FBUF vs. FTA ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to First Trust Large Cap Value AlphaDEX Fund (based onthe Defined Large Cap Value Index (FTA)

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

FTA

First Trust Large Cap Value AlphaDEX Fund (based onthe Defined Large Cap Value Index

FTA 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 Defined Large Cap Value Index. The fund will normally invest at least 90% of its net assets in common stocks that comprise the index. The index is a modified equal-dollar weighted index designed by S&P to objectively identify and select stocks from the S&P 500(R) Value Index that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. It is non-diversified.

Grade (RS Rating)

Last Trade

$82.72

Average Daily Volume

38,564

Number of Holdings ^*

186

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	FTA
30 Days	3.10%	4.88%
60 Days	4.70%	5.24%
90 Days	6.08%	6.81%
12 Months		26.69%

36 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in FTA	Overlap
BAC	A	1.18%	0.59%	0.59%
BIIB	F	0.21%	0.44%	0.21%
C	A	0.72%	0.76%	0.72%
CI	F	0.63%	0.16%	0.16%
CINF	A	0.07%	0.96%	0.07%
CLX	B	0.14%	0.17%	0.14%
CMCSA	B	0.84%	0.91%	0.84%
CSCO	B	0.8%	0.38%	0.38%
CSX	B	0.49%	0.36%	0.36%
CVS	D	0.23%	0.77%	0.23%
CVX	A	0.02%	0.96%	0.02%
DIS	B	0.65%	0.4%	0.4%
DVN	F	0.52%	0.88%	0.52%
ED	D	0.1%	0.64%	0.1%
EOG	A	0.48%	0.97%	0.48%
F	C	0.33%	0.92%	0.33%
HD	A	1.32%	0.17%	0.17%
JNJ	D	0.73%	0.33%	0.33%
KR	B	0.12%	0.72%	0.12%
LHX	C	0.21%	0.18%	0.18%
LMT	D	0.71%	0.16%	0.16%
NUE	C	0.36%	0.85%	0.36%
OXY	D	0.15%	0.86%	0.15%
PCAR	B	0.37%	1.02%	0.37%
PEP	F	0.19%	0.17%	0.17%
PPG	F	0.34%	0.33%	0.33%
PYPL	B	0.72%	0.19%	0.19%
SSNC	B	0.18%	0.35%	0.18%
T	A	0.71%	0.89%	0.71%
TOL	B	0.02%	0.87%	0.02%
TROW	B	0.28%	0.97%	0.28%
TRV	B	0.26%	0.56%	0.26%
TXT	D	0.5%	0.5%	0.5%
WFC	A	0.28%	0.9%	0.28%
XOM	B	1.56%	0.9%	0.9%
ZM	B	0.53%	0.42%	0.42%

FBUF Overweight 119 Positions Relative to FTA

Symbol	Grade	Weight
NVDA	C	7.37%
AAPL	C	7.34%
MSFT	F	5.66%
AMZN	C	3.84%
META	D	2.89%
BRK.A	B	2.2%
GOOGL	C	2.04%
JPM	A	1.93%
GOOG	C	1.89%
AVGO	D	1.62%
MA	C	1.36%
NFLX	A	1.28%
TSLA	B	1.27%
CRM	B	1.16%
MRK	F	0.96%
PM	B	0.94%
ADBE	C	0.94%
ABBV	D	0.91%
QCOM	F	0.85%
WMT	A	0.82%
NEE	D	0.82%
PG	A	0.8%
SCHW	B	0.79%
LLY	F	0.76%
UNP	C	0.75%
BMY	B	0.74%
GILD	C	0.74%
TJX	A	0.72%
TT	A	0.68%
PGR	A	0.67%
AMAT	F	0.67%
V	A	0.65%
CTAS	B	0.65%
ECL	D	0.63%
ABT	B	0.63%
KLAC	D	0.61%
SQ	A	0.6%
NOC	D	0.6%
BDX	F	0.58%
UNH	C	0.57%
CL	D	0.55%
SEIC	B	0.54%
MMC	B	0.53%
CAT	B	0.53%
DBX	B	0.52%
ZBRA	B	0.52%
CVNA	B	0.52%
MU	D	0.5%
NOW	A	0.5%
GE	D	0.48%
CMG	B	0.47%
IGT	F	0.46%
CME	A	0.44%
SPG	B	0.44%
GRMN	B	0.44%
MSI	B	0.43%
AXP	A	0.43%
EXEL	B	0.43%
WM	A	0.41%
PFE	D	0.41%
TMO	F	0.38%
HWM	A	0.38%
ALLE	D	0.38%
ANF	C	0.35%
TDC	D	0.35%
ALRM	C	0.34%
INCY	C	0.34%
LDOS	C	0.31%
SKYW	B	0.31%
CAH	B	0.31%
COST	B	0.3%
RTX	C	0.28%
TMUS	B	0.28%
MEDP	D	0.28%
ADP	B	0.26%
MSCI	C	0.26%
AMGN	D	0.25%
UBER	D	0.24%
SYK	C	0.24%
LRCX	F	0.24%
RSG	A	0.23%
MGM	D	0.23%
AMT	D	0.21%
SPGI	C	0.21%
GAP	B	0.21%
FTNT	C	0.2%
MMM	D	0.19%
TPH	D	0.18%
CACI	D	0.17%
PSA	D	0.17%
LNW	D	0.16%
BBWI	D	0.16%
IDXX	F	0.15%
VST	B	0.14%
ITW	B	0.14%
GL	B	0.13%
GEN	B	0.13%
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%
AME	A	0.09%
TWLO	A	0.09%
NRG	B	0.09%
DOCU	A	0.09%
LYFT	C	0.08%
PLTK	B	0.07%
CRUS	D	0.07%
QRVO	F	0.06%
NBIX	C	0.06%
ANET	C	0.06%
ORCL	B	0.04%
VEEV	C	0.04%
TNL	A	0.04%
UTHR	C	0.04%
PEGA	A	0.02%

FBUF Underweight 150 Positions Relative to FTA

Symbol	Grade	Weight
UAL	A	-1.4%
SYF	B	-1.14%
GM	B	-1.13%
DAL	C	-1.12%
FOXA	B	-0.98%
STLD	B	-0.96%
RS	B	-0.94%
COP	C	-0.94%
CTRA	B	-0.93%
HPE	B	-0.92%
AIG	B	-0.91%
HAL	C	-0.91%
VLO	C	-0.91%
PSX	C	-0.87%
COF	B	-0.86%
KMI	A	-0.85%
MPC	D	-0.85%
HBAN	A	-0.84%
EG	C	-0.82%
EQT	B	-0.82%
LNG	B	-0.82%
CFG	B	-0.8%
BG	F	-0.8%
PHM	D	-0.79%
LEN	D	-0.79%
OC	A	-0.78%
ETR	B	-0.78%
ADM	D	-0.77%
LYB	F	-0.76%
SRE	A	-0.76%
VTRS	A	-0.76%
INTC	D	-0.75%
FDX	B	-0.75%
CRBG	B	-0.74%
L	A	-0.74%
XEL	A	-0.74%
FANG	D	-0.74%
SLB	C	-0.73%
ATO	A	-0.73%
CTSH	B	-0.73%
CNP	B	-0.72%
AEE	A	-0.72%
ZBH	C	-0.71%
ALLY	C	-0.71%
CB	C	-0.7%
CF	B	-0.7%
HIG	B	-0.69%
APTV	D	-0.66%
EXC	C	-0.66%
ON	D	-0.65%
MS	A	-0.65%
VZ	C	-0.64%
DG	F	-0.64%
SNA	A	-0.63%
CHTR	C	-0.62%
BKR	B	-0.61%
MTB	A	-0.61%
SWKS	F	-0.6%
IP	B	-0.6%
DHI	D	-0.6%
RF	A	-0.58%
FITB	A	-0.57%
TDY	B	-0.56%
LUV	C	-0.56%
USB	A	-0.56%
STT	A	-0.55%
CNC	D	-0.55%
NI	A	-0.53%
DGX	A	-0.52%
PPL	B	-0.51%
D	C	-0.5%
LNT	A	-0.5%
AFL	B	-0.5%
EQR	B	-0.5%
ULTA	F	-0.5%
TGT	F	-0.5%
EBAY	D	-0.49%
HRL	D	-0.49%
DUK	C	-0.49%
SYY	B	-0.49%
DTE	C	-0.48%
CE	F	-0.48%
BLDR	D	-0.48%
DE	A	-0.48%
AEP	D	-0.47%
STX	D	-0.46%
RJF	A	-0.46%
KHC	F	-0.46%
AKAM	D	-0.45%
BBY	D	-0.45%
OKE	A	-0.42%
DOW	F	-0.42%
KEY	B	-0.4%
PNC	B	-0.39%
JBHT	C	-0.38%
TSN	B	-0.38%
NWSA	B	-0.38%
PKG	A	-0.38%
RGA	A	-0.37%
KIM	A	-0.37%
HPQ	A	-0.36%
DRI	B	-0.36%
PRU	A	-0.36%
WEC	A	-0.35%
CMS	C	-0.34%
FNF	B	-0.34%
NVR	D	-0.33%
DOC	D	-0.33%
CARR	D	-0.33%
HSY	F	-0.33%
EIX	B	-0.33%
ARE	D	-0.32%
FE	C	-0.32%
GIS	D	-0.31%
GPC	D	-0.31%
MOH	F	-0.31%
KDP	D	-0.31%
HUM	C	-0.31%
WLK	D	-0.3%
ELV	F	-0.27%
CMI	A	-0.19%
ODFL	B	-0.19%
ACN	C	-0.18%
WRB	A	-0.18%
APD	A	-0.18%
LH	C	-0.18%
IEX	B	-0.18%
J	F	-0.18%
KEYS	A	-0.17%
GD	F	-0.17%
UPS	C	-0.17%
NDSN	B	-0.17%
CTVA	C	-0.17%
MAA	B	-0.17%
LOW	D	-0.17%
PFG	D	-0.17%
OMC	C	-0.17%
SBUX	A	-0.17%
CPB	D	-0.16%
WY	D	-0.16%
EXPD	D	-0.16%
DD	D	-0.16%
MAS	D	-0.16%
HOLX	D	-0.16%
MDT	D	-0.16%
FTV	C	-0.16%
NKE	D	-0.15%
MDLZ	F	-0.15%
AWK	D	-0.15%
CAG	D	-0.14%