QDEF vs. REW ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to ProShares UltraShort Technology (REW)

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

$71.13

Average Daily Volume

6,642

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

REW

ProShares UltraShort Technology

REW Description

The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. TechnologySM Index. The fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as two times the inverse (-2x) of the daily return of the index. The index measures the performance of the technology sector of the U.S. equity market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$11.01

Average Daily Volume

37,553

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	REW
30 Days	3.01%	-13.94%
60 Days	9.72%	-24.31%
90 Days	8.06%	4.19%
12 Months	35.58%	-47.77%

19 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in REW	Overlap
AAPL	C	6.09%	18.06%	6.09%
AVGO	B	0.88%	1.82%	0.88%
BAH	C	0.13%	0.17%	0.13%
CSCO	A	0.56%	3.09%	0.56%
DELL	C	0.4%	0.12%	0.12%
DOX	B	0.5%	0.15%	0.15%
EBAY	A	0.43%	0.41%	0.41%
GOOG	B	1.06%	5.24%	1.06%
GOOGL	B	1.31%	5.25%	1.31%
IBM	A	1.8%	1.82%	1.8%
INTU	F	1.13%	1.09%	1.09%
KLAC	B	0.93%	0.42%	0.42%
LDOS	A	0.57%	0.2%	0.2%
META	A	2.79%	4.46%	2.79%
MSFT	D	4.96%	17.29%	4.96%
MSI	A	0.68%	0.45%	0.45%
NVDA	B	4.84%	2.26%	2.26%
QCOM	D	1.69%	1.63%	1.63%
SWKS	F	0.45%	0.31%	0.31%

QDEF Overweight 104 Positions Relative to REW

Symbol	Grade	Weight
JNJ	D	3.17%
HD	A	3.13%
ABBV	C	3.06%
PG	D	2.97%
MRK	F	2.66%
PM	D	1.58%
LMT	A	1.19%
ADP	A	1.06%
TMUS	A	1.0%
AMT	D	0.99%
SBUX	B	0.97%
TJX	D	0.97%
GILD	A	0.95%
CI	D	0.9%
DUK	C	0.82%
MO	D	0.8%
T	B	0.77%
KO	C	0.76%
ITW	C	0.72%
VZ	C	0.72%
CME	A	0.72%
MMM	C	0.69%
PSA	C	0.65%
AFL	A	0.63%
JPM	C	0.63%
PAYX	B	0.62%
BK	A	0.62%
MCK	F	0.59%
D	A	0.58%
BWXT	A	0.57%
FIS	A	0.57%
IRDM	C	0.56%
WTW	C	0.56%
KMB	D	0.56%
RMD	C	0.56%
ED	C	0.55%
PPL	C	0.55%
EME	B	0.55%
UNM	A	0.54%
OTIS	A	0.54%
AIZ	B	0.54%
GEN	A	0.54%
EQR	C	0.54%
MAA	D	0.54%
OHI	C	0.54%
VRSK	D	0.54%
PNW	C	0.53%
GIS	C	0.53%
ESS	D	0.53%
EA	D	0.53%
MET	A	0.53%
CSL	A	0.53%
COR	F	0.53%
K	B	0.53%
NSA	D	0.53%
AVY	D	0.53%
ORI	A	0.52%
CPT	C	0.52%
WDFC	B	0.51%
UMBF	C	0.51%
FAST	C	0.51%
CSWI	A	0.51%
NEP	D	0.51%
IPG	D	0.5%
VIRT	B	0.5%
XOM	A	0.5%
WU	D	0.49%
RDN	D	0.49%
HRB	C	0.49%
LSTR	F	0.49%
LOW	C	0.48%
WSM	C	0.48%
BPOP	D	0.48%
OGE	C	0.47%
STNG	B	0.47%
CFR	B	0.47%
EXPD	D	0.46%
SAIC	A	0.46%
CUBE	C	0.45%
CHE	D	0.42%
OMF	D	0.42%
EXC	C	0.42%
BMY	A	0.41%
DPZ	D	0.41%
EVRG	C	0.4%
BSY	D	0.39%
VRT	B	0.37%
MSM	D	0.37%
V	B	0.34%
STWD	C	0.33%
WEC	B	0.29%
PEG	A	0.27%
NNN	C	0.25%
MAS	C	0.25%
COST	C	0.23%
MA	A	0.22%
SCCO	B	0.19%
AVB	C	0.18%
CAH	B	0.16%
ROL	C	0.13%
WMT	A	0.12%
ZTS	C	0.12%
DDS	D	0.11%
BAC	B	0.02%

QDEF Underweight 69 Positions Relative to REW

Symbol	Grade	Weight
INTC	D	-3.85%
ADBE	F	-2.51%
CRM	B	-2.4%
TXN	C	-1.83%
ORCL	A	-1.77%
MU	D	-0.95%
NOW	B	-0.87%
AMAT	C	-0.86%
AMD	C	-0.84%
LRCX	D	-0.66%
ADI	B	-0.65%
ADSK	B	-0.63%
CTSH	B	-0.51%
HPQ	B	-0.48%
WDAY	D	-0.44%
MCHP	F	-0.39%
PANW	B	-0.35%
SNPS	F	-0.34%
ANSS	D	-0.34%
VRSN	C	-0.33%
CDNS	D	-0.31%
IAC	C	-0.3%
WDC	C	-0.3%
VEEV	C	-0.29%
HPE	B	-0.29%
CDW	D	-0.29%
MRVL	C	-0.28%
FTNT	A	-0.25%
AKAM	D	-0.23%
PAYC	D	-0.22%
TWLO	B	-0.22%
SNAP	D	-0.22%
SSNC	C	-0.21%
STX	C	-0.21%
OKTA	F	-0.21%
NTAP	D	-0.21%
GRMN	D	-0.21%
IT	A	-0.21%
RNG	F	-0.21%
QRVO	F	-0.2%
LUMN	C	-0.2%
GDDY	B	-0.19%
EPAM	F	-0.19%
ANET	A	-0.18%
TYL	D	-0.18%
TTD	A	-0.17%
FICO	C	-0.17%
TER	C	-0.17%
ON	F	-0.15%
DXC	C	-0.14%
GWRE	A	-0.14%
AZPN	A	-0.14%
OLED	B	-0.13%
DOCU	A	-0.13%
JNPR	C	-0.12%
FFIV	B	-0.12%
PTC	B	-0.12%
HUBS	D	-0.11%
DAY	C	-0.11%
MPWR	B	-0.11%
ENTG	D	-0.11%
CIEN	A	-0.1%
CACI	A	-0.1%
XRX	D	-0.1%
LITE	A	-0.09%
SNX	C	-0.09%
Z	C	-0.09%
ETSY	F	-0.09%
MKSI	F	-0.09%