QDEF vs. ACWV ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to iShares MSCI All Country World Minimum Volatility Index Fund (ACWV)

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

ACWV

iShares MSCI All Country World Minimum Volatility Index Fund

ACWV Description

The investment seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets. The fund generally invests at least 90% of its assets in securities of the underlying index or in depositary receipts representing securities in the underlying index. It seeks to track the underlying index, which has been developed by MSCI Inc. ("MSCI") to measure the combined performance of equity securities in both emerging and developed markets that in aggregate have lower volatility. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$113.95

Average Daily Volume

117,990

Number of Holdings ^*

139

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	ACWV
30 Days	1.58%	0.32%
60 Days	2.63%	-0.25%
90 Days	4.66%	1.23%
12 Months	30.49%	18.77%

38 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in ACWV	Overlap
ABBV	D	2.6%	0.49%	0.49%
AIZ	A	0.58%	0.13%	0.13%
BAH	F	0.12%	0.37%	0.12%
BMY	B	0.45%	0.25%	0.25%
CAH	B	0.17%	0.18%	0.17%
CI	F	0.83%	0.24%	0.24%
CME	A	0.71%	0.23%	0.23%
COR	B	0.57%	1.05%	0.57%
CSCO	B	0.61%	1.57%	0.61%
DPZ	C	0.41%	0.19%	0.19%
DUK	C	0.77%	0.81%	0.77%
EA	A	0.6%	0.63%	0.6%
ED	D	0.49%	0.84%	0.49%
GEN	B	0.59%	0.3%	0.3%
GILD	C	1.03%	0.48%	0.48%
GIS	D	0.45%	0.61%	0.45%
IBM	C	1.7%	0.73%	0.73%
JNJ	D	2.93%	1.05%	1.05%
K	A	0.53%	0.57%	0.53%
KMB	D	0.51%	0.3%	0.3%
KO	D	0.65%	0.05%	0.05%
LMT	D	1.05%	0.23%	0.23%
MA	C	0.23%	0.19%	0.19%
MCK	B	0.71%	1.42%	0.71%
MRK	F	2.25%	1.06%	1.06%
MSFT	F	4.97%	0.76%	0.76%
MSI	B	0.74%	1.88%	0.74%
PG	A	2.83%	0.82%	0.82%
ROL	B	0.12%	0.21%	0.12%
T	A	0.77%	0.26%	0.26%
TJX	A	0.99%	0.37%	0.37%
TMUS	B	1.14%	2.03%	1.14%
V	A	0.38%	0.59%	0.38%
VZ	C	0.65%	0.76%	0.65%
WEC	A	0.28%	0.68%	0.28%
WMT	A	0.12%	1.82%	0.12%
WTW	B	0.58%	0.1%	0.1%
XOM	B	0.5%	0.1%	0.1%

QDEF Overweight 85 Positions Relative to ACWV

Symbol	Grade	Weight
AAPL	C	6.07%
NVDA	C	6.0%
HD	A	3.07%
META	D	2.76%
QCOM	F	1.65%
PM	B	1.65%
GOOGL	C	1.36%
INTU	C	1.29%
ADP	B	1.13%
GOOG	C	1.1%
SBUX	A	0.98%
AVGO	D	0.88%
MO	A	0.86%
AMT	D	0.82%
KLAC	D	0.79%
ITW	B	0.74%
JPM	A	0.73%
BK	A	0.67%
MMM	D	0.66%
UNM	A	0.65%
EME	C	0.64%
BWXT	B	0.64%
PAYX	C	0.63%
UMBF	B	0.61%
FIS	C	0.6%
AFL	B	0.6%
CFR	B	0.6%
PSA	D	0.59%
FAST	B	0.58%
VIRT	B	0.57%
CSWI	A	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%
CSL	C	0.53%
OHI	C	0.53%
MET	A	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%
OMF	A	0.5%
LSTR	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%
VRT	B	0.45%
HRB	D	0.45%
WU	D	0.43%
EXPD	D	0.42%
SAIC	F	0.41%
WSM	B	0.41%
CUBE	D	0.4%
EVRG	A	0.4%
EBAY	D	0.4%
EXC	C	0.39%
CHE	D	0.39%
SWKS	F	0.39%
MSM	C	0.37%
BSY	D	0.37%
STNG	F	0.36%
STWD	C	0.32%
NEP	F	0.32%
PEG	A	0.26%
COST	B	0.24%
MAS	D	0.23%
NNN	D	0.21%
AVB	B	0.18%
SCCO	F	0.16%
DDS	B	0.12%
ZTS	D	0.11%
BAC	A	0.02%

QDEF Underweight 101 Positions Relative to ACWV

Symbol	Grade	Weight
WM	A	-1.5%
ROP	B	-1.36%
RSG	A	-1.19%
VRTX	F	-1.13%
PEP	F	-1.08%
MCD	D	-1.02%
BRK.A	B	-0.91%
CB	C	-0.88%
MMC	B	-0.88%
PGR	A	-0.84%
UNH	C	-0.83%
KR	B	-0.83%
SO	D	-0.8%
NOC	D	-0.77%
AZO	C	-0.77%
GDDY	A	-0.64%
ORLY	B	-0.62%
REGN	F	-0.61%
ACGL	D	-0.57%
CBOE	B	-0.54%
APH	A	-0.54%
ORCL	B	-0.54%
LLY	F	-0.52%
FI	A	-0.48%
CHD	B	-0.46%
HSY	F	-0.44%
MKL	A	-0.43%
ELV	F	-0.42%
WRB	A	-0.41%
KEYS	A	-0.41%
L	A	-0.4%
UTHR	C	-0.4%
WCN	A	-0.39%
INCY	C	-0.38%
CHT	D	-0.37%
KDP	D	-0.36%
FFIV	B	-0.36%
CL	D	-0.35%
VRSN	F	-0.35%
AON	A	-0.35%
AMGN	D	-0.34%
KHC	F	-0.33%
AJG	B	-0.33%
TRV	B	-0.32%
TSN	B	-0.32%
JNPR	F	-0.32%
NBIX	C	-0.31%
HUM	C	-0.31%
BRO	B	-0.3%
AKAM	D	-0.27%
SJM	D	-0.27%
ACN	C	-0.26%
ERIE	D	-0.26%
MDLZ	F	-0.25%
CF	B	-0.25%
YUM	B	-0.24%
FCNCA	A	-0.23%
HRL	D	-0.23%
FWONK	B	-0.22%
PTC	A	-0.22%
BDX	F	-0.22%
CPB	D	-0.22%
CTSH	B	-0.21%
MFG	B	-0.21%
JKHY	D	-0.2%
BMRN	D	-0.19%
GD	F	-0.18%
LNG	B	-0.16%
ULTA	F	-0.16%
CMS	C	-0.16%
MPC	D	-0.15%
DGX	A	-0.15%
WIT	A	-0.12%
CTVA	C	-0.12%
MOH	F	-0.12%
FICO	B	-0.12%
MNST	C	-0.12%
AZPN	A	-0.11%
TDY	B	-0.11%
AEE	A	-0.11%
XEL	A	-0.11%
EG	C	-0.1%
WDAY	B	-0.1%
PCG	A	-0.1%
ABT	B	-0.1%
TPL	A	-0.1%
NEM	D	-0.09%
TRGP	B	-0.08%
AEP	D	-0.07%
IT	C	-0.07%
KNX	B	-0.06%
ANET	C	-0.06%
DINO	D	-0.06%
FANG	D	-0.06%
CHRW	C	-0.06%
CAG	D	-0.05%
GPC	D	-0.05%
HOLX	D	-0.05%
ACI	C	-0.05%
HSIC	B	-0.05%
HKD	F	-0.0%