PAPI vs. FBUF ETF Comparison

Comparison of Parametric Equity Premium Income ETF (PAPI) to Fidelity Dynamic Buffered Equity ETF (FBUF)

PAPI

Parametric Equity Premium Income ETF

PAPI Description

The fund is an actively managed exchange-traded fund. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. Equity securities in which the fund may invest include common stocks.

Grade (RS Rating)

Last Trade

$28.08

Average Daily Volume

33,669

Number of Holdings ^*

189

* 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	PAPI	FBUF
30 Days	3.08%	3.10%
60 Days	3.73%	4.70%
90 Days	4.88%	6.08%
12 Months	19.25%

37 Overlapping Holdings

Symbol	Grade	Weight in PAPI	Weight in FBUF	Overlap
ABBV	D	0.46%	0.91%	0.46%
ABT	B	0.52%	0.63%	0.52%
ADP	B	0.54%	0.26%	0.26%
BDX	F	0.5%	0.58%	0.5%
CAH	B	0.56%	0.31%	0.31%
CI	F	0.47%	0.63%	0.47%
CINF	A	0.58%	0.07%	0.07%
CMCSA	B	0.54%	0.84%	0.54%
CME	A	0.52%	0.44%	0.44%
COST	B	0.54%	0.3%	0.3%
CSCO	B	0.54%	0.8%	0.54%
CVX	A	0.57%	0.02%	0.02%
DVN	F	0.5%	0.52%	0.5%
ED	D	0.48%	0.1%	0.1%
EOG	A	0.56%	0.48%	0.48%
GILD	C	0.53%	0.74%	0.53%
GRMN	B	0.65%	0.44%	0.44%
JNJ	D	0.5%	0.73%	0.5%
LHX	C	0.53%	0.21%	0.21%
MRK	F	0.46%	0.96%	0.46%
MSFT	F	0.53%	5.66%	0.53%
PEP	F	0.48%	0.19%	0.19%
PFE	D	0.44%	0.41%	0.41%
PG	A	0.52%	0.8%	0.52%
PM	B	0.56%	0.94%	0.56%
PPG	F	0.49%	0.34%	0.34%
QCOM	F	0.49%	0.85%	0.49%
RTX	C	0.5%	0.28%	0.28%
SYK	C	0.57%	0.24%	0.24%
T	A	0.55%	0.71%	0.55%
TJX	A	0.54%	0.72%	0.54%
TROW	B	0.56%	0.28%	0.28%
TRV	B	0.57%	0.26%	0.26%
UNH	C	0.55%	0.57%	0.55%
UNM	A	0.61%	0.1%	0.1%
WMT	A	0.54%	0.82%	0.54%
XOM	B	0.52%	1.56%	0.52%

PAPI Overweight 152 Positions Relative to FBUF

Symbol	Grade	Weight
SNA	A	0.63%
IP	B	0.63%
DTM	B	0.62%
BKR	B	0.62%
EMR	A	0.61%
OKE	A	0.61%
IDCC	A	0.61%
PINC	B	0.6%
FOX	A	0.59%
CFR	B	0.59%
TAP	C	0.59%
EA	A	0.59%
PB	A	0.59%
MO	A	0.59%
IDA	A	0.59%
KMI	A	0.58%
JHG	A	0.58%
WMB	A	0.58%
JCI	C	0.58%
WHR	B	0.57%
RHI	B	0.57%
SRE	A	0.57%
CTRA	B	0.57%
RF	A	0.57%
DGX	A	0.57%
LH	C	0.57%
TXRH	C	0.57%
FOXA	B	0.57%
XEL	A	0.57%
CMI	A	0.57%
FAST	B	0.56%
WSO	A	0.56%
RS	B	0.56%
PKG	A	0.56%
COP	C	0.56%
VLO	C	0.55%
PPL	B	0.55%
DCI	B	0.55%
INGR	B	0.55%
GGG	B	0.55%
EVRG	A	0.55%
OGE	B	0.55%
GNTX	C	0.54%
MOS	F	0.54%
PAG	B	0.54%
COR	B	0.54%
OGS	A	0.54%
ORI	A	0.54%
CHD	B	0.54%
AFG	A	0.54%
DRI	B	0.54%
MTN	C	0.54%
AEE	A	0.54%
CTSH	B	0.53%
AM	A	0.53%
TXN	C	0.53%
PRU	A	0.53%
PAYX	C	0.53%
ATO	A	0.53%
MSM	C	0.53%
COLM	B	0.53%
HPE	B	0.53%
GLW	B	0.53%
HP	B	0.52%
LNT	A	0.52%
BMI	B	0.52%
ROP	B	0.52%
NFG	A	0.52%
ATR	B	0.52%
PEG	A	0.52%
UPS	C	0.52%
HPQ	B	0.52%
EXPD	D	0.52%
PSX	C	0.52%
CHRD	D	0.52%
WEC	A	0.52%
POR	C	0.51%
AVT	C	0.51%
DD	D	0.51%
CALM	A	0.51%
DLB	B	0.51%
DINO	D	0.51%
HIG	B	0.51%
FNF	B	0.51%
APD	A	0.51%
LKQ	D	0.51%
OXM	D	0.51%
MDT	D	0.51%
CTVA	C	0.5%
DUK	C	0.5%
POWI	D	0.5%
NYT	C	0.5%
FE	C	0.5%
GD	F	0.5%
ACN	C	0.5%
VZ	C	0.5%
CCOI	B	0.5%
SNX	C	0.5%
PFG	D	0.5%
AEP	D	0.5%
RGLD	C	0.5%
BG	F	0.5%
D	C	0.5%
MTG	C	0.5%
SO	D	0.5%
AFL	B	0.5%
DOX	D	0.49%
OMC	C	0.49%
CHE	D	0.49%
KMB	D	0.49%
BBY	D	0.49%
SON	D	0.49%
FLO	D	0.49%
LIN	D	0.49%
JKHY	D	0.49%
EMN	D	0.49%
HRL	D	0.49%
CAG	D	0.48%
LYB	F	0.48%
AOS	F	0.48%
WEN	D	0.48%
ADI	D	0.48%
RPRX	D	0.48%
LEA	D	0.48%
WU	D	0.48%
SHOO	D	0.47%
AMCR	D	0.47%
LEN	D	0.47%
ADM	D	0.47%
KDP	D	0.46%
ASH	D	0.46%
FMC	D	0.46%
HAS	D	0.46%
KHC	F	0.46%
IBM	C	0.46%
IPG	D	0.45%
SWKS	F	0.45%
GPC	D	0.45%
KO	D	0.45%
DHR	F	0.45%
ESNT	D	0.45%
HUN	F	0.44%
MAN	D	0.44%
DOW	F	0.44%
INSW	F	0.44%
PII	D	0.43%
ELV	F	0.43%
CVI	F	0.42%
CRI	D	0.41%
HII	D	0.39%
NEM	D	0.38%
SCCO	F	0.0%

PAPI Underweight 118 Positions Relative to FBUF

Symbol	Grade	Weight
NVDA	C	-7.37%
AAPL	C	-7.34%
AMZN	C	-3.84%
META	D	-2.89%
BRK.A	B	-2.2%
GOOGL	C	-2.04%
JPM	A	-1.93%
GOOG	C	-1.89%
AVGO	D	-1.62%
MA	C	-1.36%
HD	A	-1.32%
NFLX	A	-1.28%
TSLA	B	-1.27%
BAC	A	-1.18%
CRM	B	-1.16%
ADBE	C	-0.94%
NEE	D	-0.82%
SCHW	B	-0.79%
LLY	F	-0.76%
UNP	C	-0.75%
BMY	B	-0.74%
PYPL	B	-0.72%
C	A	-0.72%
LMT	D	-0.71%
TT	A	-0.68%
PGR	A	-0.67%
AMAT	F	-0.67%
V	A	-0.65%
CTAS	B	-0.65%
DIS	B	-0.65%
ECL	D	-0.63%
KLAC	D	-0.61%
SQ	B	-0.6%
NOC	D	-0.6%
CL	D	-0.55%
SEIC	B	-0.54%
MMC	B	-0.53%
ZM	B	-0.53%
CAT	B	-0.53%
DBX	B	-0.52%
ZBRA	B	-0.52%
CVNA	B	-0.52%
MU	D	-0.5%
NOW	A	-0.5%
TXT	D	-0.5%
CSX	B	-0.49%
GE	D	-0.48%
CMG	B	-0.47%
IGT	F	-0.46%
SPG	B	-0.44%
MSI	B	-0.43%
AXP	A	-0.43%
EXEL	B	-0.43%
WM	A	-0.41%
TMO	F	-0.38%
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%
INCY	C	-0.34%
F	C	-0.33%
LDOS	C	-0.31%
SKYW	B	-0.31%
TMUS	B	-0.28%
MEDP	D	-0.28%
WFC	A	-0.28%
MSCI	C	-0.26%
AMGN	D	-0.25%
UBER	D	-0.24%
LRCX	F	-0.24%
CVS	D	-0.23%
RSG	A	-0.23%
MGM	D	-0.23%
AMT	D	-0.21%
SPGI	C	-0.21%
GAP	C	-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%
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%
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%
AME	A	-0.09%
TWLO	A	-0.09%
NRG	B	-0.09%
DOCU	A	-0.09%
LYFT	C	-0.08%
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%