QDF vs. BBRE ETF Comparison

Comparison of FlexShares Quality Dividend Index Fund (QDF) to JPMorgan BetaBuilders MSCI U.S. REIT ETF (BBRE)

QDF

FlexShares Quality Dividend Index Fund

QDF 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 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 similar to that of the Northern Trust 1250 IndexSM (the "Parent Index"). It may also invest up to 20% of its assets in cash and cash equivalents.

Grade (RS Rating)

Last Trade

$72.39

Average Daily Volume

26,693

Number of Holdings ^*

127

* may have additional holdings in another (foreign) market

BBRE

JPMorgan BetaBuilders MSCI U.S. REIT ETF

BBRE Description

The investment seeks to provide total return. Under normal circumstances, the fund will invest at least 80% of its assets in bonds. It will invest at least 40% of its assets in countries other than the United States. The fund may invest in developed or emerging markets. It generally invests at least 25% of its assets in securities that, at the time of purchase are rated investment grade or the unrated equivalent. "Assets" means net assets plus the amount of borrowings for investment purposes. The fund may also use currency related transactions involving currency derivatives as part of its primary investment strategy.

Grade (RS Rating)

Last Trade

$99.89

Average Daily Volume

36,485

Number of Holdings ^*

114

* may have additional holdings in another (foreign) market

Performance

Period	QDF	BBRE
30 Days	0.21%	0.29%
60 Days	2.38%	-0.53%
90 Days	3.47%	2.37%
12 Months	26.27%	28.63%

11 Overlapping Holdings

Symbol	Grade	Weight in QDF	Weight in BBRE	Overlap
APLE	B	0.35%	0.31%	0.31%
AVB	B	0.58%	2.82%	0.58%
CPT	B	0.51%	1.07%	0.51%
CUBE	C	0.37%	0.94%	0.37%
EQR	C	0.55%	2.25%	0.55%
HST	C	0.41%	1.13%	0.41%
MAA	B	0.55%	1.62%	0.55%
NNN	C	0.23%	0.67%	0.23%
NSA	C	0.49%	0.33%	0.33%
OHI	C	0.52%	0.85%	0.52%
PSA	C	0.6%	4.26%	0.6%

QDF Overweight 116 Positions Relative to BBRE

Symbol	Grade	Weight
AAPL	C	8.54%
NVDA	B	5.81%
MSFT	D	4.91%
META	D	3.1%
PG	C	3.03%
JNJ	C	3.01%
ABBV	F	2.58%
KO	D	2.16%
ACN	B	1.93%
GOOGL	C	1.84%
HD	B	1.77%
INTU	B	1.74%
QCOM	F	1.68%
GOOG	C	1.63%
PM	B	1.41%
LOW	C	1.27%
UNP	C	1.24%
ADP	A	1.11%
GILD	C	1.0%
MS	A	0.98%
MO	A	0.89%
AVGO	D	0.88%
LRCX	F	0.87%
VRT	B	0.83%
NKE	F	0.83%
SBUX	A	0.76%
KLAC	F	0.76%
CAT	B	0.75%
JPM	A	0.75%
ZTS	D	0.74%
ITW	B	0.74%
FAST	B	0.68%
BK	A	0.68%
MMM	D	0.65%
PAYX	B	0.63%
LMT	D	0.62%
FIS	C	0.62%
AFL	B	0.62%
PEG	A	0.61%
PRU	A	0.61%
VIRT	A	0.6%
KTB	B	0.6%
JHG	B	0.6%
D	C	0.59%
EBAY	D	0.58%
EA	A	0.58%
CMA	B	0.58%
GEN	B	0.58%
TPR	B	0.57%
MET	A	0.56%
SNA	A	0.56%
WTW	B	0.56%
ORI	A	0.55%
CHRW	B	0.55%
VLO	C	0.55%
MPC	D	0.54%
NXPI	D	0.52%
OMF	A	0.52%
IVZ	B	0.51%
OGE	A	0.51%
XOM	B	0.5%
SMG	C	0.5%
RDN	D	0.49%
STWD	C	0.49%
UGI	C	0.49%
BPOP	C	0.48%
WDFC	B	0.47%
FAF	A	0.47%
DVN	F	0.46%
MRK	D	0.45%
IPG	D	0.45%
MCHP	F	0.45%
WU	F	0.45%
POOL	C	0.44%
WSM	C	0.43%
TT	A	0.43%
CFR	B	0.42%
NUE	C	0.42%
EVRG	A	0.42%
WY	F	0.42%
SWKS	F	0.4%
V	A	0.4%
CTAS	B	0.39%
LNC	C	0.39%
PFG	D	0.39%
RHI	C	0.38%
ALLY	C	0.37%
SCCO	F	0.36%
WMS	F	0.36%
EIX	B	0.34%
IRDM	D	0.31%
NEP	F	0.3%
BR	A	0.3%
MA	B	0.26%
OLN	F	0.25%
COST	A	0.24%
NTAP	C	0.22%
WING	D	0.2%
HRB	D	0.17%
RMD	C	0.17%
DPZ	C	0.17%
PNW	A	0.16%
PAYC	B	0.16%
CL	D	0.15%
COR	B	0.14%
WMT	A	0.13%
BSY	F	0.13%
EXP	B	0.08%
WFRD	D	0.07%
CSWI	B	0.07%
BKNG	A	0.07%
MAR	A	0.05%
COP	C	0.04%
STNG	F	0.02%
BAC	A	0.02%
BBWI	C	0.01%

QDF Underweight 103 Positions Relative to BBRE

Symbol	Grade	Weight
PLD	F	-8.82%
EQIX	A	-7.26%
WELL	A	-6.14%
SPG	A	-4.71%
DLR	B	-4.55%
O	C	-3.78%
EXR	C	-2.99%
IRM	C	-2.92%
VICI	C	-2.63%
VTR	B	-2.26%
INVH	D	-1.79%
ESS	B	-1.71%
ARE	F	-1.48%
KIM	A	-1.46%
SUI	C	-1.35%
DOC	C	-1.33%
UDR	B	-1.27%
ELS	C	-1.12%
GLPI	C	-1.11%
REG	A	-1.08%
BXP	C	-1.04%
AMH	C	-1.04%
WPC	C	-1.01%
BRX	A	-0.76%
FRT	B	-0.73%
REXR	F	-0.67%
EGP	D	-0.67%
FR	D	-0.62%
VNO	C	-0.62%
ADC	A	-0.6%
STAG	D	-0.58%
COLD	D	-0.54%
RHP	B	-0.53%
KRG	B	-0.53%
SLG	B	-0.45%
EPRT	B	-0.42%
CUZ	B	-0.42%
PECO	A	-0.41%
IRT	A	-0.41%
TRNO	F	-0.41%
SBRA	C	-0.4%
MAC	B	-0.37%
KRC	B	-0.37%
SKT	A	-0.34%
CDP	C	-0.32%
NHI	D	-0.31%
PK	C	-0.3%
EPR	C	-0.3%
HIW	C	-0.3%
DEI	B	-0.29%
BNL	D	-0.27%
CTRE	C	-0.27%
IIPR	D	-0.26%
UE	B	-0.25%
MPW	F	-0.23%
LXP	D	-0.23%
IVT	A	-0.21%
FCPT	C	-0.21%
AKR	B	-0.21%
EQC	B	-0.2%
SHO	D	-0.2%
ROIC	A	-0.19%
DRH	B	-0.17%
XHR	B	-0.16%
PEB	D	-0.15%
ELME	D	-0.14%
JBGS	F	-0.14%
LTC	B	-0.14%
RLJ	C	-0.14%
VRE	B	-0.13%
ALEX	B	-0.13%
AAT	B	-0.13%
GNL	F	-0.13%
ESRT	C	-0.13%
GTY	A	-0.12%
AIV	C	-0.12%
PDM	D	-0.11%
UMH	B	-0.1%
NXRT	B	-0.1%
CSR	B	-0.1%
DEA	D	-0.1%
PLYM	F	-0.08%
NTST	C	-0.08%
AHH	D	-0.08%
BDN	C	-0.08%
PGRE	F	-0.08%
INN	D	-0.07%
GOOD	B	-0.07%
WSR	A	-0.07%
BFS	C	-0.06%
FPI	B	-0.06%
OLP	B	-0.05%
ALX	D	-0.05%
GMRE	F	-0.05%
HPP	F	-0.05%
UHT	D	-0.05%
CBL	B	-0.04%
LAND	F	-0.04%
CLDT	B	-0.04%
CHCT	C	-0.04%
SVC	F	-0.04%
DHC	F	-0.03%
PKST	F	-0.03%