FBUF vs. TVAL ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF (TVAL)

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

TVAL

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF

TVAL Description

The fund will invest primarily in U.S. equity securities. In taking a value approach to investment selection, the adviser seeks to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. Some of the principal measures used to identify such stocks are: price/earnings ratio, price/book value ratio, price/sales ratio, dividend yield, price/cash flow, undervalued assets, and restructuring opportunities. The fund may purchase the stocks of companies of any size, but typically focuses on larger companies.

Grade (RS Rating)

Last Trade

$33.11

Average Daily Volume

13,066

Number of Holdings ^*

144

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	TVAL
30 Days	3.10%	2.98%
60 Days	4.70%	4.22%
90 Days	6.08%	5.88%
12 Months		29.14%

52 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in TVAL	Overlap
ABBV	D	0.91%	0.36%	0.36%
AMAT	F	0.67%	0.38%	0.38%
AME	A	0.09%	0.31%	0.09%
AXP	A	0.43%	0.26%	0.26%
BAC	A	1.18%	1.89%	1.18%
BDX	F	0.58%	1.01%	0.58%
C	A	0.72%	0.81%	0.72%
CAT	B	0.53%	0.3%	0.3%
CI	F	0.63%	0.87%	0.63%
CL	D	0.55%	0.84%	0.55%
CMCSA	B	0.84%	0.46%	0.46%
CME	A	0.44%	0.23%	0.23%
CSX	B	0.49%	0.49%	0.49%
CVS	D	0.23%	0.23%	0.23%
CVX	A	0.02%	0.73%	0.02%
DIS	B	0.65%	0.2%	0.2%
EOG	A	0.48%	0.82%	0.48%
GE	D	0.48%	1.21%	0.48%
GOOG	C	1.89%	0.95%	0.95%
HD	A	1.32%	0.63%	0.63%
HWM	A	0.38%	0.48%	0.38%
JNJ	D	0.73%	1.82%	0.73%
JPM	A	1.93%	1.23%	1.23%
LHX	C	0.21%	1.36%	0.21%
LLY	F	0.76%	1.19%	0.76%
META	D	2.89%	0.87%	0.87%
MGM	D	0.23%	0.24%	0.23%
MMC	B	0.53%	0.67%	0.53%
MRK	F	0.96%	0.8%	0.8%
MSFT	F	5.66%	0.65%	0.65%
MSI	B	0.43%	0.34%	0.34%
MU	D	0.5%	0.45%	0.45%
NEE	D	0.82%	0.59%	0.59%
NSC	B	0.11%	0.74%	0.11%
PG	A	0.8%	0.72%	0.72%
PGR	A	0.67%	0.48%	0.48%
PM	B	0.94%	1.41%	0.94%
PSA	D	0.17%	0.44%	0.17%
QCOM	F	0.85%	1.08%	0.85%
RSG	A	0.23%	0.62%	0.23%
SCHW	B	0.79%	0.89%	0.79%
SPGI	C	0.21%	0.26%	0.21%
TJX	A	0.72%	0.29%	0.29%
TMO	F	0.38%	1.12%	0.38%
TMUS	B	0.28%	0.88%	0.28%
TT	A	0.68%	0.31%	0.31%
UNH	C	0.57%	1.9%	0.57%
UNP	C	0.75%	0.42%	0.42%
VST	B	0.14%	0.74%	0.14%
WFC	A	0.28%	1.77%	0.28%
WMT	A	0.82%	1.89%	0.82%
XOM	B	1.56%	2.56%	1.56%

FBUF Overweight 103 Positions Relative to TVAL

Symbol	Grade	Weight
NVDA	C	7.37%
AAPL	C	7.34%
AMZN	C	3.84%
BRK.A	B	2.2%
GOOGL	C	2.04%
AVGO	D	1.62%
MA	C	1.36%
NFLX	A	1.28%
TSLA	B	1.27%
CRM	B	1.16%
ADBE	C	0.94%
CSCO	B	0.8%
BMY	B	0.74%
GILD	C	0.74%
PYPL	B	0.72%
T	A	0.71%
LMT	D	0.71%
V	A	0.65%
CTAS	B	0.65%
ECL	D	0.63%
ABT	B	0.63%
KLAC	D	0.61%
SQ	B	0.6%
NOC	D	0.6%
SEIC	B	0.54%
ZM	B	0.53%
DBX	B	0.52%
ZBRA	B	0.52%
CVNA	B	0.52%
DVN	F	0.52%
NOW	A	0.5%
TXT	D	0.5%
CMG	B	0.47%
IGT	F	0.46%
SPG	B	0.44%
GRMN	B	0.44%
EXEL	B	0.43%
WM	A	0.41%
PFE	D	0.41%
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%
LDOS	C	0.31%
SKYW	B	0.31%
CAH	B	0.31%
COST	B	0.3%
RTX	C	0.28%
MEDP	D	0.28%
TROW	B	0.28%
TRV	B	0.26%
ADP	B	0.26%
MSCI	C	0.26%
AMGN	D	0.25%
UBER	D	0.24%
SYK	C	0.24%
LRCX	F	0.24%
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%
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%
DASH	A	0.11%
LPLA	A	0.11%
UNM	A	0.1%
ED	D	0.1%
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%
ORCL	B	0.04%
VEEV	C	0.04%
TNL	A	0.04%
UTHR	C	0.04%
TOL	B	0.02%
PEGA	A	0.02%

FBUF Underweight 92 Positions Relative to TVAL

Symbol	Grade	Weight
CB	C	-2.23%
HIG	B	-1.96%
ELV	F	-1.81%
SO	D	-1.67%
FI	A	-1.53%
KVUE	A	-1.49%
COP	C	-1.25%
AVB	B	-1.22%
SWK	D	-1.1%
CMI	A	-1.09%
EQH	B	-1.0%
WY	D	-0.88%
AIG	B	-0.87%
ZBH	C	-0.85%
MCK	B	-0.8%
FITB	A	-0.77%
NWSA	B	-0.75%
LIN	D	-0.73%
KO	D	-0.72%
TXN	C	-0.7%
HUBB	B	-0.7%
ACN	C	-0.7%
GEV	B	-0.7%
TTE	F	-0.7%
HON	B	-0.68%
SRE	A	-0.68%
KMB	D	-0.66%
AEE	A	-0.65%
DHR	F	-0.65%
IP	B	-0.64%
WDC	D	-0.6%
VZ	C	-0.58%
USB	A	-0.56%
BA	F	-0.56%
MS	A	-0.56%
D	C	-0.55%
AZO	C	-0.52%
RPM	A	-0.52%
ROK	B	-0.52%
CF	B	-0.52%
BAX	D	-0.5%
REXR	F	-0.48%
AZN	D	-0.47%
MAR	B	-0.47%
WMB	A	-0.46%
EQT	B	-0.46%
MCD	D	-0.46%
APO	B	-0.46%
TDG	D	-0.46%
HBAN	A	-0.45%
ARES	A	-0.45%
HCA	F	-0.45%
BLK	C	-0.43%
FANG	D	-0.43%
MDLZ	F	-0.43%
REGN	F	-0.42%
CPAY	A	-0.42%
LEN	D	-0.42%
LVS	C	-0.41%
LAMR	D	-0.4%
KDP	D	-0.4%
CAG	D	-0.4%
TSM	B	-0.39%
ALL	A	-0.39%
YUM	B	-0.36%
BKR	B	-0.35%
KEYS	A	-0.35%
ADI	D	-0.35%
PLD	D	-0.34%
EFX	F	-0.33%
A	D	-0.33%
COF	B	-0.33%
STLD	B	-0.32%
UAL	A	-0.31%
OTIS	C	-0.3%
VRTX	F	-0.29%
ROP	B	-0.29%
MOH	F	-0.28%
UPS	C	-0.28%
CARR	D	-0.27%
MCHP	D	-0.27%
CDW	F	-0.25%
ZTS	D	-0.23%
HAL	C	-0.22%
VMC	B	-0.22%
AMD	F	-0.22%
MET	A	-0.22%
BHP	F	-0.2%
AVY	D	-0.19%
SNY	F	-0.19%
DTE	C	-0.17%
EQIX	A	-0.16%