FBUF vs. QDF ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to FlexShares Quality Dividend Index Fund (QDF)

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

$27.53

Average Daily Volume

5,177

Number of Holdings ^*

155

* may have additional holdings in another (foreign) market

QDF

FlexShares Quality Dividend Index Fund

QDF Description

The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Quality Dividend IndexSM. The fund generally will invest under normal circumstances at least 80% of its total assets in the securities of the underlying index. The underlying index is designed to provide exposure to a high-quality, income-oriented portfolio of U.S. equity securities, with an emphasis on long-term capital growth and a targeted overall volatility similar to that of the Northern Trust 1250 IndexSM (the "Parent Index"). It may also invest up to 20% of its assets in cash and cash equivalents.

Grade (RS Rating)

Last Trade

$72.76

Average Daily Volume

26,182

Number of Holdings ^*

127

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	QDF
30 Days	3.10%	1.66%
60 Days	4.70%	2.62%
90 Days	6.08%	4.00%
12 Months		26.92%

40 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in QDF	Overlap
AAPL	C	7.34%	8.54%	7.34%
ABBV	D	0.91%	2.58%	0.91%
ADP	B	0.26%	1.11%	0.26%
AVGO	D	1.62%	0.88%	0.88%
BAC	A	1.18%	0.02%	0.02%
BBWI	D	0.16%	0.01%	0.01%
BK	A	0.12%	0.68%	0.12%
CAT	B	0.53%	0.75%	0.53%
CL	D	0.55%	0.15%	0.15%
COST	B	0.3%	0.24%	0.24%
CTAS	B	0.65%	0.39%	0.39%
DVN	F	0.52%	0.46%	0.46%
GEN	B	0.13%	0.58%	0.13%
GILD	C	0.74%	1.0%	0.74%
GOOG	C	1.89%	1.63%	1.63%
GOOGL	C	2.04%	1.84%	1.84%
HD	A	1.32%	1.77%	1.32%
INTU	C	0.12%	1.74%	0.12%
ITW	B	0.14%	0.74%	0.14%
JNJ	D	0.73%	3.01%	0.73%
JPM	A	1.93%	0.75%	0.75%
KLAC	D	0.61%	0.76%	0.61%
LMT	D	0.71%	0.62%	0.62%
LRCX	F	0.24%	0.87%	0.24%
MA	C	1.36%	0.26%	0.26%
META	D	2.89%	3.1%	2.89%
MMM	D	0.19%	0.65%	0.19%
MRK	F	0.96%	0.45%	0.45%
MSFT	F	5.66%	4.91%	4.91%
NUE	C	0.36%	0.42%	0.36%
NVDA	C	7.37%	5.81%	5.81%
PG	A	0.8%	3.03%	0.8%
PM	B	0.94%	1.41%	0.94%
PSA	D	0.17%	0.6%	0.17%
QCOM	F	0.85%	1.68%	0.85%
TT	A	0.68%	0.43%	0.43%
UNP	C	0.75%	1.24%	0.75%
V	A	0.65%	0.4%	0.4%
WMT	A	0.82%	0.13%	0.13%
XOM	B	1.56%	0.5%	0.5%

FBUF Overweight 115 Positions Relative to QDF

Symbol	Grade	Weight
AMZN	C	3.84%
BRK.A	B	2.2%
NFLX	A	1.28%
TSLA	B	1.27%
CRM	B	1.16%
ADBE	C	0.94%
CMCSA	B	0.84%
NEE	D	0.82%
CSCO	B	0.8%
SCHW	B	0.79%
LLY	F	0.76%
BMY	B	0.74%
PYPL	B	0.72%
TJX	A	0.72%
C	A	0.72%
T	A	0.71%
PGR	A	0.67%
AMAT	F	0.67%
DIS	B	0.65%
ECL	D	0.63%
CI	F	0.63%
ABT	B	0.63%
SQ	B	0.6%
NOC	D	0.6%
BDX	F	0.58%
UNH	C	0.57%
SEIC	B	0.54%
MMC	B	0.53%
ZM	B	0.53%
DBX	B	0.52%
ZBRA	B	0.52%
CVNA	B	0.52%
MU	D	0.5%
NOW	A	0.5%
TXT	D	0.5%
CSX	B	0.49%
GE	D	0.48%
EOG	A	0.48%
CMG	B	0.47%
IGT	F	0.46%
CME	A	0.44%
SPG	B	0.44%
GRMN	B	0.44%
MSI	B	0.43%
AXP	A	0.43%
EXEL	B	0.43%
WM	A	0.41%
PFE	D	0.41%
TMO	F	0.38%
HWM	A	0.38%
ALLE	D	0.38%
PCAR	B	0.37%
ANF	C	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%
SKYW	B	0.31%
CAH	B	0.31%
RTX	C	0.28%
TMUS	B	0.28%
MEDP	D	0.28%
TROW	B	0.28%
WFC	A	0.28%
TRV	B	0.26%
MSCI	C	0.26%
AMGN	D	0.25%
UBER	D	0.24%
SYK	C	0.24%
CVS	D	0.23%
RSG	A	0.23%
MGM	D	0.23%
AMT	D	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%
TPH	D	0.18%
SSNC	B	0.18%
CACI	D	0.17%
LNW	D	0.16%
OXY	D	0.15%
IDXX	F	0.15%
VST	B	0.14%
CLX	B	0.14%
GL	B	0.13%
KR	B	0.12%
AON	A	0.12%
NSC	B	0.11%
DASH	A	0.11%
LPLA	A	0.11%
UNM	A	0.1%
ED	D	0.1%
AME	A	0.09%
TWLO	A	0.09%
NRG	B	0.09%
DOCU	A	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	B	0.04%
VEEV	C	0.04%
TNL	A	0.04%
UTHR	C	0.04%
TOL	B	0.02%
CVX	A	0.02%
PEGA	A	0.02%

FBUF Underweight 87 Positions Relative to QDF

Symbol	Grade	Weight
KO	D	-2.16%
ACN	C	-1.93%
LOW	D	-1.27%
MS	A	-0.98%
MO	A	-0.89%
VRT	B	-0.83%
NKE	D	-0.83%
SBUX	A	-0.76%
ZTS	D	-0.74%
FAST	B	-0.68%
PAYX	C	-0.63%
FIS	C	-0.62%
AFL	B	-0.62%
PEG	A	-0.61%
PRU	A	-0.61%
VIRT	B	-0.6%
KTB	B	-0.6%
JHG	A	-0.6%
D	C	-0.59%
AVB	B	-0.58%
EBAY	D	-0.58%
EA	A	-0.58%
CMA	A	-0.58%
TPR	B	-0.57%
MET	A	-0.56%
SNA	A	-0.56%
WTW	B	-0.56%
ORI	A	-0.55%
CHRW	C	-0.55%
EQR	B	-0.55%
MAA	B	-0.55%
VLO	C	-0.55%
MPC	D	-0.54%
NXPI	D	-0.52%
OMF	A	-0.52%
OHI	C	-0.52%
CPT	B	-0.51%
IVZ	B	-0.51%
OGE	B	-0.51%
SMG	D	-0.5%
RDN	C	-0.49%
STWD	C	-0.49%
UGI	A	-0.49%
NSA	D	-0.49%
BPOP	B	-0.48%
WDFC	B	-0.47%
FAF	A	-0.47%
IPG	D	-0.45%
MCHP	D	-0.45%
WU	D	-0.45%
POOL	C	-0.44%
WSM	B	-0.43%
CFR	B	-0.42%
EVRG	A	-0.42%
WY	D	-0.42%
HST	C	-0.41%
SWKS	F	-0.4%
LNC	B	-0.39%
PFG	D	-0.39%
RHI	B	-0.38%
ALLY	C	-0.37%
CUBE	D	-0.37%
SCCO	F	-0.36%
WMS	D	-0.36%
APLE	B	-0.35%
EIX	B	-0.34%
IRDM	D	-0.31%
NEP	F	-0.3%
BR	A	-0.3%
OLN	D	-0.25%
NNN	D	-0.23%
NTAP	C	-0.22%
WING	D	-0.2%
HRB	D	-0.17%
RMD	C	-0.17%
DPZ	C	-0.17%
PNW	B	-0.16%
PAYC	B	-0.16%
COR	B	-0.14%
BSY	D	-0.13%
EXP	A	-0.08%
WFRD	D	-0.07%
CSWI	A	-0.07%
BKNG	A	-0.07%
MAR	B	-0.05%
COP	C	-0.04%
STNG	F	-0.02%