QDEF vs. QDF ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to FlexShares Quality Dividend Index Fund (QDF)

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

$64.60

Average Daily Volume

7,764

Number of Holdings ^*

124

* may have additional holdings in another (foreign) market

QDF

FlexShares Quality Dividend Index Fund

QDF 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 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 similar to that of the Northern Trust 1250 IndexSM (the "Parent Index"). It may also invest up to 20% of its assets in cash and cash equivalents.

Grade (RS Rating)

Last Trade

$65.71

Average Daily Volume

36,534

Number of Holdings ^*

128

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	QDF
30 Days	5.99%	5.39%
60 Days	3.16%	1.91%
90 Days	5.90%	4.28%
12 Months	22.64%	22.09%

82 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in QDF	Overlap
AAPL	C	7.04%	8.26%	7.04%
ABBV	D	2.75%	2.09%	2.09%
ACN	F	0.02%	1.86%	0.02%
ADP	B	1.02%	1.05%	1.02%
AFG	B	0.53%	0.38%	0.38%
AFL	A	0.61%	0.57%	0.57%
ALL	C	0.61%	0.62%	0.61%
AVB	B	0.19%	0.55%	0.19%
AVGO	B	3.87%	3.94%	3.87%
BAC	B	0.02%	0.02%	0.02%
BBY	D	0.38%	0.52%	0.38%
BK	A	0.6%	0.61%	0.6%
BMY	F	0.94%	0.96%	0.94%
BPOP	B	0.52%	0.52%	0.52%
BSY	A	0.48%	0.17%	0.17%
BXMT	F	0.33%	0.44%	0.33%
CFR	D	0.49%	0.36%	0.36%
CHRW	C	0.55%	0.46%	0.46%
CMCSA	F	0.69%	0.7%	0.69%
COST	B	0.18%	0.18%	0.18%
CPT	B	0.55%	0.56%	0.55%
CSCO	F	1.96%	2.0%	1.96%
CUBE	C	0.4%	0.36%	0.36%
CVX	B	0.08%	0.08%	0.08%
D	A	0.65%	0.54%	0.54%
DDS	C	0.27%	0.18%	0.18%
DPZ	C	0.62%	0.08%	0.08%
EA	F	0.49%	0.5%	0.49%
EBAY	C	0.32%	0.62%	0.32%
EQR	B	0.58%	0.59%	0.58%
EVRG	C	0.4%	0.41%	0.4%
FAST	D	0.55%	0.55%	0.55%
FIS	A	0.65%	0.66%	0.65%
GILD	F	0.81%	0.83%	0.81%
HD	D	2.98%	1.68%	1.68%
HON	B	0.18%	0.31%	0.18%
INTU	B	1.3%	1.81%	1.3%
IRDM	D	0.26%	0.37%	0.26%
ITW	D	0.77%	0.77%	0.77%
JNJ	D	3.06%	3.06%	3.06%
JPM	A	0.64%	0.65%	0.64%
KLAC	B	0.99%	1.01%	0.99%
KO	B	2.4%	2.65%	2.4%
LLY	B	1.61%	0.78%	0.78%
LMT	B	1.06%	0.61%	0.61%
LOW	D	0.46%	1.23%	0.46%
LYB	D	0.44%	0.49%	0.44%
MA	D	0.32%	0.31%	0.31%
MAA	C	0.53%	0.53%	0.53%
MC	B	0.47%	0.48%	0.47%
MET	A	0.52%	0.53%	0.52%
META	D	2.57%	2.62%	2.57%
MMM	A	0.61%	0.6%	0.6%
MO	A	0.79%	0.82%	0.79%
MRK	B	0.21%	0.17%	0.17%
MSFT	B	5.64%	5.54%	5.54%
NVDA	C	3.83%	3.9%	3.83%
OGE	A	0.47%	0.48%	0.47%
OMC	B	0.15%	0.15%	0.15%
ORI	A	0.51%	0.51%	0.51%
PAYX	B	0.54%	0.54%	0.54%
PEG	B	0.67%	0.59%	0.59%
PEP	B	0.12%	0.03%	0.03%
PG	A	3.18%	3.28%	3.18%
PKG	C	0.56%	0.56%	0.56%
PSA	C	0.56%	0.56%	0.56%
RDN	C	0.55%	0.56%	0.55%
RS	D	0.47%	0.48%	0.47%
SBUX	F	0.87%	0.63%	0.63%
SOLV	F	0.1%	0.1%	0.1%
STWD	B	0.37%	0.51%	0.37%
TGNA	C	0.49%	0.43%	0.43%
UDR	C	0.55%	0.48%	0.48%
UNH	C	0.48%	0.49%	0.48%
V	B	0.42%	0.43%	0.42%
WDFC	D	0.43%	0.43%	0.43%
WMT	A	0.03%	0.02%	0.02%
WSM	C	0.74%	0.75%	0.74%
WTW	D	0.5%	0.51%	0.5%
WU	D	0.49%	0.51%	0.49%
XOM	B	0.72%	0.82%	0.72%
ZTS	D	0.12%	0.8%	0.12%

QDEF Overweight 42 Positions Relative to QDF

Symbol	Grade	Weight
IBM	D	1.1%
VST	B	1.06%
CI	D	1.04%
MCD	F	0.91%
DELL	B	0.84%
DUK	A	0.81%
CME	C	0.77%
MCK	A	0.77%
RMD	B	0.63%
ED	B	0.61%
CRBG	C	0.59%
MLI	C	0.58%
K	C	0.57%
ESS	B	0.56%
OTIS	C	0.56%
GIS	C	0.56%
DLR	C	0.55%
VRSK	A	0.54%
PPL	A	0.53%
L	B	0.53%
AMH	B	0.53%
VZ	C	0.52%
T	B	0.52%
HRB	B	0.51%
ROL	C	0.5%
SAIC	C	0.5%
GBCI	C	0.5%
CAH	F	0.48%
UMBF	B	0.48%
EXPD	D	0.47%
NEU	D	0.46%
EXC	C	0.45%
DOX	F	0.45%
MSM	F	0.45%
CHE	F	0.45%
KMB	C	0.39%
CWEN	C	0.36%
MAS	D	0.36%
CTRA	B	0.15%
CHRD	C	0.11%
CLX	F	0.1%
CVI	F	0.06%

QDEF Underweight 46 Positions Relative to QDF

Symbol	Grade	Weight
UNP	C	-1.45%
LRCX	D	-1.25%
NKE	F	-1.18%
MPC	D	-0.75%
TOL	B	-0.63%
PRU	A	-0.61%
PHM	B	-0.6%
MCHP	B	-0.57%
NUE	D	-0.55%
AIRC	A	-0.55%
SMG	D	-0.54%
STT	B	-0.54%
WMS	C	-0.54%
UGI	C	-0.51%
POOL	D	-0.51%
RRC	B	-0.51%
NXST	C	-0.5%
NYT	B	-0.5%
SNA	D	-0.49%
TPG	D	-0.49%
HST	D	-0.48%
WY	F	-0.47%
SWKS	F	-0.46%
WMG	F	-0.45%
FAF	D	-0.45%
ALLY	B	-0.45%
TPR	D	-0.45%
BTU	F	-0.43%
OMF	C	-0.42%
PFG	B	-0.42%
RHI	F	-0.4%
OLN	C	-0.38%
LNC	C	-0.37%
APLE	F	-0.37%
CTAS	B	-0.35%
CAT	C	-0.22%
STLD	D	-0.19%
CL	B	-0.17%
BRX	C	-0.14%
MOS	F	-0.13%
QCOM	B	-0.08%
EXP	D	-0.08%
CF	F	-0.08%
VLO	D	-0.05%
COP	D	-0.05%
MAR	D	-0.04%