FHEQ vs. QDEF ETF Comparison

Comparison of Fidelity Hedged Equity ETF (FHEQ) to FlexShares Quality Dividend Defensive Index Fund (QDEF)

FHEQ

Fidelity Hedged Equity ETF

FHEQ Description

FHEQ is actively managed, investing in equity securities with market caps similar to the S&P 500 and Russell 1000. The fund utilizes quantitative analysis and options for downside protection.

Grade (RS Rating)

Last Trade

$27.66

Average Daily Volume

23,917

Number of Holdings ^*

169

* may have additional holdings in another (foreign) market

QDEF

FlexShares Quality Dividend Defensive Index Fund

QDEF 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 Defensive 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 that is lower than that of the Northern Trust 1250 IndexSM. It may also invest up to 20% of its assets in cash and cash equivalents.

Grade (RS Rating)

Last Trade

$71.73

Average Daily Volume

6,798

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

Performance

Period	FHEQ	QDEF
30 Days	0.69%	-1.09%
60 Days	3.18%	1.41%
90 Days	4.08%	3.61%
12 Months		28.67%

47 Overlapping Holdings

Symbol	Grade	Weight in FHEQ	Weight in QDEF	Overlap
AAPL	C	7.05%	6.07%	6.07%
ABBV	F	1.0%	2.6%	1.0%
ADP	B	0.16%	1.13%	0.16%
AMT	D	0.21%	0.82%	0.21%
AVGO	C	1.73%	0.88%	0.88%
BAC	A	1.13%	0.02%	0.02%
BAH	D	0.12%	0.12%	0.12%
BK	B	0.35%	0.67%	0.35%
BMY	A	0.77%	0.45%	0.45%
CAH	B	0.42%	0.17%	0.17%
CI	D	0.65%	0.83%	0.65%
CME	A	0.36%	0.71%	0.36%
COST	A	0.45%	0.24%	0.24%
CSCO	B	0.8%	0.61%	0.61%
ED	C	0.04%	0.49%	0.04%
GEN	B	0.13%	0.59%	0.13%
GILD	C	0.77%	1.03%	0.77%
GOOG	B	1.98%	1.1%	1.1%
GOOGL	B	2.05%	1.36%	1.36%
HD	A	1.27%	3.07%	1.27%
JNJ	D	0.59%	2.93%	0.59%
JPM	A	1.75%	0.73%	0.73%
KLAC	F	0.57%	0.79%	0.57%
LDOS	C	0.39%	0.57%	0.39%
LMT	D	0.73%	1.05%	0.73%
MA	B	1.33%	0.23%	0.23%
META	C	2.96%	2.76%	2.76%
MMM	D	0.22%	0.66%	0.22%
MRK	F	0.66%	2.25%	0.66%
MSFT	D	5.62%	4.97%	4.97%
MSI	B	0.24%	0.74%	0.24%
NVDA	A	7.54%	6.0%	6.0%
OGE	A	0.01%	0.47%	0.01%
PG	C	0.82%	2.83%	0.82%
PM	A	0.85%	1.65%	0.85%
PSA	C	0.18%	0.59%	0.18%
QCOM	F	0.82%	1.65%	0.82%
SCCO	F	0.04%	0.16%	0.04%
T	A	0.63%	0.77%	0.63%
TJX	A	0.72%	0.99%	0.72%
TMUS	B	0.07%	1.14%	0.07%
UNM	A	0.01%	0.65%	0.01%
V	A	0.46%	0.38%	0.38%
VZ	C	0.2%	0.65%	0.2%
WMT	A	0.79%	0.12%	0.12%
WTW	B	0.31%	0.58%	0.31%
XOM	B	1.51%	0.5%	0.5%

FHEQ Overweight 122 Positions Relative to QDEF

Symbol	Grade	Weight
AMZN	B	3.61%
BRK.A	B	2.12%
CRM	B	1.23%
NFLX	A	1.21%
TSLA	A	1.15%
ADBE	D	0.96%
LLY	F	0.84%
CMCSA	B	0.83%
AMAT	F	0.75%
UNP	D	0.73%
NEE	C	0.69%
TT	A	0.68%
CTAS	B	0.67%
PGR	B	0.64%
ECL	D	0.61%
SQ	A	0.6%
BDX	F	0.59%
NOC	D	0.59%
CSX	C	0.58%
UNH	C	0.58%
PFE	F	0.58%
ZM	B	0.57%
CL	D	0.55%
CMG	C	0.55%
SEIC	B	0.54%
PYPL	B	0.54%
SCHW	A	0.53%
C	B	0.53%
DBX	C	0.53%
MU	D	0.53%
MMC	D	0.52%
TRV	A	0.52%
DVN	F	0.51%
CVNA	A	0.51%
EXEL	B	0.5%
TXT	D	0.49%
IGT	F	0.49%
MSCI	B	0.49%
CAT	C	0.48%
ZBRA	B	0.48%
RTX	D	0.45%
GE	D	0.45%
PCAR	C	0.43%
DIS	B	0.42%
AXP	B	0.42%
SPGI	D	0.41%
ALLE	D	0.4%
WM	B	0.38%
CACI	C	0.37%
MEDP	D	0.35%
TDC	D	0.34%
NOW	B	0.34%
NUE	D	0.33%
ANF	C	0.33%
PPG	F	0.32%
GRMN	B	0.31%
SKYW	B	0.3%
TMO	F	0.28%
INCY	C	0.28%
HWM	A	0.27%
EOG	A	0.27%
AMGN	D	0.26%
ALRM	C	0.26%
NSC	B	0.26%
LRCX	F	0.24%
BIIB	F	0.22%
TROW	B	0.22%
CVS	F	0.21%
LHX	B	0.21%
GL	C	0.2%
DOCU	B	0.2%
XEL	A	0.2%
CLX	A	0.19%
GAP	D	0.18%
IDXX	F	0.18%
HLT	A	0.18%
LNW	F	0.18%
PEGA	B	0.17%
GEHC	D	0.17%
FTI	A	0.17%
MS	A	0.16%
WDAY	C	0.16%
TPH	D	0.15%
MGM	D	0.15%
ETN	B	0.15%
SPG	A	0.15%
UBER	F	0.14%
F	C	0.14%
FTNT	B	0.14%
SOLV	F	0.13%
VEEV	C	0.13%
DASH	A	0.12%
CINF	A	0.12%
QRVO	F	0.11%
NBIX	C	0.11%
KR	B	0.11%
ROST	D	0.1%
AME	A	0.1%
VST	A	0.1%
PLTK	B	0.1%
UHS	D	0.08%
ANET	C	0.08%
DOC	D	0.08%
ALL	A	0.07%
LYFT	C	0.07%
BCC	C	0.07%
L	A	0.07%
MDLZ	F	0.07%
BBWI	C	0.07%
UTHR	C	0.06%
CRUS	F	0.06%
CNC	F	0.06%
IFF	D	0.05%
CCL	A	0.05%
STLD	B	0.05%
ORCL	A	0.04%
RSG	A	0.04%
LPLA	A	0.03%
CVX	A	0.02%
MHO	D	0.02%
TWLO	A	0.02%
NWL	B	0.01%

FHEQ Underweight 76 Positions Relative to QDEF

Symbol	Grade	Weight
IBM	C	-1.7%
INTU	B	-1.29%
SBUX	A	-0.98%
MO	A	-0.86%
DUK	C	-0.77%
ITW	B	-0.74%
MCK	A	-0.71%
KO	D	-0.65%
EME	A	-0.64%
BWXT	A	-0.64%
PAYX	B	-0.63%
UMBF	B	-0.61%
FIS	C	-0.6%
EA	A	-0.6%
AFL	C	-0.6%
CFR	B	-0.6%
AIZ	A	-0.58%
FAST	B	-0.58%
VIRT	A	-0.57%
CSWI	A	-0.57%
COR	B	-0.57%
VRSK	B	-0.57%
D	C	-0.56%
WDFC	B	-0.55%
PPL	A	-0.55%
ORI	A	-0.54%
ESS	A	-0.54%
RMD	C	-0.54%
K	B	-0.53%
CSL	C	-0.53%
OHI	B	-0.53%
MET	A	-0.53%
EQR	C	-0.53%
MAA	A	-0.53%
PNW	B	-0.52%
IRDM	F	-0.52%
CPT	C	-0.51%
OTIS	C	-0.51%
KMB	C	-0.51%
OMF	A	-0.5%
LSTR	D	-0.49%
AVY	D	-0.48%
DOX	D	-0.48%
BPOP	C	-0.48%
RDN	D	-0.48%
LOW	C	-0.47%
NSA	C	-0.47%
IPG	F	-0.46%
DELL	B	-0.46%
GIS	F	-0.45%
VRT	A	-0.45%
HRB	D	-0.45%
WU	F	-0.43%
EXPD	D	-0.42%
SAIC	F	-0.41%
WSM	D	-0.41%
DPZ	C	-0.41%
CUBE	C	-0.4%
EVRG	A	-0.4%
EBAY	D	-0.4%
EXC	C	-0.39%
CHE	F	-0.39%
SWKS	F	-0.39%
MSM	D	-0.37%
BSY	D	-0.37%
STNG	D	-0.36%
STWD	C	-0.32%
NEP	F	-0.32%
WEC	A	-0.28%
PEG	C	-0.26%
MAS	D	-0.23%
NNN	C	-0.21%
AVB	B	-0.18%
DDS	B	-0.12%
ROL	B	-0.12%
ZTS	D	-0.11%