FLSP vs. FBUF ETF Comparison

Comparison of Franklin Liberty Systematic Style Premia ETF (FLSP) to Fidelity Dynamic Buffered Equity ETF (FBUF)

FLSP

Franklin Liberty Systematic Style Premia ETF

FLSP Description

The investment seeks absolute return. The fund seeks to achieve its investment goal by allocating its assets across two underlying alternative investment strategies, which represent top-down and bottom-up approaches to capturing factor-based risk premia. Through the two strategies, it may invest in or obtain exposure to: (i) equity securities (which may include common stocks and preferred stocks), (ii) debt securities (which may include bonds, notes, debentures, banker's acceptances and commercial paper), (iii) commodity-linked derivative instruments and (iv) currency-related derivative instruments.

Grade (RS Rating)

Last Trade

$24.47

Average Daily Volume

11,491

Number of Holdings ^*

180

* 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

$27.58

Average Daily Volume

3,453

Number of Holdings ^*

154

* may have additional holdings in another (foreign) market

Performance

Period	FLSP	FBUF
30 Days	2.04%	3.17%
60 Days	1.79%	6.14%
90 Days	2.75%	8.51%
12 Months	7.68%

54 Overlapping Holdings

Symbol	Grade	Weight in FLSP	Weight in FBUF	Overlap
ABBV	D	0.62%	1.14%	0.62%
ADBE	C	0.42%	0.93%	0.42%
AMAT	F	0.72%	0.74%	0.72%
BK	B	0.24%	0.12%	0.12%
CAH	B	0.11%	0.47%	0.11%
CI	D	0.23%	0.63%	0.23%
CL	F	0.38%	0.55%	0.38%
CMCSA	B	0.43%	0.87%	0.43%
CRM	B	0.71%	1.09%	0.71%
CSX	B	0.32%	0.56%	0.32%
CTAS	A	0.34%	0.63%	0.34%
DOCU	A	0.08%	0.09%	0.08%
DVN	F	0.14%	0.53%	0.14%
EOG	B	0.29%	0.27%	0.27%
EQH	B	0.08%	0.05%	0.05%
GEN	A	0.09%	0.13%	0.09%
GILD	B	0.46%	0.77%	0.46%
GOOG	B	0.11%	1.88%	0.11%
HD	B	0.29%	1.29%	0.29%
IDXX	D	0.15%	0.02%	0.02%
INCY	B	0.07%	0.35%	0.07%
KR	A	0.21%	0.12%	0.12%
LDOS	A	0.13%	0.36%	0.13%
MA	A	0.8%	1.35%	0.8%
META	B	0.46%	3.02%	0.46%
MGM	F	0.04%	0.15%	0.04%
MMM	D	0.36%	0.19%	0.19%
MSFT	C	0.58%	5.7%	0.58%
MSI	B	0.39%	0.41%	0.39%
NBIX	C	0.07%	0.19%	0.07%
NOW	A	0.74%	0.48%	0.48%
NRG	B	0.1%	0.09%	0.09%
NUE	C	0.14%	0.36%	0.14%
NVDA	A	0.59%	7.27%	0.59%
PCAR	B	0.14%	0.35%	0.14%
PG	D	0.11%	0.79%	0.11%
PYPL	B	0.39%	0.67%	0.39%
QCOM	F	0.63%	0.87%	0.63%
SEIC	A	0.05%	0.53%	0.05%
SPG	B	0.29%	0.41%	0.29%
SSNC	C	0.08%	0.37%	0.08%
T	C	0.63%	0.7%	0.63%
TJX	B	0.54%	0.69%	0.54%
TMO	F	0.38%	0.87%	0.38%
TROW	B	0.13%	0.26%	0.13%
TWLO	B	0.08%	0.08%	0.08%
TXT	D	0.08%	0.45%	0.08%
UBER	F	0.53%	0.47%	0.47%
UTHR	B	0.09%	0.05%	0.05%
V	A	0.59%	0.61%	0.59%
VEEV	B	0.13%	0.04%	0.04%
VST	B	0.22%	0.11%	0.11%
WMT	A	0.73%	0.81%	0.73%
ZM	A	0.11%	0.55%	0.11%

FLSP Overweight 126 Positions Relative to FBUF

Symbol	Grade	Weight
BKNG	A	0.75%
INTU	A	0.68%
MDT	D	0.6%
NVS	F	0.53%
VRTX	B	0.52%
REGN	F	0.38%
ELV	F	0.37%
CDNS	B	0.32%
GM	B	0.3%
AFL	C	0.3%
ADSK	B	0.29%
FIS	C	0.27%
HCA	D	0.27%
FDX	B	0.27%
MPC	D	0.26%
FICO	A	0.26%
FTNT	A	0.26%
TGT	C	0.25%
BCS	B	0.24%
CMI	B	0.24%
PSX	D	0.23%
AMP	A	0.22%
A	F	0.22%
CPRT	B	0.22%
LNG	B	0.22%
PH	B	0.22%
AIG	C	0.22%
EA	A	0.21%
MET	C	0.21%
VLO	D	0.2%
IQV	F	0.19%
MELI	D	0.19%
KMB	F	0.19%
RCL	A	0.19%
SNPS	B	0.19%
CTSH	A	0.18%
APH	B	0.18%
SE	B	0.17%
HPQ	B	0.17%
LULU	C	0.17%
MTD	F	0.16%
APP	A	0.16%
IR	A	0.16%
SYY	B	0.16%
CNC	F	0.15%
STT	B	0.15%
EBAY	D	0.15%
MS	A	0.14%
LIN	D	0.14%
ADM	F	0.14%
DECK	B	0.13%
WAT	B	0.13%
NTAP	C	0.13%
AVB	B	0.13%
GDDY	A	0.13%
VICI	D	0.13%
ANSS	B	0.13%
TYL	B	0.12%
HIG	C	0.12%
BR	A	0.12%
PHM	D	0.12%
VTR	C	0.12%
PTC	B	0.11%
PKG	B	0.11%
BLDR	D	0.11%
STLD	B	0.11%
FE	D	0.11%
AWK	D	0.11%
EXPE	B	0.11%
CSL	C	0.11%
CPAY	A	0.11%
MOH	F	0.1%
STX	D	0.1%
BBY	D	0.1%
K	A	0.1%
CBOE	D	0.1%
LYB	F	0.1%
LVS	C	0.1%
HOLX	D	0.1%
EL	F	0.09%
VRSN	C	0.09%
MAS	D	0.09%
LYV	A	0.09%
LII	B	0.09%
OC	B	0.08%
WSM	F	0.08%
RS	B	0.08%
MRO	B	0.08%
MANH	C	0.08%
CF	B	0.08%
EXPD	F	0.08%
JBL	B	0.08%
SNA	A	0.08%
FFIV	B	0.07%
AIZ	A	0.07%
REG	B	0.07%
VTRS	B	0.07%
UHS	D	0.07%
L	B	0.07%
DPZ	C	0.07%
DT	C	0.07%
UDR	D	0.07%
SWKS	F	0.07%
AVTR	F	0.07%
ROL	B	0.07%
TAP	B	0.06%
FOXA	A	0.06%
PAYC	B	0.06%
RPRX	F	0.06%
OVV	C	0.06%
MTCH	F	0.06%
BG	D	0.06%
DKS	D	0.06%
GLPI	D	0.06%
CHRW	B	0.06%
WYNN	F	0.05%
ACI	C	0.05%
CRBG	C	0.05%
CHKP	D	0.05%
MOS	D	0.05%
TER	D	0.05%
HII	D	0.04%
AER	C	0.04%
COR	A	0.03%
DINO	D	0.03%
ON	D	0.03%

FLSP Underweight 100 Positions Relative to FBUF

Symbol	Grade	Weight
AAPL	D	-7.33%
AMZN	B	-3.67%
BRK.A	C	-2.15%
GOOGL	B	-2.03%
AVGO	B	-1.87%
JPM	B	-1.8%
XOM	B	-1.52%
NFLX	A	-1.19%
BAC	A	-1.08%
PM	C	-0.95%
LLY	D	-0.88%
TSLA	B	-0.87%
MRK	F	-0.8%
CSCO	A	-0.79%
JNJ	F	-0.77%
UNP	D	-0.76%
BMY	B	-0.75%
LMT	D	-0.71%
SCHW	A	-0.7%
MU	C	-0.69%
C	B	-0.68%
NEE	D	-0.68%
PGR	B	-0.65%
CAT	B	-0.65%
ABT	B	-0.65%
TT	A	-0.63%
BDX	D	-0.62%
NOC	C	-0.61%
ECL	D	-0.6%
KLAC	F	-0.59%
UNH	B	-0.56%
EXEL	B	-0.55%
DBX	B	-0.54%
SQ	A	-0.54%
MMC	C	-0.53%
ZBRA	A	-0.53%
IGT	D	-0.5%
CVNA	B	-0.5%
GE	C	-0.48%
PFE	F	-0.48%
CMG	B	-0.48%
CME	B	-0.44%
GRMN	A	-0.43%
AXP	B	-0.42%
ANF	D	-0.41%
TDC	D	-0.41%
WM	A	-0.41%
VZ	D	-0.39%
HWM	B	-0.38%
ANET	C	-0.38%
SPGI	D	-0.37%
MEDP	D	-0.36%
PPG	F	-0.35%
DIS	C	-0.34%
CINF	A	-0.31%
F	C	-0.3%
AMGN	F	-0.29%
SKYW	B	-0.29%
COST	B	-0.29%
RTX	C	-0.28%
MSCI	B	-0.26%
TRV	B	-0.25%
BIIB	F	-0.24%
SYK	A	-0.23%
CVS	F	-0.23%
GAP	C	-0.21%
CACI	B	-0.21%
PEP	F	-0.2%
ALRM	C	-0.18%
TPH	D	-0.18%
CRUS	F	-0.17%
LNW	C	-0.16%
PSA	D	-0.16%
ETN	A	-0.15%
BBWI	C	-0.15%
ALLE	D	-0.15%
CLX	B	-0.14%
ITW	B	-0.14%
GL	B	-0.13%
XEL	A	-0.13%
LRCX	F	-0.12%
AON	A	-0.12%
LHX	B	-0.11%
PEGA	A	-0.1%
DASH	A	-0.1%
WTW	A	-0.1%
LPLA	A	-0.1%
ED	D	-0.1%
AMT	F	-0.09%
UNM	A	-0.09%
NSC	B	-0.09%
LYFT	B	-0.07%
PLTK	B	-0.07%
TMUS	A	-0.07%
ORCL	A	-0.04%
TNL	A	-0.04%
OGE	B	-0.03%
TOL	B	-0.02%
CVX	B	-0.02%
KO	F	-0.02%