BBRE vs. QDEF ETF Comparison

Comparison of JPMorgan BetaBuilders MSCI U.S. REIT ETF (BBRE) to FlexShares Quality Dividend Defensive Index Fund (QDEF)

BBRE

JPMorgan BetaBuilders MSCI U.S. REIT ETF

BBRE Description

The investment seeks to provide total return. Under normal circumstances, the fund will invest at least 80% of its assets in bonds. It will invest at least 40% of its assets in countries other than the United States. The fund may invest in developed or emerging markets. It generally invests at least 25% of its assets in securities that, at the time of purchase are rated investment grade or the unrated equivalent. "Assets" means net assets plus the amount of borrowings for investment purposes. The fund may also use currency related transactions involving currency derivatives as part of its primary investment strategy.

Grade (RS Rating)

Last Trade

$100.43

Average Daily Volume

36,489

Number of Holdings ^*

114

* 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

$72.79

Average Daily Volume

6,852

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

Performance

Period	BBRE	QDEF
30 Days	-0.12%	1.58%
60 Days	-1.15%	2.63%
90 Days	2.93%	4.66%
12 Months	29.32%	30.49%

10 Overlapping Holdings

Symbol	Grade	Weight in BBRE	Weight in QDEF	Overlap
AVB	B	2.78%	0.18%	0.18%
CPT	B	1.07%	0.51%	0.51%
CUBE	D	0.95%	0.4%	0.4%
EQR	B	2.27%	0.53%	0.53%
ESS	B	1.7%	0.54%	0.54%
MAA	B	1.59%	0.53%	0.53%
NNN	D	0.69%	0.21%	0.21%
NSA	D	0.34%	0.47%	0.34%
OHI	C	0.82%	0.53%	0.53%
PSA	D	4.27%	0.59%	0.59%

BBRE Overweight 104 Positions Relative to QDEF

Symbol	Grade	Weight
PLD	D	8.9%
EQIX	A	7.34%
WELL	A	6.17%
DLR	B	4.57%
SPG	B	4.49%
O	D	3.75%
EXR	D	3.02%
IRM	D	2.95%
VICI	C	2.7%
VTR	C	2.24%
INVH	D	1.8%
KIM	A	1.47%
ARE	D	1.42%
SUI	D	1.37%
DOC	D	1.3%
UDR	B	1.26%
GLPI	C	1.14%
REG	B	1.09%
HST	C	1.09%
ELS	C	1.09%
BXP	D	1.04%
AMH	D	1.04%
WPC	D	1.03%
BRX	A	0.78%
FRT	B	0.73%
REXR	F	0.69%
EGP	F	0.65%
FR	C	0.61%
ADC	B	0.6%
VNO	B	0.59%
STAG	F	0.57%
COLD	D	0.54%
KRG	B	0.53%
RHP	B	0.52%
SLG	B	0.45%
CUZ	B	0.42%
EPRT	B	0.42%
IRT	A	0.42%
TRNO	F	0.4%
PECO	A	0.4%
SBRA	C	0.38%
MAC	B	0.37%
KRC	C	0.36%
SKT	B	0.34%
CDP	C	0.31%
DEI	B	0.3%
EPR	D	0.3%
APLE	B	0.3%
HIW	D	0.3%
NHI	D	0.3%
PK	B	0.28%
CTRE	D	0.27%
BNL	D	0.26%
IIPR	D	0.26%
UE	C	0.24%
LXP	D	0.23%
MPW	F	0.23%
AKR	B	0.22%
FCPT	C	0.22%
IVT	B	0.21%
ROIC	A	0.2%
EQC	B	0.2%
SHO	C	0.19%
DRH	B	0.17%
JBGS	D	0.15%
PEB	D	0.15%
XHR	B	0.15%
ESRT	C	0.14%
RLJ	C	0.14%
LTC	B	0.14%
ELME	D	0.13%
GNL	F	0.13%
ALEX	C	0.13%
VRE	B	0.13%
AAT	B	0.13%
GTY	B	0.12%
AIV	C	0.12%
PDM	D	0.11%
UMH	C	0.1%
DEA	D	0.1%
NXRT	B	0.1%
CSR	B	0.1%
BDN	C	0.09%
PLYM	F	0.08%
PGRE	F	0.08%
AHH	D	0.08%
NTST	D	0.08%
GOOD	B	0.07%
WSR	A	0.07%
BFS	C	0.06%
INN	D	0.06%
FPI	B	0.06%
OLP	B	0.05%
ALX	D	0.05%
UHT	D	0.05%
GMRE	F	0.05%
LAND	F	0.04%
CBL	A	0.04%
SVC	F	0.04%
CLDT	B	0.04%
CHCT	C	0.04%
HPP	F	0.04%
DHC	F	0.03%
PKST	D	0.03%

BBRE Underweight 113 Positions Relative to QDEF

Symbol	Grade	Weight
AAPL	C	-6.07%
NVDA	C	-6.0%
MSFT	F	-4.97%
HD	A	-3.07%
JNJ	D	-2.93%
PG	A	-2.83%
META	D	-2.76%
ABBV	D	-2.6%
MRK	F	-2.25%
IBM	C	-1.7%
QCOM	F	-1.65%
PM	B	-1.65%
GOOGL	C	-1.36%
INTU	C	-1.29%
TMUS	B	-1.14%
ADP	B	-1.13%
GOOG	C	-1.1%
LMT	D	-1.05%
GILD	C	-1.03%
TJX	A	-0.99%
SBUX	A	-0.98%
AVGO	D	-0.88%
MO	A	-0.86%
CI	F	-0.83%
AMT	D	-0.82%
KLAC	D	-0.79%
T	A	-0.77%
DUK	C	-0.77%
ITW	B	-0.74%
MSI	B	-0.74%
JPM	A	-0.73%
CME	A	-0.71%
MCK	B	-0.71%
BK	A	-0.67%
MMM	D	-0.66%
VZ	C	-0.65%
UNM	A	-0.65%
KO	D	-0.65%
EME	C	-0.64%
BWXT	B	-0.64%
PAYX	C	-0.63%
UMBF	B	-0.61%
CSCO	B	-0.61%
FIS	C	-0.6%
EA	A	-0.6%
AFL	B	-0.6%
CFR	B	-0.6%
GEN	B	-0.59%
AIZ	A	-0.58%
WTW	B	-0.58%
FAST	B	-0.58%
VIRT	B	-0.57%
CSWI	A	-0.57%
COR	B	-0.57%
LDOS	C	-0.57%
VRSK	A	-0.57%
D	C	-0.56%
WDFC	B	-0.55%
PPL	B	-0.55%
ORI	A	-0.54%
RMD	C	-0.54%
K	A	-0.53%
CSL	C	-0.53%
MET	A	-0.53%
PNW	B	-0.52%
IRDM	D	-0.52%
OTIS	C	-0.51%
KMB	D	-0.51%
XOM	B	-0.5%
OMF	A	-0.5%
LSTR	D	-0.49%
ED	D	-0.49%
AVY	D	-0.48%
DOX	D	-0.48%
BPOP	B	-0.48%
RDN	C	-0.48%
LOW	D	-0.47%
OGE	B	-0.47%
IPG	D	-0.46%
DELL	C	-0.46%
BMY	B	-0.45%
GIS	D	-0.45%
VRT	B	-0.45%
HRB	D	-0.45%
WU	D	-0.43%
EXPD	D	-0.42%
SAIC	F	-0.41%
WSM	B	-0.41%
DPZ	C	-0.41%
EVRG	A	-0.4%
EBAY	D	-0.4%
EXC	C	-0.39%
CHE	D	-0.39%
SWKS	F	-0.39%
V	A	-0.38%
MSM	C	-0.37%
BSY	D	-0.37%
STNG	F	-0.36%
STWD	C	-0.32%
NEP	F	-0.32%
WEC	A	-0.28%
PEG	A	-0.26%
COST	B	-0.24%
MA	C	-0.23%
MAS	D	-0.23%
CAH	B	-0.17%
SCCO	F	-0.16%
BAH	F	-0.12%
DDS	B	-0.12%
WMT	A	-0.12%
ROL	B	-0.12%
ZTS	D	-0.11%
BAC	A	-0.02%