FBUF vs. PKW ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to PowerShares Buyback Achievers (PKW)

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

PKW

PowerShares Buyback Achievers

PKW Description

The PowerShares Buyback AchieversTM Portfolio (Fund) is based on the NASDAQ US Buyback AchieversTM Index (Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index is designed to track the performance of companies that meet the requirements to be classified as BuyBack Achievers™. To become eligible for inclusion in the Index, a company must be incorporated in the U.S., trade on a US exchange and must have repurchased at least 5% or more of its outstanding shares for the trailing 12 months. The Fund and the Index are reconstituted annually in January and rebalanced quarterly in January, April, July and October. Effective December 28, 2012, the NADAQ OMX Group, Inc. replaced Mergent, Inc., as the Index Provider of the Index. Effective February 25, 2013, the name of the Index changed from Share Buyback Achievers Index to NASDAQ Buyback Achievers Index. There will be no change to the methodology by which NASDAQ OMX Group, Inc., the Index Provider, calculates the Index. Please see the Fund’s prospectus supplement for more information. On February 25, 2013, NASDAQ took the place of the NYSE as the official Index data source.

Grade (RS Rating)

Last Trade

$123.75

Average Daily Volume

17,079

Number of Holdings ^*

191

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	PKW
30 Days	3.10%	7.20%
60 Days	4.70%	9.19%
90 Days	6.08%	12.10%
12 Months		36.73%

14 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in PKW	Overlap
CACI	D	0.17%	0.33%	0.17%
CAH	B	0.31%	0.95%	0.31%
CMCSA	B	0.84%	4.88%	0.84%
CSX	B	0.49%	2.21%	0.49%
JNJ	D	0.73%	4.53%	0.73%
LMT	D	0.71%	4.13%	0.71%
MGM	D	0.23%	0.37%	0.23%
PYPL	B	0.72%	2.83%	0.72%
SKYW	B	0.31%	0.14%	0.14%
TMUS	B	0.28%	5.44%	0.28%
TNL	A	0.04%	0.12%	0.04%
TOL	B	0.02%	0.5%	0.02%
TXT	D	0.5%	0.51%	0.5%
VST	B	0.14%	1.64%	0.14%

FBUF Overweight 141 Positions Relative to PKW

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%
MRK	F	0.96%
PM	B	0.94%
ADBE	C	0.94%
ABBV	D	0.91%
QCOM	F	0.85%
WMT	A	0.82%
NEE	D	0.82%
CSCO	B	0.8%
PG	A	0.8%
SCHW	B	0.79%
LLY	F	0.76%
UNP	C	0.75%
BMY	B	0.74%
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%
DIS	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%
CAT	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%
GE	D	0.48%
EOG	A	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%
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%
NUE	C	0.36%
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%
COST	B	0.3%
RTX	C	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%
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%
MMM	D	0.19%
TPH	D	0.18%
SSNC	B	0.18%
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%
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%
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%
ORCL	B	0.04%
VEEV	C	0.04%
UTHR	C	0.04%
CVX	A	0.02%
PEGA	A	0.02%

FBUF Underweight 177 Positions Relative to PKW

Symbol	Grade	Weight
BKNG	A	-5.49%
FI	A	-4.0%
DE	A	-3.61%
APP	B	-2.89%
HCA	F	-2.83%
MCK	B	-2.61%
MAR	B	-2.59%
ORLY	B	-2.3%
AFL	B	-2.05%
HLT	A	-2.0%
MET	A	-1.91%
PSX	C	-1.79%
AZO	C	-1.77%
MPC	D	-1.75%
AIG	B	-1.6%
VLO	C	-1.51%
DFS	B	-1.42%
VRSK	A	-1.3%
HIG	B	-1.13%
DD	D	-1.12%
CNC	D	-1.01%
STT	A	-0.94%
PHM	D	-0.87%
GDDY	A	-0.85%
SYF	B	-0.83%
EXPE	B	-0.73%
STLD	B	-0.71%
BLDR	D	-0.68%
CFG	B	-0.68%
CSL	C	-0.66%
L	A	-0.6%
EXPD	D	-0.55%
JEF	A	-0.5%
EQH	B	-0.49%
THC	D	-0.48%
MUSA	A	-0.35%
PAG	B	-0.35%
WMS	D	-0.34%
EXP	A	-0.33%
PRI	A	-0.33%
FOXA	B	-0.33%
ORI	A	-0.32%
CNM	D	-0.28%
DINO	D	-0.27%
HRB	D	-0.27%
WH	B	-0.25%
BERY	B	-0.25%
BRKR	D	-0.24%
R	B	-0.23%
BYD	C	-0.22%
MTN	C	-0.22%
WSC	D	-0.22%
CHH	A	-0.22%
MTG	C	-0.21%
AN	C	-0.21%
ARW	D	-0.2%
COOP	B	-0.2%
KBH	D	-0.19%
RH	B	-0.19%
CNX	A	-0.19%
GPI	A	-0.18%
VVV	F	-0.18%
AMG	B	-0.18%
PVH	C	-0.18%
SM	B	-0.17%
ABG	B	-0.17%
CRC	B	-0.17%
MATX	C	-0.17%
NXST	C	-0.17%
SLM	A	-0.17%
DDS	B	-0.17%
BC	C	-0.17%
OLN	D	-0.16%
NSIT	F	-0.16%
EEFT	B	-0.15%
IDCC	A	-0.15%
HGV	B	-0.14%
GOLF	B	-0.14%
TNET	D	-0.14%
ASGN	F	-0.13%
CVCO	A	-0.13%
DXC	B	-0.12%
CAR	C	-0.12%
GFF	A	-0.12%
WU	D	-0.12%
CEIX	A	-0.12%
ASH	D	-0.12%
ASO	F	-0.11%
ATGE	B	-0.11%
NSA	D	-0.11%
HP	B	-0.11%
BTU	B	-0.11%
DOCN	D	-0.11%
HUN	F	-0.11%
FBP	B	-0.11%
SLVM	B	-0.11%
TGNA	B	-0.1%
LBRT	D	-0.1%
PK	B	-0.1%
DEI	B	-0.1%
CARG	C	-0.1%
BHF	B	-0.1%
VIRT	B	-0.1%
ATKR	C	-0.1%
AMR	C	-0.1%
VAC	B	-0.1%
GNW	A	-0.1%
ENVA	B	-0.09%
SPB	C	-0.08%
SEB	F	-0.08%
PRG	C	-0.07%
GBX	A	-0.07%
HURN	B	-0.07%
IART	C	-0.06%
AZTA	D	-0.06%
CASH	A	-0.06%
SAH	A	-0.05%
PLAY	D	-0.05%
ATSG	B	-0.05%
PEB	D	-0.05%
XHR	B	-0.05%
PZZA	D	-0.05%
CSGS	B	-0.05%
NAVI	C	-0.05%
DXPE	B	-0.04%
INVA	D	-0.04%
DK	C	-0.04%
HTZ	C	-0.04%
CNNE	B	-0.04%
JBGS	D	-0.04%
EIG	B	-0.04%
SNCY	C	-0.03%
LQDT	B	-0.03%
CGEM	F	-0.03%
RYI	C	-0.03%
STGW	B	-0.03%
HCKT	B	-0.03%
PRA	C	-0.03%
EGBN	B	-0.03%
ODP	F	-0.03%
JACK	D	-0.03%
ECVT	C	-0.03%
AMN	F	-0.03%
LILAK	D	-0.03%
XRX	F	-0.03%
SBSI	B	-0.03%
TBPH	C	-0.02%
ANAB	F	-0.02%
NFBK	B	-0.02%
HONE	B	-0.02%
FPI	B	-0.02%
LXU	B	-0.02%
OPY	B	-0.02%
NR	B	-0.02%
IMXI	B	-0.02%
SCHL	D	-0.02%
ZIP	F	-0.02%
LPRO	C	-0.02%
CHGG	D	-0.01%
SKIN	D	-0.01%
DBI	F	-0.01%
ZYXI	D	-0.01%
ONTF	C	-0.01%
TASK	C	-0.01%
WSBF	C	-0.01%
RLGT	A	-0.01%
DENN	D	-0.01%
MBI	B	-0.01%
GCO	B	-0.01%
CCRN	F	-0.01%
LWAY	D	-0.01%
LOCO	D	-0.01%
SENEA	B	-0.01%
LSEA	D	-0.01%
NECB	B	-0.01%
KELYA	F	-0.01%
MX	F	-0.0%