RAVI vs. FELC ETF Comparison

Comparison of FlexShares Ready Access Variable Income Fund (RAVI) to Fidelity Enhanced Large Cap Core ETF (FELC)

RAVI

FlexShares Ready Access Variable Income Fund

RAVI Description

The investment seeks maximum current income consistent with the preservation of capital and liquidity. The fund seeks to achieve the investment objective by investing at least 65% of its total assets in a non-diversified portfolio of fixed income instruments, including bonds, debt securities and other similar instruments issued by U.S. and non-U.S. public and private sector entities. The dollar-weighted average portfolio maturity of the fund is normally not expected to exceed two years. It may invest up to 20% of its total assets in fixed income securities and instruments of issuers in emerging markets. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$75.48

Average Daily Volume

73,267

Number of Holdings ^*

101

* may have additional holdings in another (foreign) market

FELC

Fidelity Enhanced Large Cap Core ETF

FELC Description

The fund will normally invest at least 80% of assets in common stocks included in the S&P 500® Index, which is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$33.51

Average Daily Volume

584,482

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

Performance

Period	RAVI	FELC
30 Days	0.40%	3.33%
60 Days	0.65%	4.85%
90 Days	1.23%	6.41%
12 Months	5.50%	34.33%

33 Overlapping Holdings

Symbol	Grade	Weight in RAVI	Weight in FELC	Overlap
ABBV	D	0.13%	1.02%	0.13%
AMT	D	0.13%	0.24%	0.13%
AMZN	C	0.42%	3.93%	0.42%
AON	A	0.46%	0.35%	0.35%
BAC	A	0.57%	1.2%	0.57%
BDX	F	0.51%	0.62%	0.51%
BMY	B	0.43%	0.75%	0.43%
C	A	0.24%	0.02%	0.02%
CAT	B	0.26%	0.57%	0.26%
CI	D	0.67%	0.63%	0.63%
CLX	C	0.26%	0.11%	0.11%
CMCSA	C	0.28%	0.86%	0.28%
CRM	B	0.4%	1.15%	0.4%
CVS	D	0.16%	0.25%	0.16%
CVX	B	0.33%	0.01%	0.01%
DHI	D	0.13%	0.06%	0.06%
ED	D	1.05%	0.15%	0.15%
GE	D	0.76%	0.39%	0.39%
GILD	B	0.59%	0.74%	0.59%
GS	B	0.26%	0.15%	0.15%
JPM	B	0.03%	1.94%	0.03%
MS	B	0.06%	0.31%	0.06%
NEE	D	0.57%	0.84%	0.57%
NVDA	C	0.52%	7.39%	0.52%
PCAR	B	0.05%	0.52%	0.05%
PYPL	A	0.95%	0.34%	0.34%
SCHW	A	0.42%	0.8%	0.42%
SYK	C	0.49%	0.03%	0.03%
T	A	0.3%	0.73%	0.3%
UNH	B	0.43%	0.57%	0.43%
VZ	B	0.1%	0.06%	0.06%
WFC	A	0.26%	0.1%	0.1%
WM	A	0.69%	0.32%	0.32%

RAVI Overweight 68 Positions Relative to FELC

Symbol	Grade	Weight
VLO	C	1.51%
OGS	A	1.05%
OTIS	C	0.95%
KDP	D	0.95%
DHR	D	0.86%
LYB	F	0.83%
DTE	C	0.77%
TSN	B	0.7%
CM	A	0.62%
GP	F	0.59%
TFC	B	0.59%
AIG	B	0.57%
SJM	D	0.57%
AZO	C	0.52%
BNS	A	0.52%
D	C	0.51%
TD	F	0.51%
RY	B	0.51%
CCI	D	0.49%
VFC	C	0.39%
OGE	A	0.39%
ETR	B	0.38%
AEP	D	0.38%
NDAQ	A	0.31%
ARCC	A	0.3%
HSBC	B	0.29%
CFG	B	0.29%
MLM	B	0.28%
DELL	C	0.28%
DB	D	0.28%
CP	D	0.27%
LEN	C	0.26%
SO	D	0.26%
ATHS	C	0.26%
AL	A	0.25%
CMS	C	0.24%
FIS	D	0.23%
MCHP	F	0.22%
FITB	B	0.22%
PPL	B	0.22%
FOXA	C	0.21%
NYC	D	0.21%
CNP	A	0.2%
SBUX	B	0.18%
LUV	B	0.18%
MKC	D	0.17%
AEE	A	0.17%
BHF	B	0.17%
KEY	A	0.16%
SEB	F	0.16%
UBS	B	0.16%
PSX	C	0.16%
AZN	F	0.15%
NWG	C	0.15%
BA	D	0.15%
ICE	D	0.15%
MUFG	B	0.14%
MET	A	0.13%
CNH	A	0.13%
HPE	B	0.11%
EFX	D	0.1%
GM	B	0.1%
MDLZ	F	0.09%
R	B	0.08%
HRL	D	0.07%
ROP	B	0.07%
DUK	C	0.07%
COF	B	0.06%

RAVI Underweight 137 Positions Relative to FELC

Symbol	Grade	Weight
AAPL	B	-7.38%
MSFT	D	-5.68%
META	D	-2.89%
BRK.A	B	-2.25%
GOOGL	C	-2.05%
GOOG	C	-1.9%
AVGO	D	-1.72%
XOM	C	-1.56%
MA	B	-1.36%
TSLA	B	-1.31%
NFLX	B	-1.3%
HD	A	-1.29%
WMT	B	-1.14%
MRK	F	-0.99%
PM	B	-0.94%
ADBE	C	-0.94%
QCOM	F	-0.88%
V	A	-0.82%
UNP	C	-0.76%
LLY	F	-0.76%
JNJ	D	-0.74%
PGR	A	-0.74%
PG	A	-0.72%
LMT	D	-0.71%
RTX	D	-0.7%
CTAS	B	-0.69%
AMAT	F	-0.68%
MU	D	-0.66%
CSCO	A	-0.66%
DIS	B	-0.65%
ECL	D	-0.63%
KLAC	F	-0.63%
NOC	D	-0.6%
TJX	A	-0.59%
SPG	C	-0.59%
SQ	B	-0.58%
ABT	B	-0.56%
CVNA	B	-0.55%
NOW	B	-0.55%
EOG	C	-0.54%
CSX	B	-0.54%
DVN	F	-0.53%
TXT	D	-0.52%
DBX	C	-0.52%
TT	B	-0.52%
ZM	B	-0.51%
MSI	C	-0.5%
CME	A	-0.5%
CL	D	-0.47%
IGT	F	-0.46%
EXEL	A	-0.45%
LRCX	F	-0.44%
TRV	B	-0.43%
ANF	C	-0.42%
PFE	D	-0.42%
CACI	D	-0.4%
SSNC	A	-0.38%
NSC	A	-0.38%
TDC	D	-0.37%
CMG	B	-0.35%
MSCI	C	-0.33%
TMO	F	-0.33%
ALLE	D	-0.33%
AMGN	D	-0.33%
SPGI	C	-0.31%
TMUS	A	-0.31%
COST	B	-0.31%
CAH	B	-0.31%
AXP	A	-0.31%
TROW	A	-0.31%
PPG	D	-0.3%
SEIC	A	-0.3%
MGM	F	-0.3%
MMC	A	-0.29%
INCY	C	-0.28%
CCL	B	-0.26%
LDOS	D	-0.24%
RSG	A	-0.24%
SKYW	B	-0.23%
GAP	C	-0.22%
GRMN	A	-0.22%
IDXX	F	-0.22%
LHX	C	-0.21%
LYFT	C	-0.21%
GL	C	-0.21%
MEDP	F	-0.21%
ADP	B	-0.2%
ALRM	C	-0.2%
NUE	D	-0.2%
OXY	F	-0.19%
DASH	A	-0.18%
WDAY	C	-0.16%
FTNT	C	-0.15%
UBER	D	-0.14%
WTW	B	-0.14%
MMM	D	-0.13%
BKNG	B	-0.13%
TWLO	B	-0.13%
UNM	A	-0.12%
PNC	A	-0.12%
VST	B	-0.12%
QRVO	F	-0.12%
NBIX	C	-0.11%
NRG	C	-0.11%
ANET	C	-0.11%
BK	A	-0.11%
F	C	-0.11%
BLD	C	-0.11%
LNW	D	-0.11%
BBWI	C	-0.11%
BIIB	F	-0.1%
PEGA	A	-0.1%
HWM	B	-0.1%
PSA	C	-0.09%
SOLV	C	-0.09%
VEEV	B	-0.08%
MKL	A	-0.08%
FR	C	-0.08%
ZBRA	A	-0.06%
MCK	C	-0.06%
STLD	B	-0.06%
ORCL	C	-0.05%
AXTA	A	-0.05%
SCCO	F	-0.05%
PEP	F	-0.05%
PLTK	B	-0.04%
ROST	C	-0.04%
GEHC	F	-0.04%
KR	A	-0.03%
SWKS	F	-0.03%
A	D	-0.03%
CRUS	F	-0.03%
LPLA	B	-0.03%
GPN	C	-0.02%
DOCU	A	-0.02%
WBD	C	-0.01%
AES	F	-0.01%