FBUF vs. FLCC ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to Federated Hermes MDT Large Cap Core ETF (FLCC)

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

FLCC

Federated Hermes MDT Large Cap Core ETF

FLCC Description

The fund seeks to achieve its objective by investing primarily in the common stock of large-cap U.S. companies. It will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in large-cap companies. The fund manager actively trades its portfolio securities in an attempt to achieve its investment objective.

Grade (RS Rating)

Last Trade

$28.40

Average Daily Volume

2,981

Number of Holdings ^*

141

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	FLCC
30 Days	2.51%	3.88%
60 Days	5.65%	8.68%
90 Days	7.03%	10.04%
12 Months

55 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in FLCC	Overlap
AAPL	C	7.13%	5.21%	5.21%
ABBV	F	0.93%	2.02%	0.93%
ADBE	C	0.98%	0.23%	0.23%
ALLE	D	0.15%	0.22%	0.15%
AMAT	F	0.72%	0.55%	0.55%
AMGN	F	0.26%	0.65%	0.26%
AMT	F	0.2%	0.03%	0.03%
AMZN	A	3.92%	1.62%	1.62%
ANET	C	0.07%	1.5%	0.07%
BIIB	F	0.22%	0.27%	0.22%
BK	B	0.12%	1.46%	0.12%
CAH	B	0.48%	0.22%	0.22%
CI	D	0.65%	0.24%	0.24%
CL	F	0.52%	0.71%	0.52%
COST	B	0.3%	1.5%	0.3%
CRM	B	1.22%	0.17%	0.17%
CRUS	F	0.16%	0.4%	0.16%
DASH	A	0.11%	0.27%	0.11%
DVN	F	0.51%	0.14%	0.14%
EOG	A	0.29%	0.54%	0.29%
F	C	0.32%	0.04%	0.04%
GAP	B	0.21%	0.83%	0.21%
GILD	B	0.78%	1.0%	0.78%
GOOGL	C	2.08%	4.98%	2.08%
INCY	B	0.35%	0.62%	0.35%
JNJ	D	0.71%	1.12%	0.71%
KR	A	0.12%	0.51%	0.12%
LLY	F	0.85%	0.29%	0.29%
LRCX	F	0.25%	0.06%	0.06%
MA	B	1.36%	0.56%	0.56%
META	B	3.01%	2.58%	2.58%
MRK	F	0.76%	0.76%	0.76%
MSCI	B	0.26%	0.12%	0.12%
MSFT	C	5.68%	5.55%	5.55%
MU	D	0.69%	0.35%	0.35%
NOW	A	0.51%	0.12%	0.12%
NVDA	A	7.69%	3.99%	3.99%
ORCL	A	0.04%	0.38%	0.04%
PEGA	B	0.02%	0.57%	0.02%
PEP	D	0.19%	0.46%	0.19%
PGR	A	0.68%	0.8%	0.68%
PM	B	0.87%	1.53%	0.87%
PPG	F	0.33%	0.69%	0.33%
QCOM	F	0.83%	1.42%	0.83%
QRVO	F	0.06%	0.12%	0.06%
SPG	A	0.43%	0.06%	0.06%
TJX	A	0.71%	0.29%	0.29%
TRV	B	0.25%	1.02%	0.25%
TSLA	B	1.18%	0.28%	0.28%
TT	B	0.67%	0.43%	0.43%
UNH	B	0.59%	0.09%	0.09%
UNP	D	0.75%	0.28%	0.28%
UTHR	B	0.05%	0.08%	0.05%
WM	A	0.42%	0.28%	0.28%
ZM	B	0.59%	0.61%	0.59%

FBUF Overweight 100 Positions Relative to FLCC

Symbol	Grade	Weight
BRK.A	B	2.14%
GOOG	C	1.93%
AVGO	C	1.89%
JPM	A	1.87%
XOM	B	1.54%
HD	B	1.28%
NFLX	A	1.24%
BAC	A	1.14%
CMCSA	B	0.85%
CSCO	A	0.81%
WMT	A	0.81%
BMY	B	0.79%
NEE	D	0.79%
PG	C	0.77%
LMT	D	0.74%
SCHW	B	0.74%
PYPL	A	0.73%
C	B	0.71%
T	A	0.68%
CTAS	B	0.67%
KLAC	F	0.65%
NOC	D	0.65%
V	A	0.63%
ABT	C	0.62%
ECL	C	0.62%
SQ	B	0.61%
CSX	B	0.59%
BDX	F	0.59%
EXEL	B	0.55%
SEIC	A	0.55%
ZBRA	B	0.54%
DBX	B	0.54%
CAT	B	0.53%
TXT	D	0.52%
CVNA	B	0.52%
MMC	D	0.52%
GE	D	0.49%
IGT	F	0.49%
CMG	B	0.48%
GRMN	A	0.45%
CME	B	0.43%
PFE	F	0.43%
AXP	B	0.43%
MSI	B	0.43%
HWM	B	0.42%
ANF	C	0.42%
TMO	F	0.4%
PCAR	B	0.39%
SPGI	C	0.38%
SSNC	C	0.38%
LDOS	C	0.38%
NUE	D	0.37%
DIS	B	0.35%
TDC	F	0.35%
MEDP	D	0.33%
UBER	F	0.32%
SKYW	B	0.31%
TROW	A	0.28%
RTX	D	0.28%
ADP	A	0.26%
MGM	D	0.23%
RSG	B	0.23%
SYK	A	0.23%
VZ	D	0.23%
LHX	B	0.22%
CACI	C	0.21%
CVS	F	0.21%
MMM	C	0.19%
ALRM	C	0.19%
TPH	C	0.18%
LNW	F	0.17%
ETN	B	0.16%
PSA	D	0.16%
BBWI	C	0.16%
GEN	B	0.14%
ITW	B	0.14%
OXY	F	0.14%
GL	B	0.13%
VST	B	0.13%
CLX	A	0.13%
AON	B	0.12%
WTW	A	0.11%
LPLA	A	0.11%
DOCU	B	0.1%
ED	D	0.1%
IDXX	F	0.1%
LYFT	B	0.09%
AME	A	0.09%
NRG	C	0.09%
TWLO	B	0.09%
TMUS	A	0.09%
NSC	B	0.09%
UNM	A	0.09%
NBIX	C	0.07%
CINF	A	0.07%
PLTK	B	0.07%
TNL	A	0.04%
VEEV	B	0.04%
TOL	B	0.02%
CVX	A	0.02%

FBUF Underweight 86 Positions Relative to FLCC

Symbol	Grade	Weight
GDDY	B	-2.54%
VLTO	D	-2.36%
GEV	B	-2.12%
AMP	A	-2.11%
SPOT	A	-1.98%
PRU	B	-1.86%
NTNX	B	-1.71%
FTNT	B	-1.63%
APP	B	-1.53%
STT	B	-1.47%
IBKR	A	-1.2%
KRC	C	-1.03%
NTRS	A	-1.02%
EXPE	B	-0.98%
WING	D	-0.98%
SN	C	-0.95%
KMB	D	-0.87%
LNG	B	-0.83%
ALSN	B	-0.71%
PAYC	B	-0.67%
RCL	A	-0.64%
COR	B	-0.62%
BAH	C	-0.61%
VRSK	A	-0.54%
VRT	B	-0.54%
AAP	C	-0.52%
ELAN	C	-0.49%
MPC	D	-0.47%
CEG	D	-0.47%
TRGP	B	-0.46%
MUSA	B	-0.46%
ZTS	D	-0.45%
EBAY	C	-0.43%
LII	B	-0.41%
EIX	C	-0.37%
FMC	F	-0.37%
CRBG	C	-0.37%
ORLY	A	-0.36%
VRTX	B	-0.34%
PVH	C	-0.32%
ILMN	C	-0.32%
NEM	F	-0.32%
PLTR	B	-0.32%
REGN	F	-0.31%
ACGL	C	-0.29%
DXC	B	-0.29%
ELV	F	-0.28%
OTIS	D	-0.27%
MAS	D	-0.27%
HUM	D	-0.25%
VIRT	B	-0.25%
DELL	C	-0.25%
HIG	C	-0.25%
RBLX	B	-0.25%
DDOG	B	-0.24%
HPE	B	-0.23%
WEC	B	-0.23%
AXTA	A	-0.22%
RYAN	B	-0.2%
NTAP	D	-0.2%
ICE	C	-0.2%
CW	C	-0.19%
CNC	F	-0.18%
ZI	C	-0.17%
CBOE	D	-0.17%
WU	F	-0.16%
STLD	C	-0.16%
GEHC	D	-0.15%
R	B	-0.15%
TFX	F	-0.14%
ROK	B	-0.14%
MAN	F	-0.13%
MOS	D	-0.11%
CBRE	B	-0.1%
HUBS	B	-0.1%
PSX	C	-0.1%
XEL	A	-0.09%
ESS	C	-0.09%
EXC	C	-0.07%
ALGN	D	-0.07%
BERY	D	-0.07%
AA	C	-0.05%
CCI	F	-0.05%
SBAC	D	-0.05%
ALNY	D	-0.05%
TER	F	-0.03%