OPTZ vs. FBUF ETF Comparison

Comparison of Optimize Strategy Index ETF (OPTZ) to Fidelity Dynamic Buffered Equity ETF (FBUF)

OPTZ

Optimize Strategy Index ETF

OPTZ Description

OPTZ seeks to track a broad market index consisting of US-listed equities that meet certain market-cap threshold and liquidity requirements. To be included in the fund, eligible large-cap and small-cap companies are evaluated and ranked within their own sector. Large cap companies are ranked based on the ratio of current EPS over the trailing 10-year average EPS, the current P/E ratio, and the 2-year forward EPS growth estimate. Small-cap companies are ranked solely on their P/S ratio. Within these two groups, the top 20% are selected from each sector. The index weights the sectors using the sum of the market capitalization of all constituents in each sector and within each sector each constituent is equally weighted. Reconstitution and rebalancing are done semi-annually.

Grade (RS Rating)

Last Trade

$31.04

Average Daily Volume

7,217

Number of Holdings ^*

321

* 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

$27.53

Average Daily Volume

5,177

Number of Holdings ^*

155

* may have additional holdings in another (foreign) market

Performance

Period	OPTZ	FBUF
30 Days	8.47%	3.10%
60 Days	9.68%	4.70%
90 Days	11.36%	6.08%
12 Months

56 Overlapping Holdings

Symbol	Grade	Weight in OPTZ	Weight in FBUF	Overlap
AAPL	C	1.06%	7.34%	1.06%
ADBE	C	0.11%	0.94%	0.11%
AMAT	F	1.0%	0.67%	0.67%
AMT	D	0.07%	0.21%	0.07%
AMZN	C	0.38%	3.84%	0.38%
ANET	C	1.24%	0.06%	0.06%
ANF	C	0.36%	0.35%	0.35%
AXP	A	0.24%	0.43%	0.24%
CAH	B	0.14%	0.31%	0.14%
CAT	B	0.14%	0.53%	0.14%
CINF	A	0.23%	0.07%	0.07%
CL	D	0.25%	0.55%	0.25%
CMCSA	B	0.64%	0.84%	0.64%
CME	A	0.2%	0.44%	0.2%
COST	B	0.29%	0.3%	0.29%
CRM	B	1.37%	1.16%	1.16%
CRUS	D	0.8%	0.07%	0.07%
CVNA	B	0.55%	0.52%	0.52%
CVS	D	0.26%	0.23%	0.23%
DIS	B	0.77%	0.65%	0.65%
DOCU	A	0.16%	0.09%	0.09%
ECL	D	0.15%	0.63%	0.15%
GL	B	0.21%	0.13%	0.13%
GRMN	B	0.37%	0.44%	0.37%
IDXX	F	0.11%	0.15%	0.11%
INCY	C	0.16%	0.34%	0.16%
LNW	D	0.28%	0.16%	0.16%
META	D	0.65%	2.89%	0.65%
MSCI	C	0.21%	0.26%	0.21%
MSI	B	1.18%	0.43%	0.43%
NBIX	C	0.13%	0.06%	0.06%
NFLX	A	0.73%	1.28%	0.73%
NOW	A	1.27%	0.5%	0.5%
NRG	B	0.06%	0.09%	0.06%
NVDA	C	1.44%	7.37%	1.44%
PCAR	B	0.15%	0.37%	0.15%
PEGA	A	0.15%	0.02%	0.02%
PEP	F	0.26%	0.19%	0.19%
PGR	A	0.21%	0.67%	0.21%
RSG	A	0.12%	0.23%	0.12%
SKYW	B	0.18%	0.31%	0.18%
SPG	B	0.1%	0.44%	0.1%
SPGI	C	0.2%	0.21%	0.2%
SQ	A	0.27%	0.6%	0.27%
SYK	C	0.14%	0.24%	0.14%
T	A	0.64%	0.71%	0.64%
TMO	F	0.11%	0.38%	0.11%
TMUS	B	0.72%	0.28%	0.28%
TROW	B	0.24%	0.28%	0.24%
TRV	B	0.22%	0.26%	0.22%
TSLA	B	0.49%	1.27%	0.49%
TT	A	0.15%	0.68%	0.15%
UNH	C	0.13%	0.57%	0.13%
UTHR	C	0.14%	0.04%	0.04%
V	A	0.22%	0.65%	0.22%
ZM	B	0.71%	0.53%	0.53%

OPTZ Overweight 265 Positions Relative to FBUF

Symbol	Grade	Weight
APP	B	2.03%
CRWD	B	1.37%
TTMI	B	1.36%
INTC	D	1.31%
DELL	C	1.29%
GDDY	A	1.27%
FFIV	B	1.25%
QLYS	C	1.22%
CDNS	B	1.21%
BHE	B	1.2%
ITRI	B	1.19%
SNPS	B	1.16%
WIX	B	1.15%
INFN	C	1.11%
VZIO	A	1.04%
AMD	F	1.03%
VRSN	F	1.03%
BAH	F	1.02%
IBM	C	1.02%
ROP	B	1.0%
FSLR	F	0.96%
DJT	C	0.93%
LUMN	C	0.83%
IDCC	B	0.78%
ACLS	F	0.78%
RNG	B	0.72%
EA	A	0.66%
EAT	A	0.55%
AMC	C	0.54%
NPAB	B	0.52%
WWW	B	0.48%
NCLH	B	0.48%
RCL	A	0.47%
COIN	C	0.42%
HBI	B	0.42%
WOOF	D	0.42%
UNFI	A	0.41%
RL	B	0.39%
LULU	C	0.39%
SIG	B	0.39%
MAR	B	0.39%
DECK	A	0.39%
LVS	C	0.38%
WHR	B	0.37%
SBH	C	0.36%
WYNN	D	0.36%
BZH	B	0.35%
LOW	D	0.35%
PCT	C	0.34%
FIVE	F	0.34%
DPZ	C	0.34%
PVH	C	0.34%
ORLY	B	0.34%
ALV	C	0.33%
BURL	A	0.33%
TAP	C	0.32%
MCD	D	0.32%
CHDN	B	0.32%
APO	B	0.31%
YETI	C	0.31%
ENR	B	0.31%
ETSY	D	0.3%
CHD	B	0.3%
ULTA	F	0.3%
ROST	C	0.29%
DKS	C	0.29%
GPC	D	0.29%
LC	A	0.28%
LEA	D	0.28%
TGT	F	0.28%
DOLE	D	0.27%
MELI	D	0.27%
WBA	F	0.27%
STZ	D	0.27%
ODP	F	0.27%
AX	A	0.26%
DAN	D	0.26%
APTV	D	0.25%
GS	A	0.25%
KKR	A	0.25%
FI	A	0.25%
AMP	A	0.25%
CAL	D	0.25%
BG	F	0.25%
ARES	A	0.24%
CROX	D	0.24%
BLK	C	0.24%
BHF	B	0.24%
AGO	B	0.23%
PRU	A	0.23%
EWTX	C	0.23%
AIZ	A	0.23%
CPAY	A	0.23%
PRG	C	0.22%
SIGI	C	0.22%
GPN	B	0.22%
WTW	B	0.22%
COOP	B	0.22%
LBPH	A	0.22%
BR	A	0.22%
NATL	B	0.21%
AXON	A	0.21%
VRT	B	0.21%
AER	B	0.21%
BFH	B	0.21%
BRO	B	0.21%
ALL	A	0.21%
LDI	C	0.2%
ICE	C	0.2%
STRL	B	0.2%
MKTX	D	0.2%
HIG	B	0.2%
CRS	A	0.2%
MCO	B	0.2%
GATO	D	0.2%
RNR	C	0.2%
ZIM	C	0.2%
NAVI	C	0.19%
ACGL	D	0.19%
DAL	C	0.19%
PMT	D	0.19%
CBOE	B	0.19%
CB	C	0.19%
FIX	A	0.18%
APD	A	0.18%
VMC	B	0.18%
EME	C	0.18%
GTLS	B	0.18%
PAYC	B	0.18%
XPO	B	0.18%
LPX	B	0.18%
EXP	A	0.18%
HQY	B	0.17%
JBLU	F	0.17%
AVNT	B	0.17%
MLM	B	0.17%
HASI	D	0.17%
PEN	B	0.16%
EMN	D	0.16%
SHW	A	0.16%
PCTY	B	0.16%
PWR	A	0.16%
AIT	A	0.16%
ACHR	B	0.16%
VERA	B	0.16%
GNRC	B	0.16%
HON	B	0.15%
HUBB	B	0.15%
ESTC	C	0.15%
GFF	A	0.15%
ISRG	A	0.15%
ETN	A	0.15%
WAB	B	0.15%
JAZZ	B	0.15%
PH	A	0.15%
URI	B	0.15%
TPC	C	0.15%
SAIA	B	0.15%
PODD	C	0.15%
CLOV	D	0.15%
PNR	A	0.15%
PHIN	A	0.14%
THC	D	0.14%
STGW	B	0.14%
COR	B	0.14%
ZBH	C	0.14%
MRC	B	0.14%
DGX	A	0.14%
WST	C	0.14%
LECO	B	0.14%
LIVN	F	0.14%
AKRO	B	0.14%
REVG	B	0.14%
LIN	D	0.14%
DVA	B	0.14%
WDAY	B	0.13%
BV	B	0.13%
VRSK	A	0.13%
ALGN	F	0.13%
FDX	B	0.13%
VRTX	F	0.13%
SAVA	D	0.13%
OSK	B	0.13%
PBI	B	0.13%
WWD	B	0.13%
ASH	D	0.13%
MANH	D	0.13%
AHCO	F	0.12%
SHC	F	0.12%
AOS	F	0.12%
KRYS	B	0.12%
MOH	F	0.12%
RPRX	D	0.12%
XYL	D	0.12%
STE	F	0.12%
ETNB	C	0.12%
DAWN	F	0.12%
IQV	D	0.11%
EFX	F	0.11%
COGT	D	0.11%
SRPT	D	0.11%
BAX	D	0.11%
DLR	B	0.11%
SNDX	F	0.11%
KURA	F	0.11%
VNO	B	0.11%
BA	F	0.11%
UHS	D	0.11%
DYN	F	0.11%
UNIT	B	0.1%
EQIX	A	0.1%
RHP	B	0.1%
CGEM	F	0.1%
WELL	A	0.1%
LNTH	D	0.1%
EXPI	C	0.1%
CBRE	B	0.1%
OMI	F	0.1%
HII	D	0.09%
CPT	B	0.09%
PEB	D	0.09%
NEXT	B	0.09%
ELS	C	0.09%
PK	B	0.09%
CE	F	0.09%
LAMR	D	0.09%
WY	D	0.09%
SBRA	C	0.09%
OGN	D	0.09%
NMRK	B	0.09%
REXR	F	0.08%
NVRI	F	0.08%
RDFN	D	0.08%
SBAC	D	0.08%
EGP	F	0.08%
TDW	F	0.08%
ICLR	D	0.08%
PRIM	A	0.08%
CEG	D	0.07%
KNTK	B	0.07%
BKR	B	0.07%
WMB	A	0.07%
BKD	D	0.07%
TRGP	B	0.07%
DTM	B	0.07%
ATO	A	0.06%
WKC	D	0.06%
ETR	B	0.06%
SLB	C	0.06%
OII	B	0.06%
WHD	B	0.06%
FTI	A	0.06%
SANA	F	0.06%
EIX	B	0.05%
VAL	D	0.05%
DUK	C	0.05%
DTE	C	0.05%
APA	D	0.05%
SO	D	0.05%
WFRD	D	0.05%
DK	C	0.05%
SWX	B	0.05%
AES	F	0.04%
NFE	D	0.04%
HE	C	0.04%

OPTZ Underweight 99 Positions Relative to FBUF

Symbol	Grade	Weight
MSFT	F	-5.66%
BRK.A	B	-2.2%
GOOGL	C	-2.04%
JPM	A	-1.93%
GOOG	C	-1.89%
AVGO	D	-1.62%
XOM	B	-1.56%
MA	C	-1.36%
HD	A	-1.32%
BAC	A	-1.18%
MRK	F	-0.96%
PM	B	-0.94%
ABBV	D	-0.91%
QCOM	F	-0.85%
WMT	A	-0.82%
NEE	D	-0.82%
CSCO	B	-0.8%
PG	A	-0.8%
SCHW	B	-0.79%
LLY	F	-0.76%
UNP	C	-0.75%
BMY	B	-0.74%
GILD	C	-0.74%
JNJ	D	-0.73%
PYPL	B	-0.72%
TJX	A	-0.72%
C	A	-0.72%
LMT	D	-0.71%
CTAS	B	-0.65%
CI	F	-0.63%
ABT	B	-0.63%
KLAC	D	-0.61%
NOC	D	-0.6%
BDX	F	-0.58%
SEIC	B	-0.54%
MMC	B	-0.53%
DBX	B	-0.52%
ZBRA	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%
EXEL	B	-0.43%
WM	A	-0.41%
PFE	D	-0.41%
HWM	A	-0.38%
ALLE	D	-0.38%
NUE	C	-0.36%
TDC	D	-0.35%
ALRM	C	-0.34%
PPG	F	-0.34%
F	C	-0.33%
LDOS	C	-0.31%
RTX	C	-0.28%
MEDP	D	-0.28%
WFC	A	-0.28%
ADP	B	-0.26%
AMGN	D	-0.25%
UBER	D	-0.24%
LRCX	F	-0.24%
MGM	D	-0.23%
LHX	C	-0.21%
GAP	B	-0.21%
BIIB	F	-0.21%
FTNT	C	-0.2%
MMM	D	-0.19%
TPH	D	-0.18%
SSNC	B	-0.18%
CACI	D	-0.17%
PSA	D	-0.17%
BBWI	D	-0.16%
OXY	D	-0.15%
VST	B	-0.14%
CLX	B	-0.14%
ITW	B	-0.14%
GEN	B	-0.13%
KR	B	-0.12%
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%
ED	D	-0.1%
AME	A	-0.09%
TWLO	A	-0.09%
LYFT	C	-0.08%
PLTK	B	-0.07%
QRVO	F	-0.06%
ORCL	B	-0.04%
VEEV	C	-0.04%
TNL	A	-0.04%
TOL	B	-0.02%
CVX	A	-0.02%