QDEF vs. RWR ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to SPDR DJ Wilshire REIT ETF (RWR)

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

$72.83

Average Daily Volume

6,797

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

RWR

SPDR DJ Wilshire REIT ETF

RWR Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index. In seeking to track the performance of the Dow Jones U.S. Select REIT Index (the "index"), the fund employs a replication strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index is designed to provide a measure of real estate securities that serve as proxies for direct real estate investing, in part by excluding securities whose value is not always closely tied to the value of the underlying real estate. It is non-diversified.

Grade (RS Rating)

Last Trade

$106.11

Average Daily Volume

328,265

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	RWR
30 Days	0.50%	0.48%
60 Days	2.57%	-0.61%
90 Days	4.32%	2.23%
12 Months	30.06%	27.65%

10 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in RWR	Overlap
AVB	B	0.18%	3.18%	0.18%
CPT	B	0.51%	1.26%	0.51%
CUBE	C	0.4%	1.06%	0.4%
EQR	C	0.53%	2.45%	0.53%
ESS	B	0.54%	1.91%	0.54%
MAA	B	0.53%	1.81%	0.53%
NNN	C	0.21%	0.75%	0.21%
NSA	C	0.47%	0.29%	0.29%
OHI	C	0.53%	1.01%	0.53%
PSA	C	0.59%	4.4%	0.59%

QDEF Overweight 113 Positions Relative to RWR

Symbol	Grade	Weight
AAPL	C	6.07%
NVDA	B	6.0%
MSFT	D	4.97%
HD	B	3.07%
JNJ	C	2.93%
PG	C	2.83%
META	D	2.76%
ABBV	F	2.6%
MRK	D	2.25%
IBM	C	1.7%
QCOM	F	1.65%
PM	B	1.65%
GOOGL	C	1.36%
INTU	B	1.29%
TMUS	B	1.14%
ADP	A	1.13%
GOOG	C	1.1%
LMT	D	1.05%
GILD	C	1.03%
TJX	A	0.99%
SBUX	A	0.98%
AVGO	D	0.88%
MO	A	0.86%
CI	D	0.83%
AMT	C	0.82%
KLAC	F	0.79%
T	A	0.77%
DUK	C	0.77%
ITW	B	0.74%
MSI	B	0.74%
JPM	A	0.73%
CME	B	0.71%
MCK	A	0.71%
BK	A	0.67%
MMM	D	0.66%
VZ	C	0.65%
UNM	A	0.65%
KO	D	0.65%
EME	A	0.64%
BWXT	B	0.64%
PAYX	B	0.63%
UMBF	B	0.61%
CSCO	B	0.61%
FIS	C	0.6%
EA	A	0.6%
AFL	B	0.6%
CFR	B	0.6%
GEN	B	0.59%
AIZ	A	0.58%
WTW	B	0.58%
FAST	B	0.58%
VIRT	A	0.57%
CSWI	B	0.57%
COR	B	0.57%
LDOS	C	0.57%
VRSK	A	0.57%
D	C	0.56%
WDFC	B	0.55%
PPL	A	0.55%
ORI	A	0.54%
RMD	C	0.54%
K	A	0.53%
CSL	C	0.53%
MET	A	0.53%
PNW	A	0.52%
IRDM	D	0.52%
OTIS	C	0.51%
KMB	C	0.51%
XOM	B	0.5%
OMF	A	0.5%
LSTR	D	0.49%
ED	C	0.49%
AVY	F	0.48%
DOX	D	0.48%
BPOP	C	0.48%
RDN	D	0.48%
LOW	C	0.47%
OGE	A	0.47%
IPG	D	0.46%
DELL	B	0.46%
BMY	B	0.45%
GIS	D	0.45%
VRT	B	0.45%
HRB	D	0.45%
WU	F	0.43%
EXPD	C	0.42%
SAIC	F	0.41%
WSM	C	0.41%
DPZ	C	0.41%
EVRG	A	0.4%
EBAY	D	0.4%
EXC	C	0.39%
CHE	D	0.39%
SWKS	F	0.39%
V	A	0.38%
MSM	C	0.37%
BSY	F	0.37%
STNG	F	0.36%
STWD	C	0.32%
NEP	F	0.32%
WEC	A	0.28%
PEG	A	0.26%
COST	A	0.24%
MA	B	0.23%
MAS	D	0.23%
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%
BAC	A	0.02%

QDEF Underweight 88 Positions Relative to RWR

Symbol	Grade	Weight
PLD	F	-9.67%
EQIX	A	-7.79%
SPG	A	-4.66%
WELL	A	-4.6%
DLR	B	-4.39%
O	C	-4.08%
EXR	C	-3.4%
VTR	B	-2.58%
INVH	D	-1.88%
ARE	F	-1.66%
KIM	A	-1.64%
DOC	C	-1.47%
SUI	C	-1.43%
UDR	B	-1.31%
ELS	C	-1.31%
HST	C	-1.2%
WPC	C	-1.18%
REG	A	-1.18%
AMH	C	-1.16%
BXP	C	-1.13%
REXR	F	-0.9%
BRX	A	-0.85%
FRT	B	-0.84%
EGP	D	-0.82%
ADC	A	-0.75%
VNO	C	-0.68%
FR	D	-0.68%
RHP	B	-0.66%
STAG	D	-0.65%
KRG	B	-0.58%
TRNO	F	-0.58%
COLD	D	-0.56%
EPRT	B	-0.56%
CTRE	C	-0.49%
SLG	B	-0.48%
PECO	A	-0.47%
CUZ	B	-0.46%
IRT	A	-0.46%
MAC	B	-0.41%
KRC	B	-0.41%
SKT	A	-0.38%
APLE	B	-0.34%
EPR	C	-0.33%
NHI	D	-0.33%
HIW	C	-0.33%
CDP	C	-0.33%
BNL	D	-0.31%
PK	C	-0.3%
DEI	B	-0.3%
IIPR	D	-0.29%
LXP	D	-0.27%
UE	B	-0.27%
MPW	F	-0.25%
AKR	B	-0.25%
FCPT	C	-0.25%
ROIC	A	-0.22%
EQC	B	-0.21%
SHO	D	-0.2%
DRH	B	-0.18%
VRE	B	-0.15%
PEB	D	-0.15%
RLJ	C	-0.15%
XHR	B	-0.15%
GTY	A	-0.15%
ALEX	B	-0.14%
ESRT	C	-0.14%
GNL	F	-0.14%
ELME	D	-0.14%
AAT	B	-0.13%
JBGS	F	-0.13%
UMH	B	-0.13%
PDM	D	-0.12%
NTST	C	-0.12%
DEA	D	-0.12%
AIV	C	-0.11%
CSR	B	-0.11%
NXRT	B	-0.1%
BDN	C	-0.09%
PGRE	F	-0.09%
INN	D	-0.07%
PLYM	F	-0.07%
HPP	F	-0.06%
SVC	F	-0.05%
CHCT	C	-0.05%
UHT	D	-0.05%
GMRE	F	-0.05%
DHC	F	-0.05%
CLDT	B	-0.04%