FBUF vs. WOMN ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to Impact Shares YWCA Womenas Empowerment ETF (WOMN)

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

WOMN

Impact Shares YWCA Womenas Empowerment ETF

WOMN Description

The investment seeks investment results that, before fees and expenses, track the performance of the Morningstar® Women's Empowerment Index (the "underlying index"). The fund will, under normal circumstances, invest at least 80% of its total assets plus any borrowings for investment purposes (the "80% basket") in component securities of the underlying index. The underlying index is designed to measure the performance of U.S. large and mid- capitalization companies that are "empowering to women," and to exhibit risk and return characteristics similar to those of the Morningstar US Large-Mid Cap ® Index (the "parent index"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$39.79

Average Daily Volume

1,896

Number of Holdings ^*

198

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	WOMN
30 Days	3.10%	2.87%
60 Days	4.70%	2.73%
90 Days	6.08%	5.77%
12 Months		26.34%

59 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in WOMN	Overlap
AAPL	C	7.34%	5.02%	5.02%
ABBV	D	0.91%	1.55%	0.91%
ADBE	C	0.94%	2.23%	0.94%
ADP	B	0.26%	0.5%	0.26%
AMGN	D	0.25%	0.82%	0.25%
AMT	D	0.21%	0.49%	0.21%
AMZN	C	3.84%	4.47%	3.84%
AXP	A	0.43%	0.7%	0.43%
BAC	A	1.18%	1.25%	1.18%
BIIB	F	0.21%	0.13%	0.13%
BK	A	0.12%	0.22%	0.12%
BMY	B	0.74%	0.43%	0.43%
C	A	0.72%	0.56%	0.56%
CAH	B	0.31%	0.13%	0.13%
CI	F	0.63%	0.5%	0.5%
CL	D	0.55%	0.39%	0.39%
CLX	B	0.14%	0.08%	0.08%
CRM	B	1.16%	2.27%	1.16%
CSCO	B	0.8%	1.92%	0.8%
CVX	A	0.02%	1.31%	0.02%
DASH	A	0.11%	0.17%	0.11%
ECL	D	0.63%	0.27%	0.27%
ED	D	0.1%	0.16%	0.1%
F	C	0.33%	0.46%	0.33%
GE	D	0.48%	0.88%	0.48%
GILD	C	0.74%	0.46%	0.46%
INTU	C	0.12%	1.56%	0.12%
JNJ	D	0.73%	1.82%	0.73%
KR	B	0.12%	0.17%	0.12%
LLY	F	0.76%	3.49%	0.76%
MA	C	1.36%	1.77%	1.36%
META	D	2.89%	4.85%	2.89%
MMM	D	0.19%	0.33%	0.19%
MRK	F	0.96%	1.3%	0.96%
MSFT	F	5.66%	2.49%	2.49%
MSI	B	0.43%	0.63%	0.43%
NFLX	A	1.28%	0.72%	0.72%
NOW	A	0.5%	1.42%	0.5%
NSC	B	0.11%	0.25%	0.11%
OXY	D	0.15%	0.17%	0.15%
PEP	F	0.19%	1.17%	0.19%
PG	A	0.8%	1.82%	0.8%
PGR	A	0.67%	0.67%	0.67%
PPG	F	0.34%	0.13%	0.13%
PYPL	B	0.72%	0.34%	0.34%
RSG	A	0.23%	0.19%	0.19%
SPGI	C	0.21%	0.7%	0.21%
TMUS	B	0.28%	0.36%	0.28%
TROW	B	0.28%	0.11%	0.11%
TT	A	0.68%	0.39%	0.39%
UBER	D	0.24%	1.22%	0.24%
UNH	C	0.57%	2.47%	0.57%
UNP	C	0.75%	0.71%	0.71%
V	A	0.65%	1.94%	0.65%
VST	B	0.14%	0.14%	0.14%
WFC	A	0.28%	0.95%	0.28%
WM	A	0.41%	0.37%	0.37%
WMT	A	0.82%	0.73%	0.73%
XOM	B	1.56%	2.53%	1.56%

FBUF Overweight 96 Positions Relative to WOMN

Symbol	Grade	Weight
NVDA	C	7.37%
BRK.A	B	2.2%
GOOGL	C	2.04%
JPM	A	1.93%
GOOG	C	1.89%
AVGO	D	1.62%
HD	A	1.32%
TSLA	B	1.27%
PM	B	0.94%
QCOM	F	0.85%
CMCSA	B	0.84%
NEE	D	0.82%
SCHW	B	0.79%
TJX	A	0.72%
T	A	0.71%
LMT	D	0.71%
AMAT	F	0.67%
CTAS	B	0.65%
DIS	B	0.65%
ABT	B	0.63%
KLAC	D	0.61%
SQ	B	0.6%
NOC	D	0.6%
BDX	F	0.58%
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%
TXT	D	0.5%
CSX	B	0.49%
EOG	A	0.48%
CMG	B	0.47%
IGT	F	0.46%
CME	A	0.44%
SPG	B	0.44%
GRMN	B	0.44%
EXEL	B	0.43%
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%
INCY	C	0.34%
LDOS	C	0.31%
SKYW	B	0.31%
COST	B	0.3%
RTX	C	0.28%
MEDP	D	0.28%
TRV	B	0.26%
MSCI	C	0.26%
SYK	C	0.24%
LRCX	F	0.24%
CVS	D	0.23%
MGM	D	0.23%
LHX	C	0.21%
GAP	C	0.21%
FTNT	C	0.2%
TPH	D	0.18%
SSNC	B	0.18%
CACI	D	0.17%
PSA	D	0.17%
LNW	D	0.16%
BBWI	D	0.16%
IDXX	F	0.15%
ITW	B	0.14%
GL	B	0.13%
GEN	B	0.13%
AON	A	0.12%
LPLA	A	0.11%
UNM	A	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%
TNL	A	0.04%
UTHR	C	0.04%
TOL	B	0.02%
PEGA	A	0.02%

FBUF Underweight 139 Positions Relative to WOMN

Symbol	Grade	Weight
MCD	D	-2.04%
ACN	C	-1.9%
IBM	C	-1.64%
KO	D	-1.25%
SBUX	A	-1.03%
VZ	C	-0.82%
INTC	D	-0.81%
COP	C	-0.65%
MS	A	-0.6%
BLK	C	-0.6%
ELV	F	-0.59%
ETN	A	-0.59%
REGN	F	-0.55%
VRTX	F	-0.54%
WDAY	B	-0.51%
GM	B	-0.49%
MDLZ	F	-0.47%
ADSK	A	-0.45%
TEL	B	-0.43%
UPS	C	-0.43%
EQIX	A	-0.39%
TGT	F	-0.36%
HPQ	B	-0.36%
MPWR	F	-0.36%
YUM	B	-0.36%
USB	A	-0.35%
WELL	A	-0.33%
MCO	B	-0.33%
LULU	C	-0.29%
EBAY	D	-0.29%
DECK	A	-0.28%
EMR	A	-0.28%
APD	A	-0.27%
PSX	C	-0.26%
CARR	D	-0.26%
HUBS	A	-0.26%
NEM	D	-0.26%
KEYS	A	-0.25%
ANSS	B	-0.25%
FTV	C	-0.24%
AIG	B	-0.24%
WMB	A	-0.24%
COF	B	-0.24%
D	C	-0.23%
SRE	A	-0.23%
AEP	D	-0.23%
KMB	D	-0.22%
MET	A	-0.22%
JCI	C	-0.22%
TYL	B	-0.22%
AMP	A	-0.21%
ALL	A	-0.21%
CMI	A	-0.2%
EXC	C	-0.19%
GIS	D	-0.19%
GWW	B	-0.19%
PRU	A	-0.19%
HPE	B	-0.19%
PEG	A	-0.18%
CTVA	C	-0.18%
PCG	A	-0.18%
PAYX	C	-0.18%
VRSK	A	-0.17%
BKR	B	-0.17%
DOW	F	-0.17%
BBY	D	-0.16%
KHC	F	-0.16%
HIG	B	-0.16%
EA	A	-0.16%
IR	B	-0.16%
CBRE	B	-0.16%
EIX	B	-0.15%
IRM	D	-0.15%
ADM	D	-0.15%
DD	D	-0.15%
XYL	D	-0.15%
EXPE	B	-0.15%
WSM	B	-0.15%
GPN	B	-0.14%
ROK	B	-0.14%
OKTA	C	-0.14%
HSY	F	-0.13%
A	D	-0.13%
FITB	A	-0.13%
WTW	B	-0.13%
IFF	D	-0.12%
ETR	B	-0.12%
DAL	C	-0.12%
VTR	C	-0.11%
SCI	B	-0.11%
EL	F	-0.11%
STT	A	-0.11%
CHD	B	-0.11%
AWK	D	-0.11%
RF	A	-0.1%
RJF	A	-0.1%
PPL	B	-0.1%
CMS	C	-0.09%
SYF	B	-0.09%
BAX	D	-0.09%
OMC	C	-0.09%
BAH	F	-0.09%
INVH	D	-0.09%
K	A	-0.09%
HBAN	A	-0.09%
BMRN	D	-0.08%
CNP	B	-0.08%
KEY	B	-0.08%
DAY	B	-0.08%
PFG	D	-0.08%
PINS	D	-0.08%
NTRS	A	-0.08%
ESS	B	-0.08%
TRU	D	-0.08%
SWK	D	-0.07%
CAG	D	-0.07%
LNT	A	-0.07%
OC	A	-0.07%
LUV	C	-0.07%
DOC	D	-0.07%
HST	C	-0.06%
IPG	D	-0.06%
SJM	D	-0.06%
CE	F	-0.06%
NI	A	-0.06%
ETSY	D	-0.06%
PNR	A	-0.06%
TAP	C	-0.05%
CPB	D	-0.05%
REXR	F	-0.05%
ALB	C	-0.05%
ELS	C	-0.05%
Z	A	-0.04%
CFG	B	-0.04%
PNW	B	-0.04%
MTCH	D	-0.04%
RHI	B	-0.03%
AGR	B	-0.01%
ZG	A	-0.01%