FELC vs. FBUF ETF Comparison

Comparison of Fidelity Enhanced Large Cap Core ETF (FELC) to Fidelity Dynamic Buffered Equity ETF (FBUF)

FELC

Fidelity Enhanced Large Cap Core ETF

FELC Description

The fund will normally invest at least 80% of assets in common stocks included in the S&P 500® Index, which is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$33.38

Average Daily Volume

616,286

Number of Holdings ^*

164

* may have additional holdings in another (foreign) market

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

Performance

Period	FELC	FBUF
30 Days	2.55%	2.51%
60 Days	6.61%	5.65%
90 Days	7.43%	7.03%
12 Months

146 Overlapping Holdings

Symbol	Grade	Weight in FELC	Weight in FBUF	Overlap
AAPL	C	7.02%	7.13%	7.02%
ABBV	F	1.01%	0.93%	0.93%
ABT	C	0.54%	0.62%	0.54%
ADBE	C	0.96%	0.98%	0.96%
ADP	A	0.2%	0.26%	0.2%
ALLE	D	0.33%	0.15%	0.15%
ALRM	C	0.17%	0.19%	0.17%
AMAT	F	0.72%	0.72%	0.72%
AMGN	F	0.34%	0.26%	0.26%
AMT	F	0.2%	0.2%	0.2%
AMZN	A	3.87%	3.92%	3.87%
ANET	C	0.11%	0.07%	0.07%
ANF	C	0.43%	0.42%	0.42%
AON	B	0.38%	0.12%	0.12%
AVGO	C	1.85%	1.89%	1.85%
AXP	B	0.3%	0.43%	0.3%
BAC	A	1.14%	1.14%	1.14%
BBWI	C	0.11%	0.16%	0.11%
BDX	F	0.58%	0.59%	0.58%
BIIB	F	0.1%	0.22%	0.1%
BK	B	0.1%	0.12%	0.1%
BMY	B	0.75%	0.79%	0.75%
BRK.A	B	2.13%	2.14%	2.13%
C	B	0.02%	0.71%	0.02%
CACI	C	0.49%	0.21%	0.21%
CAH	B	0.31%	0.48%	0.31%
CAT	B	0.57%	0.53%	0.53%
CI	D	0.65%	0.65%	0.65%
CL	F	0.44%	0.52%	0.44%
CMCSA	B	0.85%	0.85%	0.85%
CME	B	0.48%	0.43%	0.43%
CMG	B	0.39%	0.48%	0.39%
COST	B	0.3%	0.3%	0.3%
CRM	B	1.23%	1.22%	1.22%
CRUS	F	0.1%	0.16%	0.1%
CSCO	A	0.65%	0.81%	0.65%
CSX	B	0.62%	0.59%	0.59%
CTAS	B	0.69%	0.67%	0.67%
CVNA	B	0.55%	0.52%	0.52%
CVS	F	0.23%	0.21%	0.21%
CVX	A	0.01%	0.02%	0.01%
DASH	A	0.18%	0.11%	0.11%
DBX	B	0.53%	0.54%	0.53%
DIS	B	0.56%	0.35%	0.35%
DOCU	B	0.03%	0.1%	0.03%
DVN	F	0.51%	0.51%	0.51%
ECL	C	0.61%	0.62%	0.61%
ED	D	0.15%	0.1%	0.1%
EOG	A	0.44%	0.29%	0.29%
ETN	B	0.23%	0.16%	0.16%
EXEL	B	0.53%	0.55%	0.53%
F	C	0.11%	0.32%	0.11%
GAP	B	0.21%	0.21%	0.21%
GE	D	0.39%	0.49%	0.39%
GILD	B	0.78%	0.78%	0.78%
GL	B	0.21%	0.13%	0.13%
GOOG	C	1.91%	1.93%	1.91%
GOOGL	C	2.05%	2.08%	2.05%
GRMN	A	0.22%	0.45%	0.22%
HD	B	1.23%	1.28%	1.23%
HWM	B	0.1%	0.42%	0.1%
IDXX	F	0.21%	0.1%	0.1%
IGT	F	0.49%	0.49%	0.49%
INCY	B	0.28%	0.35%	0.28%
JNJ	D	0.7%	0.71%	0.7%
JPM	A	1.84%	1.87%	1.84%
KLAC	F	0.65%	0.65%	0.65%
KR	A	0.03%	0.12%	0.03%
LDOS	C	0.29%	0.38%	0.29%
LHX	B	0.09%	0.22%	0.09%
LLY	F	0.83%	0.85%	0.83%
LMT	D	0.73%	0.74%	0.73%
LNW	F	0.12%	0.17%	0.12%
LPLA	A	0.03%	0.11%	0.03%
LRCX	F	0.46%	0.25%	0.25%
LYFT	B	0.22%	0.09%	0.09%
MA	B	1.33%	1.36%	1.33%
MEDP	D	0.24%	0.33%	0.24%
META	B	2.94%	3.01%	2.94%
MGM	D	0.2%	0.23%	0.2%
MMC	D	0.28%	0.52%	0.28%
MMM	C	0.12%	0.19%	0.12%
MRK	F	0.93%	0.76%	0.76%
MSCI	B	0.32%	0.26%	0.26%
MSFT	C	5.58%	5.68%	5.58%
MSI	B	0.49%	0.43%	0.43%
MU	D	0.68%	0.69%	0.68%
NBIX	C	0.14%	0.07%	0.07%
NEE	D	0.78%	0.79%	0.78%
NFLX	A	1.23%	1.24%	1.23%
NOC	D	0.63%	0.65%	0.63%
NOW	A	0.56%	0.51%	0.51%
NRG	C	0.1%	0.09%	0.09%
NSC	B	0.37%	0.09%	0.09%
NUE	D	0.2%	0.37%	0.2%
NVDA	A	7.56%	7.69%	7.56%
ORCL	A	0.04%	0.04%	0.04%
OXY	F	0.07%	0.14%	0.07%
PCAR	B	0.52%	0.39%	0.39%
PEGA	B	0.15%	0.02%	0.02%
PEP	D	0.05%	0.19%	0.05%
PFE	F	0.43%	0.43%	0.43%
PG	C	0.68%	0.77%	0.68%
PGR	A	0.74%	0.68%	0.68%
PLTK	B	0.04%	0.07%	0.04%
PM	B	0.86%	0.87%	0.86%
PPG	F	0.28%	0.33%	0.28%
PSA	D	0.08%	0.16%	0.08%
PYPL	A	0.33%	0.73%	0.33%
QCOM	F	0.81%	0.83%	0.81%
QRVO	F	0.12%	0.06%	0.06%
RSG	B	0.07%	0.23%	0.07%
RTX	D	0.7%	0.28%	0.28%
SCHW	B	0.74%	0.74%	0.74%
SEIC	A	0.29%	0.55%	0.29%
SKYW	B	0.23%	0.31%	0.23%
SPG	A	0.56%	0.43%	0.43%
SPGI	C	0.54%	0.38%	0.38%
SQ	B	0.6%	0.61%	0.6%
SSNC	C	0.48%	0.38%	0.38%
SYK	A	0.02%	0.23%	0.02%
T	A	0.77%	0.68%	0.68%
TDC	F	0.36%	0.35%	0.35%
TJX	A	0.57%	0.71%	0.57%
TMO	F	0.34%	0.4%	0.34%
TMUS	A	0.14%	0.09%	0.09%
TROW	A	0.15%	0.28%	0.15%
TRV	B	0.47%	0.25%	0.25%
TSLA	B	1.16%	1.18%	1.16%
TT	B	0.51%	0.67%	0.51%
TWLO	B	0.13%	0.09%	0.09%
TXT	D	0.51%	0.52%	0.51%
UBER	F	0.26%	0.32%	0.26%
UNH	B	0.58%	0.59%	0.58%
UNM	A	0.13%	0.09%	0.09%
UNP	D	0.75%	0.75%	0.75%
V	A	0.53%	0.63%	0.53%
VEEV	B	0.09%	0.04%	0.04%
VST	B	0.12%	0.13%	0.12%
VZ	D	0.08%	0.23%	0.08%
WM	A	0.32%	0.42%	0.32%
WMT	A	1.11%	0.81%	0.81%
WTW	A	0.32%	0.11%	0.11%
XOM	B	1.51%	1.54%	1.51%
ZBRA	B	0.06%	0.54%	0.06%
ZM	B	0.58%	0.59%	0.58%

FELC Overweight 18 Positions Relative to FBUF

Symbol	Grade	Weight
MS	A	0.29%
CCL	B	0.25%
STLD	C	0.24%
WDAY	B	0.16%
GS	B	0.15%
BKNG	A	0.13%
PNC	B	0.12%
WFC	A	0.1%
SOLV	C	0.1%
FR	D	0.08%
DHI	D	0.07%
AXTA	A	0.05%
SCCO	F	0.05%
ROST	D	0.04%
GEHC	D	0.04%
SWKS	F	0.03%
GPN	B	0.02%
COF	B	0.02%

FELC Underweight 9 Positions Relative to FBUF

Symbol	Grade	Weight
TPH	C	-0.18%
GEN	B	-0.14%
ITW	B	-0.14%
CLX	A	-0.13%
AME	A	-0.09%
CINF	A	-0.07%
UTHR	B	-0.05%
TNL	A	-0.04%
TOL	B	-0.02%