FNCL vs. QDF ETF Comparison

Comparison of Fidelity MSCI Financials Index ETF (FNCL) to FlexShares Quality Dividend Index Fund (QDF)

FNCL

Fidelity MSCI Financials Index ETF

FNCL Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Financials Index. Investing at least 80% of assets in securities included in the fund's underlying index. The fund's underlying index is the MSCI USA IMI Financials Index, which represents the performance of the financial sector in the U.S. equity market. It may or may not hold all of the securities in the MSCI USA IMI Financials Index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$64.30

Average Daily Volume

84,521

Number of Holdings ^*

374

* 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

$71.22

Average Daily Volume

46,144

Number of Holdings ^*

125

* may have additional holdings in another (foreign) market

Performance

Period	FNCL	QDF
30 Days	4.30%	2.42%
60 Days	5.84%	4.87%
90 Days	11.19%	6.57%
12 Months	34.97%	27.18%

26 Overlapping Holdings

Symbol	Grade	Weight in FNCL	Weight in QDF	Overlap
AFL	C	0.82%	0.62%	0.62%
ALLY	F	0.13%	0.35%	0.13%
BAC	D	3.87%	0.02%	0.02%
BK	B	0.71%	0.62%	0.62%
BPOP	C	0.1%	0.5%	0.1%
CFR	C	0.09%	0.34%	0.09%
CMA	B	0.11%	0.5%	0.11%
FAF	B	0.09%	0.49%	0.09%
FIS	B	0.66%	0.61%	0.61%
IVZ	B	0.07%	0.49%	0.07%
JHG	B	0.07%	0.51%	0.07%
JPM	D	8.39%	0.65%	0.65%
LNC	D	0.07%	0.34%	0.07%
MA	B	5.71%	0.26%	0.26%
MET	B	0.64%	0.53%	0.53%
MS	D	1.67%	0.75%	0.75%
OMF	D	0.08%	0.45%	0.08%
ORI	B	0.13%	0.53%	0.13%
PFG	B	0.26%	0.38%	0.26%
PRU	C	0.59%	0.58%	0.58%
RDN	C	0.07%	0.52%	0.07%
STWD	A	0.08%	0.52%	0.08%
V	C	6.31%	0.38%	0.38%
VIRT	C	0.04%	0.55%	0.04%
WTW	C	0.42%	0.54%	0.42%
WU	F	0.04%	0.5%	0.04%

FNCL Overweight 348 Positions Relative to QDF

Symbol	Grade	Weight
BRK.A	C	8.46%
WFC	D	2.64%
SPGI	B	2.33%
GS	C	2.15%
PGR	B	2.06%
AXP	B	2.06%
BLK	B	1.84%
MMC	C	1.59%
C	D	1.55%
CB	B	1.55%
BX	B	1.44%
SCHW	D	1.35%
ICE	C	1.29%
MCO	B	1.11%
CME	C	1.11%
KKR	B	1.04%
PNC	B	1.0%
USB	B	0.99%
PYPL	B	0.97%
AON	B	0.95%
AJG	D	0.91%
TFC	C	0.79%
TRV	C	0.75%
COF	B	0.74%
ALL	B	0.69%
AIG	D	0.68%
MSCI	C	0.63%
AMP	A	0.61%
APO	C	0.61%
ACGL	C	0.58%
SQ	D	0.5%
HIG	B	0.48%
DFS	C	0.46%
NDAQ	A	0.44%
COIN	F	0.42%
FITB	B	0.4%
MTB	B	0.39%
GPN	D	0.39%
ARES	B	0.37%
STT	B	0.35%
BRO	C	0.34%
TROW	D	0.33%
RJF	C	0.32%
CBOE	C	0.31%
CINF	C	0.3%
RF	B	0.29%
CPAY	B	0.29%
HBAN	B	0.29%
MKL	C	0.28%
SYF	C	0.26%
CFG	C	0.26%
FCNCA	D	0.26%
WRB	C	0.25%
NTRS	A	0.25%
EG	C	0.23%
FDS	C	0.23%
LPLA	D	0.22%
FNF	B	0.21%
L	C	0.21%
KEY	B	0.21%
RGA	C	0.2%
TW	B	0.19%
RNR	C	0.19%
IBKR	B	0.18%
ERIE	B	0.18%
JKHY	B	0.18%
EQH	C	0.18%
EWBC	D	0.16%
AIZ	B	0.15%
HOOD	C	0.15%
MKTX	C	0.14%
AFRM	C	0.14%
AFG	B	0.14%
KNSL	C	0.14%
CG	D	0.13%
PRI	B	0.13%
TOST	C	0.13%
JEF	B	0.13%
GL	C	0.13%
WAL	B	0.12%
FHN	D	0.12%
MORN	C	0.12%
EVR	A	0.12%
SF	A	0.12%
UNM	B	0.12%
VOYA	B	0.11%
WBS	D	0.11%
HLI	B	0.11%
OWL	C	0.11%
WEX	C	0.11%
PB	B	0.1%
WTFC	C	0.1%
PNFP	B	0.1%
SSB	B	0.1%
SEIC	C	0.1%
AGNC	B	0.1%
CBSH	C	0.1%
SOFI	C	0.1%
RYAN	D	0.09%
SNV	C	0.09%
AXS	B	0.09%
MTG	B	0.09%
ESNT	B	0.09%
ZION	D	0.09%
AMG	C	0.08%
CADE	C	0.08%
JXN	A	0.08%
BEN	F	0.08%
HLNE	B	0.08%
COOP	C	0.08%
ONB	C	0.08%
RLI	B	0.08%
PFSI	C	0.07%
PIPR	B	0.07%
UMBF	B	0.07%
GBCI	B	0.07%
UBSI	B	0.07%
HOMB	B	0.07%
COLB	B	0.07%
THG	B	0.07%
SIGI	D	0.07%
FNB	C	0.07%
TPG	B	0.06%
CNO	B	0.06%
ESGR	D	0.06%
MC	B	0.06%
SLM	D	0.06%
AGO	C	0.06%
HWC	D	0.06%
FFIN	B	0.06%
OZK	D	0.06%
FOUR	C	0.06%
EEFT	D	0.06%
WTM	D	0.06%
UCBI	B	0.05%
FBP	C	0.05%
AX	D	0.05%
BGC	B	0.05%
IBOC	D	0.05%
OSCR	B	0.05%
WD	B	0.05%
VLY	C	0.05%
SFBS	B	0.05%
ABCB	B	0.05%
KMPR	D	0.05%
HASI	C	0.05%
BKU	C	0.04%
UPST	C	0.04%
FHI	A	0.04%
PRK	C	0.04%
APAM	C	0.04%
PJT	B	0.04%
CBU	C	0.04%
FIBK	B	0.04%
CACC	F	0.04%
WAFD	C	0.04%
CATY	C	0.04%
BHF	F	0.04%
GNW	B	0.04%
BOKF	B	0.04%
EBC	B	0.04%
WSFS	D	0.04%
AUB	D	0.04%
TCBI	B	0.04%
BXMT	C	0.04%
FULT	D	0.04%
STEP	B	0.04%
FHB	D	0.04%
NMIH	B	0.04%
ASB	D	0.04%
TRMK	C	0.03%
WSBC	D	0.03%
BANC	B	0.03%
NATL	D	0.03%
EFSC	C	0.03%
STC	B	0.03%
BANR	B	0.03%
DFIN	B	0.03%
GSHD	C	0.03%
RNST	D	0.03%
OFG	C	0.03%
PRG	A	0.03%
FLYW	F	0.03%
NBTB	D	0.03%
IBTX	B	0.03%
MQ	F	0.03%
EVTC	D	0.03%
SBCF	C	0.03%
ENVA	C	0.03%
BANF	B	0.03%
TBBK	B	0.03%
PFS	B	0.03%
PPBI	D	0.03%
VCTR	B	0.03%
FRME	D	0.03%
SNEX	B	0.03%
PLMR	C	0.03%
CVBF	D	0.03%
ABR	B	0.03%
HTLF	B	0.03%
RKT	C	0.03%
FFBC	D	0.03%
INDB	C	0.03%
CNS	B	0.03%
SFNC	B	0.03%
BOH	D	0.03%
TOWN	B	0.03%
SRCE	D	0.02%
PEBO	C	0.02%
EFC	B	0.02%
BHLB	B	0.02%
EIG	C	0.02%
GABC	C	0.02%
SAFT	D	0.02%
NBHC	D	0.02%
LC	D	0.02%
NIC	C	0.02%
WABC	D	0.02%
VBTX	B	0.02%
ACT	B	0.02%
PMT	C	0.02%
QCRH	B	0.02%
CODI	D	0.02%
NAVI	C	0.02%
TCBK	D	0.02%
HMN	D	0.02%
SKWD	C	0.02%
LOB	B	0.02%
HTH	C	0.02%
VRTS	F	0.02%
ARI	F	0.02%
CUBI	F	0.02%
NNI	B	0.02%
RC	F	0.02%
HOPE	B	0.02%
SPNT	C	0.02%
SASR	B	0.02%
CHCO	B	0.02%
TRUP	C	0.02%
SYBT	A	0.02%
FBNC	B	0.02%
STBA	B	0.02%
LKFN	C	0.02%
CASH	B	0.02%
LADR	C	0.02%
BUSE	C	0.02%
FRHC	B	0.02%
MCY	D	0.02%
NWBI	C	0.02%
FCF	C	0.02%
FBK	B	0.02%
AGM	D	0.02%
PGC	C	0.01%
WRLD	D	0.01%
CLBK	C	0.01%
HAFC	C	0.01%
SPFI	B	0.01%
PAY	D	0.01%
HONE	C	0.01%
UFCS	D	0.01%
CCBG	B	0.01%
PX	C	0.01%
CTLP	F	0.01%
GSBC	D	0.01%
MCB	C	0.01%
NFBK	C	0.01%
SMBC	C	0.01%
NRDS	F	0.01%
BHB	A	0.01%
TIPT	B	0.01%
AMBC	D	0.01%
TRTX	C	0.01%
GDOT	C	0.01%
CAC	C	0.01%
MSBI	D	0.01%
LPRO	D	0.01%
FSBC	B	0.01%
WASH	B	0.01%
TRST	C	0.01%
THFF	B	0.01%
CCB	B	0.01%
EZPW	D	0.01%
EQBK	B	0.01%
TMP	C	0.01%
AMTB	D	0.01%
IIIV	D	0.01%
FMNB	B	0.01%
PRA	C	0.01%
EGBN	C	0.01%
TREE	C	0.01%
IMXI	D	0.01%
RBCAA	B	0.01%
KREF	B	0.01%
TFSL	C	0.01%
CPF	B	0.01%
CFFN	D	0.01%
PFBC	D	0.01%
AMAL	B	0.01%
UVE	C	0.01%
BFST	B	0.01%
FG	D	0.01%
CASS	C	0.01%
FCBC	A	0.01%
RPAY	F	0.01%
HTBK	C	0.01%
HFWA	C	0.01%
OSBC	C	0.01%
BFC	B	0.01%
BSIG	B	0.01%
MCBS	B	0.01%
PRAA	D	0.01%
HBNC	B	0.01%
FMBH	B	0.01%
BY	D	0.01%
AMSF	C	0.01%
MBWM	D	0.01%
CFB	D	0.01%
FBMS	B	0.01%
BHRB	C	0.01%
CTBI	B	0.01%
BRSP	D	0.01%
BRKL	C	0.01%
DX	B	0.01%
CMTG	D	0.01%
UWMC	D	0.01%
HCI	C	0.01%
OBK	D	0.01%
SBSI	B	0.01%
DCOM	B	0.01%
IBCP	B	0.01%
ECPG	D	0.01%
CNOB	B	0.01%
CNNE	D	0.01%
LMND	D	0.01%
UVSP	B	0.01%
MBIN	D	0.01%
RWT	B	0.01%
PFC	C	0.01%
OCFC	B	0.01%
AROW	D	0.0%
RILY	F	0.0%
CRD.B	C	0.0%
GCBC	D	0.0%
DHIL	C	0.0%
DGICA	B	0.0%
KRNY	C	0.0%
HBT	C	0.0%
HGTY	D	0.0%

FNCL Underweight 99 Positions Relative to QDF

Symbol	Grade	Weight
AAPL	C	-8.27%
MSFT	C	-5.21%
NVDA	D	-4.94%
JNJ	C	-3.32%
PG	C	-3.22%
ABBV	C	-3.1%
META	B	-3.04%
KO	C	-2.57%
ACN	C	-1.98%
QCOM	D	-1.74%
GOOGL	D	-1.69%
INTU	C	-1.69%
HD	B	-1.68%
GOOG	D	-1.49%
PM	C	-1.38%
UNP	C	-1.37%
LOW	B	-1.23%
ADP	B	-1.06%
GILD	B	-0.96%
LRCX	F	-0.95%
KLAC	D	-0.92%
NKE	D	-0.9%
AVGO	C	-0.89%
MO	C	-0.84%
ZTS	C	-0.83%
SBUX	C	-0.74%
ITW	C	-0.71%
MMM	B	-0.69%
CAT	B	-0.69%
LMT	C	-0.68%
PSA	B	-0.66%
EBAY	B	-0.62%
PAYX	C	-0.62%
D	C	-0.61%
AVB	B	-0.6%
VRT	C	-0.6%
MAA	B	-0.59%
FAST	C	-0.59%
PEG	C	-0.59%
EQR	B	-0.58%
NSA	B	-0.57%
MRK	D	-0.56%
NXPI	F	-0.55%
MPC	F	-0.55%
OHI	B	-0.55%
CPT	B	-0.54%
MCHP	F	-0.54%
VLO	F	-0.53%
EA	D	-0.53%
KTB	B	-0.52%
IPG	C	-0.52%
CHRW	B	-0.51%
NEP	D	-0.5%
OGE	C	-0.5%
UGI	C	-0.49%
XOM	C	-0.48%
DVN	F	-0.48%
SMG	C	-0.48%
WSM	D	-0.47%
SWKS	D	-0.47%
SNA	C	-0.45%
POOL	C	-0.45%
WY	C	-0.45%
TPR	C	-0.44%
WDFC	C	-0.44%
NUE	F	-0.42%
EVRG	B	-0.42%
HST	C	-0.42%
CUBE	C	-0.42%
WMS	D	-0.41%
TT	B	-0.4%
CTAS	B	-0.38%
SCCO	D	-0.36%
EIX	C	-0.35%
RHI	D	-0.33%
APLE	D	-0.33%
IRDM	D	-0.31%
BR	D	-0.29%
OLN	D	-0.27%
NNN	C	-0.27%
WING	B	-0.25%
COST	B	-0.24%
NTAP	D	-0.22%
RMD	C	-0.19%
HRB	C	-0.18%
CL	D	-0.17%
PNW	C	-0.16%
DPZ	F	-0.16%
BSY	D	-0.14%
PAYC	D	-0.13%
WMT	C	-0.12%
EXP	B	-0.08%
WFRD	F	-0.07%
CSWI	B	-0.06%
BKNG	C	-0.06%
MAR	C	-0.04%
COP	D	-0.04%
STNG	D	-0.02%
BBWI	F	-0.01%