.12%
BAC	A	1.18%	0.76%	0.76%
BK	A	0.12%	0.12%	0.12%
BMY	B	0.74%	0.28%	0.28%
C	A	0.72%	0.39%	0.39%
CAT	B	0.53%	0.51%	0.51%
CL	D	0.55%	0.36%	0.36%
COST	B	0.3%	1.06%	0.3%
CRM	B	1.16%	0.87%	0.87%
CSCO	B	0.8%	0.46%	0.46%
CSX	B	0.49%	0.27%	0.27%
CVS	D	0.23%	0.33%	0.23%
ECL	D	0.63%	0.16%	0.16%
EOG	A	0.48%	0.31%	0.31%
GE	D	0.48%	0.94%	0.48%
GL	B	0.13%	0.26%	0.13%
GOOG	C	1.89%	1.94%	1.89%
GOOGL	C	2.04%	3.37%	2.04%
HD	A	1.32%	1.22%	1.22%
INTU	C	0.12%	0.62%	0.12%
JNJ	D	0.73%	0.98%	0.73%
JPM	A	1.93%	1.4%	1.4%
LLY	F	0.76%	1.19%	0.76%
LMT	D	0.71%	0.26%	0.26%
LRCX	F	0.24%	0.2%	0.2%
MA	C	1.36%	1.1%	1.1%
MMM	D	0.19%	0.44%	0.19%
MSFT	F	5.66%	6.01%	5.66%
MSI	B	0.43%	0.35%	0.35%
NEE	D	0.82%	0.33%	0.33%
NFLX	A	1.28%	0.81%	0.81%
NOW	A	0.5%	0.77%	0.5%
NSC	B	0.11%	0.29%	0.11%
NUE	C	0.36%	0.11%	0.11%
NVDA	C	7.37%	6.7%	6.7%
ORCL	B	0.04%	0.99%	0.04%
PG	A	0.8%	0.87%	0.8%
QCOM	F	0.85%	0.91%	0.85%
RSG	A	0.23%	0.16%	0.16%
SPGI	C	0.21%	0.74%	0.21%
T	A	0.71%	0.75%	0.71%
TJX	A	0.72%	0.71%	0.71%
TMO	F	0.38%	0.53%	0.38%
TMUS	B	0.28%	0.88%	0.28%
TOL	B	0.02%	0.07%	0.02%
TT	A	0.68%	0.48%	0.48%
UBER	D	0.24%	0.74%	0.24%
UNM	A	0.1%	0.97%	0.1%
V	A	0.65%	1.23%	0.65%
VST	B	0.14%	0.15%	0.14%
WFC	A	0.28%	0.99%	0.28%
XOM	B	1.56%	1.15%	1.15%

FBUF Overweight 98 Positions Relative to NBCR

Symbol	Grade	Weight
META	D	2.89%
BRK.A	B	2.2%
AVGO	D	1.62%
TSLA	B	1.27%
MRK	F	0.96%
PM	B	0.94%
ADBE	C	0.94%
CMCSA	B	0.84%
WMT	A	0.82%
SCHW	B	0.79%
UNP	C	0.75%
GILD	C	0.74%
PYPL	B	0.72%
PGR	A	0.67%
CTAS	B	0.65%
DIS	B	0.65%
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%
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%
TXT	D	0.5%
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%
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%
TRV	B	0.26%
ADP	B	0.26%
MSCI	C	0.26%
SYK	C	0.24%
MGM	D	0.23%
AMT	D	0.21%
LHX	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%
CLX	B	0.14%
ITW	B	0.14%
GEN	B	0.13%
KR	B	0.12%
DASH	A	0.11%
LPLA	A	0.11%
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%
VEEV	C	0.04%
TNL	A	0.04%
UTHR	C	0.04%
CVX	A	0.02%
PEGA	A	0.02%

FBUF Underweight 135 Positions Relative to NBCR

Symbol	Grade	Weight
BSX	B	-0.87%
TDG	D	-0.77%
AIG	B	-0.76%
MDT	D	-0.72%
FI	A	-0.66%
TXN	C	-0.63%
ETN	A	-0.63%
CCL	B	-0.62%
KKR	A	-0.61%
FYBR	D	-0.6%
LIN	D	-0.59%
GM	B	-0.59%
MCD	D	-0.58%
SNPS	B	-0.58%
AMD	F	-0.57%
IWB	A	-0.56%
ICE	C	-0.56%
DKNG	B	-0.52%
VRTX	F	-0.51%
CRWD	B	-0.51%
UL	D	-0.51%
ADI	D	-0.5%
ZBH	C	-0.5%
BKNG	A	-0.49%
PH	A	-0.48%
ACN	C	-0.47%
ALL	A	-0.45%
APH	A	-0.45%
GS	A	-0.42%
KDP	D	-0.42%
ULTA	F	-0.4%
COP	C	-0.4%
NVT	B	-0.39%
PLD	D	-0.38%
CARR	D	-0.36%
IR	B	-0.36%
MDLZ	F	-0.36%
BLK	C	-0.35%
LVS	C	-0.35%
DE	A	-0.33%
APO	B	-0.32%
URI	B	-0.32%
GIS	D	-0.31%
PNC	B	-0.31%
REGN	F	-0.3%
TRU	D	-0.3%
NDAQ	A	-0.3%
AVY	D	-0.29%
MCO	B	-0.28%
FCX	D	-0.26%
ELV	F	-0.26%
ORLY	B	-0.26%
HCA	F	-0.26%
SLB	C	-0.26%
MCK	B	-0.25%
DAL	C	-0.25%
DLTR	F	-0.25%
AIZ	A	-0.25%
NKE	D	-0.25%
MLM	B	-0.25%
SHW	A	-0.24%
PSX	C	-0.24%
FANG	D	-0.24%
FITB	A	-0.24%
ASML	F	-0.23%
DUK	C	-0.23%
K	A	-0.22%
LEN	D	-0.22%
EHC	B	-0.22%
MET	A	-0.22%
FDX	B	-0.22%
SAIA	B	-0.21%
WCN	A	-0.21%
HUM	C	-0.2%
SRE	A	-0.2%
VTR	C	-0.2%
CHKP	D	-0.2%
J	F	-0.19%
AEP	D	-0.19%
BA	F	-0.19%
DGX	A	-0.19%
EFX	F	-0.18%
DXCM	D	-0.18%
CNC	D	-0.18%
STZ	D	-0.17%
EA	A	-0.17%
MOH	F	-0.17%
D	C	-0.17%
ADSK	A	-0.17%
VRSK	A	-0.17%
CEG	D	-0.17%
WMB	A	-0.16%
PEG	A	-0.16%
ELS	C	-0.16%
OKE	A	-0.16%
ETR	B	-0.16%
TKO	B	-0.15%
FCPT	C	-0.14%
CFG	B	-0.14%
ESI	A	-0.14%
PCG	A	-0.14%
APTV	D	-0.14%
WRBY	B	-0.14%
APD	A	-0.14%
EQT	B	-0.13%
LNT	A	-0.13%
LNG	B	-0.13%
AVTR	F	-0.13%
CDW	F	-0.13%
ENTG	D	-0.13%
IQV	D	-0.13%
IT	C	-0.13%
BLDR	D	-0.12%
MTCH	D	-0.12%
TW	A	-0.12%
FE	C	-0.11%
STWD	C	-0.11%
ON	D	-0.1%
INVH	D	-0.1%
STLD	B	-0.1%
EQR	B	-0.09%
CNP	B	-0.09%
TRGP	B	-0.09%
BMRN	D	-0.09%
UTZ	D	-0.08%
DTM	B	-0.08%
CCK	C	-0.08%
WIX	B	-0.08%
DTE	C	-0.07%
SMAR	A	-0.07%
GXO	B	-0.06%
WY	D	-0.06%
IONS	F	-0.05%
FBIN	D	-0.05%
BHP	F	-0.03%