Fidelity Dynamic Buffered Equity ETF (FBUF)

The Fidelity Dynamic Buffered Equity ETF (FBUF) is an actively managed fund from Fidelity Investments. It seeks capital appreciation while aiming to reduce the impact of equity market declines.

The fund invests primarily in U.S. large-cap stocks selected with Fidelity's quantitative research, and it combines these holdings with an options overlay based on the S&P 500. The overlay typically involves buying put options to provide downside protection, funded partly by selling call options, which limits some upside participation.

Unlike buffer funds tied to fixed outcome periods, FBUF manages its hedge on an ongoing basis, adjusting option positions as market conditions change.