QDF vs. FVAL ETF Comparison

Comparison of FlexShares Quality Dividend Index Fund (QDF) to Fidelity Value Factor ETF (FVAL)

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

$73.39

Average Daily Volume

26,503

Number of Holdings ^*

127

* may have additional holdings in another (foreign) market

FVAL

Fidelity Value Factor ETF

FVAL Description

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Value Factor Index. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Value Factor Index, which is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies that have attractive valuations.

Grade (RS Rating)

Last Trade

$63.95

Average Daily Volume

81,691

Number of Holdings ^*

124

* may have additional holdings in another (foreign) market

Performance

Period	QDF	FVAL
30 Days	2.83%	4.43%
60 Days	2.84%	5.94%
90 Days	5.26%	8.66%
12 Months	28.19%	29.97%

37 Overlapping Holdings

Symbol	Grade	Weight in QDF	Weight in FVAL	Overlap
AAPL	A	8.54%	6.68%	6.68%
ABBV	D	2.58%	1.11%	1.11%
ACN	B	1.93%	1.15%	1.15%
ADP	A	1.11%	0.64%	0.64%
BAC	A	0.02%	1.13%	0.02%
BKNG	A	0.07%	0.87%	0.07%
CAT	B	0.75%	0.77%	0.75%
COP	D	0.04%	0.4%	0.04%
DVN	F	0.46%	0.18%	0.18%
EBAY	C	0.58%	0.51%	0.51%
GILD	B	1.0%	0.97%	0.97%
GOOGL	C	1.84%	3.72%	1.84%
HD	B	1.77%	1.22%	1.22%
HST	C	0.41%	0.17%	0.17%
JNJ	D	3.01%	1.31%	1.31%
JPM	B	0.75%	1.84%	0.75%
LMT	D	0.62%	0.56%	0.56%
META	D	3.1%	2.55%	2.55%
MMM	C	0.65%	0.5%	0.5%
MO	A	0.89%	0.55%	0.55%
MPC	D	0.54%	0.24%	0.24%
MRK	D	0.45%	1.01%	0.45%
MSFT	C	4.91%	6.37%	4.91%
NUE	D	0.42%	0.19%	0.19%
NVDA	C	5.81%	7.33%	5.81%
PG	A	3.03%	1.08%	1.08%
PRU	A	0.61%	0.56%	0.56%
PSA	C	0.6%	0.25%	0.25%
QCOM	F	1.68%	1.0%	1.0%
RHI	C	0.38%	0.44%	0.38%
SWKS	D	0.4%	0.56%	0.4%
UGI	A	0.49%	0.18%	0.18%
UNP	C	1.24%	0.61%	0.61%
V	A	0.4%	1.44%	0.4%
VLO	C	0.55%	0.22%	0.22%
WMT	A	0.13%	1.07%	0.13%
XOM	C	0.5%	1.14%	0.5%

QDF Overweight 90 Positions Relative to FVAL

Symbol	Grade	Weight
KO	D	2.16%
INTU	C	1.74%
GOOG	C	1.63%
PM	A	1.41%
LOW	C	1.27%
MS	C	0.98%
AVGO	D	0.88%
LRCX	D	0.87%
VRT	B	0.83%
NKE	F	0.83%
SBUX	B	0.76%
KLAC	D	0.76%
ZTS	F	0.74%
ITW	A	0.74%
FAST	A	0.68%
BK	A	0.68%
PAYX	B	0.63%
FIS	D	0.62%
AFL	A	0.62%
PEG	A	0.61%
VIRT	B	0.6%
KTB	B	0.6%
JHG	A	0.6%
D	C	0.59%
AVB	A	0.58%
EA	B	0.58%
CMA	A	0.58%
GEN	A	0.58%
TPR	A	0.57%
MET	A	0.56%
SNA	A	0.56%
WTW	A	0.56%
ORI	A	0.55%
CHRW	C	0.55%
EQR	A	0.55%
MAA	B	0.55%
NXPI	D	0.52%
OMF	A	0.52%
OHI	C	0.52%
CPT	A	0.51%
IVZ	B	0.51%
OGE	A	0.51%
SMG	D	0.5%
RDN	B	0.49%
STWD	C	0.49%
NSA	C	0.49%
BPOP	B	0.48%
WDFC	C	0.47%
FAF	B	0.47%
IPG	C	0.45%
MCHP	D	0.45%
WU	D	0.45%
POOL	C	0.44%
WSM	B	0.43%
TT	A	0.43%
CFR	B	0.42%
EVRG	A	0.42%
WY	D	0.42%
CTAS	A	0.39%
LNC	B	0.39%
PFG	C	0.39%
ALLY	B	0.37%
CUBE	D	0.37%
SCCO	F	0.36%
WMS	D	0.36%
APLE	B	0.35%
EIX	A	0.34%
IRDM	D	0.31%
NEP	F	0.3%
BR	A	0.3%
MA	A	0.26%
OLN	D	0.25%
COST	A	0.24%
NNN	D	0.23%
NTAP	B	0.22%
WING	D	0.2%
HRB	D	0.17%
RMD	C	0.17%
DPZ	B	0.17%
PNW	A	0.16%
PAYC	A	0.16%
CL	D	0.15%
COR	A	0.14%
BSY	D	0.13%
EXP	B	0.08%
WFRD	F	0.07%
CSWI	B	0.07%
MAR	A	0.05%
STNG	F	0.02%
BBWI	C	0.01%

QDF Underweight 87 Positions Relative to FVAL

Symbol	Grade	Weight
AMZN	B	-3.88%
BRK.A	B	-2.07%
UNH	B	-1.69%
CRM	B	-1.46%
IBM	C	-1.09%
WFC	A	-1.08%
BMY	B	-0.98%
ZM	B	-0.98%
MU	D	-0.85%
UAL	B	-0.84%
MCD	D	-0.84%
AXP	A	-0.83%
CI	D	-0.81%
HPE	B	-0.81%
INTC	D	-0.77%
CTSH	A	-0.76%
C	B	-0.74%
COF	B	-0.72%
CVS	D	-0.71%
TRV	B	-0.68%
DFS	B	-0.68%
HON	B	-0.68%
SYF	A	-0.67%
ELV	F	-0.67%
GM	C	-0.67%
CVX	A	-0.67%
EXPE	B	-0.66%
DAL	B	-0.64%
T	A	-0.62%
CMCSA	C	-0.61%
VZ	B	-0.61%
RPRX	D	-0.61%
DE	B	-0.59%
JXN	B	-0.56%
LVS	C	-0.55%
UPS	C	-0.55%
CNC	F	-0.54%
RNR	C	-0.54%
LIN	D	-0.53%
PCAR	B	-0.53%
KVUE	A	-0.52%
CMI	A	-0.52%
F	C	-0.51%
OZK	B	-0.51%
EG	C	-0.5%
WYNN	D	-0.5%
G	B	-0.49%
TGT	F	-0.48%
FDX	B	-0.48%
NEE	D	-0.46%
KR	A	-0.43%
OC	B	-0.42%
KMB	C	-0.41%
M	D	-0.39%
AGCO	D	-0.38%
ADM	D	-0.35%
ACI	C	-0.34%
DUK	C	-0.34%
PLD	D	-0.32%
BG	D	-0.32%
EOG	C	-0.31%
PCG	A	-0.29%
PARA	D	-0.28%
SPG	A	-0.27%
EXC	C	-0.26%
ATKR	C	-0.26%
NRG	B	-0.26%
AEP	C	-0.26%
FCX	F	-0.24%
O	D	-0.23%
CBRE	A	-0.23%
NFG	B	-0.2%
VICI	C	-0.2%
NEM	F	-0.19%
BXP	C	-0.18%
CF	B	-0.18%
STLD	B	-0.18%
JLL	B	-0.17%
WPC	D	-0.16%
ARE	D	-0.16%
GLPI	B	-0.16%
DOW	F	-0.16%
LYB	F	-0.15%
CIVI	F	-0.13%
MOS	F	-0.13%
MUR	F	-0.13%
CLF	F	-0.11%