FBUF vs. FLQL ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to Franklin LibertyQ U.S. Equity ETF (FLQL)

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

FLQL

Franklin LibertyQ U.S. Equity ETF

FLQL Description

The investment seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the LibertyQ U.S. Large Cap Equity Index (the U.S. Large Cap underlying index). Under normal market conditions, the fund invests at least 80% of its assets in the component securities of the U.S. Large Cap underlying index. The U.S. Large Cap underlying index is based on the Russell 1000® Index using a methodology developed with Franklin Templeton to reflect Franklin Templeton's desired investment strategy.

Grade (RS Rating)

Last Trade

$59.85

Average Daily Volume

76,630

Number of Holdings ^*

210

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	FLQL
30 Days	3.10%	2.44%
60 Days	4.70%	3.55%
90 Days	6.08%	4.50%
12 Months		31.26%

60 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in FLQL	Overlap
AAPL	C	7.34%	7.0%	7.0%
ABBV	D	0.91%	1.33%	0.91%
AMAT	F	0.67%	0.96%	0.67%
AMGN	D	0.25%	1.05%	0.25%
AMZN	C	3.84%	2.92%	2.92%
ANET	C	0.06%	0.77%	0.06%
AVGO	D	1.62%	1.77%	1.62%
BRK.A	B	2.2%	1.11%	1.11%
C	A	0.72%	0.97%	0.72%
CACI	D	0.17%	0.09%	0.09%
CAT	B	0.53%	1.27%	0.53%
CI	F	0.63%	0.56%	0.56%
CL	D	0.55%	0.52%	0.52%
CMG	B	0.47%	0.57%	0.47%
COST	B	0.3%	1.7%	0.3%
CRUS	D	0.07%	0.07%	0.07%
CTAS	B	0.65%	0.46%	0.46%
DVN	F	0.52%	0.08%	0.08%
GAP	C	0.21%	0.09%	0.09%
GOOG	C	1.89%	1.73%	1.73%
GOOGL	C	2.04%	2.04%	2.04%
GRMN	B	0.44%	0.25%	0.25%
HWM	A	0.38%	0.25%	0.25%
JNJ	D	0.73%	1.55%	0.73%
JPM	A	1.93%	1.23%	1.23%
KLAC	D	0.61%	0.67%	0.61%
LDOS	C	0.31%	0.17%	0.17%
LLY	F	0.76%	1.31%	0.76%
LMT	D	0.71%	0.4%	0.4%
LRCX	F	0.24%	0.66%	0.24%
MA	C	1.36%	1.79%	1.36%
MEDP	D	0.28%	0.08%	0.08%
META	D	2.89%	2.48%	2.48%
MRK	F	0.96%	1.21%	0.96%
MSFT	F	5.66%	5.96%	5.66%
MSI	B	0.43%	0.58%	0.43%
NRG	B	0.09%	0.12%	0.09%
NVDA	C	7.37%	6.71%	6.71%
ORCL	B	0.04%	0.88%	0.04%
PCAR	B	0.37%	0.44%	0.37%
PM	B	0.94%	0.71%	0.71%
PSA	D	0.17%	0.38%	0.17%
QCOM	F	0.85%	1.22%	0.85%
RSG	A	0.23%	0.31%	0.23%
RTX	C	0.28%	0.5%	0.28%
SPG	B	0.44%	0.46%	0.44%
SSNC	B	0.18%	0.09%	0.09%
SYK	C	0.24%	0.94%	0.24%
T	A	0.71%	1.07%	0.71%
TJX	A	0.72%	0.95%	0.72%
TMUS	B	0.28%	0.59%	0.28%
TNL	A	0.04%	0.12%	0.04%
TOL	B	0.02%	0.13%	0.02%
TSLA	B	1.27%	1.13%	1.13%
TT	A	0.68%	0.65%	0.65%
UNH	C	0.57%	0.52%	0.52%
UTHR	C	0.04%	0.12%	0.04%
WM	A	0.41%	0.67%	0.41%
WMT	A	0.82%	1.68%	0.82%
XOM	B	1.56%	0.63%	0.63%

FBUF Overweight 95 Positions Relative to FLQL

Symbol	Grade	Weight
HD	A	1.32%
NFLX	A	1.28%
BAC	A	1.18%
CRM	B	1.16%
ADBE	C	0.94%
CMCSA	B	0.84%
NEE	D	0.82%
CSCO	B	0.8%
PG	A	0.8%
SCHW	B	0.79%
UNP	C	0.75%
BMY	B	0.74%
GILD	C	0.74%
PYPL	B	0.72%
PGR	A	0.67%
V	A	0.65%
DIS	B	0.65%
ECL	D	0.63%
ABT	B	0.63%
SQ	B	0.6%
NOC	D	0.6%
BDX	F	0.58%
SEIC	B	0.54%
MMC	B	0.53%
ZM	B	0.53%
DBX	B	0.52%
ZBRA	B	0.52%
CVNA	B	0.52%
MU	D	0.5%
NOW	A	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%
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%
PPG	F	0.34%
INCY	C	0.34%
F	C	0.33%
SKYW	B	0.31%
CAH	B	0.31%
TROW	B	0.28%
WFC	A	0.28%
TRV	B	0.26%
ADP	B	0.26%
MSCI	C	0.26%
UBER	D	0.24%
CVS	D	0.23%
MGM	D	0.23%
AMT	D	0.21%
LHX	C	0.21%
SPGI	C	0.21%
BIIB	F	0.21%
FTNT	C	0.2%
PEP	F	0.19%
MMM	D	0.19%
TPH	D	0.18%
LNW	D	0.16%
BBWI	D	0.16%
OXY	D	0.15%
IDXX	F	0.15%
VST	B	0.14%
CLX	B	0.14%
ITW	B	0.14%
GL	B	0.13%
GEN	B	0.13%
KR	B	0.12%
BK	A	0.12%
INTU	C	0.12%
AON	A	0.12%
NSC	B	0.11%
DASH	A	0.11%
LPLA	A	0.11%
UNM	A	0.1%
ED	D	0.1%
AME	A	0.09%
TWLO	A	0.09%
DOCU	A	0.09%
LYFT	C	0.08%
CINF	A	0.07%
PLTK	B	0.07%
QRVO	F	0.06%
NBIX	C	0.06%
VEEV	C	0.04%
CVX	A	0.02%
PEGA	A	0.02%

FBUF Underweight 150 Positions Relative to FLQL

Symbol	Grade	Weight
IBM	C	-1.31%
ISRG	A	-1.3%
VZ	C	-1.24%
TXN	C	-1.24%
BKNG	A	-1.19%
VRTX	F	-0.92%
MO	A	-0.85%
BSX	B	-0.84%
GS	A	-0.6%
APH	A	-0.6%
REGN	F	-0.59%
CB	C	-0.56%
MCO	B	-0.56%
PH	A	-0.52%
HCA	F	-0.49%
APP	B	-0.42%
GD	F	-0.39%
GWW	B	-0.38%
URI	B	-0.38%
DHI	D	-0.36%
GM	B	-0.35%
HLT	A	-0.33%
FAST	B	-0.33%
ADI	D	-0.32%
LEN	D	-0.3%
HPQ	B	-0.29%
SO	D	-0.29%
ELV	F	-0.28%
ACGL	D	-0.26%
CMI	A	-0.26%
CTSH	B	-0.24%
MCHP	D	-0.23%
AFL	B	-0.23%
SPOT	B	-0.22%
PHM	D	-0.22%
PEG	A	-0.22%
DECK	A	-0.22%
SYF	B	-0.21%
HPE	B	-0.21%
NTAP	C	-0.21%
DAL	C	-0.2%
FANG	D	-0.2%
DELL	C	-0.19%
HIG	B	-0.19%
GLW	B	-0.19%
NVR	D	-0.19%
IRM	D	-0.18%
FICO	B	-0.17%
EBAY	D	-0.17%
WAB	B	-0.17%
RCL	A	-0.17%
LYB	F	-0.16%
TPL	A	-0.16%
ETR	B	-0.16%
STLD	B	-0.16%
PKG	A	-0.15%
LII	A	-0.15%
CSL	C	-0.15%
TSCO	D	-0.15%
O	D	-0.15%
WSM	B	-0.15%
KMB	D	-0.14%
WSO	A	-0.13%
OC	A	-0.13%
RMD	C	-0.13%
CFG	B	-0.13%
IP	B	-0.13%
EME	C	-0.12%
AWI	A	-0.12%
RL	B	-0.12%
JEF	A	-0.12%
MAS	D	-0.12%
AYI	B	-0.12%
EVR	B	-0.12%
FIX	A	-0.12%
ALSN	B	-0.12%
DTM	B	-0.12%
AXS	A	-0.11%
LNC	B	-0.11%
BJ	A	-0.11%
MUSA	A	-0.11%
FOXA	B	-0.11%
EXR	D	-0.11%
PPC	C	-0.11%
FOX	A	-0.11%
CW	B	-0.11%
DPZ	C	-0.11%
R	B	-0.11%
LOPE	B	-0.11%
CASY	A	-0.11%
RGA	A	-0.11%
G	B	-0.11%
CF	B	-0.11%
ESS	B	-0.11%
TXRH	C	-0.11%
JHG	A	-0.11%
THC	D	-0.11%
BBY	D	-0.11%
UGI	A	-0.1%
OHI	C	-0.1%
ROL	B	-0.1%
SCCO	F	-0.1%
K	A	-0.1%
EMN	D	-0.1%
DGX	A	-0.1%
CLH	B	-0.1%
LAMR	D	-0.1%
UHS	D	-0.1%
AVB	B	-0.1%
NFG	A	-0.1%
DVA	B	-0.1%
ADC	B	-0.1%
DKS	C	-0.1%
VICI	C	-0.1%
KRC	C	-0.1%
INGR	B	-0.1%
KEX	C	-0.1%
RGLD	C	-0.1%
EHC	B	-0.1%
CHRW	C	-0.1%
CUZ	B	-0.1%
AMCR	D	-0.09%
WU	D	-0.09%
JNPR	F	-0.09%
NNN	D	-0.09%
MPWR	F	-0.09%
EPR	D	-0.09%
PK	B	-0.09%
SNX	C	-0.09%
NEU	C	-0.09%
GPK	C	-0.09%
CHE	D	-0.09%
LEN	D	-0.09%
HRB	D	-0.09%
GLPI	C	-0.09%
AVT	C	-0.09%
OMC	C	-0.09%
SWKS	F	-0.09%
MTG	C	-0.09%
M	D	-0.09%
HIW	D	-0.09%
APA	D	-0.08%
CRI	D	-0.08%
WING	D	-0.08%
COKE	C	-0.08%
CIVI	D	-0.08%
TER	D	-0.08%
CROX	D	-0.07%
OGN	D	-0.07%
MDU	D	-0.07%