FBUF vs. QUS ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to SPDR MSCI USA Quality Mix ETF (QUS)

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

QUS

SPDR MSCI USA Quality Mix ETF

QUS Description

The investment seeks to track the performance of the MSCI USA Quality Mix A-Series Index. The fund invests at least 80%, of its total assets in the securities comprising the index. The index is designed to measure the equity market performance of large-and mid-cap companies across the U.S. equity market. It aims to represent the performance of a combination of three factors: value, quality, and low volatility. It is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI USA Value Weighted Index, the MSCI USA Quality Index, and the MSCI USA Minimum Volatility Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$161.92

Average Daily Volume

15,365

Number of Holdings ^*

583

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	QUS
30 Days	3.10%	2.25%
60 Days	4.70%	3.15%
90 Days	6.08%	4.45%
12 Months		29.35%

134 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in QUS	Overlap
AAPL	C	7.34%	3.24%	3.24%
ABBV	D	0.91%	0.49%	0.49%
ABT	B	0.63%	0.16%	0.16%
ADBE	C	0.94%	0.71%	0.71%
ADP	B	0.26%	0.54%	0.26%
ALLE	D	0.38%	0.04%	0.04%
AMAT	F	0.67%	0.48%	0.48%
AME	A	0.09%	0.02%	0.02%
AMGN	D	0.25%	0.27%	0.25%
AMT	D	0.21%	0.04%	0.04%
AMZN	C	3.84%	0.69%	0.69%
ANET	C	0.06%	0.39%	0.06%
AON	A	0.12%	0.21%	0.12%
AVGO	D	1.62%	0.58%	0.58%
AXP	A	0.43%	0.11%	0.11%
BAC	A	1.18%	0.69%	0.69%
BBWI	D	0.16%	0.01%	0.01%
BDX	F	0.58%	0.24%	0.24%
BIIB	F	0.21%	0.02%	0.02%
BK	A	0.12%	0.09%	0.09%
BMY	B	0.74%	0.34%	0.34%
BRK.A	B	2.2%	1.1%	1.1%
C	A	0.72%	0.45%	0.45%
CAH	B	0.31%	0.12%	0.12%
CAT	B	0.53%	0.63%	0.53%
CI	F	0.63%	0.24%	0.24%
CINF	A	0.07%	0.03%	0.03%
CL	D	0.55%	0.17%	0.17%
CLX	B	0.14%	0.01%	0.01%
CMCSA	B	0.84%	0.42%	0.42%
CME	A	0.44%	0.23%	0.23%
CMG	B	0.47%	0.22%	0.22%
COST	B	0.3%	1.31%	0.3%
CRM	B	1.16%	0.12%	0.12%
CSCO	B	0.8%	1.34%	0.8%
CSX	B	0.49%	0.05%	0.05%
CTAS	B	0.65%	0.23%	0.23%
CVS	D	0.23%	0.29%	0.23%
CVX	A	0.02%	0.55%	0.02%
DASH	A	0.11%	0.01%	0.01%
DIS	B	0.65%	0.17%	0.17%
DOCU	A	0.09%	0.0%	0.0%
DVN	F	0.52%	0.04%	0.04%
ECL	D	0.63%	0.02%	0.02%
ED	D	0.1%	0.42%	0.1%
EOG	A	0.48%	0.15%	0.15%
F	C	0.33%	0.16%	0.16%
FTNT	C	0.2%	0.01%	0.01%
GE	D	0.48%	0.11%	0.11%
GEN	B	0.13%	0.13%	0.13%
GILD	C	0.74%	0.43%	0.43%
GOOG	C	1.89%	1.12%	1.12%
GOOGL	C	2.04%	1.2%	1.2%
GRMN	B	0.44%	0.2%	0.2%
HD	A	1.32%	0.35%	0.35%
HWM	A	0.38%	0.01%	0.01%
IDXX	F	0.15%	0.12%	0.12%
INCY	C	0.34%	0.2%	0.2%
INTU	C	0.12%	0.04%	0.04%
ITW	B	0.14%	0.27%	0.14%
JNJ	D	0.73%	1.64%	0.73%
JPM	A	1.93%	1.06%	1.06%
KLAC	D	0.61%	0.29%	0.29%
KR	B	0.12%	0.31%	0.12%
LDOS	C	0.31%	0.02%	0.02%
LHX	C	0.21%	0.04%	0.04%
LLY	F	0.76%	1.92%	0.76%
LMT	D	0.71%	0.72%	0.71%
LPLA	A	0.11%	0.07%	0.07%
LRCX	F	0.24%	0.3%	0.24%
MA	C	1.36%	1.69%	1.36%
META	D	2.89%	2.32%	2.32%
MGM	D	0.23%	0.01%	0.01%
MMC	B	0.53%	0.69%	0.53%
MMM	D	0.19%	0.28%	0.19%
MRK	F	0.96%	0.46%	0.46%
MSCI	C	0.26%	0.01%	0.01%
MSFT	F	5.66%	2.7%	2.7%
MSI	B	0.43%	0.63%	0.43%
MU	D	0.5%	0.07%	0.07%
NBIX	C	0.06%	0.11%	0.06%
NEE	D	0.82%	0.1%	0.1%
NFLX	A	1.28%	0.14%	0.14%
NOC	D	0.6%	0.55%	0.55%
NOW	A	0.5%	0.27%	0.27%
NRG	B	0.09%	0.03%	0.03%
NSC	B	0.11%	0.05%	0.05%
NUE	C	0.36%	0.07%	0.07%
NVDA	C	7.37%	2.76%	2.76%
ORCL	B	0.04%	0.53%	0.04%
OXY	D	0.15%	0.1%	0.1%
PCAR	B	0.37%	0.06%	0.06%
PEP	F	0.19%	1.01%	0.19%
PFE	D	0.41%	0.33%	0.33%
PG	A	0.8%	0.59%	0.59%
PGR	A	0.67%	0.65%	0.65%
PM	B	0.94%	0.11%	0.11%
PPG	F	0.34%	0.02%	0.02%
PSA	D	0.17%	0.14%	0.14%
PYPL	B	0.72%	0.08%	0.08%
QCOM	F	0.85%	0.55%	0.55%
QRVO	F	0.06%	0.01%	0.01%
RSG	A	0.23%	0.54%	0.23%
RTX	C	0.28%	0.18%	0.18%
SCHW	B	0.79%	0.07%	0.07%
SEIC	B	0.54%	0.03%	0.03%
SPG	B	0.44%	0.03%	0.03%
SPGI	C	0.21%	0.07%	0.07%
SQ	B	0.6%	0.03%	0.03%
SSNC	B	0.18%	0.02%	0.02%
SYK	C	0.24%	0.05%	0.05%
T	A	0.71%	0.69%	0.69%
TJX	A	0.72%	0.56%	0.56%
TMO	F	0.38%	0.1%	0.1%
TMUS	B	0.28%	0.78%	0.28%
TROW	B	0.28%	0.09%	0.09%
TRV	B	0.26%	0.47%	0.26%
TSLA	B	1.27%	0.28%	0.28%
TT	A	0.68%	0.26%	0.26%
TWLO	A	0.09%	0.01%	0.01%
TXT	D	0.5%	0.02%	0.02%
UBER	D	0.24%	0.18%	0.18%
UNH	C	0.57%	2.21%	0.57%
UNP	C	0.75%	0.08%	0.08%
UTHR	C	0.04%	0.1%	0.04%
V	A	0.65%	1.91%	0.65%
VEEV	C	0.04%	0.08%	0.04%
VST	B	0.14%	0.02%	0.02%
WFC	A	0.28%	0.5%	0.28%
WM	A	0.41%	0.52%	0.41%
WMT	A	0.82%	0.94%	0.82%
XOM	B	1.56%	0.81%	0.81%
ZBRA	B	0.52%	0.01%	0.01%
ZM	B	0.53%	0.01%	0.01%

FBUF Overweight 21 Positions Relative to QUS

Symbol	Grade	Weight
DBX	B	0.52%
CVNA	B	0.52%
IGT	F	0.46%
EXEL	B	0.43%
ANF	C	0.35%
TDC	D	0.35%
ALRM	C	0.34%
SKYW	B	0.31%
MEDP	D	0.28%
GAP	C	0.21%
TPH	D	0.18%
CACI	D	0.17%
LNW	D	0.16%
GL	B	0.13%
UNM	A	0.1%
LYFT	C	0.08%
PLTK	B	0.07%
CRUS	D	0.07%
TNL	A	0.04%
TOL	B	0.02%
PEGA	A	0.02%

FBUF Underweight 449 Positions Relative to QUS

Symbol	Grade	Weight
ACN	C	-1.18%
TXN	C	-1.06%
VZ	C	-0.81%
KO	D	-0.81%
APH	A	-0.71%
IBM	C	-0.67%
CB	C	-0.65%
MCK	B	-0.61%
DUK	C	-0.6%
VRTX	F	-0.57%
SO	D	-0.54%
HON	B	-0.53%
WCN	A	-0.53%
MCD	D	-0.5%
AJG	B	-0.46%
ROP	B	-0.46%
BLK	C	-0.46%
CTSH	B	-0.39%
ACGL	D	-0.38%
AZO	C	-0.36%
COR	B	-0.35%
GDDY	A	-0.34%
FCNCA	A	-0.34%
PANW	C	-0.32%
GM	B	-0.32%
MPC	D	-0.32%
FI	A	-0.31%
EA	A	-0.31%
TSN	B	-0.3%
GS	A	-0.3%
CDNS	B	-0.29%
WEC	A	-0.29%
K	A	-0.29%
CBOE	B	-0.29%
ELV	F	-0.29%
SNPS	B	-0.28%
NKE	D	-0.28%
SHW	A	-0.26%
ORLY	B	-0.26%
KEYS	A	-0.26%
ZTS	D	-0.25%
REGN	F	-0.25%
GIS	D	-0.25%
FFIV	B	-0.23%
KDP	D	-0.23%
AFL	B	-0.22%
MDLZ	F	-0.22%
FANG	D	-0.22%
VRSN	F	-0.22%
MS	A	-0.21%
MCO	B	-0.21%
TDY	B	-0.21%
HUM	C	-0.2%
GWW	B	-0.2%
BAH	F	-0.2%
FICO	B	-0.2%
XEL	A	-0.2%
YUM	B	-0.19%
DHI	D	-0.19%
AEP	D	-0.19%
CDW	F	-0.19%
EG	C	-0.18%
INTC	D	-0.18%
KHC	F	-0.18%
PTC	A	-0.18%
HSY	F	-0.18%
NEM	D	-0.18%
JNPR	F	-0.17%
PNC	B	-0.17%
ERIE	D	-0.17%
COF	B	-0.17%
COP	C	-0.17%
ROL	B	-0.17%
CMI	A	-0.17%
TFC	A	-0.16%
ADSK	A	-0.16%
WTW	B	-0.16%
NTAP	C	-0.16%
USB	A	-0.16%
CTVA	C	-0.16%
PAYX	C	-0.16%
VLO	C	-0.15%
MKL	A	-0.15%
WMB	A	-0.15%
MDT	D	-0.15%
VRSK	A	-0.15%
AFG	A	-0.15%
WDAY	B	-0.15%
FAST	B	-0.15%
LIN	D	-0.15%
D	C	-0.14%
ADI	D	-0.14%
GLW	B	-0.14%
CPRT	A	-0.14%
ICE	C	-0.14%
CHD	B	-0.14%
AKAM	D	-0.14%
PSX	C	-0.14%
LOW	D	-0.13%
MOH	F	-0.13%
IT	C	-0.13%
ODFL	B	-0.13%
MNST	C	-0.12%
CPB	D	-0.12%
AIG	B	-0.12%
FDX	B	-0.12%
LULU	C	-0.12%
WRB	A	-0.12%
EW	C	-0.12%
L	A	-0.12%
AIZ	A	-0.12%
NVR	D	-0.11%
PHM	D	-0.11%
A	D	-0.11%
AEE	A	-0.11%
UPS	C	-0.11%
WBD	C	-0.11%
DTE	C	-0.1%
MCHP	D	-0.1%
KMB	D	-0.1%
TGT	F	-0.1%
ROK	B	-0.1%
DE	A	-0.1%
DHR	F	-0.09%
PKG	A	-0.09%
TPL	A	-0.09%
CMS	C	-0.09%
DECK	A	-0.09%
MET	A	-0.09%
TSCO	D	-0.09%
CHTR	C	-0.09%
HIG	B	-0.09%
RMD	C	-0.09%
BBY	D	-0.09%
EME	C	-0.08%
HRL	D	-0.08%
PLD	D	-0.08%
BLDR	D	-0.08%
ULTA	F	-0.08%
BMRN	D	-0.08%
ADM	D	-0.08%
VLTO	D	-0.08%
MTB	A	-0.08%
HUBS	A	-0.08%
CNC	D	-0.08%
PRU	A	-0.08%
MO	A	-0.07%
STX	D	-0.07%
HUBB	B	-0.07%
MANH	D	-0.07%
DPZ	C	-0.07%
WAT	B	-0.07%
KMI	A	-0.07%
CFG	B	-0.07%
OMC	C	-0.07%
TW	A	-0.07%
GD	F	-0.07%
HPQ	B	-0.07%
MELI	D	-0.07%
HOLX	D	-0.07%
DFS	B	-0.07%
ALNY	D	-0.07%
MPWR	F	-0.07%
SOLV	C	-0.06%
WSO	A	-0.06%
HBAN	A	-0.06%
EXC	C	-0.06%
WSM	B	-0.06%
STT	A	-0.06%
PCG	A	-0.06%
DGX	A	-0.06%
RF	A	-0.06%
DOW	F	-0.06%
DELL	C	-0.06%
HCA	F	-0.06%
FITB	A	-0.06%
SBUX	A	-0.06%
AMD	F	-0.06%
LEN	D	-0.06%
WBA	F	-0.06%
SYF	B	-0.06%
SRE	A	-0.06%
EXPD	D	-0.06%
HPE	B	-0.06%
ALL	A	-0.06%
SNA	A	-0.06%
CRWD	B	-0.06%
WST	C	-0.06%
GEV	B	-0.05%
APD	A	-0.05%
SYY	B	-0.05%
APA	D	-0.05%
BG	F	-0.05%
BX	A	-0.05%
ETR	B	-0.05%
SWKS	F	-0.05%
GGG	B	-0.05%
IEX	B	-0.05%
CBRE	B	-0.05%
LNT	A	-0.05%
ETN	A	-0.05%
JBHT	C	-0.05%
FDS	B	-0.05%
JCI	C	-0.05%
EMR	A	-0.05%
VTRS	A	-0.05%
SLB	C	-0.05%
OKE	A	-0.05%
LNG	B	-0.05%
ISRG	A	-0.04%
WELL	A	-0.04%
CARR	D	-0.04%
MRO	B	-0.04%
VICI	C	-0.04%
DLR	B	-0.04%
JKHY	D	-0.04%
KNX	B	-0.04%
BKNG	A	-0.04%
IP	B	-0.04%
PEG	A	-0.04%
PH	A	-0.04%
OTIS	C	-0.04%
GPN	B	-0.04%
AMP	A	-0.04%
URI	B	-0.04%
DD	D	-0.04%
ATO	A	-0.04%
STLD	B	-0.04%
BSX	B	-0.04%
O	D	-0.04%
KVUE	A	-0.04%
FCX	D	-0.04%
BKR	B	-0.04%
EPAM	C	-0.04%
KKR	A	-0.04%
KEY	B	-0.04%
EIX	B	-0.04%
POOL	C	-0.04%
TER	D	-0.04%
LYB	F	-0.04%
CCI	D	-0.03%
CNH	C	-0.03%
ES	D	-0.03%
SMCI	F	-0.03%
PPL	B	-0.03%
ALLY	C	-0.03%
RS	B	-0.03%
TTC	D	-0.03%
HAL	C	-0.03%
SW	A	-0.03%
NXPI	D	-0.03%
AOS	F	-0.03%
EQT	B	-0.03%
PARA	C	-0.03%
ACI	C	-0.03%
KMX	B	-0.03%
TRGP	B	-0.03%
BR	A	-0.03%
GEHC	F	-0.03%
FSLR	F	-0.03%
APO	B	-0.03%
WY	D	-0.03%
ROST	C	-0.03%
JBL	B	-0.03%
MKTX	D	-0.03%
CF	B	-0.03%
OVV	B	-0.03%
CEG	D	-0.03%
LW	C	-0.03%
LH	C	-0.03%
MOS	F	-0.03%
NTRS	A	-0.03%
CTRA	B	-0.03%
FIS	C	-0.03%
PFG	D	-0.03%
RJF	A	-0.03%
PAYC	B	-0.03%
DRI	B	-0.02%
APP	B	-0.02%
CPAY	A	-0.02%
CCK	C	-0.02%
BALL	D	-0.02%
SJM	D	-0.02%
ABNB	C	-0.02%
STZ	D	-0.02%
LKQ	D	-0.02%
VMC	B	-0.02%
AWK	D	-0.02%
AMCR	D	-0.02%
DLTR	F	-0.02%
EMN	D	-0.02%
WDC	D	-0.02%
NDAQ	A	-0.02%
DOV	A	-0.02%
EXPE	B	-0.02%
MLM	B	-0.02%
VTR	C	-0.02%
IR	B	-0.02%
GPC	D	-0.02%
FTV	C	-0.02%
ARE	D	-0.02%
ALB	C	-0.02%
UHS	D	-0.02%
NI	A	-0.02%
EQH	B	-0.02%
IFF	D	-0.02%
J	F	-0.02%
KIM	A	-0.02%
MAR	B	-0.02%
EQR	B	-0.02%
APTV	D	-0.02%
EBAY	D	-0.02%
MRVL	B	-0.02%
CAG	D	-0.02%
AVB	B	-0.02%
OC	A	-0.02%
IQV	D	-0.02%
FNF	B	-0.02%
CRBG	B	-0.02%
CNP	B	-0.02%
DG	F	-0.02%
EVRG	A	-0.02%
WAB	B	-0.02%
SWK	D	-0.02%
CHRW	C	-0.02%
HES	B	-0.02%
PWR	A	-0.02%
ON	D	-0.02%
ZBH	C	-0.02%
BAX	D	-0.02%
FOXA	B	-0.02%
BA	F	-0.02%
EQIX	A	-0.02%
EXR	D	-0.02%
DINO	D	-0.02%
TAP	C	-0.02%
FE	C	-0.02%
ENPH	F	-0.02%
TTD	B	-0.01%
HOOD	B	-0.01%
ENTG	D	-0.01%
RIVN	F	-0.01%
MTCH	D	-0.01%
TYL	B	-0.01%
MTD	D	-0.01%
BIO	D	-0.01%
LUV	C	-0.01%
NDSN	B	-0.01%
Z	A	-0.01%
LII	A	-0.01%
ALGN	D	-0.01%
LVS	C	-0.01%
LYV	A	-0.01%
TFX	F	-0.01%
VRT	B	-0.01%
SBAC	D	-0.01%
PLTR	B	-0.01%
ILMN	D	-0.01%
ARES	A	-0.01%
UDR	B	-0.01%
UHAL	D	-0.01%
CSGP	D	-0.01%
AMH	D	-0.01%
WLK	D	-0.01%
CRL	C	-0.01%
CTLT	B	-0.01%
RPRX	D	-0.01%
ANSS	B	-0.01%
TDG	D	-0.01%
CPT	B	-0.01%
DVA	B	-0.01%
GLPI	C	-0.01%
AVY	D	-0.01%
HII	D	-0.01%
EL	F	-0.01%
WTRG	B	-0.01%
FBIN	D	-0.01%
HST	C	-0.01%
TRU	D	-0.01%
CSL	C	-0.01%
AVTR	F	-0.01%
FOX	A	-0.01%
ESS	B	-0.01%
IRM	D	-0.01%
MAS	D	-0.01%
PNR	A	-0.01%
REG	B	-0.01%
RPM	A	-0.01%
NWSA	B	-0.01%
HLT	A	-0.01%
RCL	A	-0.01%
SUI	D	-0.01%
CE	F	-0.01%
WPC	D	-0.01%
MKC	D	-0.01%
BEN	C	-0.01%
STE	F	-0.01%
MRNA	F	-0.01%
AES	F	-0.01%
HSIC	B	-0.01%
INVH	D	-0.01%
TRMB	B	-0.01%
BURL	A	-0.01%
MAA	B	-0.01%
TTWO	A	-0.01%
ACM	A	-0.01%
DOC	D	-0.01%
COIN	C	-0.01%
DAL	C	-0.01%
XYL	D	-0.01%
CCL	B	-0.01%
EFX	F	-0.01%
CHRD	D	-0.01%
DKS	C	-0.01%
BRO	B	-0.01%
IPG	D	-0.01%
CG	A	-0.01%
BXP	D	-0.01%
RVTY	F	-0.01%
CELH	F	-0.0%
IOT	A	-0.0%
ZS	C	-0.0%
TEAM	A	-0.0%
NET	B	-0.0%
RBLX	C	-0.0%
MDB	C	-0.0%
TOST	B	-0.0%
DKNG	B	-0.0%
BSY	D	-0.0%
PSTG	D	-0.0%
DDOG	A	-0.0%
SNAP	C	-0.0%
H	B	-0.0%
DT	C	-0.0%
WYNN	D	-0.0%
PODD	C	-0.0%
EXAS	D	-0.0%
HEI	B	-0.0%
DAY	B	-0.0%
ROKU	D	-0.0%
SNOW	C	-0.0%
PINS	D	-0.0%
DXCM	D	-0.0%
MSTR	C	-0.0%
ELS	C	-0.0%
HEI	B	-0.0%
TECH	D	-0.0%
OKTA	C	-0.0%
AXON	A	-0.0%