PKW vs. FBUF ETF Comparison

Comparison of PowerShares Buyback Achievers (PKW) to Fidelity Dynamic Buffered Equity ETF (FBUF)

PKW

PowerShares Buyback Achievers

PKW Description

The PowerShares Buyback AchieversTM Portfolio (Fund) is based on the NASDAQ US Buyback AchieversTM Index (Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index is designed to track the performance of companies that meet the requirements to be classified as BuyBack Achievers™. To become eligible for inclusion in the Index, a company must be incorporated in the U.S., trade on a US exchange and must have repurchased at least 5% or more of its outstanding shares for the trailing 12 months. The Fund and the Index are reconstituted annually in January and rebalanced quarterly in January, April, July and October. Effective December 28, 2012, the NADAQ OMX Group, Inc. replaced Mergent, Inc., as the Index Provider of the Index. Effective February 25, 2013, the name of the Index changed from Share Buyback Achievers Index to NASDAQ Buyback Achievers Index. There will be no change to the methodology by which NASDAQ OMX Group, Inc., the Index Provider, calculates the Index. Please see the Fund’s prospectus supplement for more information. On February 25, 2013, NASDAQ took the place of the NYSE as the official Index data source.

Grade (RS Rating)

Last Trade

$123.38

Average Daily Volume

16,954

Number of Holdings ^*

191

* 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

$27.51

Average Daily Volume

4,691

Number of Holdings ^*

155

* may have additional holdings in another (foreign) market

Performance

Period	PKW	FBUF
30 Days	5.94%	1.93%
60 Days	9.02%	4.39%
90 Days	11.35%	5.67%
12 Months	35.82%

14 Overlapping Holdings

Symbol	Grade	Weight in PKW	Weight in FBUF	Overlap
CACI	D	0.33%	0.17%	0.17%
CAH	B	0.95%	0.31%	0.31%
CMCSA	B	4.88%	0.84%	0.84%
CSX	C	2.21%	0.49%	0.49%
JNJ	C	4.53%	0.73%	0.73%
LMT	D	4.13%	0.71%	0.71%
MGM	D	0.37%	0.23%	0.23%
PYPL	B	2.83%	0.72%	0.72%
SKYW	C	0.14%	0.31%	0.14%
TMUS	B	5.44%	0.28%	0.28%
TNL	A	0.12%	0.04%	0.04%
TOL	B	0.5%	0.02%	0.02%
TXT	D	0.51%	0.5%	0.5%
VST	A	1.64%	0.14%	0.14%

PKW Overweight 177 Positions Relative to FBUF

Symbol	Grade	Weight
BKNG	A	5.49%
FI	A	4.0%
DE	B	3.61%
APP	B	2.89%
HCA	F	2.83%
MCK	A	2.61%
MAR	A	2.59%
ORLY	B	2.3%
AFL	B	2.05%
HLT	A	2.0%
MET	A	1.91%
PSX	C	1.79%
AZO	C	1.77%
MPC	D	1.75%
AIG	B	1.6%
VLO	C	1.51%
DFS	B	1.42%
VRSK	A	1.3%
HIG	B	1.13%
DD	C	1.12%
CNC	D	1.01%
STT	B	0.94%
PHM	D	0.87%
GDDY	A	0.85%
SYF	B	0.83%
EXPE	B	0.73%
STLD	B	0.71%
BLDR	D	0.68%
CFG	B	0.68%
CSL	C	0.66%
L	A	0.6%
EXPD	C	0.55%
JEF	A	0.5%
EQH	C	0.49%
THC	D	0.48%
MUSA	B	0.35%
PAG	B	0.35%
WMS	F	0.34%
EXP	B	0.33%
PRI	B	0.33%
FOXA	A	0.33%
ORI	A	0.32%
CNM	D	0.28%
DINO	D	0.27%
HRB	D	0.27%
WH	B	0.25%
BERY	C	0.25%
BRKR	D	0.24%
R	B	0.23%
BYD	B	0.22%
MTN	C	0.22%
WSC	F	0.22%
CHH	A	0.22%
MTG	C	0.21%
AN	C	0.21%
ARW	D	0.2%
COOP	B	0.2%
KBH	D	0.19%
RH	C	0.19%
CNX	A	0.19%
GPI	B	0.18%
VVV	D	0.18%
AMG	B	0.18%
PVH	C	0.18%
SM	B	0.17%
ABG	C	0.17%
CRC	A	0.17%
MATX	C	0.17%
NXST	C	0.17%
SLM	A	0.17%
DDS	B	0.17%
BC	C	0.17%
OLN	F	0.16%
NSIT	F	0.16%
EEFT	B	0.15%
IDCC	B	0.15%
HGV	C	0.14%
GOLF	B	0.14%
TNET	F	0.14%
ASGN	F	0.13%
CVCO	A	0.13%
DXC	B	0.12%
CAR	C	0.12%
GFF	A	0.12%
WU	F	0.12%
CEIX	A	0.12%
ASH	F	0.12%
ASO	F	0.11%
ATGE	B	0.11%
NSA	C	0.11%
HP	C	0.11%
BTU	B	0.11%
DOCN	C	0.11%
HUN	F	0.11%
FBP	C	0.11%
SLVM	B	0.11%
TGNA	B	0.1%
LBRT	D	0.1%
PK	C	0.1%
DEI	B	0.1%
CARG	B	0.1%
BHF	C	0.1%
VIRT	A	0.1%
ATKR	D	0.1%
AMR	C	0.1%
VAC	C	0.1%
GNW	A	0.1%
ENVA	B	0.09%
SPB	C	0.08%
SEB	F	0.08%
PRG	C	0.07%
GBX	A	0.07%
HURN	C	0.07%
IART	C	0.06%
AZTA	D	0.06%
CASH	B	0.06%
SAH	C	0.05%
PLAY	D	0.05%
ATSG	B	0.05%
PEB	D	0.05%
XHR	B	0.05%
PZZA	F	0.05%
CSGS	B	0.05%
NAVI	F	0.05%
DXPE	C	0.04%
INVA	D	0.04%
DK	C	0.04%
HTZ	C	0.04%
CNNE	B	0.04%
JBGS	F	0.04%
EIG	B	0.04%
SNCY	C	0.03%
LQDT	B	0.03%
CGEM	F	0.03%
RYI	C	0.03%
STGW	A	0.03%
HCKT	B	0.03%
PRA	C	0.03%
EGBN	B	0.03%
ODP	F	0.03%
JACK	C	0.03%
ECVT	C	0.03%
AMN	F	0.03%
LILAK	D	0.03%
XRX	F	0.03%
SBSI	C	0.03%
TBPH	B	0.02%
ANAB	F	0.02%
NFBK	C	0.02%
HONE	C	0.02%
FPI	B	0.02%
LXU	B	0.02%
OPY	B	0.02%
NR	B	0.02%
IMXI	B	0.02%
SCHL	F	0.02%
ZIP	D	0.02%
LPRO	B	0.02%
CHGG	C	0.01%
SKIN	D	0.01%
DBI	F	0.01%
ZYXI	D	0.01%
ONTF	C	0.01%
TASK	C	0.01%
WSBF	C	0.01%
RLGT	B	0.01%
DENN	D	0.01%
MBI	B	0.01%
GCO	C	0.01%
CCRN	F	0.01%
LWAY	C	0.01%
LOCO	D	0.01%
SENEA	A	0.01%
LSEA	D	0.01%
NECB	C	0.01%
KELYA	F	0.01%
MX	F	0.0%

PKW Underweight 141 Positions Relative to FBUF

Symbol	Grade	Weight
NVDA	B	-7.37%
AAPL	C	-7.34%
MSFT	D	-5.66%
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%
XOM	B	-1.56%
MA	B	-1.36%
HD	B	-1.32%
NFLX	A	-1.28%
TSLA	B	-1.27%
BAC	A	-1.18%
CRM	B	-1.16%
MRK	D	-0.96%
PM	B	-0.94%
ADBE	C	-0.94%
ABBV	F	-0.91%
QCOM	F	-0.85%
WMT	A	-0.82%
NEE	C	-0.82%
CSCO	B	-0.8%
PG	C	-0.8%
SCHW	B	-0.79%
LLY	F	-0.76%
UNP	C	-0.75%
BMY	B	-0.74%
GILD	C	-0.74%
TJX	A	-0.72%
C	A	-0.72%
T	A	-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%
CI	D	-0.63%
ABT	B	-0.63%
KLAC	F	-0.61%
SQ	A	-0.6%
NOC	D	-0.6%
BDX	F	-0.58%
UNH	B	-0.57%
CL	D	-0.55%
SEIC	B	-0.54%
MMC	B	-0.53%
ZM	C	-0.53%
CAT	B	-0.53%
DBX	B	-0.52%
ZBRA	B	-0.52%
CVNA	B	-0.52%
DVN	F	-0.52%
MU	D	-0.5%
NOW	A	-0.5%
GE	D	-0.48%
EOG	A	-0.48%
CMG	B	-0.47%
IGT	F	-0.46%
CME	B	-0.44%
SPG	A	-0.44%
GRMN	B	-0.44%
MSI	B	-0.43%
AXP	A	-0.43%
EXEL	B	-0.43%
WM	B	-0.41%
PFE	F	-0.41%
TMO	F	-0.38%
HWM	A	-0.38%
ALLE	C	-0.38%
PCAR	B	-0.37%
NUE	C	-0.36%
ANF	F	-0.35%
TDC	D	-0.35%
ALRM	C	-0.34%
PPG	F	-0.34%
INCY	C	-0.34%
F	C	-0.33%
LDOS	C	-0.31%
COST	A	-0.3%
RTX	D	-0.28%
MEDP	D	-0.28%
TROW	B	-0.28%
WFC	A	-0.28%
TRV	B	-0.26%
ADP	A	-0.26%
MSCI	C	-0.26%
AMGN	F	-0.25%
UBER	F	-0.24%
SYK	B	-0.24%
LRCX	F	-0.24%
CVS	D	-0.23%
RSG	A	-0.23%
AMT	C	-0.21%
LHX	C	-0.21%
SPGI	C	-0.21%
GAP	C	-0.21%
BIIB	F	-0.21%
FTNT	C	-0.2%
PEP	F	-0.19%
MMM	D	-0.19%
TPH	D	-0.18%
SSNC	B	-0.18%
PSA	C	-0.17%
LNW	F	-0.16%
BBWI	C	-0.16%
OXY	D	-0.15%
IDXX	F	-0.15%
CLX	A	-0.14%
ITW	B	-0.14%
GL	C	-0.13%
GEN	B	-0.13%
KR	B	-0.12%
BK	A	-0.12%
INTU	B	-0.12%
AON	A	-0.12%
NSC	B	-0.11%
DASH	B	-0.11%
LPLA	A	-0.11%
UNM	A	-0.1%
ED	C	-0.1%
AME	A	-0.09%
TWLO	A	-0.09%
NRG	B	-0.09%
DOCU	B	-0.09%
LYFT	C	-0.08%
CINF	A	-0.07%
PLTK	B	-0.07%
CRUS	D	-0.07%
QRVO	F	-0.06%
NBIX	C	-0.06%
ANET	C	-0.06%
ORCL	A	-0.04%
VEEV	C	-0.04%
UTHR	C	-0.04%
CVX	A	-0.02%
PEGA	B	-0.02%