HELO vs. FBUF ETF Comparison

Comparison of JPMorgan Hedged Equity Laddered Overlay ETF (HELO) to Fidelity Dynamic Buffered Equity ETF (FBUF)

HELO

JPMorgan Hedged Equity Laddered Overlay ETF

HELO Description

The fund seeks to provide capital appreciation through participation in the broad equity markets while hedging overall market exposure relative to traditional long-only equity strategies. Under normal circumstances, it invests at least 80% of its assets in equity securities. The fund uses an enhanced index strategy to invest in equity securities similar to those in the S&P 500 Index, which primarily consist of common stocks of large capitalization U.S. companies.

Grade (RS Rating)

Last Trade

$62.66

Average Daily Volume

282,728

Number of Holdings ^*

161

* may have additional holdings in another (foreign) market

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

Performance

Period	HELO	FBUF
30 Days	1.57%	3.10%
60 Days	3.39%	4.70%
90 Days	4.59%	6.08%
12 Months	20.91%

72 Overlapping Holdings

Symbol	Grade	Weight in HELO	Weight in FBUF	Overlap
AAPL	C	6.83%	7.34%	6.83%
ABBV	D	1.14%	0.91%	0.91%
ABT	B	0.19%	0.63%	0.19%
ADBE	C	0.18%	0.94%	0.18%
AME	A	0.06%	0.09%	0.06%
AMZN	C	4.5%	3.84%	3.84%
ANET	C	0.15%	0.06%	0.06%
AON	A	0.44%	0.12%	0.12%
AVGO	D	1.02%	1.62%	1.02%
AXP	A	0.21%	0.43%	0.21%
BAC	A	1.26%	1.18%	1.18%
BIIB	F	0.12%	0.21%	0.12%
BMY	B	0.68%	0.74%	0.68%
BRK.A	B	1.53%	2.2%	1.53%
C	A	0.3%	0.72%	0.3%
CI	F	0.34%	0.63%	0.34%
CMCSA	B	0.71%	0.84%	0.71%
CME	A	0.59%	0.44%	0.44%
CMG	B	0.51%	0.47%	0.47%
COST	B	0.53%	0.3%	0.3%
CRM	B	1.15%	1.16%	1.15%
CSX	B	0.41%	0.49%	0.41%
CVX	A	0.18%	0.02%	0.02%
DASH	A	0.11%	0.11%	0.11%
DIS	B	0.31%	0.65%	0.31%
EOG	A	0.47%	0.48%	0.47%
GOOG	C	1.46%	1.89%	1.46%
GOOGL	C	2.09%	2.04%	2.04%
HWM	A	0.62%	0.38%	0.38%
INTU	C	0.51%	0.12%	0.12%
JNJ	D	0.51%	0.73%	0.51%
LDOS	C	0.39%	0.31%	0.31%
LLY	F	1.07%	0.76%	0.76%
LRCX	F	0.37%	0.24%	0.24%
MA	C	1.72%	1.36%	1.36%
META	D	2.9%	2.89%	2.89%
MMC	B	0.14%	0.53%	0.14%
MRK	F	0.24%	0.96%	0.24%
MSFT	F	7.13%	5.66%	5.66%
MSI	B	0.17%	0.43%	0.17%
MU	D	0.57%	0.5%	0.5%
NBIX	C	0.08%	0.06%	0.06%
NEE	D	0.83%	0.82%	0.82%
NOC	D	0.17%	0.6%	0.17%
NOW	A	0.94%	0.5%	0.5%
NRG	B	0.04%	0.09%	0.04%
NUE	C	0.11%	0.36%	0.11%
NVDA	C	7.8%	7.37%	7.37%
ORCL	B	0.36%	0.04%	0.04%
PCAR	B	0.18%	0.37%	0.18%
PEP	F	0.83%	0.19%	0.19%
PG	A	0.14%	0.8%	0.14%
PGR	A	0.75%	0.67%	0.67%
PM	B	0.32%	0.94%	0.32%
PPG	F	0.21%	0.34%	0.21%
SCHW	B	0.42%	0.79%	0.42%
SQ	B	0.14%	0.6%	0.14%
SYK	C	0.76%	0.24%	0.24%
T	A	0.18%	0.71%	0.18%
TMO	F	0.89%	0.38%	0.38%
TMUS	B	0.17%	0.28%	0.17%
TRV	B	0.34%	0.26%	0.26%
TSLA	B	1.58%	1.27%	1.27%
TT	A	0.96%	0.68%	0.68%
TXT	D	0.29%	0.5%	0.29%
UBER	D	0.58%	0.24%	0.24%
UNH	C	1.62%	0.57%	0.57%
UNP	C	0.17%	0.75%	0.17%
V	A	1.49%	0.65%	0.65%
VST	B	0.1%	0.14%	0.1%
WFC	A	1.0%	0.28%	0.28%
XOM	B	1.43%	1.56%	1.43%

HELO Overweight 89 Positions Relative to FBUF

Symbol	Grade	Weight
LOW	D	0.99%
HON	B	0.98%
TXN	C	0.87%
SO	D	0.84%
LIN	D	0.82%
COP	C	0.81%
MCD	D	0.81%
BKNG	A	0.75%
GS	A	0.75%
NXPI	D	0.72%
ADI	D	0.72%
MDLZ	F	0.72%
DE	A	0.68%
AZO	C	0.65%
KO	D	0.63%
VRTX	F	0.6%
TFC	A	0.56%
UPS	C	0.54%
BSX	B	0.52%
TDG	D	0.52%
FIS	C	0.52%
PLD	D	0.5%
OTIS	C	0.5%
PCG	A	0.5%
YUM	B	0.5%
CTSH	B	0.49%
FITB	A	0.48%
CPAY	A	0.47%
CARR	D	0.46%
MDT	D	0.46%
REGN	F	0.45%
AMD	F	0.45%
DHR	F	0.44%
ROST	C	0.44%
STX	D	0.41%
DLR	B	0.39%
VTR	C	0.39%
ETN	A	0.38%
HLT	A	0.36%
DOW	F	0.35%
RCL	A	0.34%
FDX	B	0.33%
USB	A	0.33%
MNST	C	0.32%
SBAC	D	0.31%
FANG	D	0.31%
MET	A	0.3%
CHD	B	0.3%
EXPE	B	0.29%
WELL	A	0.27%
KVUE	A	0.26%
CHTR	C	0.25%
BKR	B	0.24%
BURL	A	0.24%
LYB	F	0.23%
IR	B	0.23%
DAL	C	0.23%
MAS	D	0.23%
ACN	C	0.21%
BBY	D	0.2%
AMP	A	0.2%
KKR	A	0.2%
ELS	C	0.19%
HPE	B	0.18%
WDC	D	0.18%
CDNS	B	0.17%
MCK	B	0.16%
MLM	B	0.16%
HUM	C	0.16%
MO	A	0.15%
LEN	D	0.14%
TGT	F	0.14%
URI	B	0.13%
LULU	C	0.13%
PFG	D	0.13%
FICO	B	0.12%
HCA	F	0.11%
CMS	C	0.1%
APTV	D	0.1%
WMG	C	0.1%
EQIX	A	0.07%
SIRI	C	0.07%
EQT	B	0.06%
BAX	D	0.06%
MRVL	B	0.06%
EL	F	0.05%
BMRN	D	0.03%
SRPT	D	0.03%
LKQ	D	0.02%

HELO Underweight 83 Positions Relative to FBUF

Symbol	Grade	Weight
JPM	A	-1.93%
HD	A	-1.32%
NFLX	A	-1.28%
QCOM	F	-0.85%
WMT	A	-0.82%
CSCO	B	-0.8%
GILD	C	-0.74%
PYPL	B	-0.72%
TJX	A	-0.72%
LMT	D	-0.71%
AMAT	F	-0.67%
CTAS	B	-0.65%
ECL	D	-0.63%
KLAC	D	-0.61%
BDX	F	-0.58%
CL	D	-0.55%
SEIC	B	-0.54%
ZM	B	-0.53%
CAT	B	-0.53%
DBX	B	-0.52%
ZBRA	B	-0.52%
CVNA	B	-0.52%
DVN	F	-0.52%
GE	D	-0.48%
IGT	F	-0.46%
SPG	B	-0.44%
GRMN	B	-0.44%
EXEL	B	-0.43%
WM	A	-0.41%
PFE	D	-0.41%
ALLE	D	-0.38%
ANF	C	-0.35%
TDC	D	-0.35%
ALRM	C	-0.34%
INCY	C	-0.34%
F	C	-0.33%
SKYW	B	-0.31%
CAH	B	-0.31%
RTX	C	-0.28%
MEDP	D	-0.28%
TROW	B	-0.28%
ADP	B	-0.26%
MSCI	C	-0.26%
AMGN	D	-0.25%
CVS	D	-0.23%
RSG	A	-0.23%
MGM	D	-0.23%
AMT	D	-0.21%
LHX	C	-0.21%
SPGI	C	-0.21%
GAP	C	-0.21%
FTNT	C	-0.2%
MMM	D	-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%
GL	B	-0.13%
GEN	B	-0.13%
KR	B	-0.12%
BK	A	-0.12%
NSC	B	-0.11%
LPLA	A	-0.11%
UNM	A	-0.1%
ED	D	-0.1%
TWLO	A	-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%
VEEV	C	-0.04%
TNL	A	-0.04%
UTHR	C	-0.04%
TOL	B	-0.02%
PEGA	A	-0.02%