QDEF vs. SEF ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to ProShares Short Financials (SEF)

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

SEF

ProShares Short Financials

SEF Description

The investment seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones U.S. FinancialsSM Index. The fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as the inverse (-1x) of the daily return of the index. The index measures the performance of the financial services sector of the U.S. equity market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$34.22

Average Daily Volume

11,534

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	SEF
30 Days	1.58%	-7.06%
60 Days	2.63%	-9.74%
90 Days	4.66%	-11.63%
12 Months	30.49%	-26.67%

16 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in SEF	Overlap
AFL	B	0.6%	0.66%	0.6%
AMT	D	0.82%	1.74%	0.82%
AVB	B	0.18%	0.51%	0.18%
BAC	A	0.02%	4.46%	0.02%
BK	A	0.67%	0.65%	0.65%
CME	A	0.71%	1.25%	0.71%
CPT	B	0.51%	0.18%	0.18%
EQR	B	0.53%	0.48%	0.48%
ESS	B	0.54%	0.34%	0.34%
JPM	A	0.73%	7.27%	0.73%
MA	C	0.23%	4.83%	0.23%
MAA	B	0.53%	0.26%	0.26%
MET	A	0.53%	0.69%	0.53%
PSA	D	0.59%	0.56%	0.56%
V	A	0.38%	5.88%	0.38%
WTW	B	0.58%	0.44%	0.44%

QDEF Overweight 107 Positions Relative to SEF

Symbol	Grade	Weight
AAPL	C	6.07%
NVDA	C	6.0%
MSFT	F	4.97%
HD	A	3.07%
JNJ	D	2.93%
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%
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	F	0.83%
KLAC	D	0.79%
T	A	0.77%
DUK	C	0.77%
ITW	B	0.74%
MSI	B	0.74%
MCK	B	0.71%
MMM	D	0.66%
VZ	C	0.65%
UNM	A	0.65%
KO	D	0.65%
EME	C	0.64%
BWXT	B	0.64%
PAYX	C	0.63%
UMBF	B	0.61%
CSCO	B	0.61%
FIS	C	0.6%
EA	A	0.6%
CFR	B	0.6%
GEN	B	0.59%
AIZ	A	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%
D	C	0.56%
WDFC	B	0.55%
PPL	B	0.55%
ORI	A	0.54%
RMD	C	0.54%
K	A	0.53%
CSL	C	0.53%
OHI	C	0.53%
PNW	B	0.52%
IRDM	D	0.52%
OTIS	C	0.51%
KMB	D	0.51%
XOM	B	0.5%
OMF	A	0.5%
LSTR	D	0.49%
ED	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%
BMY	B	0.45%
GIS	D	0.45%
VRT	B	0.45%
HRB	D	0.45%
WU	D	0.43%
EXPD	D	0.42%
SAIC	F	0.41%
WSM	B	0.41%
DPZ	C	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%
WEC	A	0.28%
PEG	A	0.26%
COST	B	0.24%
MAS	D	0.23%
NNN	D	0.21%
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 81 Positions Relative to SEF

Symbol	Grade	Weight
BRK.A	B	-7.56%
WFC	A	-3.19%
C	A	-2.98%
AXP	A	-1.49%
GS	A	-1.34%
USB	A	-1.32%
TFC	A	-1.27%
SPGI	C	-1.22%
MS	A	-1.19%
CB	C	-1.17%
PNC	B	-1.13%
BLK	C	-1.06%
CCI	D	-1.02%
PLD	D	-1.0%
MMC	B	-0.97%
SCHW	B	-0.93%
ICE	C	-0.91%
EQIX	A	-0.84%
AON	A	-0.83%
COF	B	-0.81%
AIG	B	-0.77%
SPG	B	-0.76%
PGR	A	-0.75%
MCO	B	-0.7%
BX	A	-0.67%
PRU	A	-0.66%
ALL	A	-0.64%
TRV	B	-0.61%
WELL	A	-0.59%
TROW	B	-0.52%
STT	A	-0.5%
SBAC	D	-0.48%
DLR	B	-0.44%
DFS	B	-0.44%
O	D	-0.42%
MSCI	C	-0.4%
CSGP	D	-0.4%
WY	D	-0.39%
NTRS	A	-0.39%
AMP	A	-0.37%
VTR	C	-0.37%
HIG	B	-0.37%
SYF	B	-0.36%
MTB	A	-0.36%
FITB	A	-0.35%
BXP	D	-0.34%
CBRE	B	-0.34%
ARE	D	-0.32%
KEY	B	-0.32%
ACGL	D	-0.31%
CFG	B	-0.3%
DOC	D	-0.3%
AJG	B	-0.3%
INVH	D	-0.28%
MKL	A	-0.28%
RF	A	-0.27%
CINF	A	-0.27%
HBAN	A	-0.26%
PFG	D	-0.25%
MKTX	D	-0.24%
WPC	D	-0.24%
SUI	D	-0.24%
EXR	D	-0.24%
L	A	-0.23%
NLY	C	-0.23%
UDR	B	-0.23%
HST	C	-0.22%
ELS	C	-0.22%
FNF	B	-0.22%
NDAQ	A	-0.21%
RJF	A	-0.2%
LNC	B	-0.2%
EG	C	-0.19%
MPW	F	-0.19%
ALLY	C	-0.19%
EQH	B	-0.19%
GL	B	-0.18%
FDS	B	-0.18%
REG	B	-0.18%
VNO	B	-0.18%
WRB	A	-0.17%