QDEF vs. TECB ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to iShares U.S. Tech Breakthrough Multisector ETF (TECB)

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

TECB

iShares U.S. Tech Breakthrough Multisector ETF

TECB Description

The fund seeks to track the investment results of the NYSE FactSet U.S. Tech Breakthrough Index (the underlying index), which measures the performance of U.S. listed companies engaged in cutting edge research and development of products and services in the areas of robotics and artificial intelligence, cyber security, cloud and data tech, financial technology, and genomics and immunology. It generally will invest at least 90% of its assets in the component securities of the underlying index. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$51.37

Average Daily Volume

21,359

Number of Holdings ^*

164

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	TECB
30 Days	3.01%	5.16%
60 Days	9.72%	13.38%
90 Days	8.06%	-0.41%
12 Months	35.58%	40.63%

18 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in TECB	Overlap
AAPL	C	6.09%	4.39%	4.39%
BAH	C	0.13%	0.58%	0.13%
BSY	D	0.39%	0.09%	0.09%
EBAY	A	0.43%	0.5%	0.43%
FIS	A	0.57%	0.3%	0.3%
GILD	A	0.95%	1.91%	0.95%
GOOGL	B	1.31%	3.54%	1.31%
INTU	F	1.13%	1.12%	1.12%
MA	A	0.22%	2.63%	0.22%
META	A	2.79%	4.37%	2.79%
MRK	F	2.66%	3.29%	2.66%
MSFT	D	4.96%	3.86%	3.86%
NVDA	B	4.84%	3.9%	3.9%
OMF	D	0.42%	0.04%	0.04%
QCOM	D	1.69%	2.7%	1.69%
SAIC	A	0.46%	0.2%	0.2%
V	B	0.34%	2.76%	0.34%
VIRT	B	0.5%	0.02%	0.02%

QDEF Overweight 105 Positions Relative to TECB

Symbol	Grade	Weight
JNJ	D	3.17%
HD	A	3.13%
ABBV	C	3.06%
PG	D	2.97%
IBM	A	1.8%
PM	D	1.58%
LMT	A	1.19%
ADP	A	1.06%
GOOG	B	1.06%
TMUS	A	1.0%
AMT	D	0.99%
SBUX	B	0.97%
TJX	D	0.97%
KLAC	B	0.93%
CI	D	0.9%
AVGO	B	0.88%
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%
MSI	A	0.68%
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%
LDOS	A	0.57%
IRDM	C	0.56%
WTW	C	0.56%
CSCO	A	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%
DOX	B	0.5%
IPG	D	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%
CUBE	C	0.45%
SWKS	F	0.45%
CHE	D	0.42%
EXC	C	0.42%
BMY	A	0.41%
DPZ	D	0.41%
DELL	C	0.4%
EVRG	C	0.4%
VRT	B	0.37%
MSM	D	0.37%
STWD	C	0.33%
WEC	B	0.29%
PEG	A	0.27%
NNN	C	0.25%
MAS	C	0.25%
COST	C	0.23%
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 146 Positions Relative to TECB

Symbol	Grade	Weight
NFLX	A	-4.21%
ORCL	A	-4.19%
CRM	B	-4.06%
AMZN	C	-3.94%
AMD	C	-3.78%
ADBE	F	-3.23%
PANW	B	-3.1%
NOW	B	-2.82%
TXN	C	-2.67%
ISRG	C	-2.41%
REGN	D	-2.04%
CRWD	D	-1.82%
ADI	B	-1.61%
MELI	D	-1.54%
INTC	D	-1.43%
FTNT	A	-1.39%
EQIX	C	-1.3%
ADSK	B	-0.83%
DLR	C	-0.82%
FI	A	-0.67%
MCHP	F	-0.59%
AME	C	-0.56%
HPQ	B	-0.56%
PYPL	A	-0.54%
SNOW	F	-0.54%
IRM	B	-0.53%
CPNG	C	-0.45%
ZS	F	-0.44%
AKAM	D	-0.43%
MSTR	B	-0.41%
HUBS	D	-0.41%
ANSS	D	-0.4%
MRNA	F	-0.4%
NTAP	D	-0.4%
TEAM	D	-0.4%
JNPR	C	-0.36%
WDC	C	-0.35%
OKTA	F	-0.34%
GDDY	B	-0.31%
CACI	A	-0.31%
MDB	D	-0.3%
INCY	B	-0.27%
PINS	D	-0.27%
SQ	D	-0.24%
PSTG	F	-0.24%
NTNX	C	-0.23%
COIN	F	-0.22%
SRPT	F	-0.21%
S	C	-0.18%
VRNS	B	-0.17%
GPN	F	-0.16%
BR	B	-0.16%
TWLO	B	-0.16%
SNAP	D	-0.15%
CPAY	A	-0.14%
EXEL	B	-0.14%
QLYS	F	-0.13%
TENB	D	-0.13%
RVMD	B	-0.11%
LUMN	C	-0.1%
CGNX	F	-0.1%
ETSY	F	-0.1%
BPMC	F	-0.1%
CVLT	B	-0.1%
SSNC	C	-0.1%
LSCC	D	-0.1%
PARA	F	-0.09%
TW	A	-0.09%
DBX	C	-0.09%
GWRE	A	-0.09%
GTLB	D	-0.09%
JKHY	A	-0.08%
AFRM	C	-0.07%
TOST	B	-0.07%
YOU	C	-0.07%
CFLT	F	-0.07%
ALRM	F	-0.07%
ALTR	B	-0.07%
MKTX	B	-0.06%
ACLX	C	-0.06%
RPD	D	-0.06%
CALX	C	-0.06%
PEGA	B	-0.05%
TWST	D	-0.05%
SOFI	C	-0.05%
SLAB	D	-0.05%
INFA	D	-0.05%
WEX	C	-0.05%
BILL	D	-0.04%
BEAM	F	-0.04%
NTLA	F	-0.04%
DOCN	B	-0.04%
IOVA	D	-0.04%
SWTX	F	-0.04%
AI	D	-0.04%
GERN	D	-0.04%
PRGS	A	-0.04%
TDC	D	-0.04%
DVAX	F	-0.03%
EEFT	F	-0.03%
CCCS	D	-0.03%
BCRX	D	-0.03%
FRSH	F	-0.03%
QTWO	B	-0.03%
ATEN	B	-0.03%
NVAX	C	-0.03%
LGND	C	-0.03%
ACIW	A	-0.03%
FOUR	A	-0.03%
FSLY	D	-0.02%
NCNO	F	-0.02%
BL	D	-0.02%
MTTR	B	-0.02%
AVPT	A	-0.02%
ZUO	F	-0.02%
CWAN	B	-0.02%
UPST	C	-0.02%
INTA	C	-0.02%
SIRI	C	-0.02%
APPN	C	-0.02%
XNCR	D	-0.02%
PTON	C	-0.02%
WK	D	-0.02%
DDD	D	-0.01%
BMBL	F	-0.01%
AVDX	F	-0.01%
BASE	F	-0.01%
PRLB	F	-0.01%
ARCT	D	-0.01%
ALKT	D	-0.01%
PAYO	A	-0.01%
PAR	D	-0.01%
DFIN	B	-0.01%
SYM	D	-0.01%
MQ	F	-0.01%
VMEO	C	-0.01%
VIR	F	-0.01%
VERX	B	-0.01%
ENVA	B	-0.01%
FLYW	F	-0.01%
RCUS	D	-0.01%
CXM	F	-0.01%
LPRO	D	-0.0%
WRLD	F	-0.0%
RPAY	F	-0.0%
DNA	F	-0.0%