FBUF vs. FHEQ ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to Fidelity Hedged Equity ETF (FHEQ)

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

FHEQ

Fidelity Hedged Equity ETF

FHEQ Description

FHEQ is actively managed, investing in equity securities with market caps similar to the S&P 500 and Russell 1000. The fund utilizes quantitative analysis and options for downside protection.

Grade (RS Rating)

Last Trade

$27.87

Average Daily Volume

24,517

Number of Holdings ^*

168

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	FHEQ
30 Days	3.10%	2.51%
60 Days	4.70%	3.80%
90 Days	6.08%	4.54%
12 Months

143 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in FHEQ	Overlap
AAPL	C	7.34%	7.31%	7.31%
ABBV	D	0.91%	1.0%	0.91%
ADBE	C	0.94%	0.93%	0.93%
ADP	B	0.26%	0.16%	0.16%
ALLE	D	0.38%	0.44%	0.38%
ALRM	C	0.34%	0.4%	0.34%
AMAT	F	0.67%	0.7%	0.67%
AME	A	0.09%	0.22%	0.09%
AMGN	D	0.25%	0.24%	0.24%
AMT	D	0.21%	0.24%	0.21%
AMZN	C	3.84%	3.64%	3.64%
ANET	C	0.06%	0.08%	0.06%
ANF	C	0.35%	0.33%	0.33%
AVGO	D	1.62%	1.49%	1.49%
AXP	A	0.43%	0.43%	0.43%
BAC	A	1.18%	1.17%	1.17%
BBWI	D	0.16%	0.11%	0.11%
BDX	F	0.58%	0.59%	0.58%
BIIB	F	0.21%	0.21%	0.21%
BK	A	0.12%	0.36%	0.12%
BMY	B	0.74%	0.68%	0.68%
BRK.A	B	2.2%	2.19%	2.19%
C	A	0.72%	0.54%	0.54%
CACI	D	0.17%	0.3%	0.17%
CAH	B	0.31%	0.4%	0.31%
CAT	B	0.53%	0.48%	0.48%
CI	F	0.63%	0.63%	0.63%
CINF	A	0.07%	0.12%	0.07%
CL	D	0.55%	0.58%	0.55%
CLX	B	0.14%	0.2%	0.14%
CMCSA	B	0.84%	0.83%	0.83%
CME	A	0.44%	0.37%	0.37%
CMG	B	0.47%	0.49%	0.47%
COST	B	0.3%	0.45%	0.3%
CRM	B	1.16%	1.09%	1.09%
CRUS	D	0.07%	0.06%	0.06%
CSCO	B	0.8%	0.79%	0.79%
CSX	B	0.49%	0.43%	0.43%
CTAS	B	0.65%	0.66%	0.65%
CVNA	B	0.52%	0.52%	0.52%
CVS	D	0.23%	0.22%	0.22%
CVX	A	0.02%	0.02%	0.02%
DASH	A	0.11%	0.12%	0.11%
DBX	B	0.52%	0.51%	0.51%
DIS	B	0.65%	0.57%	0.57%
DOCU	A	0.09%	0.18%	0.09%
DVN	F	0.52%	0.53%	0.52%
ECL	D	0.63%	0.62%	0.62%
EOG	A	0.48%	0.43%	0.43%
EXEL	B	0.43%	0.43%	0.43%
F	C	0.33%	0.15%	0.15%
FTNT	C	0.2%	0.24%	0.2%
GAP	C	0.21%	0.18%	0.18%
GE	D	0.48%	0.45%	0.45%
GEN	B	0.13%	0.13%	0.13%
GILD	C	0.74%	0.73%	0.73%
GL	B	0.13%	0.2%	0.13%
GOOG	C	1.89%	1.74%	1.74%
GOOGL	C	2.04%	2.02%	2.02%
GRMN	B	0.44%	0.31%	0.31%
HD	A	1.32%	1.32%	1.32%
HWM	A	0.38%	0.27%	0.27%
IDXX	F	0.15%	0.26%	0.15%
IGT	F	0.46%	0.45%	0.45%
INCY	C	0.34%	0.27%	0.27%
JNJ	D	0.73%	0.61%	0.61%
JPM	A	1.93%	1.82%	1.82%
KLAC	D	0.61%	0.54%	0.54%
KR	B	0.12%	0.11%	0.11%
LDOS	C	0.31%	0.32%	0.31%
LHX	C	0.21%	0.23%	0.21%
LLY	F	0.76%	0.76%	0.76%
LMT	D	0.71%	0.69%	0.69%
LNW	D	0.16%	0.17%	0.16%
LPLA	A	0.11%	0.03%	0.03%
LRCX	F	0.24%	0.23%	0.23%
LYFT	C	0.08%	0.06%	0.06%
MA	C	1.36%	1.34%	1.34%
MEDP	D	0.28%	0.31%	0.28%
META	D	2.89%	2.87%	2.87%
MGM	D	0.23%	0.22%	0.22%
MMC	B	0.53%	0.52%	0.52%
MMM	D	0.19%	0.22%	0.19%
MRK	F	0.96%	0.69%	0.69%
MSCI	C	0.26%	0.49%	0.26%
MSFT	F	5.66%	5.64%	5.64%
MSI	B	0.43%	0.26%	0.26%
MU	D	0.5%	0.47%	0.47%
NBIX	C	0.06%	0.11%	0.06%
NEE	D	0.82%	0.73%	0.73%
NFLX	A	1.28%	1.26%	1.26%
NOC	D	0.6%	0.56%	0.56%
NOW	A	0.5%	0.34%	0.34%
NSC	B	0.11%	0.26%	0.11%
NUE	C	0.36%	0.32%	0.32%
NVDA	C	7.37%	7.27%	7.27%
ORCL	B	0.04%	0.04%	0.04%
PCAR	B	0.37%	0.42%	0.37%
PEGA	A	0.02%	0.16%	0.02%
PFE	D	0.41%	0.56%	0.41%
PG	A	0.8%	0.87%	0.8%
PGR	A	0.67%	0.63%	0.63%
PLTK	B	0.07%	0.1%	0.07%
PM	B	0.94%	0.92%	0.92%
PPG	F	0.34%	0.34%	0.34%
PSA	D	0.17%	0.19%	0.17%
PYPL	B	0.72%	0.54%	0.54%
QCOM	F	0.85%	0.84%	0.84%
QRVO	F	0.06%	0.11%	0.06%
RSG	A	0.23%	0.2%	0.2%
RTX	C	0.28%	0.44%	0.28%
SCHW	B	0.79%	0.56%	0.56%
SEIC	B	0.54%	0.54%	0.54%
SKYW	B	0.31%	0.29%	0.29%
SPG	B	0.44%	0.16%	0.16%
SPGI	C	0.21%	0.28%	0.21%
SQ	B	0.6%	0.59%	0.59%
T	A	0.71%	0.67%	0.67%
TDC	D	0.35%	0.35%	0.35%
TJX	A	0.72%	0.73%	0.72%
TMO	F	0.38%	0.26%	0.26%
TMUS	B	0.28%	0.29%	0.28%
TPH	D	0.18%	0.15%	0.15%
TROW	B	0.28%	0.23%	0.23%
TRV	B	0.26%	0.49%	0.26%
TSLA	B	1.27%	1.26%	1.26%
TT	A	0.68%	0.69%	0.68%
TWLO	A	0.09%	0.02%	0.02%
TXT	D	0.5%	0.51%	0.5%
UBER	D	0.24%	0.14%	0.14%
UNH	C	0.57%	0.57%	0.57%
UNM	A	0.1%	0.01%	0.01%
UNP	C	0.75%	0.73%	0.73%
UTHR	C	0.04%	0.05%	0.04%
V	A	0.65%	0.47%	0.47%
VEEV	C	0.04%	0.12%	0.04%
VST	B	0.14%	0.11%	0.11%
WFC	A	0.28%	0.15%	0.15%
WM	A	0.41%	0.38%	0.38%
WMT	A	0.82%	0.8%	0.8%
XOM	B	1.56%	1.54%	1.54%
ZBRA	B	0.52%	0.47%	0.47%
ZM	B	0.53%	0.52%	0.52%

FBUF Overweight 12 Positions Relative to FHEQ

Symbol	Grade	Weight
ABT	B	0.63%
SYK	C	0.24%
PEP	F	0.19%
SSNC	B	0.18%
OXY	D	0.15%
ITW	B	0.14%
INTU	C	0.12%
AON	A	0.12%
ED	D	0.1%
NRG	B	0.09%
TNL	A	0.04%
TOL	B	0.02%

FBUF Underweight 25 Positions Relative to FHEQ

Symbol	Grade	Weight
BLK	C	-0.23%
XEL	A	-0.21%
HLT	A	-0.18%
VZ	C	-0.18%
GEHC	F	-0.17%
FTI	A	-0.17%
WDAY	B	-0.16%
MS	A	-0.16%
ETN	A	-0.15%
SOLV	C	-0.12%
ROST	C	-0.1%
MKL	A	-0.09%
BAH	F	-0.09%
DOC	D	-0.08%
ALL	A	-0.07%
BCC	B	-0.07%
MDLZ	F	-0.07%
L	A	-0.07%
TENB	C	-0.06%
BLD	D	-0.05%
QGEN	D	-0.04%
SCCO	F	-0.04%
MHO	D	-0.02%
NWL	B	-0.01%
OGE	B	-0.01%