FBUF vs. LOWV ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to AB US Low Volatility Equity ETF (LOWV)

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

LOWV

AB US Low Volatility Equity ETF

LOWV Description

The fund is an actively-managed exchange-traded fund ("ETF"). The adviser seeks to achieve the fund"s investment objective by investing, under normal circumstances, at least 80% of its net assets in the equity securities of U.S. companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$71.64

Average Daily Volume

7,408

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	LOWV
30 Days	3.10%	1.62%
60 Days	4.70%	2.39%
90 Days	6.08%	4.17%
12 Months		24.87%

40 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in LOWV	Overlap
AAPL	C	7.34%	3.95%	3.95%
ABBV	D	0.91%	2.05%	0.91%
ADBE	C	0.94%	1.41%	0.94%
ADP	B	0.26%	1.73%	0.26%
AMAT	F	0.67%	0.6%	0.6%
AMZN	C	3.84%	1.91%	1.91%
AVGO	D	1.62%	3.28%	1.62%
BAC	A	1.18%	1.23%	1.18%
CI	F	0.63%	0.96%	0.63%
CL	D	0.55%	0.54%	0.54%
CMCSA	B	0.84%	1.26%	0.84%
CRM	B	1.16%	0.33%	0.33%
GEN	B	0.13%	0.81%	0.13%
GILD	C	0.74%	1.26%	0.74%
GOOG	C	1.89%	4.91%	1.89%
INTU	C	0.12%	1.7%	0.12%
JPM	A	1.93%	1.59%	1.59%
LDOS	C	0.31%	0.55%	0.31%
LHX	C	0.21%	1.14%	0.21%
LLY	F	0.76%	0.89%	0.76%
LMT	D	0.71%	0.64%	0.64%
MA	C	1.36%	1.18%	1.18%
META	D	2.89%	1.64%	1.64%
MMC	B	0.53%	1.34%	0.53%
MRK	F	0.96%	1.73%	0.96%
MSCI	C	0.26%	0.63%	0.26%
MSFT	F	5.66%	8.14%	5.66%
NOW	A	0.5%	1.17%	0.5%
NVDA	C	7.37%	2.24%	2.24%
ORCL	B	0.04%	2.33%	0.04%
PG	A	0.8%	1.11%	0.8%
PGR	A	0.67%	0.79%	0.67%
PM	B	0.94%	1.91%	0.94%
PSA	D	0.17%	0.73%	0.17%
SPGI	C	0.21%	0.41%	0.21%
TMO	F	0.38%	0.29%	0.29%
UNH	C	0.57%	2.09%	0.57%
V	A	0.65%	1.96%	0.65%
WMT	A	0.82%	0.82%	0.82%
XOM	B	1.56%	0.66%	0.66%

FBUF Overweight 115 Positions Relative to LOWV

Symbol	Grade	Weight
BRK.A	B	2.2%
GOOGL	C	2.04%
HD	A	1.32%
NFLX	A	1.28%
TSLA	B	1.27%
QCOM	F	0.85%
NEE	D	0.82%
CSCO	B	0.8%
SCHW	B	0.79%
UNP	C	0.75%
BMY	B	0.74%
JNJ	D	0.73%
PYPL	B	0.72%
TJX	A	0.72%
C	A	0.72%
T	A	0.71%
TT	A	0.68%
CTAS	B	0.65%
DIS	B	0.65%
ECL	D	0.63%
ABT	B	0.63%
KLAC	D	0.61%
SQ	B	0.6%
NOC	D	0.6%
BDX	F	0.58%
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%
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%
HWM	A	0.38%
ALLE	D	0.38%
PCAR	B	0.37%
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%
COST	B	0.3%
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%
SYK	C	0.24%
LRCX	F	0.24%
CVS	D	0.23%
RSG	A	0.23%
MGM	D	0.23%
AMT	D	0.21%
GAP	C	0.21%
BIIB	F	0.21%
FTNT	C	0.2%
PEP	F	0.19%
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%
IDXX	F	0.15%
VST	B	0.14%
CLX	B	0.14%
ITW	B	0.14%
GL	B	0.13%
KR	B	0.12%
BK	A	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%
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%
ANET	C	0.06%
VEEV	C	0.04%
TNL	A	0.04%
UTHR	C	0.04%
TOL	B	0.02%
CVX	A	0.02%
PEGA	A	0.02%

FBUF Underweight 34 Positions Relative to LOWV

Symbol	Grade	Weight
FI	A	-2.47%
MCK	B	-1.74%
AZO	C	-1.49%
KO	D	-1.34%
AEP	D	-1.33%
DOX	D	-1.14%
CBOE	B	-1.1%
LULU	C	-1.08%
G	B	-1.06%
EG	C	-1.05%
SHW	A	-1.02%
ACM	A	-0.96%
BKNG	A	-0.96%
NYT	C	-0.9%
EA	A	-0.89%
YUM	B	-0.89%
VRTX	F	-0.86%
MDT	D	-0.85%
RELX	C	-0.83%
WTW	B	-0.79%
AEE	A	-0.77%
NTAP	C	-0.74%
ETN	A	-0.66%
DLB	B	-0.64%
MTB	A	-0.61%
ADI	D	-0.6%
RGA	A	-0.6%
AFG	A	-0.5%
ORLY	B	-0.48%
TSM	B	-0.48%
PAYX	C	-0.46%
FR	C	-0.39%
NICE	C	-0.29%
VZ	C	-0.22%