FVAL vs. QDEF ETF Comparison

Comparison of Fidelity Value Factor ETF (FVAL) to FlexShares Quality Dividend Defensive Index Fund (QDEF)

FVAL

Fidelity Value Factor ETF

FVAL Description

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Value Factor Index. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Value Factor Index, which is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies that have attractive valuations.

Grade (RS Rating)

Last Trade

$60.22

Average Daily Volume

55,847

Number of Holdings ^*

124

* 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

$71.11

Average Daily Volume

5,791

Number of Holdings ^*

121

* may have additional holdings in another (foreign) market

Performance

Period	FVAL	QDEF
30 Days	2.44%	2.72%
60 Days	2.80%	6.48%
90 Days	5.00%	7.99%
12 Months	24.77%	30.41%

32 Overlapping Holdings

Symbol	Grade	Weight in FVAL	Weight in QDEF	Overlap
AAPL	C	6.96%	6.03%	6.03%
ABBV	C	1.38%	3.04%	1.38%
ADP	B	0.63%	1.05%	0.63%
BAC	D	0.99%	0.02%	0.02%
BMY	C	0.9%	0.38%	0.38%
CI	C	0.96%	0.95%	0.95%
DUK	C	0.37%	0.83%	0.37%
EBAY	B	0.56%	0.42%	0.42%
EXC	C	0.28%	0.42%	0.28%
GILD	B	0.95%	0.95%	0.95%
GOOGL	D	3.57%	1.24%	1.24%
HD	B	1.2%	2.93%	1.2%
IBM	B	1.2%	1.78%	1.2%
JNJ	C	1.49%	3.26%	1.49%
JPM	D	1.62%	0.63%	0.63%
KMB	D	0.46%	0.57%	0.46%
LMT	C	0.63%	1.13%	0.63%
META	B	2.54%	2.56%	2.54%
MMM	B	0.55%	0.68%	0.55%
MO	C	0.55%	0.84%	0.55%
MRK	D	1.28%	2.71%	1.28%
MSFT	C	6.96%	5.11%	5.11%
NVDA	D	6.47%	4.97%	4.97%
PG	C	1.17%	3.01%	1.17%
PSA	B	0.29%	0.65%	0.29%
QCOM	D	1.1%	1.72%	1.1%
SWKS	D	0.72%	0.49%	0.49%
T	C	0.63%	0.76%	0.63%
V	C	1.4%	0.36%	0.36%
VZ	B	0.68%	0.72%	0.68%
WMT	C	1.08%	0.12%	0.12%
XOM	C	1.12%	0.47%	0.47%

FVAL Overweight 92 Positions Relative to QDEF

Symbol	Grade	Weight
AMZN	C	3.76%
BRK.A	C	2.08%
UNH	C	1.78%
CRM	D	1.21%
ACN	C	1.2%
ELV	C	0.97%
MCD	B	0.9%
ZM	C	0.86%
MU	F	0.84%
WFC	D	0.81%
CVS	D	0.81%
CTSH	C	0.8%
AXP	B	0.79%
CNC	D	0.75%
CAT	B	0.73%
BKNG	C	0.73%
RPRX	C	0.7%
HPE	D	0.69%
UNP	C	0.68%
C	C	0.66%
INTC	F	0.65%
TRV	C	0.65%
HON	D	0.64%
CVX	D	0.62%
DE	B	0.62%
CMCSA	D	0.59%
LIN	B	0.58%
RNR	C	0.57%
GM	C	0.57%
COF	B	0.57%
UPS	D	0.55%
EG	C	0.54%
NEE	C	0.54%
PRU	C	0.54%
DFS	B	0.53%
KVUE	C	0.53%
F	F	0.52%
EXPE	C	0.52%
SYF	C	0.51%
TGT	C	0.5%
JXN	A	0.49%
FDX	C	0.49%
UAL	C	0.48%
LVS	D	0.48%
DAL	C	0.47%
PCAR	D	0.47%
CMI	C	0.46%
OZK	D	0.46%
G	C	0.45%
WYNN	D	0.45%
KR	C	0.43%
ADM	D	0.41%
RHI	D	0.4%
M	F	0.4%
COP	D	0.39%
AGCO	D	0.39%
PLD	C	0.38%
OC	D	0.37%
ACI	F	0.36%
BG	D	0.36%
AEP	C	0.3%
PARA	F	0.29%
EOG	D	0.29%
PCG	C	0.28%
MPC	F	0.27%
NEM	B	0.27%
SPG	B	0.26%
ATKR	F	0.26%
O	C	0.26%
FCX	D	0.25%
NRG	C	0.24%
VICI	C	0.23%
CBRE	A	0.22%
VLO	F	0.22%
ARE	C	0.2%
DOW	D	0.2%
NFG	B	0.2%
WPC	C	0.19%
BXP	B	0.19%
DVN	F	0.19%
UGI	C	0.19%
NUE	F	0.19%
LYB	D	0.18%
HST	C	0.18%
GLPI	C	0.18%
CF	C	0.17%
JLL	B	0.17%
MUR	F	0.15%
STLD	F	0.15%
CIVI	F	0.14%
MOS	F	0.14%
CLF	F	0.12%

FVAL Underweight 89 Positions Relative to QDEF

Symbol	Grade	Weight
PM	C	-1.65%
INTU	C	-1.23%
AMT	C	-1.03%
TJX	B	-1.01%
GOOG	D	-1.01%
TMUS	C	-0.99%
SBUX	C	-0.99%
KLAC	D	-0.94%
AVGO	C	-0.88%
KO	C	-0.76%
ITW	C	-0.7%
CME	C	-0.7%
MSI	B	-0.68%
MCK	F	-0.62%
BK	B	-0.61%
AFL	C	-0.61%
PAYX	C	-0.6%
D	C	-0.59%
RMD	C	-0.59%
MAA	B	-0.58%
EQR	B	-0.58%
FIS	B	-0.58%
ESS	B	-0.57%
PPL	C	-0.55%
EA	D	-0.55%
VRSK	D	-0.55%
OHI	B	-0.55%
ED	C	-0.55%
AVY	C	-0.54%
K	B	-0.54%
NSA	B	-0.54%
LDOS	B	-0.54%
CPT	B	-0.54%
WTW	C	-0.54%
VIRT	C	-0.53%
PNW	C	-0.53%
UMBF	B	-0.53%
CSCO	C	-0.53%
EME	B	-0.52%
GIS	B	-0.52%
AIZ	B	-0.52%
UNM	B	-0.51%
FAST	C	-0.51%
WDFC	C	-0.51%
ORI	B	-0.51%
IPG	C	-0.5%
DOX	C	-0.5%
MET	B	-0.5%
BPOP	C	-0.5%
BWXT	D	-0.5%
RDN	C	-0.5%
LSTR	D	-0.49%
IRDM	D	-0.49%
NEP	D	-0.49%
CSL	B	-0.49%
OTIS	C	-0.49%
WU	F	-0.49%
HRB	C	-0.49%
CSWI	B	-0.48%
CFR	C	-0.48%
OGE	C	-0.47%
STNG	D	-0.46%
WSM	D	-0.46%
CUBE	B	-0.46%
LOW	B	-0.45%
SAIC	C	-0.45%
OMF	D	-0.43%
EXPD	C	-0.43%
CHE	C	-0.41%
EVRG	B	-0.4%
DELL	D	-0.4%
DPZ	F	-0.39%
BSY	D	-0.39%
MSM	D	-0.35%
STWD	B	-0.34%
VRT	C	-0.33%
WEC	C	-0.29%
NNN	C	-0.25%
PEG	B	-0.25%
COST	B	-0.24%
MAS	B	-0.24%
MA	B	-0.22%
AVB	B	-0.19%
CAH	C	-0.16%
SCCO	D	-0.16%
ROL	C	-0.13%
ZTS	C	-0.12%
BAH	C	-0.12%
DDS	F	-0.1%