PHEQ vs. FBUF ETF Comparison

Comparison of Parametric Hedged Equity ETF (PHEQ) to Fidelity Dynamic Buffered Equity ETF (FBUF)

PHEQ

Parametric Hedged Equity ETF

PHEQ Description

The fund seeks to provide capital appreciation by investing its net assets in equity securities of certain U.S. large capitalization companies that are constituents of the Solactive GBS US 500 at the time of purchase.

Grade (RS Rating)

Last Trade

$29.38

Average Daily Volume

21,561

Number of Holdings ^*

203

* 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	PHEQ	FBUF
30 Days	1.73%	2.51%
60 Days	3.05%	5.65%
90 Days	4.04%	7.03%
12 Months	17.22%

66 Overlapping Holdings

Symbol	Grade	Weight in PHEQ	Weight in FBUF	Overlap
AAPL	C	6.78%	7.13%	6.78%
ABBV	F	0.87%	0.93%	0.87%
ABT	C	0.6%	0.62%	0.6%
ADBE	C	0.5%	0.98%	0.5%
AME	A	0.28%	0.09%	0.09%
AMGN	F	0.47%	0.26%	0.26%
AMZN	A	4.2%	3.92%	3.92%
AVGO	C	1.82%	1.89%	1.82%
AXP	B	0.57%	0.43%	0.43%
BAC	A	0.95%	1.14%	0.95%
BMY	B	0.5%	0.79%	0.5%
BRK.A	B	1.4%	2.14%	1.4%
CAT	B	0.56%	0.53%	0.53%
COST	B	1.09%	0.3%	0.3%
CRM	B	0.66%	1.22%	0.66%
CSCO	A	0.8%	0.81%	0.8%
CTAS	B	0.44%	0.67%	0.44%
CVX	A	0.8%	0.02%	0.02%
DASH	A	0.13%	0.11%	0.11%
DIS	B	0.49%	0.35%	0.35%
DVN	F	0.17%	0.51%	0.17%
GOOG	C	1.99%	1.93%	1.93%
GOOGL	C	2.38%	2.08%	2.08%
HD	B	1.13%	1.28%	1.13%
HWM	B	0.36%	0.42%	0.36%
JNJ	D	1.03%	0.71%	0.71%
JPM	A	1.68%	1.87%	1.68%
KLAC	F	0.36%	0.65%	0.36%
LLY	F	1.52%	0.85%	0.85%
LMT	D	0.61%	0.74%	0.61%
LPLA	A	0.05%	0.11%	0.05%
LRCX	F	0.31%	0.25%	0.25%
MA	B	1.15%	1.36%	1.15%
META	B	2.79%	3.01%	2.79%
MGM	D	0.12%	0.23%	0.12%
MMM	C	0.44%	0.19%	0.19%
MRK	F	0.7%	0.76%	0.7%
MSFT	C	6.62%	5.68%	5.68%
MU	D	0.33%	0.69%	0.33%
NFLX	A	0.79%	1.24%	0.79%
NOW	A	0.63%	0.51%	0.51%
NVDA	A	7.38%	7.69%	7.38%
ORCL	A	0.75%	0.04%	0.04%
PEP	D	0.74%	0.19%	0.19%
PG	C	1.06%	0.77%	0.77%
PPG	F	0.18%	0.33%	0.18%
PYPL	A	0.28%	0.73%	0.28%
QCOM	F	0.33%	0.83%	0.33%
RSG	B	0.35%	0.23%	0.23%
SCHW	B	0.34%	0.74%	0.34%
SQ	B	0.12%	0.61%	0.12%
SSNC	C	0.21%	0.38%	0.21%
T	A	0.66%	0.68%	0.66%
TMO	F	0.62%	0.4%	0.4%
TMUS	A	0.52%	0.09%	0.09%
TRV	B	0.38%	0.25%	0.25%
TSLA	B	1.94%	1.18%	1.18%
UBER	F	0.28%	0.32%	0.28%
UNH	B	1.41%	0.59%	0.59%
UNP	D	0.52%	0.75%	0.52%
V	A	1.27%	0.63%	0.63%
VEEV	B	0.11%	0.04%	0.04%
WM	A	0.45%	0.42%	0.42%
WMT	A	0.96%	0.81%	0.81%
XOM	B	1.4%	1.54%	1.4%
ZM	B	0.19%	0.59%	0.19%

PHEQ Overweight 137 Positions Relative to FBUF

Symbol	Grade	Weight
KO	F	0.79%
LIN	D	0.67%
WFC	A	0.65%
TXN	B	0.62%
ISRG	A	0.59%
LOW	B	0.57%
IBM	D	0.57%
AMD	F	0.54%
MDT	D	0.51%
KKR	B	0.47%
TRGP	B	0.45%
DE	D	0.43%
ETR	B	0.4%
MS	A	0.39%
DAL	A	0.39%
BKNG	A	0.39%
VRTX	B	0.38%
PRU	B	0.36%
K	A	0.34%
AVB	B	0.34%
DOV	A	0.33%
BA	F	0.33%
YUM	B	0.33%
HIG	C	0.33%
PPL	A	0.33%
OTIS	D	0.33%
LH	B	0.32%
LNT	C	0.32%
ROST	D	0.32%
PLTR	B	0.32%
KMB	D	0.32%
CMS	D	0.31%
COR	B	0.31%
HBAN	A	0.31%
DTE	D	0.31%
EXR	D	0.31%
EQR	C	0.31%
BRO	B	0.31%
DOC	C	0.3%
DRI	B	0.3%
PHM	D	0.3%
AEE	B	0.3%
APO	B	0.3%
PANW	B	0.3%
SYF	B	0.27%
MAA	C	0.27%
CNP	B	0.27%
ARES	B	0.26%
MRVL	B	0.26%
GLW	B	0.26%
MELI	D	0.26%
URI	B	0.25%
FANG	C	0.25%
JBHT	C	0.25%
RMD	C	0.25%
CFG	B	0.25%
LII	B	0.25%
ULTA	C	0.24%
NDAQ	B	0.24%
EXPD	C	0.23%
NEM	F	0.23%
MRO	B	0.23%
L	A	0.23%
FE	D	0.23%
HEI	A	0.22%
LNG	B	0.22%
MKL	A	0.22%
LYB	F	0.22%
REGN	F	0.22%
AMCR	D	0.21%
MSTR	B	0.21%
ARE	F	0.21%
LULU	B	0.21%
PFG	C	0.2%
WRB	B	0.2%
CSL	B	0.19%
CPB	F	0.19%
ESS	C	0.19%
TTD	B	0.19%
SPOT	A	0.18%
WBD	B	0.18%
HAL	C	0.17%
AKAM	F	0.17%
CRWD	B	0.17%
CAG	F	0.17%
IFF	F	0.16%
APTV	F	0.15%
DELL	C	0.15%
ABNB	C	0.15%
ALNY	D	0.15%
MOH	F	0.15%
BAH	C	0.15%
HUBS	B	0.15%
ON	F	0.15%
ZBH	C	0.14%
HEI	A	0.14%
NDSN	B	0.14%
COIN	B	0.13%
WDAY	B	0.13%
RBLX	B	0.13%
HUBB	C	0.13%
FCNCA	B	0.13%
DDOG	B	0.12%
TW	B	0.11%
IBKR	A	0.11%
STLD	C	0.11%
TRU	D	0.1%
VRT	B	0.1%
SUI	F	0.1%
ZS	B	0.09%
DOX	C	0.09%
DKNG	B	0.08%
BLDR	C	0.08%
NET	B	0.07%
AGR	C	0.07%
SCCO	F	0.07%
YUMC	C	0.07%
SNOW	C	0.06%
ALGN	D	0.06%
ILMN	C	0.06%
AVTR	F	0.06%
TEAM	B	0.06%
SNAP	C	0.05%
CE	F	0.05%
OWL	B	0.05%
WLK	F	0.04%
OKTA	C	0.04%
RKT	F	0.04%
RPRX	F	0.04%
BSY	F	0.04%
CPNG	B	0.03%
PINS	F	0.03%
SIRI	C	0.03%
ENPH	F	0.03%
WSM	F	0.02%
WMG	B	0.02%
MRNA	F	0.01%

PHEQ Underweight 89 Positions Relative to FBUF

Symbol	Grade	Weight
PM	B	-0.87%
CMCSA	B	-0.85%
NEE	D	-0.79%
GILD	B	-0.78%
AMAT	F	-0.72%
C	B	-0.71%
TJX	A	-0.71%
PGR	A	-0.68%
TT	B	-0.67%
NOC	D	-0.65%
CI	D	-0.65%
ECL	C	-0.62%
CSX	B	-0.59%
BDX	F	-0.59%
EXEL	B	-0.55%
SEIC	A	-0.55%
ZBRA	B	-0.54%
DBX	B	-0.54%
TXT	D	-0.52%
CVNA	B	-0.52%
MMC	D	-0.52%
CL	F	-0.52%
GE	D	-0.49%
IGT	F	-0.49%
CMG	B	-0.48%
CAH	B	-0.48%
GRMN	A	-0.45%
SPG	A	-0.43%
CME	B	-0.43%
PFE	F	-0.43%
MSI	B	-0.43%
ANF	C	-0.42%
PCAR	B	-0.39%
SPGI	C	-0.38%
LDOS	C	-0.38%
NUE	D	-0.37%
TDC	F	-0.35%
INCY	B	-0.35%
MEDP	D	-0.33%
F	C	-0.32%
SKYW	B	-0.31%
EOG	A	-0.29%
TROW	A	-0.28%
RTX	D	-0.28%
MSCI	B	-0.26%
ADP	A	-0.26%
SYK	A	-0.23%
VZ	D	-0.23%
LHX	B	-0.22%
BIIB	F	-0.22%
CACI	C	-0.21%
GAP	B	-0.21%
CVS	F	-0.21%
AMT	F	-0.2%
ALRM	C	-0.19%
TPH	C	-0.18%
LNW	F	-0.17%
CRUS	F	-0.16%
ETN	B	-0.16%
PSA	D	-0.16%
BBWI	C	-0.16%
ALLE	D	-0.15%
GEN	B	-0.14%
ITW	B	-0.14%
OXY	F	-0.14%
GL	B	-0.13%
VST	B	-0.13%
CLX	A	-0.13%
BK	B	-0.12%
KR	A	-0.12%
AON	B	-0.12%
WTW	A	-0.11%
DOCU	B	-0.1%
ED	D	-0.1%
IDXX	F	-0.1%
LYFT	B	-0.09%
NRG	C	-0.09%
TWLO	B	-0.09%
NSC	B	-0.09%
UNM	A	-0.09%
ANET	C	-0.07%
NBIX	C	-0.07%
CINF	A	-0.07%
PLTK	B	-0.07%
QRVO	F	-0.06%
UTHR	B	-0.05%
TNL	A	-0.04%
TOL	B	-0.02%
PEGA	B	-0.02%