At a glance
FBUF charges 0.48% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $23.9M in assets, the 8th largest of that group; it paid 0.59% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.3% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds. Its ten largest positions make up 39.0% of the fund, out of 172 in all.
The short version
FBUF is Fidelity's actively managed buffered stock ETF: it picks mostly large US stocks with computer-aided analysis and wraps them in an options "collar" that pays for protection against market drops by giving up some gains. Rather than one fixed buffer and cap, it spreads its options across several price levels and expiration dates. Its 0.48% expense ratio is the lowest of eight buffer ETFs compared here; the other seven average 0.86%.
Price history
The interactive chart needs JavaScript.
FBUF +11.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FBUF official prospectus, to May 30, 2026 | — | +13.81% | — | — | — | +13.74% |
| IXVJZ index, same period | — | +8.40% | — | — | — | +11.30% |
| S&P 001 index, same period | — | +17.88% | — | — | — | +18.65% |
| FBUF price data to Oct 27, 2026 | +9.5% | +11.3% | — | — | — | +13.4% |
- Over the year to Oct 27, 2026, FBUF returned +11.3%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+14.0%); its best was 2025 (+14.0%).
- The deepest fall in its price history was 11.1% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.5% | — |
| 2025 | +14.0% | +13.81% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1600 | |
| 2025 | $0.2000 |
What's inside
As of Jul 31, 2026, the fund held 172 securities; the ten largest made up 38.98% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 7.67% | |
| APPLE INC | 7.30% | |
| MICROSOFT CORP | 4.92% | |
| AMAZON.COM INC | 4.34% | |
| ALPHABET INC Class A | 3.56% | |
| BROADCOM INC | 2.93% | |
| ALPHABET INC Class C | 2.36% | |
| META PLATFORMS INC | 2.05% | |
| JPMORGAN CHASE and CO | 1.94% | |
| BERKSHIRE HATHAWAY INC DEL | 1.91% | |
| MICRON TECHNOLOGY INC | 1.60% | |
| ELI LILLY and CO | 1.54% | |
| MASTERCARD INC | 1.22% | |
| EXXONMOBIL HOLDINGS CORP | 1.09% | |
| GE AEROSPACE | 1.06% |
By country
United States 95.86%Ireland 1.61%Netherlands 0.32%United Kingdom 0.1%By asset type
Stocks 97.89%By sector
Sectors of the companies held, for the 86.7% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $4.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.28%, -0.46%, +2.18%.
How it works
FBUF does not track an index. Fidelity uses computer-aided analysis of valuation, growth, profitability and other factors to pick a diversified group of stocks with potential to beat the S&P 500's total return, generally companies the size of those in the S&P 500 or Russell 1000. As of July 31, 2026, it held 172 stocks, led by NVIDIA (7.7%), Apple (7.3%) and Microsoft (4.9%). Turnover of 83% means holdings change often.
Around the stocks sits a rules-based "Defensive Option Collar." The fund purchases index put options, contracts that pay off if the index falls below a set price (the strike), to soften losses. To cover most of that cost, it sells index call options, collecting cash but giving up gains above a set price. As of July 31, 2026, they were Mini-SPX options tied to the S&P 500, with puts expiring from August through October 2026.
Unlike buffer ETFs that set one buffer and cap for a fixed period, FBUF spreads its options across several strike prices and expiration dates, so protection shifts as markets move and contracts expire. The prospectus says the puts protect only "in certain market conditions," so losses can be sizable, and the sold calls limit gains in strong rallies. The fund also lends securities for extra income, which risks a borrower failing to return them.
What it really costs
- FBUF charges 0.48% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- The fee includes a 0.04% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $49 in the first year and $647 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FBUF | $49 | $161 | $285 | $647 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It holds a diversified basket of large US stocks but uses an options collar meant to soften market drops, giving up some upside in exchange.
FBUF could add stock exposure with milder swings, but its record is short. Launched in April 2024, it has no results from the 2008, 2020 or 2022 downturns, and its only full calendar year, 2025, returned 13.81%. Its deepest drop was 11.1%, from February 19 to April 8, 2025, and took 2.6 months to recover. Its one-year beta was 0.61 as of October 27, 2026, meaning it moved about 61% as much as the market. Shallower drops can help anyone forced to sell in a bad year, but protection isn't guaranteed.
The trade-off is upside: from launch to May 30, 2026, it returned 13.74% a year, versus 18.65% for the S&P benchmark in its prospectus. Yield was 0.59%, paid quarterly, as of October 27, 2026; the SEC's first-year cost example is $49 per $10,000. Past results don't predict the future; a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting large US stocks with smaller swings; in the year to October 27, 2026, it moved about 61% as much as the market.
- Cost-conscious buffer-fund shoppers: its 0.48% expense ratio is the lowest of eight buffer ETFs compared, against a 0.86% average for the rest.
- Holders comfortable with computer-aided stock picking and an ongoing options collar instead of a single fixed buffer-and-cap period.
Look elsewhere if
- Investors seeking full stock-market gains: from launch to May 30, 2026, it returned 13.74% a year versus 18.65% for its S&P benchmark.
- Anyone needing a defined loss limit: the prospectus says its puts protect only "in certain market conditions," and it fell 11.1% in early 2025.
- Investors wary of small funds: net assets were $23.9 million as of July 31, 2026, the smallest of eight buffer ETFs compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FBUF this fund | 0.48% | $23.9M | +11.3% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is FBUF good for retirement?
It may suit retirees who want stock exposure with smaller swings, but its record is short. FBUF launched in April 2024, so it has no results from the 2008, 2020 or 2022 downturns. Its deepest drop was 11.1%, in early 2025. The options collar that aims to soften losses also gives up some gains, and its 0.59% yield as of October 27, 2026, provides little income.
What's the difference between FBUF and BUFR?
The biggest differences are cost and size. FBUF charges 0.48% a year; BUFR, the FT Vest Laddered Buffer ETF, charges 0.95%. BUFR had about $10.5 billion in net assets as of August 31, 2026, versus FBUF's $23.9 million as of July 31, 2026. FBUF's stocks are picked by Fidelity's computer-aided analysis, with its options collar on top. One-year returns were close as of October 27, 2026: 11.3% for FBUF and 11.6% for BUFR.
Does FBUF pay monthly dividends?
No. FBUF pays dividends quarterly, and they are small. Over the 12 months to October 27, 2026, it paid about $0.20 per share, a yield of 0.59%. The fund does sell call options, but the prospectus says that income is meant to substantially offset the cost of its protective puts, so FBUF is not designed as a high-income fund.
Does FBUF protect against losses?
Partly, but there is no guaranteed floor. FBUF purchases index put options that pay off when the market falls far enough, and the prospectus says they provide downside protection only "in certain market conditions." It can still lose money: its deepest drop was 11.1%, from February 19 to April 8, 2025, and its worst calendar quarter, January through March 2025, lost 2.61%. Its options are spread across several price levels and expiration dates rather than one fixed buffer for a set period.
What is FBUF's expense ratio?
FBUF's expense ratio is 0.48%, per its prospectus filed May 26, 2026. That is the lowest among eight similar buffer ETFs; the other seven charge 0.79% to 0.95% and average 0.86%. In the SEC's standard example, costs on $10,000 earning 5% a year would total $49 over one year, $285 over five years and $647 over ten. Its 83% portfolio turnover also brings trading costs not included in the expense ratio.