FBUF vs. FCTR ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to First Trust Lunt U.S. Factor Rotation ETF (FCTR)

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

FCTR

First Trust Lunt U.S. Factor Rotation ETF

FCTR Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Lunt Capital Large Cap Factor Rotation Index (the "index"). The fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the index. The index is designed to provide exposure to U.S. large cap equities grouped into four separate factors, with factors emphasized within the index as they come into favor in the U.S. marketplace. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$34.76

Average Daily Volume

7,787

Number of Holdings ^*

166

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	FCTR
30 Days	3.10%	9.38%
60 Days	4.70%	12.16%
90 Days	6.08%	17.79%
12 Months		36.88%

50 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in FCTR	Overlap
AAPL	C	7.34%	0.66%	0.66%
ADBE	C	0.94%	0.37%	0.37%
ADP	B	0.26%	1.1%	0.26%
AME	A	0.09%	0.22%	0.09%
AMT	D	0.21%	0.34%	0.21%
ANET	C	0.06%	1.24%	0.06%
AVGO	D	1.62%	0.43%	0.43%
BDX	F	0.58%	0.39%	0.39%
BRK.A	B	2.2%	0.24%	0.24%
CL	D	0.55%	1.01%	0.55%
CMG	B	0.47%	0.22%	0.22%
COST	B	0.3%	0.34%	0.3%
CSCO	B	0.8%	0.25%	0.25%
CTAS	B	0.65%	1.05%	0.65%
DASH	A	0.11%	0.47%	0.11%
ED	D	0.1%	0.43%	0.1%
HWM	A	0.38%	0.79%	0.38%
IDXX	F	0.15%	0.31%	0.15%
INTU	C	0.12%	0.37%	0.12%
ITW	B	0.14%	0.84%	0.14%
KLAC	D	0.61%	0.32%	0.32%
LDOS	C	0.31%	0.8%	0.31%
LLY	F	0.76%	0.72%	0.72%
LMT	D	0.71%	0.45%	0.45%
MA	C	1.36%	1.36%	1.36%
META	D	2.89%	0.45%	0.45%
MMC	B	0.53%	0.54%	0.53%
MSCI	C	0.26%	0.49%	0.26%
MSFT	F	5.66%	0.36%	0.36%
MSI	B	0.43%	1.73%	0.43%
NFLX	A	1.28%	0.47%	0.47%
NOC	D	0.6%	0.4%	0.4%
NOW	A	0.5%	0.51%	0.5%
NVDA	C	7.37%	0.77%	0.77%
ORCL	B	0.04%	0.51%	0.04%
PCAR	B	0.37%	0.19%	0.19%
PEP	F	0.19%	0.2%	0.19%
PG	A	0.8%	0.52%	0.52%
PGR	A	0.67%	0.48%	0.48%
PPG	F	0.34%	0.41%	0.34%
PSA	D	0.17%	0.34%	0.17%
RSG	A	0.23%	0.24%	0.23%
SPGI	C	0.21%	0.47%	0.21%
SYK	C	0.24%	1.36%	0.24%
TJX	A	0.72%	0.6%	0.6%
TOL	B	0.02%	0.52%	0.02%
TT	A	0.68%	0.82%	0.68%
V	A	0.65%	1.34%	0.65%
VST	B	0.14%	1.86%	0.14%
WM	A	0.41%	0.22%	0.22%

FBUF Overweight 105 Positions Relative to FCTR

Symbol	Grade	Weight
AMZN	C	3.84%
GOOGL	C	2.04%
JPM	A	1.93%
GOOG	C	1.89%
XOM	B	1.56%
HD	A	1.32%
TSLA	B	1.27%
BAC	A	1.18%
CRM	B	1.16%
MRK	F	0.96%
PM	B	0.94%
ABBV	D	0.91%
QCOM	F	0.85%
CMCSA	B	0.84%
WMT	A	0.82%
NEE	D	0.82%
SCHW	B	0.79%
UNP	C	0.75%
BMY	B	0.74%
GILD	C	0.74%
JNJ	D	0.73%
PYPL	B	0.72%
C	A	0.72%
T	A	0.71%
AMAT	F	0.67%
DIS	B	0.65%
ECL	D	0.63%
CI	F	0.63%
ABT	B	0.63%
SQ	B	0.6%
UNH	C	0.57%
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%
MU	D	0.5%
TXT	D	0.5%
CSX	B	0.49%
GE	D	0.48%
EOG	A	0.48%
IGT	F	0.46%
CME	A	0.44%
SPG	B	0.44%
GRMN	B	0.44%
AXP	A	0.43%
EXEL	B	0.43%
PFE	D	0.41%
TMO	F	0.38%
ALLE	D	0.38%
NUE	C	0.36%
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%
TMUS	B	0.28%
MEDP	D	0.28%
TROW	B	0.28%
WFC	A	0.28%
TRV	B	0.26%
AMGN	D	0.25%
UBER	D	0.24%
LRCX	F	0.24%
CVS	D	0.23%
MGM	D	0.23%
LHX	C	0.21%
GAP	C	0.21%
BIIB	F	0.21%
FTNT	C	0.2%
MMM	D	0.19%
TPH	D	0.18%
SSNC	B	0.18%
CACI	D	0.17%
LNW	D	0.16%
BBWI	D	0.16%
OXY	D	0.15%
CLX	B	0.14%
GL	B	0.13%
GEN	B	0.13%
KR	B	0.12%
BK	A	0.12%
AON	A	0.12%
NSC	B	0.11%
LPLA	A	0.11%
UNM	A	0.1%
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%
VEEV	C	0.04%
TNL	A	0.04%
UTHR	C	0.04%
CVX	A	0.02%
PEGA	A	0.02%

FBUF Underweight 116 Positions Relative to FCTR

Symbol	Grade	Weight
APP	B	-3.82%
PLTR	B	-2.43%
MSTR	C	-2.06%
FICO	B	-1.51%
AXON	A	-1.45%
PAYX	C	-1.42%
BR	A	-1.37%
ARES	A	-1.04%
APO	B	-1.03%
TDG	D	-0.99%
YUM	B	-0.95%
BRO	B	-0.94%
VRSK	A	-0.93%
HOOD	B	-0.92%
FI	A	-0.92%
ISRG	A	-0.91%
FDS	B	-0.9%
ROL	B	-0.9%
VRSN	F	-0.87%
THC	D	-0.81%
ACGL	D	-0.8%
SYY	B	-0.77%
EME	C	-0.77%
ICE	C	-0.77%
TPL	A	-0.75%
TRGP	B	-0.73%
MANH	D	-0.7%
CRWD	B	-0.68%
KKR	A	-0.68%
MCD	D	-0.65%
VICI	C	-0.63%
PH	A	-0.62%
IRM	D	-0.61%
TTD	B	-0.59%
NET	B	-0.58%
DDOG	A	-0.56%
RCL	A	-0.56%
HUBS	A	-0.55%
NI	A	-0.55%
CDNS	B	-0.54%
ZS	C	-0.53%
SBAC	D	-0.53%
LNG	B	-0.52%
KO	D	-0.52%
FAST	B	-0.52%
SNOW	C	-0.51%
TTWO	A	-0.51%
PPL	B	-0.51%
FE	C	-0.5%
SRE	A	-0.5%
PANW	C	-0.5%
ETR	B	-0.5%
DRI	B	-0.49%
RBLX	C	-0.49%
LNT	A	-0.49%
DUK	C	-0.49%
WEC	A	-0.48%
ROST	C	-0.47%
BSX	B	-0.47%
CMS	C	-0.46%
ERIE	D	-0.45%
BLK	C	-0.45%
DPZ	C	-0.45%
AEE	A	-0.45%
SO	D	-0.44%
SNPS	B	-0.44%
AVB	B	-0.43%
ALNY	D	-0.43%
ORLY	B	-0.43%
EIX	B	-0.43%
ADSK	A	-0.42%
ROP	B	-0.42%
KDP	D	-0.42%
PHM	D	-0.42%
GLPI	C	-0.42%
URI	B	-0.41%
AEP	D	-0.41%
O	D	-0.41%
MDB	C	-0.4%
EXC	C	-0.4%
DXCM	D	-0.4%
EQR	B	-0.4%
DTE	C	-0.4%
AFL	B	-0.4%
MDT	D	-0.39%
KMB	D	-0.39%
MCO	B	-0.39%
CARR	D	-0.38%
AWK	D	-0.38%
LW	C	-0.37%
VRTX	F	-0.37%
PWR	A	-0.37%
LII	A	-0.37%
BSY	D	-0.37%
NVR	D	-0.36%
BX	A	-0.36%
OKE	A	-0.36%
GIS	D	-0.35%
DHI	D	-0.34%
CSL	C	-0.33%
HCA	F	-0.33%
RIVN	F	-0.32%
MPWR	F	-0.31%
FCNCA	A	-0.31%
ETN	A	-0.3%
BKNG	A	-0.29%
GWW	B	-0.28%
ATO	A	-0.27%
CPAY	A	-0.26%
HON	B	-0.24%
CHD	B	-0.23%
CB	C	-0.23%
HSY	F	-0.19%
MDLZ	F	-0.19%
MNST	C	-0.19%
LECO	B	-0.17%