FBUF vs. CSM ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to ProShares Large Cap Core Plus (CSM)

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

$27.45

Average Daily Volume

3,480

Number of Holdings ^*

155

* may have additional holdings in another (foreign) market

CSM

ProShares Large Cap Core Plus

CSM Description

The investment seeks investment results before fees and expenses that track the performance of the Credit Suisse 130/30 Large Cap Index (the "index"). The fund invests in securities and derivatives that ProShare Advisors believes, in combination, should track the performance of the index. The index is designed to replicate an investment strategy that establishes either long or short positions in the stocks of 500 leading large-cap U.S. companies (the "Universe") by applying a rules-based ranking and weighting methodology. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$67.63

Average Daily Volume

7,136

Number of Holdings ^*

307

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	CSM
30 Days	2.51%	2.18%
60 Days	5.65%	6.23%
90 Days	7.03%	8.23%
12 Months		33.98%

95 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in CSM	Overlap
AAPL	C	7.13%	4.79%	4.79%
ABBV	F	0.93%	0.42%	0.42%
ABT	C	0.62%	0.06%	0.06%
ADBE	C	0.98%	0.49%	0.49%
ALLE	D	0.15%	0.11%	0.11%
AMAT	F	0.72%	0.22%	0.22%
AME	A	0.09%	0.37%	0.09%
AMGN	F	0.26%	0.04%	0.04%
AMZN	A	3.92%	2.67%	2.67%
ANET	C	0.07%	0.33%	0.07%
AVGO	C	1.89%	1.26%	1.26%
BAC	A	1.14%	0.28%	0.28%
BDX	F	0.59%	0.39%	0.39%
BIIB	F	0.22%	0.15%	0.15%
BK	B	0.12%	0.13%	0.12%
BMY	B	0.79%	0.48%	0.48%
BRK.A	B	2.14%	0.94%	0.94%
CAH	B	0.48%	0.32%	0.32%
CI	D	0.65%	0.38%	0.38%
CLX	A	0.13%	0.06%	0.06%
CMCSA	B	0.85%	0.23%	0.23%
CME	B	0.43%	0.41%	0.41%
CMG	B	0.48%	0.04%	0.04%
COST	B	0.3%	0.31%	0.3%
CRM	B	1.22%	0.75%	0.75%
CSCO	A	0.81%	0.04%	0.04%
CSX	B	0.59%	0.24%	0.24%
CVS	F	0.21%	0.21%	0.21%
CVX	A	0.02%	0.09%	0.02%
DIS	B	0.35%	0.1%	0.1%
DVN	F	0.51%	0.31%	0.31%
ETN	B	0.16%	0.39%	0.16%
F	C	0.32%	0.14%	0.14%
GE	D	0.49%	0.56%	0.49%
GEN	B	0.14%	0.17%	0.14%
GILD	B	0.78%	0.25%	0.25%
GL	B	0.13%	0.21%	0.13%
GOOG	C	1.93%	1.0%	1.0%
GOOGL	C	2.08%	1.25%	1.25%
GRMN	A	0.45%	0.36%	0.36%
HD	B	1.28%	0.32%	0.32%
HWM	B	0.42%	0.35%	0.35%
INCY	B	0.35%	0.36%	0.35%
JNJ	D	0.71%	0.43%	0.43%
JPM	A	1.87%	0.66%	0.66%
KR	A	0.12%	0.36%	0.12%
LDOS	C	0.38%	0.37%	0.37%
LLY	F	0.85%	0.93%	0.85%
LMT	D	0.74%	0.2%	0.2%
LRCX	F	0.25%	0.18%	0.18%
MA	B	1.36%	0.38%	0.38%
META	B	3.01%	1.63%	1.63%
MGM	D	0.23%	0.18%	0.18%
MMC	D	0.52%	0.04%	0.04%
MRK	F	0.76%	0.66%	0.66%
MSCI	B	0.26%	0.14%	0.14%
MSFT	C	5.68%	4.32%	4.32%
MSI	B	0.43%	0.22%	0.22%
MU	D	0.69%	0.48%	0.48%
NFLX	A	1.24%	0.43%	0.43%
NOC	D	0.65%	0.39%	0.39%
NOW	A	0.51%	0.13%	0.13%
NRG	C	0.09%	0.33%	0.09%
NUE	D	0.37%	0.08%	0.08%
NVDA	A	7.69%	4.93%	4.93%
ORCL	A	0.04%	0.12%	0.04%
PEP	D	0.19%	0.34%	0.19%
PFE	F	0.43%	0.13%	0.13%
PG	C	0.77%	0.42%	0.42%
PGR	A	0.68%	0.23%	0.23%
PM	B	0.87%	0.04%	0.04%
PPG	F	0.33%	0.24%	0.24%
PSA	D	0.16%	0.15%	0.15%
PYPL	A	0.73%	0.24%	0.24%
QCOM	F	0.83%	0.53%	0.53%
QRVO	F	0.06%	0.22%	0.06%
RSG	B	0.23%	0.33%	0.23%
SPG	A	0.43%	0.14%	0.14%
T	A	0.68%	0.2%	0.2%
TJX	A	0.71%	0.47%	0.47%
TMO	F	0.4%	0.58%	0.4%
TMUS	A	0.09%	0.48%	0.09%
TROW	A	0.28%	0.35%	0.28%
TRV	B	0.25%	0.11%	0.11%
TSLA	B	1.18%	0.77%	0.77%
TT	B	0.67%	0.42%	0.42%
TXT	D	0.52%	0.26%	0.26%
UBER	F	0.32%	0.43%	0.32%
UNH	B	0.59%	0.5%	0.5%
V	A	0.63%	0.43%	0.43%
VZ	D	0.23%	0.05%	0.05%
WM	A	0.42%	0.04%	0.04%
WMT	A	0.81%	0.25%	0.25%
WTW	A	0.11%	0.14%	0.11%
XOM	B	1.54%	0.51%	0.51%

FBUF Overweight 60 Positions Relative to CSM

Symbol	Grade	Weight
NEE	D	0.79%
UNP	D	0.75%
SCHW	B	0.74%
C	B	0.71%
CTAS	B	0.67%
KLAC	F	0.65%
ECL	C	0.62%
SQ	B	0.61%
ZM	B	0.59%
EXEL	B	0.55%
SEIC	A	0.55%
ZBRA	B	0.54%
DBX	B	0.54%
CAT	B	0.53%
CVNA	B	0.52%
CL	F	0.52%
IGT	F	0.49%
AXP	B	0.43%
ANF	C	0.42%
PCAR	B	0.39%
SPGI	C	0.38%
SSNC	C	0.38%
TDC	F	0.35%
MEDP	D	0.33%
SKYW	B	0.31%
EOG	A	0.29%
RTX	D	0.28%
ADP	A	0.26%
SYK	A	0.23%
LHX	B	0.22%
CACI	C	0.21%
GAP	B	0.21%
AMT	F	0.2%
MMM	C	0.19%
ALRM	C	0.19%
TPH	C	0.18%
LNW	F	0.17%
CRUS	F	0.16%
BBWI	C	0.16%
ITW	B	0.14%
OXY	F	0.14%
VST	B	0.13%
AON	B	0.12%
DASH	A	0.11%
LPLA	A	0.11%
DOCU	B	0.1%
ED	D	0.1%
IDXX	F	0.1%
LYFT	B	0.09%
TWLO	B	0.09%
NSC	B	0.09%
UNM	A	0.09%
NBIX	C	0.07%
CINF	A	0.07%
PLTK	B	0.07%
UTHR	B	0.05%
TNL	A	0.04%
VEEV	B	0.04%
TOL	B	0.02%
PEGA	B	0.02%

FBUF Underweight 212 Positions Relative to CSM

Symbol	Grade	Weight
INTU	A	-0.52%
VRTX	B	-0.48%
WELL	B	-0.44%
APH	B	-0.44%
PH	A	-0.43%
SNPS	C	-0.41%
GM	B	-0.39%
UAL	A	-0.39%
MCK	B	-0.39%
RCL	A	-0.39%
RJF	A	-0.38%
TRGP	B	-0.38%
ETR	B	-0.38%
ALL	B	-0.37%
SNA	A	-0.37%
LEN	D	-0.36%
DUK	D	-0.36%
SYF	B	-0.36%
CBRE	B	-0.36%
CCL	B	-0.36%
BKR	B	-0.36%
MCO	C	-0.36%
CDNS	B	-0.35%
NCLH	B	-0.35%
XEL	A	-0.35%
APD	B	-0.35%
AVB	B	-0.35%
LYV	A	-0.34%
BRO	B	-0.34%
KMB	D	-0.34%
PLD	D	-0.34%
GDDY	B	-0.34%
VICI	D	-0.34%
TSN	B	-0.33%
EIX	C	-0.33%
PNR	A	-0.33%
HIG	C	-0.33%
STE	D	-0.33%
FFIV	B	-0.33%
EQR	C	-0.33%
CTSH	A	-0.33%
OTIS	D	-0.33%
TGT	C	-0.33%
IR	A	-0.32%
CBOE	D	-0.32%
A	F	-0.32%
L	A	-0.32%
MTB	A	-0.32%
FANG	C	-0.32%
VTR	C	-0.32%
RL	B	-0.32%
WY	F	-0.32%
COR	B	-0.32%
MTD	F	-0.32%
PAYC	B	-0.32%
DTE	D	-0.32%
PHM	D	-0.32%
CNP	B	-0.32%
BEN	C	-0.32%
TAP	B	-0.31%
IVZ	B	-0.31%
UHS	D	-0.31%
FRT	B	-0.31%
HST	D	-0.31%
IEX	B	-0.3%
ACGL	C	-0.3%
CNC	F	-0.3%
SLB	C	-0.3%
HPQ	B	-0.3%
EXC	C	-0.3%
AIZ	A	-0.3%
STX	D	-0.3%
PRU	B	-0.29%
NTRS	A	-0.29%
CPT	C	-0.29%
PCG	A	-0.29%
EMN	D	-0.29%
SWK	F	-0.29%
LYB	F	-0.29%
SO	D	-0.28%
MAA	C	-0.28%
FDX	B	-0.28%
BAX	F	-0.28%
VTRS	B	-0.27%
EQIX	B	-0.27%
MDT	D	-0.27%
FTNT	B	-0.27%
BBY	C	-0.27%
INVH	D	-0.27%
IQV	F	-0.26%
ROL	C	-0.26%
DHI	D	-0.26%
HBAN	A	-0.26%
CRL	C	-0.26%
WAB	B	-0.26%
XYL	F	-0.26%
COF	B	-0.25%
VRSN	C	-0.25%
EG	D	-0.25%
FOXA	A	-0.25%
MET	C	-0.24%
APA	F	-0.24%
OMC	A	-0.24%
DG	F	-0.24%
BG	D	-0.24%
WDC	D	-0.24%
INTC	C	-0.24%
HAL	C	-0.23%
DOC	C	-0.23%
EL	F	-0.23%
HII	F	-0.23%
GEHC	D	-0.22%
AES	F	-0.22%
TFX	F	-0.22%
AKAM	F	-0.22%
SWKS	F	-0.22%
NI	A	-0.21%
EMR	A	-0.21%
RMD	C	-0.21%
PARA	B	-0.2%
CE	F	-0.2%
REG	A	-0.2%
KMX	B	-0.2%
APTV	F	-0.2%
PANW	B	-0.19%
SJM	F	-0.19%
EA	A	-0.19%
BX	A	-0.18%
CFG	B	-0.18%
ABNB	C	-0.18%
MOH	F	-0.18%
BLDR	C	-0.17%
CRWD	B	-0.17%
OKE	A	-0.17%
ZTS	D	-0.16%
HCA	D	-0.16%
AMD	F	-0.16%
ADSK	B	-0.16%
TPR	A	-0.16%
WBA	D	-0.16%
DFS	B	-0.16%
BWA	B	-0.15%
FITB	A	-0.14%
HES	B	-0.14%
STLD	C	-0.14%
WFC	A	-0.14%
TDY	B	-0.13%
FCX	F	-0.13%
KO	F	-0.13%
PNW	A	-0.13%
GPC	D	-0.13%
SYY	D	-0.13%
JKHY	C	-0.13%
KMI	B	-0.12%
FSLR	F	-0.12%
ROP	A	-0.12%
HOLX	D	-0.12%
KHC	F	-0.12%
PSX	C	-0.12%
IPG	F	-0.12%
URI	B	-0.12%
KDP	C	-0.12%
NWSA	B	-0.12%
ON	F	-0.12%
PFG	C	-0.11%
CTVA	C	-0.11%
LKQ	C	-0.1%
CPB	F	-0.1%
NEM	F	-0.1%
FE	D	-0.1%
CAG	F	-0.1%
ISRG	A	-0.09%
MAR	A	-0.09%
MTCH	F	-0.09%
DAY	B	-0.09%
LULU	B	-0.09%
VLO	C	-0.08%
DLR	C	-0.08%
JBL	C	-0.08%
DXCM	C	-0.08%
LIN	D	-0.08%
WRB	B	-0.08%
FIS	B	-0.07%
PAYX	B	-0.07%
EBAY	C	-0.07%
MKC	D	-0.06%
CHD	A	-0.06%
AOS	F	-0.06%
HRL	F	-0.06%
IP	B	-0.06%
FTV	C	-0.06%
WYNN	C	-0.05%
MAS	D	-0.05%
RF	A	-0.05%
PKG	B	-0.05%
ACN	B	-0.05%
DPZ	C	-0.05%
MCD	C	-0.04%
ARE	F	-0.04%
CSGP	F	-0.04%
SMCI	F	-0.04%
J	D	-0.04%
FMC	F	-0.04%
EPAM	B	-0.04%
PTC	B	-0.04%
ROST	D	-0.04%
TRMB	B	-0.04%
FAST	B	-0.04%
FDS	A	-0.04%
LOW	B	-0.04%
IBM	D	-0.03%
DHR	F	-0.03%