QDEF vs. SIZE ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to iShares MSCI USA Size Factor (SIZE)

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

$71.15

Average Daily Volume

6,181

Number of Holdings ^*

121

* may have additional holdings in another (foreign) market

SIZE

iShares MSCI USA Size Factor

SIZE Description

The investment seeks to track the performance of MSCI USA Risk Weighted Index that measures the performance of U.S. large- and mid-capitalization stocks with relatively smaller average market capitalization, before fees and expenses. The fund generally invests at least 90% of its assets in the securities of the underlying index or in depositary receipts representing securities in its underlying index. The MSCI USA Risk Weighted Index (the "underlying index") is based on a traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S. large- and mid- capitalization stocks.

Grade (RS Rating)

Last Trade

$148.54

Average Daily Volume

4,235

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	SIZE
30 Days	2.33%	2.77%
60 Days	6.28%	5.29%
90 Days	9.04%	8.46%
12 Months	33.91%	28.01%

37 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in SIZE	Overlap
AAPL	C	6.16%	5.52%	5.52%
ADP	C	1.05%	1.63%	1.05%
AFL	A	0.6%	0.41%	0.41%
AVB	C	0.18%	0.24%	0.18%
AVY	C	0.52%	0.08%	0.08%
CME	B	0.69%	0.5%	0.5%
COST	C	0.23%	2.55%	0.23%
CSCO	B	0.55%	1.6%	0.55%
EA	D	0.52%	0.18%	0.18%
ED	B	0.53%	0.53%	0.53%
EME	B	0.56%	0.14%	0.14%
EQR	C	0.56%	0.18%	0.18%
EXPD	B	0.45%	0.13%	0.13%
FAST	C	0.51%	0.37%	0.37%
GOOG	D	1.03%	1.46%	1.03%
GOOGL	D	1.27%	1.68%	1.27%
IPG	C	0.5%	0.06%	0.06%
ITW	B	0.71%	0.7%	0.7%
JNJ	C	3.22%	2.28%	2.28%
KLAC	D	0.96%	0.96%	0.96%
KO	B	0.75%	1.66%	0.75%
LMT	A	1.11%	1.17%	1.11%
MA	B	0.22%	3.96%	0.22%
META	B	2.71%	4.17%	2.71%
MMM	B	0.68%	0.54%	0.54%
MSFT	C	5.17%	4.67%	4.67%
NVDA	C	4.88%	5.92%	4.88%
PAYX	C	0.58%	0.46%	0.46%
PEG	B	0.25%	0.69%	0.25%
PSA	C	0.65%	0.6%	0.6%
QCOM	D	1.77%	1.2%	1.2%
RMD	C	0.57%	0.18%	0.18%
ROL	C	0.12%	0.12%	0.12%
TJX	C	0.99%	2.0%	0.99%
V	C	0.35%	3.98%	0.35%
WSM	C	0.47%	0.34%	0.34%
ZTS	B	0.12%	0.56%	0.12%

QDEF Overweight 84 Positions Relative to SIZE

Symbol	Grade	Weight
ABBV	B	3.01%
HD	B	2.99%
PG	C	2.94%
MRK	F	2.72%
IBM	B	1.76%
PM	C	1.56%
INTU	D	1.22%
AMT	C	0.99%
SBUX	C	0.97%
TMUS	B	0.97%
GILD	B	0.95%
CI	C	0.92%
AVGO	C	0.88%
DUK	B	0.81%
MO	C	0.79%
T	B	0.75%
VZ	A	0.7%
MSI	B	0.67%
JPM	D	0.64%
BK	B	0.63%
MCK	F	0.6%
D	C	0.58%
FIS	C	0.58%
ESS	C	0.56%
MAA	C	0.56%
UMBF	C	0.55%
KMB	C	0.55%
LDOS	A	0.54%
WTW	B	0.54%
VRSK	D	0.54%
NSA	C	0.54%
CPT	C	0.54%
OHI	C	0.54%
GIS	B	0.53%
PPL	A	0.53%
K	A	0.53%
PNW	C	0.52%
ORI	B	0.52%
BPOP	C	0.52%
CSL	B	0.52%
UNM	B	0.52%
AIZ	B	0.52%
MET	B	0.52%
CSWI	B	0.51%
CFR	C	0.51%
NEP	C	0.51%
WDFC	C	0.51%
VIRT	C	0.51%
DOX	C	0.5%
BWXT	A	0.5%
IRDM	C	0.5%
OTIS	B	0.5%
RDN	D	0.5%
LSTR	D	0.49%
HRB	C	0.49%
WU	C	0.48%
XOM	D	0.48%
STNG	D	0.47%
SWKS	F	0.47%
LOW	B	0.46%
CUBE	C	0.46%
OGE	B	0.46%
OMF	D	0.46%
SAIC	C	0.44%
EXC	B	0.41%
DELL	C	0.41%
CHE	C	0.41%
EBAY	B	0.41%
EVRG	B	0.4%
BSY	C	0.4%
DPZ	D	0.39%
BMY	C	0.38%
MSM	D	0.37%
VRT	C	0.35%
STWD	B	0.35%
WEC	B	0.28%
MAS	B	0.25%
NNN	B	0.24%
SCCO	C	0.17%
CAH	C	0.16%
BAH	B	0.12%
WMT	B	0.11%
DDS	D	0.1%
BAC	D	0.02%

QDEF Underweight 86 Positions Relative to SIZE

Symbol	Grade	Weight
LLY	D	-4.26%
UNH	C	-2.74%
ADBE	F	-1.84%
COP	F	-1.68%
ACN	C	-1.61%
NKE	D	-1.61%
NFLX	B	-1.55%
CAT	B	-1.41%
AMAT	D	-1.37%
TXN	B	-1.37%
CMG	D	-1.25%
LIN	B	-1.22%
PEP	D	-1.19%
BLK	B	-0.9%
SLB	F	-0.89%
DHI	C	-0.84%
SRE	B	-0.84%
LRCX	D	-0.83%
PLD	C	-0.8%
MMC	C	-0.75%
ANET	C	-0.75%
VRTX	D	-0.62%
SHW	B	-0.58%
CTAS	C	-0.57%
NVR	B	-0.56%
LULU	D	-0.55%
CDNS	D	-0.55%
MCO	C	-0.54%
GWW	B	-0.52%
SNPS	F	-0.5%
PHM	B	-0.48%
APH	C	-0.47%
TSCO	B	-0.44%
DECK	C	-0.43%
GRMN	D	-0.41%
TPL	C	-0.4%
ATO	B	-0.38%
IDXX	D	-0.36%
ULTA	D	-0.35%
CBRE	B	-0.33%
APD	B	-0.32%
ODFL	D	-0.31%
BBY	A	-0.31%
ACGL	B	-0.29%
CSGP	D	-0.28%
MPWR	B	-0.28%
FERG	D	-0.28%
AMP	B	-0.27%
EW	F	-0.24%
A	C	-0.23%
VLTO	B	-0.23%
POOL	C	-0.23%
NTAP	D	-0.22%
MANH	B	-0.21%
APA	F	-0.21%
MNST	D	-0.21%
ROK	D	-0.2%
EQT	C	-0.19%
HSY	D	-0.17%
TROW	C	-0.17%
PPG	C	-0.16%
KEYS	B	-0.16%
CBOE	C	-0.15%
SMCI	F	-0.15%
VEEV	C	-0.15%
WAT	B	-0.13%
ERIE	B	-0.12%
FDS	C	-0.12%
WST	D	-0.12%
LPLA	D	-0.12%
OMC	B	-0.11%
MOH	D	-0.11%
ENPH	D	-0.11%
WSO	C	-0.11%
GGG	C	-0.1%
PKG	B	-0.09%
JKHY	B	-0.09%
RS	D	-0.08%
UTHR	B	-0.08%
PAYC	D	-0.07%
MKTX	D	-0.07%
AOS	B	-0.07%
SEIC	B	-0.06%
AFG	C	-0.06%
SOLV	D	-0.05%
WBA	F	-0.03%