QDF vs. MDYV ETF Comparison

Comparison of FlexShares Quality Dividend Index Fund (QDF) to SPDR S&P 400 Mid Cap Value ETF (based on S&P MidCap 400 Value Index (MDYV)

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

$72.69

Average Daily Volume

26,693

Number of Holdings ^*

127

* may have additional holdings in another (foreign) market

MDYV

SPDR S&P 400 Mid Cap Value ETF (based on S&P MidCap 400 Value Index

MDYV Description

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of medium capitalization exchange traded U.S. equity securities exhibiting "value" characteristics. The fund employs a replication strategy in seeking to track the performance of the S&P MidCap 400 Value Index. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index measures the performance of the mid-capitalization value sector in the U.S. equity market. It is non-diversified.

Grade (RS Rating)

Last Trade

$85.85

Average Daily Volume

306,570

Number of Holdings ^*

284

* may have additional holdings in another (foreign) market

Performance

Period	QDF	MDYV
30 Days	0.21%	5.14%
60 Days	2.38%	7.05%
90 Days	3.47%	7.90%
12 Months	26.27%	29.56%

16 Overlapping Holdings

Symbol	Grade	Weight in QDF	Weight in MDYV	Overlap
ALLY	C	0.37%	0.67%	0.37%
CFR	B	0.42%	0.35%	0.35%
CUBE	C	0.37%	0.33%	0.33%
FAF	A	0.47%	0.45%	0.45%
IRDM	D	0.31%	0.12%	0.12%
JHG	B	0.6%	0.39%	0.39%
NNN	C	0.23%	0.33%	0.23%
NSA	C	0.49%	0.1%	0.1%
OGE	A	0.51%	0.57%	0.51%
OHI	C	0.52%	0.41%	0.41%
OLN	F	0.25%	0.2%	0.2%
ORI	A	0.55%	0.6%	0.55%
SMG	C	0.5%	0.13%	0.13%
STWD	C	0.49%	0.42%	0.42%
UGI	C	0.49%	0.34%	0.34%
WU	F	0.45%	0.24%	0.24%

QDF Overweight 111 Positions Relative to MDYV

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%
PSA	C	0.6%
D	C	0.59%
AVB	B	0.58%
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%
CHRW	B	0.55%
EQR	C	0.55%
MAA	B	0.55%
VLO	C	0.55%
MPC	D	0.54%
NXPI	D	0.52%
OMF	A	0.52%
CPT	B	0.51%
IVZ	B	0.51%
XOM	B	0.5%
RDN	D	0.49%
BPOP	C	0.48%
WDFC	B	0.47%
DVN	F	0.46%
MRK	D	0.45%
IPG	D	0.45%
MCHP	F	0.45%
POOL	C	0.44%
WSM	C	0.43%
TT	A	0.43%
NUE	C	0.42%
EVRG	A	0.42%
WY	F	0.42%
HST	C	0.41%
SWKS	F	0.4%
V	A	0.4%
CTAS	B	0.39%
LNC	C	0.39%
PFG	D	0.39%
RHI	C	0.38%
SCCO	F	0.36%
WMS	F	0.36%
APLE	B	0.35%
EIX	B	0.34%
NEP	F	0.3%
BR	A	0.3%
MA	B	0.26%
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 268 Positions Relative to MDYV

Symbol	Grade	Weight
ILMN	C	-1.53%
DOCU	B	-1.11%
USFD	A	-1.09%
FNF	B	-1.07%
THC	D	-1.05%
COHR	B	-1.03%
RGA	A	-1.02%
PFGC	B	-0.9%
JLL	D	-0.84%
UNM	A	-0.83%
WPC	C	-0.81%
SF	B	-0.8%
JEF	A	-0.8%
BJ	A	-0.78%
RRX	B	-0.77%
FHN	A	-0.73%
GME	C	-0.72%
AA	A	-0.72%
ARMK	B	-0.69%
WBS	A	-0.69%
AFG	A	-0.69%
LAD	A	-0.67%
UTHR	C	-0.64%
WCC	B	-0.63%
CNH	C	-0.63%
AAL	B	-0.63%
GMED	A	-0.62%
XPO	B	-0.62%
KNX	C	-0.61%
AR	B	-0.6%
FLR	B	-0.59%
WTFC	A	-0.59%
SNX	D	-0.59%
ZION	B	-0.59%
SFM	A	-0.57%
MTZ	B	-0.57%
TPL	A	-0.57%
GPK	C	-0.57%
AVTR	F	-0.56%
SSB	B	-0.55%
X	B	-0.55%
IBKR	A	-0.54%
SNV	C	-0.54%
RPM	A	-0.54%
PB	B	-0.53%
FYBR	C	-0.52%
ACM	B	-0.52%
ADC	A	-0.51%
BERY	C	-0.51%
GLPI	C	-0.51%
G	B	-0.5%
OSK	C	-0.49%
TMHC	C	-0.49%
EQH	C	-0.48%
R	B	-0.48%
VNO	C	-0.47%
CACI	D	-0.47%
CADE	B	-0.47%
ONB	C	-0.47%
BURL	B	-0.46%
CMC	B	-0.46%
VMI	B	-0.46%
DINO	D	-0.46%
EWBC	A	-0.45%
BIO	C	-0.45%
COLB	B	-0.44%
DAR	C	-0.44%
KD	B	-0.44%
GBCI	B	-0.43%
NOV	C	-0.43%
INGR	C	-0.42%
WHR	B	-0.42%
RNR	C	-0.41%
ARW	D	-0.41%
KRG	B	-0.4%
ESNT	F	-0.4%
CIEN	C	-0.4%
FNB	A	-0.4%
SCI	B	-0.4%
AGCO	D	-0.39%
LITE	B	-0.39%
PVH	C	-0.39%
THO	B	-0.39%
THG	A	-0.39%
PNFP	B	-0.38%
REXR	F	-0.38%
AMG	B	-0.38%
CG	B	-0.38%
FBIN	D	-0.38%
EHC	B	-0.38%
HOMB	A	-0.38%
CCK	D	-0.38%
UBSI	B	-0.38%
UMBF	B	-0.37%
BMRN	F	-0.37%
NFG	A	-0.37%
CLF	F	-0.37%
LEA	F	-0.36%
DKS	D	-0.36%
AYI	B	-0.34%
WTRG	B	-0.34%
NXST	C	-0.34%
POST	C	-0.34%
BRX	A	-0.33%
CW	C	-0.33%
BDC	C	-0.33%
GAP	C	-0.33%
WAL	B	-0.33%
ST	F	-0.33%
SON	F	-0.33%
CBSH	B	-0.33%
AVNT	B	-0.32%
AVT	C	-0.32%
CUZ	B	-0.32%
IRT	A	-0.32%
NJR	A	-0.32%
LAMR	C	-0.32%
AMH	C	-0.32%
POR	C	-0.32%
ATR	B	-0.32%
VLY	B	-0.32%
VOYA	B	-0.32%
ELS	C	-0.32%
SWX	B	-0.31%
AN	C	-0.3%
SLGN	A	-0.3%
BRBR	A	-0.3%
RGLD	C	-0.3%
TTC	C	-0.3%
JAZZ	B	-0.3%
TKO	A	-0.3%
SBRA	C	-0.29%
FLO	D	-0.29%
ORA	B	-0.29%
FLS	B	-0.29%
KMPR	A	-0.29%
M	F	-0.29%
KBR	F	-0.29%
KEX	B	-0.29%
BKH	A	-0.29%
HQY	A	-0.28%
TCBI	C	-0.28%
ASGN	F	-0.28%
CNO	B	-0.28%
PNM	B	-0.28%
KRC	B	-0.28%
SAIC	F	-0.28%
OGS	A	-0.28%
MTG	C	-0.27%
ASB	B	-0.27%
DCI	B	-0.27%
SEIC	B	-0.27%
IDA	A	-0.26%
SR	A	-0.26%
ASH	F	-0.26%
HOG	D	-0.26%
MKSI	C	-0.26%
CGNX	D	-0.26%
MIDD	C	-0.25%
PRGO	C	-0.25%
ALE	A	-0.25%
PII	F	-0.24%
CYTK	F	-0.24%
DTM	A	-0.24%
FR	D	-0.24%
MAT	D	-0.24%
XRAY	F	-0.24%
NWE	B	-0.23%
CHE	D	-0.23%
GATX	A	-0.23%
NVST	B	-0.23%
CNM	D	-0.23%
FFIN	B	-0.22%
GHC	B	-0.22%
DOCS	C	-0.22%
STAG	D	-0.22%
FHI	B	-0.22%
EVR	B	-0.22%
PBF	D	-0.21%
BHF	C	-0.21%
SLM	A	-0.21%
EXLS	B	-0.21%
EGP	D	-0.21%
TKR	D	-0.2%
AMKR	D	-0.2%
CVLT	B	-0.2%
VAC	C	-0.2%
MAN	F	-0.2%
PCH	F	-0.2%
PAG	B	-0.2%
KBH	D	-0.19%
ALV	C	-0.19%
CC	C	-0.19%
NEOG	F	-0.19%
WH	B	-0.18%
CHWY	B	-0.18%
GXO	B	-0.18%
RH	C	-0.18%
GT	C	-0.18%
MASI	B	-0.18%
MUR	D	-0.18%
MTSI	B	-0.18%
SIGI	C	-0.18%
CXT	C	-0.18%
EXPO	D	-0.17%
LPX	B	-0.17%
HWC	B	-0.17%
RYN	D	-0.17%
HXL	F	-0.17%
GNTX	C	-0.17%
ENOV	C	-0.17%
RLI	A	-0.17%
NOVT	D	-0.17%
CRUS	D	-0.16%
BRKR	D	-0.16%
OZK	B	-0.16%
IBOC	B	-0.15%
JWN	D	-0.15%
ENS	F	-0.15%
RCM	A	-0.15%
MTN	C	-0.15%
ALGM	D	-0.14%
PPC	C	-0.14%
ZI	D	-0.14%
CDP	C	-0.14%
SRPT	F	-0.14%
BC	C	-0.14%
LSTR	D	-0.14%
AM	A	-0.14%
UAA	C	-0.13%
LFUS	D	-0.13%
CNXC	F	-0.13%
DLB	B	-0.13%
ROIV	C	-0.13%
CRI	F	-0.13%
CHX	C	-0.13%
CBT	D	-0.13%
EEFT	B	-0.13%
AMED	F	-0.12%
GEF	A	-0.12%
SYNA	C	-0.12%
POWI	F	-0.12%
MSM	C	-0.12%
LIVN	F	-0.12%
VSH	F	-0.12%
LANC	C	-0.12%
HAE	C	-0.12%
CHH	A	-0.11%
OPCH	D	-0.11%
COLM	C	-0.1%
WEN	D	-0.1%
SAM	C	-0.1%
TEX	F	-0.1%
KNF	B	-0.1%
BLKB	B	-0.09%
EPR	C	-0.09%
PSN	D	-0.09%
MMS	F	-0.09%
NSP	F	-0.09%
VC	F	-0.09%
TNL	A	-0.08%
IPGP	D	-0.08%
UA	C	-0.08%
YETI	D	-0.08%
CPRI	F	-0.08%
HGV	C	-0.07%
WMG	D	-0.07%
AZTA	D	-0.05%