PFIX vs. QDEF ETF Comparison

Comparison of Simplify Interest Rate Hedge ETF (PFIX) to FlexShares Quality Dividend Defensive Index Fund (QDEF)

PFIX

Simplify Interest Rate Hedge ETF

PFIX Description

The investment seeks to track the performance, before fees and expenses, of the SoFi Sustainable Dividend Index. The index follows a rules-based methodology that tracks the performance of the equity securities of publicly-traded, large- and mid-capitalization U.S. and non-U.S. companies in developed markets that are selected based on a set of dividend filters focused on dividend sustainability. The adviser attempts to invest all, or substantially all, of its assets in the component securities that make up the index. The fund will invest at least 80% its net assets in dividend paying securities. It is non-diversified.

Grade (RS Rating)

Last Trade

$47.21

Average Daily Volume

80,893

Number of Holdings ^*

108

* 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

$73.05

Average Daily Volume

6,852

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

Performance

Period	PFIX	QDEF
30 Days	1.63%	1.58%
60 Days	26.27%	2.63%
90 Days	22.86%	4.66%
12 Months	7.42%	30.49%

22 Overlapping Holdings

Symbol	Grade	Weight in PFIX	Weight in QDEF	Overlap
ADP	B	0.79%	1.13%	0.79%
AVB	B	0.19%	0.18%	0.18%
AVGO	D	3.86%	0.88%	0.88%
BAC	A	1.73%	0.02%	0.02%
BK	A	0.29%	0.67%	0.29%
CSCO	B	1.48%	0.61%	0.61%
EVRG	A	0.07%	0.4%	0.07%
EXC	C	0.27%	0.39%	0.27%
GILD	C	0.66%	1.03%	0.66%
GIS	D	0.28%	0.45%	0.28%
JNJ	D	2.83%	2.93%	2.83%
JPM	A	3.9%	0.73%	0.73%
LMT	D	0.82%	1.05%	0.82%
MET	A	0.32%	0.53%	0.32%
PAYX	C	0.3%	0.63%	0.3%
PEG	A	0.23%	0.26%	0.23%
PG	A	2.82%	2.83%	2.82%
QCOM	F	1.27%	1.65%	1.27%
SWKS	F	0.12%	0.39%	0.12%
VZ	C	1.26%	0.65%	0.65%
WEC	A	0.18%	0.28%	0.18%
XOM	B	3.19%	0.5%	0.5%

PFIX Overweight 86 Positions Relative to QDEF

Symbol	Grade	Weight
CVX	A	2.06%
TM	D	1.97%
NVS	D	1.56%
CMCSA	B	1.29%
HSBH	B	1.23%
TXN	C	1.13%
COP	C	1.01%
PLD	D	0.91%
BLK	C	0.87%
TD	F	0.83%
ETN	A	0.82%
MS	A	0.81%
UPS	C	0.81%
C	A	0.77%
MDLZ	F	0.76%
CVS	D	0.76%
MMC	B	0.75%
SO	D	0.55%
GD	F	0.46%
USB	A	0.45%
HMC	F	0.45%
PSX	C	0.45%
STLA	F	0.43%
PNC	B	0.43%
NSC	B	0.42%
PCAR	B	0.42%
TRV	B	0.38%
APD	A	0.37%
VLO	C	0.36%
AIG	B	0.34%
SRE	A	0.33%
NUE	C	0.32%
OKE	A	0.31%
AEP	D	0.31%
JCI	C	0.29%
LHX	C	0.29%
CMI	A	0.28%
RSG	A	0.28%
KR	B	0.26%
E	F	0.26%
XEL	A	0.25%
FANG	D	0.23%
HSY	F	0.22%
DFS	B	0.22%
ADM	D	0.22%
VICI	C	0.22%
BCS	C	0.22%
EIX	B	0.19%
TROW	B	0.17%
DTE	C	0.17%
STT	A	0.16%
FITB	A	0.16%
ES	D	0.15%
MTB	A	0.15%
PFG	D	0.14%
GPC	D	0.14%
DRI	B	0.14%
AEE	A	0.14%
ETR	B	0.14%
HBAN	A	0.13%
GRMN	B	0.13%
OMC	C	0.13%
HPE	B	0.13%
CMS	C	0.12%
RF	A	0.12%
SYF	B	0.12%
HST	C	0.11%
NTRS	A	0.11%
VTRS	A	0.11%
ATO	A	0.11%
CINF	A	0.11%
FNF	B	0.1%
SNA	A	0.1%
CCEP	C	0.1%
PKG	A	0.1%
BBY	D	0.1%
IP	B	0.09%
AMCR	D	0.09%
EG	C	0.09%
CAG	D	0.09%
NI	A	0.08%
LNT	A	0.08%
MOS	F	0.07%
CHRW	C	0.06%
CPB	D	0.06%
FRO	F	0.02%

PFIX Underweight 101 Positions Relative to QDEF

Symbol	Grade	Weight
AAPL	C	-6.07%
NVDA	C	-6.0%
MSFT	F	-4.97%
HD	A	-3.07%
META	D	-2.76%
ABBV	D	-2.6%
MRK	F	-2.25%
IBM	C	-1.7%
PM	B	-1.65%
GOOGL	C	-1.36%
INTU	C	-1.29%
TMUS	B	-1.14%
GOOG	C	-1.1%
TJX	A	-0.99%
SBUX	A	-0.98%
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%
CME	A	-0.71%
MCK	B	-0.71%
MMM	D	-0.66%
UNM	A	-0.65%
KO	D	-0.65%
EME	C	-0.64%
BWXT	B	-0.64%
UMBF	B	-0.61%
FIS	C	-0.6%
EA	A	-0.6%
AFL	B	-0.6%
CFR	B	-0.6%
GEN	B	-0.59%
PSA	D	-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%
ESS	B	-0.54%
RMD	C	-0.54%
K	A	-0.53%
CSL	C	-0.53%
OHI	C	-0.53%
EQR	B	-0.53%
MAA	B	-0.53%
PNW	B	-0.52%
IRDM	D	-0.52%
CPT	B	-0.51%
OTIS	C	-0.51%
KMB	D	-0.51%
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%
NSA	D	-0.47%
OGE	B	-0.47%
IPG	D	-0.46%
DELL	C	-0.46%
BMY	B	-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%
CUBE	D	-0.4%
EBAY	D	-0.4%
CHE	D	-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%
COST	B	-0.24%
MA	C	-0.23%
MAS	D	-0.23%
NNN	D	-0.21%
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%