QDEF vs. FTA ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to First Trust Large Cap Value AlphaDEX Fund (based onthe Defined Large Cap Value Index (FTA)

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

FTA

First Trust Large Cap Value AlphaDEX Fund (based onthe Defined Large Cap Value Index

FTA Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Defined Large Cap Value Index. The fund will normally invest at least 90% of its net assets in common stocks that comprise the index. The index is a modified equal-dollar weighted index designed by S&P to objectively identify and select stocks from the S&P 500(R) Value Index that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. It is non-diversified.

Grade (RS Rating)

Last Trade

$82.72

Average Daily Volume

39,082

Number of Holdings ^*

186

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	FTA
30 Days	1.58%	4.88%
60 Days	2.63%	5.23%
90 Days	4.66%	6.80%
12 Months	30.49%	26.69%

25 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in FTA	Overlap
AFL	B	0.6%	0.5%	0.5%
BAC	A	0.02%	0.59%	0.02%
CI	F	0.83%	0.16%	0.16%
CSCO	B	0.61%	0.38%	0.38%
D	C	0.56%	0.5%	0.5%
DUK	C	0.77%	0.49%	0.49%
EBAY	D	0.4%	0.49%	0.4%
ED	D	0.49%	0.64%	0.49%
EQR	B	0.53%	0.5%	0.5%
EXC	C	0.39%	0.66%	0.39%
EXPD	D	0.42%	0.16%	0.16%
GIS	D	0.45%	0.31%	0.31%
HD	A	3.07%	0.17%	0.17%
JNJ	D	2.93%	0.33%	0.33%
LMT	D	1.05%	0.16%	0.16%
LOW	D	0.47%	0.17%	0.17%
MAA	B	0.53%	0.17%	0.17%
MAS	D	0.23%	0.16%	0.16%
PPL	B	0.55%	0.51%	0.51%
SBUX	A	0.98%	0.17%	0.17%
SWKS	F	0.39%	0.6%	0.39%
T	A	0.77%	0.89%	0.77%
VZ	C	0.65%	0.64%	0.64%
WEC	A	0.28%	0.35%	0.28%
XOM	B	0.5%	0.9%	0.5%

QDEF Overweight 98 Positions Relative to FTA

Symbol	Grade	Weight
AAPL	C	6.07%
NVDA	C	6.0%
MSFT	F	4.97%
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%
GILD	C	1.03%
TJX	A	0.99%
AVGO	D	0.88%
MO	A	0.86%
AMT	D	0.82%
KLAC	D	0.79%
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%
UNM	A	0.65%
KO	D	0.65%
EME	C	0.64%
BWXT	B	0.64%
PAYX	C	0.63%
UMBF	B	0.61%
FIS	C	0.6%
EA	A	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%
WDFC	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%
MET	A	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%
AVY	D	0.48%
DOX	D	0.48%
BPOP	B	0.48%
RDN	C	0.48%
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%
SAIC	F	0.41%
WSM	B	0.41%
DPZ	C	0.41%
CUBE	D	0.4%
EVRG	A	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%
PEG	A	0.26%
COST	B	0.24%
MA	C	0.23%
NNN	D	0.21%
AVB	B	0.18%
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%

QDEF Underweight 161 Positions Relative to FTA

Symbol	Grade	Weight
UAL	A	-1.4%
SYF	B	-1.14%
GM	B	-1.13%
DAL	C	-1.12%
PCAR	B	-1.02%
FOXA	B	-0.98%
EOG	A	-0.97%
TROW	B	-0.97%
STLD	B	-0.96%
CVX	A	-0.96%
CINF	A	-0.96%
RS	B	-0.94%
COP	C	-0.94%
CTRA	B	-0.93%
HPE	B	-0.92%
F	C	-0.92%
AIG	B	-0.91%
HAL	C	-0.91%
VLO	C	-0.91%
CMCSA	B	-0.91%
WFC	A	-0.9%
DVN	F	-0.88%
PSX	C	-0.87%
TOL	B	-0.87%
COF	B	-0.86%
OXY	D	-0.86%
KMI	A	-0.85%
MPC	D	-0.85%
NUE	C	-0.85%
HBAN	A	-0.84%
EG	C	-0.82%
EQT	B	-0.82%
LNG	B	-0.82%
CFG	B	-0.8%
BG	F	-0.8%
PHM	D	-0.79%
LEN	D	-0.79%
OC	A	-0.78%
ETR	B	-0.78%
CVS	D	-0.77%
ADM	D	-0.77%
LYB	F	-0.76%
SRE	A	-0.76%
VTRS	A	-0.76%
C	A	-0.76%
INTC	D	-0.75%
FDX	B	-0.75%
CRBG	B	-0.74%
L	A	-0.74%
XEL	A	-0.74%
FANG	D	-0.74%
SLB	C	-0.73%
ATO	A	-0.73%
CTSH	B	-0.73%
CNP	B	-0.72%
AEE	A	-0.72%
KR	B	-0.72%
ZBH	C	-0.71%
ALLY	C	-0.71%
CB	C	-0.7%
CF	B	-0.7%
HIG	B	-0.69%
APTV	D	-0.66%
ON	D	-0.65%
MS	A	-0.65%
DG	F	-0.64%
SNA	A	-0.63%
CHTR	C	-0.62%
BKR	B	-0.61%
MTB	A	-0.61%
IP	B	-0.6%
DHI	D	-0.6%
RF	A	-0.58%
FITB	A	-0.57%
TDY	B	-0.56%
LUV	C	-0.56%
TRV	B	-0.56%
USB	A	-0.56%
STT	A	-0.55%
CNC	D	-0.55%
NI	A	-0.53%
DGX	A	-0.52%
TXT	D	-0.5%
LNT	A	-0.5%
ULTA	F	-0.5%
TGT	F	-0.5%
HRL	D	-0.49%
SYY	B	-0.49%
DTE	C	-0.48%
CE	F	-0.48%
BLDR	D	-0.48%
DE	A	-0.48%
AEP	D	-0.47%
STX	D	-0.46%
RJF	A	-0.46%
KHC	F	-0.46%
AKAM	D	-0.45%
BBY	D	-0.45%
BIIB	F	-0.44%
OKE	A	-0.42%
ZM	B	-0.42%
DOW	F	-0.42%
DIS	B	-0.4%
KEY	B	-0.4%
PNC	B	-0.39%
JBHT	C	-0.38%
TSN	B	-0.38%
NWSA	B	-0.38%
PKG	A	-0.38%
RGA	A	-0.37%
KIM	A	-0.37%
HPQ	B	-0.36%
DRI	B	-0.36%
CSX	B	-0.36%
PRU	A	-0.36%
SSNC	B	-0.35%
CMS	C	-0.34%
FNF	B	-0.34%
NVR	D	-0.33%
DOC	D	-0.33%
CARR	D	-0.33%
PPG	F	-0.33%
HSY	F	-0.33%
EIX	B	-0.33%
ARE	D	-0.32%
FE	C	-0.32%
GPC	D	-0.31%
MOH	F	-0.31%
KDP	D	-0.31%
HUM	C	-0.31%
WLK	D	-0.3%
ELV	F	-0.27%
PYPL	B	-0.19%
CMI	A	-0.19%
ODFL	B	-0.19%
ACN	C	-0.18%
LHX	C	-0.18%
WRB	A	-0.18%
APD	A	-0.18%
LH	C	-0.18%
IEX	B	-0.18%
J	F	-0.18%
KEYS	A	-0.17%
GD	F	-0.17%
PEP	F	-0.17%
UPS	C	-0.17%
NDSN	B	-0.17%
CTVA	C	-0.17%
PFG	D	-0.17%
OMC	C	-0.17%
CLX	B	-0.17%
CPB	D	-0.16%
WY	D	-0.16%
DD	D	-0.16%
HOLX	D	-0.16%
MDT	D	-0.16%
FTV	C	-0.16%
NKE	D	-0.15%
MDLZ	F	-0.15%
AWK	D	-0.15%
CAG	D	-0.14%