TMSL vs. FBUF ETF Comparison

Comparison of T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Small-Mid Cap ETF (TMSL) to Fidelity Dynamic Buffered Equity ETF (FBUF)

TMSL

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Small-Mid Cap ETF

TMSL Description

The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in assets issued by small- or mid-cap companies. The fund may at times invest significantly in certain sectors, such as the information technology sector.

Grade (RS Rating)

Last Trade

$33.74

Average Daily Volume

62,319

Number of Holdings ^*

256

* 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

$27.55

Average Daily Volume

3,455

Number of Holdings ^*

155

* may have additional holdings in another (foreign) market

Performance

Period	TMSL	FBUF
30 Days	3.49%	2.61%
60 Days	8.39%	6.06%
90 Days	10.04%	7.44%
12 Months	35.84%

15 Overlapping Holdings

Symbol	Grade	Weight in TMSL	Weight in FBUF	Overlap
ANET	C	0.1%	0.07%	0.07%
BBWI	C	0.38%	0.16%	0.16%
CVNA	B	0.5%	0.52%	0.5%
DOCU	B	0.71%	0.1%	0.1%
GEN	A	0.64%	0.14%	0.14%
HWM	A	0.29%	0.42%	0.29%
LDOS	B	0.65%	0.38%	0.38%
LPLA	B	0.27%	0.11%	0.11%
NBIX	C	0.29%	0.07%	0.07%
SSNC	C	0.75%	0.38%	0.38%
TDC	D	0.14%	0.35%	0.14%
TNL	A	0.4%	0.04%	0.04%
TOL	C	0.6%	0.02%	0.02%
TXT	C	1.17%	0.52%	0.52%
ZBRA	A	0.57%	0.54%	0.54%

TMSL Overweight 241 Positions Relative to FBUF

Symbol	Grade	Weight
SWK	F	1.44%
SEM	B	1.35%
FTI	B	1.23%
CPAY	A	1.23%
MKSI	C	1.19%
WAL	B	1.15%
BPOP	C	1.14%
THC	B	1.13%
RNR	D	0.95%
DT	C	0.87%
REXR	F	0.84%
ESAB	B	0.81%
WBS	A	0.8%
LAMR	D	0.79%
RPM	A	0.77%
GDDY	A	0.75%
HII	D	0.75%
VOYA	B	0.67%
BFAM	F	0.65%
RL	B	0.63%
WU	F	0.62%
TFX	F	0.61%
RS	B	0.61%
INSM	D	0.59%
CUBE	D	0.59%
NTNX	B	0.59%
BDC	C	0.59%
NI	A	0.59%
VNO	C	0.58%
CRBG	C	0.58%
SAIA	B	0.56%
HBAN	B	0.56%
PATK	D	0.56%
SITE	D	0.55%
EME	B	0.54%
OPCH	F	0.54%
STLD	B	0.54%
CF	B	0.53%
BURL	C	0.53%
ENTG	D	0.52%
FBP	B	0.52%
XPRO	F	0.52%
STNG	F	0.52%
RGA	A	0.51%
MNDY	C	0.51%
WYNN	F	0.51%
MWA	B	0.51%
WING	D	0.5%
SUM	C	0.5%
AGCO	F	0.5%
VTRS	B	0.5%
CW	B	0.49%
IOT	B	0.49%
CLH	B	0.48%
APG	B	0.48%
EWBC	B	0.48%
WSC	F	0.48%
COOP	B	0.47%
DUOL	B	0.47%
ST	F	0.46%
BLX	A	0.46%
EQH	B	0.46%
EXAS	F	0.45%
TYL	B	0.45%
TTC	F	0.45%
EHC	A	0.45%
OMF	A	0.45%
MIDD	C	0.44%
MORN	B	0.44%
TOST	A	0.43%
BRX	A	0.43%
HUBB	B	0.43%
RRC	B	0.43%
JBL	C	0.42%
TKR	F	0.42%
PLNT	A	0.41%
LRN	B	0.41%
KFY	B	0.41%
FMC	F	0.41%
NVR	D	0.41%
HOLX	D	0.4%
EG	D	0.4%
VFC	C	0.39%
AEE	A	0.39%
AWI	B	0.39%
FND	F	0.39%
DKNG	B	0.39%
BCO	F	0.39%
RYN	F	0.39%
SUI	D	0.38%
DPZ	C	0.38%
NCLH	B	0.37%
PHIN	B	0.37%
VRRM	F	0.37%
PR	C	0.36%
REG	A	0.36%
PTC	B	0.36%
NXST	C	0.35%
FITB	A	0.35%
NWS	B	0.35%
PCVX	D	0.34%
UHS	D	0.34%
RNA	B	0.34%
UPWK	B	0.33%
STGW	B	0.33%
FLO	F	0.33%
ULTA	C	0.33%
DRH	B	0.32%
BPMC	B	0.32%
GEO	B	0.32%
KMPR	A	0.32%
DOLE	C	0.32%
USFD	A	0.32%
MAIN	A	0.31%
DOX	C	0.31%
SKWD	A	0.31%
RVTY	C	0.31%
MANH	C	0.3%
MOH	F	0.3%
LPX	B	0.3%
OC	A	0.3%
POR	D	0.3%
EVRI	A	0.29%
SHOO	D	0.29%
BERY	C	0.28%
TECH	B	0.28%
OFG	B	0.28%
ASGN	C	0.28%
LSTR	B	0.28%
ARMK	B	0.28%
BJ	B	0.28%
FCN	F	0.28%
AYI	B	0.27%
FTDR	B	0.27%
ATEN	B	0.27%
PAYO	B	0.27%
ELS	C	0.26%
CASY	B	0.26%
CPA	B	0.26%
VNT	B	0.26%
STEP	B	0.26%
KRC	C	0.26%
ELF	C	0.26%
ELAN	D	0.26%
PFGC	B	0.25%
PLAB	C	0.25%
HST	C	0.25%
KYMR	C	0.25%
SCI	B	0.25%
CHDN	C	0.25%
NTRA	B	0.25%
BLDR	D	0.25%
VRTS	B	0.25%
AZEK	B	0.24%
PCTY	A	0.24%
MTX	B	0.24%
MCB	B	0.24%
GLOB	B	0.24%
RVMD	B	0.24%
BLBD	F	0.24%
BOX	A	0.24%
CBOE	D	0.23%
CRNX	B	0.23%
BLD	F	0.23%
OIS	B	0.23%
RDDT	B	0.23%
EEFT	C	0.23%
CTLT	D	0.23%
TREX	C	0.23%
WFRD	D	0.22%
UFPI	B	0.22%
TDW	F	0.22%
CELH	F	0.22%
CRL	C	0.22%
ESS	C	0.22%
ALV	C	0.22%
ALKS	B	0.21%
EPR	D	0.21%
ONON	B	0.21%
LSCC	D	0.21%
VRNT	D	0.21%
BRZE	C	0.21%
RGEN	C	0.21%
WFG	D	0.21%
LPRO	B	0.21%
PK	B	0.2%
SWN	C	0.2%
PRDO	B	0.2%
KEX	B	0.2%
THG	A	0.2%
TXRH	A	0.2%
EVRG	A	0.2%
CWEN	D	0.2%
NWE	C	0.19%
OLLI	C	0.19%
HAFC	B	0.19%
NFG	C	0.19%
BGNE	D	0.18%
AHH	D	0.18%
LUV	B	0.18%
LEGN	F	0.18%
RARE	D	0.18%
PBH	A	0.17%
ENS	D	0.17%
TW	C	0.17%
WDC	D	0.17%
PLUS	F	0.16%
AVNT	B	0.16%
BFS	C	0.16%
AVY	F	0.16%
REPL	C	0.16%
SRPT	F	0.16%
BWXT	A	0.16%
VERA	B	0.16%
FIX	B	0.16%
GMRE	D	0.15%
HIG	C	0.15%
XRAY	F	0.15%
CVLT	A	0.15%
CNP	B	0.15%
WTTR	B	0.15%
NRIX	B	0.14%
AMAL	B	0.14%
ESNT	D	0.13%
ACM	B	0.12%
XNCR	B	0.12%
ASND	F	0.12%
NTLA	F	0.11%
MDGL	C	0.11%
ACAD	C	0.11%
CLDX	F	0.11%
IONS	F	0.11%
AKRO	C	0.11%
IDYA	D	0.1%
APPF	B	0.08%
RCKT	F	0.08%
BXC	B	0.08%
PRTA	F	0.07%
SRRK	C	0.06%
PLRX	C	0.06%
SWTX	D	0.04%

TMSL Underweight 140 Positions Relative to FBUF

Symbol	Grade	Weight
NVDA	B	-7.69%
AAPL	C	-7.13%
MSFT	C	-5.68%
AMZN	A	-3.92%
META	B	-3.01%
BRK.A	B	-2.14%
GOOGL	B	-2.08%
GOOG	B	-1.93%
AVGO	C	-1.89%
JPM	B	-1.87%
XOM	B	-1.54%
MA	B	-1.36%
HD	B	-1.28%
NFLX	A	-1.24%
CRM	B	-1.22%
TSLA	B	-1.18%
BAC	A	-1.14%
ADBE	C	-0.98%
ABBV	D	-0.93%
PM	C	-0.87%
LLY	F	-0.85%
CMCSA	B	-0.85%
QCOM	F	-0.83%
CSCO	A	-0.81%
WMT	A	-0.81%
BMY	B	-0.79%
NEE	D	-0.79%
GILD	C	-0.78%
PG	C	-0.77%
MRK	F	-0.76%
UNP	C	-0.75%
LMT	C	-0.74%
SCHW	A	-0.74%
PYPL	A	-0.73%
AMAT	F	-0.72%
JNJ	D	-0.71%
C	A	-0.71%
TJX	B	-0.71%
MU	D	-0.69%
PGR	A	-0.68%
T	A	-0.68%
CTAS	A	-0.67%
TT	A	-0.67%
KLAC	F	-0.65%
NOC	C	-0.65%
CI	D	-0.65%
V	A	-0.63%
ABT	C	-0.62%
ECL	C	-0.62%
SQ	B	-0.61%
CSX	B	-0.59%
ZM	B	-0.59%
UNH	B	-0.59%
BDX	D	-0.59%
EXEL	B	-0.55%
SEIC	A	-0.55%
DBX	B	-0.54%
CAT	C	-0.53%
MMC	C	-0.52%
CL	F	-0.52%
DVN	F	-0.51%
NOW	A	-0.51%
GE	C	-0.49%
IGT	D	-0.49%
CMG	B	-0.48%
CAH	A	-0.48%
GRMN	A	-0.45%
SPG	B	-0.43%
CME	A	-0.43%
PFE	F	-0.43%
AXP	B	-0.43%
MSI	B	-0.43%
WM	A	-0.42%
ANF	D	-0.42%
TMO	F	-0.4%
PCAR	B	-0.39%
SPGI	C	-0.38%
NUE	C	-0.37%
DIS	B	-0.35%
INCY	B	-0.35%
MEDP	C	-0.33%
PPG	F	-0.33%
F	C	-0.32%
UBER	F	-0.32%
SKYW	B	-0.31%
COST	B	-0.3%
EOG	A	-0.29%
TROW	B	-0.28%
RTX	C	-0.28%
AMGN	F	-0.26%
MSCI	B	-0.26%
ADP	A	-0.26%
TRV	B	-0.25%
LRCX	F	-0.25%
MGM	D	-0.23%
RSG	A	-0.23%
SYK	A	-0.23%
VZ	C	-0.23%
LHX	A	-0.22%
BIIB	F	-0.22%
CACI	C	-0.21%
GAP	B	-0.21%
CVS	F	-0.21%
AMT	F	-0.2%
MMM	C	-0.19%
PEP	D	-0.19%
ALRM	C	-0.19%
TPH	D	-0.18%
LNW	F	-0.17%
CRUS	F	-0.16%
ETN	A	-0.16%
PSA	C	-0.16%
ALLE	D	-0.15%
ITW	A	-0.14%
OXY	D	-0.14%
GL	B	-0.13%
VST	B	-0.13%
CLX	A	-0.13%
BK	B	-0.12%
KR	A	-0.12%
AON	A	-0.12%
WTW	A	-0.11%
DASH	A	-0.11%
ED	D	-0.1%
IDXX	D	-0.1%
LYFT	B	-0.09%
AME	A	-0.09%
NRG	B	-0.09%
TWLO	A	-0.09%
TMUS	A	-0.09%
NSC	B	-0.09%
UNM	A	-0.09%
CINF	A	-0.07%
PLTK	B	-0.07%
QRVO	F	-0.06%
UTHR	B	-0.05%
ORCL	A	-0.04%
VEEV	B	-0.04%
CVX	B	-0.02%
PEGA	A	-0.02%