FBUF vs. SHE ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to SPDR SSGA Gender Diversity Index ETF (SHE)

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

SHE

SPDR SSGA Gender Diversity Index ETF

SHE Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the SSGA Gender Diversity Index, which tracks U.S. companies that are leaders in advancing women through gender diversity on their boards of directors and in management. Under normal market conditions, the fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. In addition, it may invest in equity securities that are not included in the index, cash and cash equivalents or money market instruments. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$119.89

Average Daily Volume

3,450

Number of Holdings ^*

239

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	SHE
30 Days	3.10%	2.93%
60 Days	4.70%	5.56%
90 Days	6.08%	7.44%
12 Months		34.03%

69 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in SHE	Overlap
AAPL	C	7.34%	4.14%	4.14%
ABT	B	0.63%	0.73%	0.63%
AXP	A	0.43%	0.65%	0.43%
BAC	A	1.18%	1.2%	1.18%
BBWI	D	0.16%	0.04%	0.04%
BIIB	F	0.21%	0.09%	0.09%
BK	A	0.12%	0.21%	0.12%
C	A	0.72%	0.51%	0.51%
CAH	B	0.31%	0.11%	0.11%
CAT	B	0.53%	0.94%	0.53%
CI	F	0.63%	0.32%	0.32%
CL	D	0.55%	0.26%	0.26%
CLX	B	0.14%	0.08%	0.08%
CMG	B	0.47%	0.63%	0.47%
COST	B	0.3%	1.13%	0.3%
CSCO	B	0.8%	4.03%	0.8%
CVS	D	0.23%	0.25%	0.23%
CVX	A	0.02%	0.98%	0.02%
ECL	D	0.63%	0.2%	0.2%
ED	D	0.1%	0.13%	0.1%
EOG	A	0.48%	0.21%	0.21%
FTNT	C	0.2%	1.08%	0.2%
GE	D	0.48%	0.58%	0.48%
GILD	C	0.74%	0.42%	0.42%
IDXX	F	0.15%	0.14%	0.14%
INCY	C	0.34%	0.05%	0.05%
INTU	C	0.12%	3.56%	0.12%
ITW	B	0.14%	0.29%	0.14%
JNJ	D	0.73%	1.41%	0.73%
JPM	A	1.93%	2.69%	1.93%
KR	B	0.12%	0.15%	0.12%
LDOS	C	0.31%	0.1%	0.1%
LLY	F	0.76%	2.32%	0.76%
LPLA	A	0.11%	0.08%	0.08%
META	D	2.89%	4.59%	2.89%
MGM	D	0.23%	0.06%	0.06%
MMC	B	0.53%	0.43%	0.43%
MMM	D	0.19%	0.25%	0.19%
MRK	F	0.96%	0.89%	0.89%
MSFT	F	5.66%	4.17%	4.17%
NBIX	C	0.06%	0.04%	0.04%
NFLX	A	1.28%	1.78%	1.28%
NOC	D	0.6%	0.31%	0.31%
NSC	B	0.11%	0.18%	0.11%
NVDA	C	7.37%	4.79%	4.79%
OXY	D	0.15%	0.14%	0.14%
PG	A	0.8%	1.5%	0.8%
PGR	A	0.67%	0.67%	0.67%
PSA	D	0.17%	0.19%	0.17%
RTX	C	0.28%	0.5%	0.28%
SCHW	B	0.79%	0.47%	0.47%
SPG	B	0.44%	0.22%	0.22%
SPGI	C	0.21%	0.58%	0.21%
SQ	B	0.6%	0.17%	0.17%
SSNC	B	0.18%	0.07%	0.07%
T	A	0.71%	0.63%	0.63%
TJX	A	0.72%	1.21%	0.72%
TMUS	B	0.28%	0.52%	0.28%
TROW	B	0.28%	0.09%	0.09%
TT	A	0.68%	0.34%	0.34%
TWLO	A	0.09%	0.28%	0.09%
TXT	D	0.5%	0.05%	0.05%
UBER	D	0.24%	0.57%	0.24%
UNH	C	0.57%	1.75%	0.57%
UTHR	C	0.04%	0.06%	0.04%
V	A	0.65%	1.62%	0.65%
VST	B	0.14%	0.2%	0.14%
WFC	A	0.28%	0.97%	0.28%
XOM	B	1.56%	1.46%	1.46%

FBUF Overweight 86 Positions Relative to SHE

Symbol	Grade	Weight
AMZN	C	3.84%
BRK.A	B	2.2%
GOOGL	C	2.04%
GOOG	C	1.89%
AVGO	D	1.62%
MA	C	1.36%
HD	A	1.32%
TSLA	B	1.27%
CRM	B	1.16%
PM	B	0.94%
ADBE	C	0.94%
ABBV	D	0.91%
QCOM	F	0.85%
CMCSA	B	0.84%
WMT	A	0.82%
NEE	D	0.82%
UNP	C	0.75%
BMY	B	0.74%
PYPL	B	0.72%
LMT	D	0.71%
AMAT	F	0.67%
CTAS	B	0.65%
DIS	B	0.65%
KLAC	D	0.61%
BDX	F	0.58%
SEIC	B	0.54%
ZM	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%
CSX	B	0.49%
IGT	F	0.46%
CME	A	0.44%
GRMN	B	0.44%
MSI	B	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%
F	C	0.33%
SKYW	B	0.31%
MEDP	D	0.28%
TRV	B	0.26%
ADP	B	0.26%
MSCI	C	0.26%
AMGN	D	0.25%
SYK	C	0.24%
LRCX	F	0.24%
RSG	A	0.23%
AMT	D	0.21%
LHX	C	0.21%
GAP	C	0.21%
PEP	F	0.19%
TPH	D	0.18%
CACI	D	0.17%
LNW	D	0.16%
GL	B	0.13%
GEN	B	0.13%
AON	A	0.12%
DASH	A	0.11%
UNM	A	0.1%
AME	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%
ANET	C	0.06%
ORCL	B	0.04%
VEEV	C	0.04%
TNL	A	0.04%
TOL	B	0.02%
PEGA	A	0.02%

FBUF Underweight 170 Positions Relative to SHE

Symbol	Grade	Weight
ACN	C	-4.39%
INTC	D	-1.87%
BKNG	A	-1.33%
ADSK	A	-1.25%
KO	D	-0.99%
LOW	D	-0.96%
SBUX	A	-0.94%
LIN	D	-0.89%
VZ	C	-0.77%
MAR	B	-0.65%
HUBS	A	-0.58%
HLT	A	-0.53%
HON	B	-0.52%
ETN	A	-0.51%
ANSS	B	-0.49%
GDDY	A	-0.47%
VRTX	F	-0.45%
CDW	F	-0.44%
TYL	B	-0.44%
NKE	D	-0.42%
ROST	C	-0.41%
MDT	D	-0.41%
ABNB	C	-0.36%
LULU	C	-0.33%
MCO	B	-0.33%
PNC	B	-0.32%
DE	A	-0.32%
ZTS	D	-0.31%
MCK	B	-0.31%
RCL	A	-0.31%
FLUT	A	-0.31%
DUK	C	-0.27%
TGT	F	-0.27%
TSCO	D	-0.26%
BA	F	-0.26%
EQIX	A	-0.25%
EMR	A	-0.25%
TFC	A	-0.24%
COF	B	-0.24%
JCI	C	-0.24%
CMI	A	-0.24%
D	C	-0.23%
DHI	D	-0.22%
DLR	B	-0.22%
AKAM	D	-0.22%
FDX	B	-0.22%
WCN	A	-0.21%
NEM	D	-0.2%
CARR	D	-0.19%
AIG	B	-0.19%
PRU	A	-0.19%
CHTR	C	-0.18%
ALL	A	-0.18%
PEG	A	-0.17%
GWW	B	-0.17%
LNG	B	-0.17%
FIS	C	-0.17%
AEP	D	-0.16%
O	D	-0.16%
ULTA	F	-0.16%
HIG	B	-0.15%
BURL	A	-0.15%
COR	B	-0.15%
PSX	C	-0.15%
BKR	B	-0.14%
EBAY	D	-0.14%
DECK	A	-0.14%
MTB	A	-0.14%
CSGP	D	-0.14%
WSM	B	-0.14%
VICI	C	-0.14%
IRM	D	-0.13%
GIS	D	-0.13%
WTW	B	-0.13%
TTD	B	-0.13%
EIX	B	-0.13%
EXC	C	-0.13%
EXR	D	-0.12%
STZ	D	-0.12%
VLTO	D	-0.12%
ALNY	D	-0.12%
CNC	D	-0.12%
AWK	D	-0.12%
XEL	A	-0.12%
VTR	C	-0.12%
FITB	A	-0.12%
EA	A	-0.12%
AVB	B	-0.11%
WEC	A	-0.11%
WAB	B	-0.11%
WBD	C	-0.11%
APTV	D	-0.11%
ROK	B	-0.11%
ETR	B	-0.11%
XYL	D	-0.11%
FANG	D	-0.11%
DTE	C	-0.11%
DOW	F	-0.11%
BR	A	-0.1%
HSY	F	-0.1%
FTV	C	-0.1%
DD	D	-0.1%
GPN	B	-0.1%
INVH	D	-0.09%
EQR	B	-0.09%
HUBB	B	-0.09%
SYF	B	-0.09%
BBY	D	-0.09%
RF	A	-0.09%
TTWO	A	-0.09%
PPL	B	-0.09%
LVS	C	-0.09%
NTRS	A	-0.08%
AEE	A	-0.08%
PFG	D	-0.08%
CHD	B	-0.08%
ADM	D	-0.08%
SW	A	-0.08%
ILMN	D	-0.08%
DKS	C	-0.08%
CNP	B	-0.08%
OMC	C	-0.07%
KMX	B	-0.07%
LYB	F	-0.07%
PNR	A	-0.07%
DG	F	-0.07%
J	F	-0.07%
EQT	B	-0.07%
KEY	B	-0.07%
IFF	D	-0.07%
KIM	A	-0.07%
MAA	B	-0.07%
FDS	B	-0.07%
WY	D	-0.07%
LH	C	-0.07%
HST	C	-0.06%
OC	A	-0.06%
EL	F	-0.06%
AMCR	D	-0.06%
TRU	D	-0.06%
PINS	D	-0.06%
CMS	C	-0.06%
SJM	D	-0.05%
FBIN	D	-0.05%
RPM	A	-0.05%
SWK	D	-0.05%
IPG	D	-0.05%
SNAP	C	-0.05%
ACM	A	-0.05%
TSN	B	-0.05%
DAL	C	-0.04%
ALB	C	-0.04%
CRL	C	-0.04%
Z	A	-0.04%
RIVN	F	-0.04%
HRL	D	-0.04%
OVV	B	-0.04%
PARA	C	-0.04%
DAY	B	-0.04%
AMH	D	-0.04%
AIZ	A	-0.04%
WYNN	D	-0.04%
CPB	D	-0.03%
WBA	F	-0.03%
CE	F	-0.03%
NWSA	B	-0.03%
TFX	F	-0.03%
LUV	C	-0.02%
APA	D	-0.02%
ACI	C	-0.02%