FBUF vs. LKOR ETF Comparison

Comparison of Fidelity Dynamic Buffered Equity ETF (FBUF) to FlexShares Credit-Scored US Long Corporate Bond Index Fund (LKOR)

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

LKOR

FlexShares Credit-Scored US Long Corporate Bond Index Fund

LKOR Description

Flexshares Trust - FlexShares Credit-Scored US Long Corporate Bond Index Fund is an exchange traded fund launched by Northern Trust Corporation. It is managed by Northern Trust Investments, Incorporated. The fund invests in fixed income markets of the United States. It invests in US-dollar denominated investment grade bonds of companies rated BBB or higher by S&P or Fitch or Baa3 or higher by Moody's and with maturities greater than or equal to ten years. The fund seeks to track the performance of the Northern Trust Credit-Scored US Long Corporate Bond Index, by employing representative sampling methodology. Flexshares Trust - FlexShares Credit-Scored US Long Corporate Bond Index Fund was formed on September 23, 2015 and is domiciled in the United States.

Grade (RS Rating)

Last Trade

$43.00

Average Daily Volume

6,834

Number of Holdings ^*

163

* may have additional holdings in another (foreign) market

Performance

Period	FBUF	LKOR
30 Days	3.10%	-0.56%
60 Days	4.70%	-5.06%
90 Days	6.08%	-3.66%
12 Months		9.17%

44 Overlapping Holdings

Symbol	Grade	Weight in FBUF	Weight in LKOR	Overlap
AAPL	C	7.34%	0.17%	0.17%
ABBV	D	0.91%	0.33%	0.33%
AMGN	D	0.25%	0.23%	0.23%
AMT	D	0.21%	0.27%	0.21%
AMZN	C	3.84%	0.18%	0.18%
AON	A	0.12%	0.13%	0.12%
AVGO	D	1.62%	0.2%	0.2%
BAC	A	1.18%	0.23%	0.23%
BDX	F	0.58%	0.23%	0.23%
BIIB	F	0.21%	0.09%	0.09%
C	A	0.72%	0.21%	0.21%
CAH	B	0.31%	0.31%	0.31%
CMCSA	B	0.84%	0.24%	0.24%
CSCO	B	0.8%	0.23%	0.23%
CSX	B	0.49%	0.12%	0.12%
CVS	D	0.23%	0.36%	0.23%
ED	D	0.1%	0.29%	0.1%
GILD	C	0.74%	0.35%	0.35%
GOOGL	C	2.04%	0.12%	0.12%
HD	A	1.32%	0.19%	0.19%
ITW	B	0.14%	0.06%	0.06%
JNJ	D	0.73%	0.12%	0.12%
JPM	A	1.93%	0.09%	0.09%
KLAC	D	0.61%	0.2%	0.2%
LHX	C	0.21%	0.05%	0.05%
LMT	D	0.71%	0.24%	0.24%
MA	C	1.36%	0.22%	0.22%
MMC	B	0.53%	0.24%	0.24%
MMM	D	0.19%	0.26%	0.19%
MSFT	F	5.66%	0.1%	0.1%
NOC	D	0.6%	0.26%	0.26%
NSC	B	0.11%	0.12%	0.11%
NVDA	C	7.37%	0.21%	0.21%
ORCL	B	0.04%	0.25%	0.04%
PGR	A	0.67%	0.23%	0.23%
PM	B	0.94%	0.7%	0.7%
SPGI	C	0.21%	0.16%	0.16%
T	A	0.71%	0.09%	0.09%
TT	A	0.68%	0.12%	0.12%
UNH	C	0.57%	0.16%	0.16%
UNP	C	0.75%	0.16%	0.16%
V	A	0.65%	0.4%	0.4%
WFC	A	0.28%	0.25%	0.25%
XOM	B	1.56%	0.12%	0.12%

FBUF Overweight 111 Positions Relative to LKOR

Symbol	Grade	Weight
META	D	2.89%
BRK.A	B	2.2%
GOOG	C	1.89%
NFLX	A	1.28%
TSLA	B	1.27%
CRM	B	1.16%
MRK	F	0.96%
ADBE	C	0.94%
QCOM	F	0.85%
WMT	A	0.82%
NEE	D	0.82%
PG	A	0.8%
SCHW	B	0.79%
LLY	F	0.76%
BMY	B	0.74%
PYPL	B	0.72%
TJX	A	0.72%
AMAT	F	0.67%
CTAS	B	0.65%
DIS	B	0.65%
ECL	D	0.63%
CI	F	0.63%
ABT	B	0.63%
SQ	B	0.6%
CL	D	0.55%
SEIC	B	0.54%
ZM	B	0.53%
CAT	B	0.53%
DBX	B	0.52%
ZBRA	B	0.52%
CVNA	B	0.52%
DVN	F	0.52%
MU	D	0.5%
NOW	A	0.5%
TXT	D	0.5%
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%
NUE	C	0.36%
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%
COST	B	0.3%
RTX	C	0.28%
TMUS	B	0.28%
MEDP	D	0.28%
TROW	B	0.28%
TRV	B	0.26%
ADP	B	0.26%
MSCI	C	0.26%
UBER	D	0.24%
SYK	C	0.24%
LRCX	F	0.24%
RSG	A	0.23%
MGM	D	0.23%
GAP	C	0.21%
FTNT	C	0.2%
PEP	F	0.19%
TPH	D	0.18%
SSNC	B	0.18%
CACI	D	0.17%
PSA	D	0.17%
LNW	D	0.16%
BBWI	D	0.16%
OXY	D	0.15%
IDXX	F	0.15%
VST	B	0.14%
CLX	B	0.14%
GL	B	0.13%
GEN	B	0.13%
KR	B	0.12%
BK	A	0.12%
INTU	C	0.12%
DASH	A	0.11%
LPLA	A	0.11%
UNM	A	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%
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 119 Positions Relative to LKOR

Symbol	Grade	Weight
SCCO	F	-0.64%
ACGL	D	-0.55%
DUK	C	-0.5%
HSBC	B	-0.48%
LNT	A	-0.4%
FITB	A	-0.39%
KOF	F	-0.37%
INTC	D	-0.37%
BA	F	-0.37%
HPE	B	-0.37%
NI	A	-0.37%
DOW	F	-0.32%
CP	D	-0.29%
NNN	D	-0.29%
AEP	D	-0.28%
RF	A	-0.28%
TEL	B	-0.28%
KMB	D	-0.26%
JEF	A	-0.26%
CHTR	C	-0.26%
HON	B	-0.25%
LOW	D	-0.25%
CAG	D	-0.24%
AEE	A	-0.24%
NEM	D	-0.24%
WEC	A	-0.24%
CMS	C	-0.24%
GWW	B	-0.24%
BHP	F	-0.24%
HCA	F	-0.24%
DOV	A	-0.24%
KDP	D	-0.24%
HPQ	B	-0.24%
MKL	A	-0.24%
OKE	A	-0.24%
FOXA	B	-0.24%
LH	C	-0.23%
LYB	F	-0.23%
IBM	C	-0.23%
MCK	B	-0.23%
AIG	B	-0.23%
TXN	C	-0.23%
WRB	A	-0.23%
ATO	A	-0.23%
SBUX	A	-0.23%
D	C	-0.23%
EXC	C	-0.22%
MRO	B	-0.22%
VMI	B	-0.22%
EL	F	-0.21%
SRE	A	-0.21%
GS	A	-0.21%
SHW	A	-0.21%
EIX	B	-0.21%
EG	C	-0.2%
HIG	B	-0.2%
PAA	B	-0.2%
MO	A	-0.2%
STZ	D	-0.19%
NDAQ	A	-0.19%
ZTS	D	-0.19%
KO	D	-0.19%
CCI	D	-0.19%
KMI	A	-0.19%
LEA	D	-0.18%
EBAY	D	-0.18%
CPB	D	-0.18%
AIZ	A	-0.18%
ARE	D	-0.18%
EPD	A	-0.18%
VZ	C	-0.18%
REGN	F	-0.17%
HAL	C	-0.14%
MS	A	-0.14%
MET	A	-0.14%
JCI	C	-0.13%
APTV	D	-0.13%
EFX	F	-0.13%
HAS	D	-0.13%
GM	B	-0.13%
WELL	A	-0.12%
IFF	D	-0.12%
VTR	C	-0.12%
EMR	A	-0.12%
IPG	D	-0.12%
AFL	B	-0.12%
MCO	B	-0.12%
MCD	D	-0.12%
PRU	A	-0.11%
BWA	D	-0.11%
MLM	B	-0.11%
CHD	B	-0.11%
DG	F	-0.11%
REG	B	-0.11%
RJF	A	-0.11%
OC	A	-0.11%
MAS	D	-0.11%
FMC	D	-0.11%
SO	D	-0.11%
BABA	D	-0.11%
OTIS	C	-0.1%
VRSK	A	-0.1%
KIM	A	-0.1%
SJM	D	-0.1%
DHR	F	-0.1%
WBA	F	-0.1%
ELV	F	-0.1%
RPM	A	-0.1%
BHF	B	-0.1%
WTW	B	-0.1%
GLW	B	-0.1%
MDLZ	F	-0.09%
EA	A	-0.09%
RPRX	D	-0.09%
PCG	A	-0.09%
HUM	C	-0.07%
SIGI	C	-0.06%
FTV	C	-0.05%
ALL	A	-0.04%