QDF vs. PAPI ETF Comparison

Comparison of FlexShares Quality Dividend Index Fund (QDF) to Parametric Equity Premium Income ETF (PAPI)

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

$72.76

Average Daily Volume

26,182

Number of Holdings ^*

127

* may have additional holdings in another (foreign) market

PAPI

Parametric Equity Premium Income ETF

PAPI Description

The fund is an actively managed exchange-traded fund. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. Equity securities in which the fund may invest include common stocks.

Grade (RS Rating)

Last Trade

$28.08

Average Daily Volume

33,669

Number of Holdings ^*

189

* may have additional holdings in another (foreign) market

Performance

Period	QDF	PAPI
30 Days	1.66%	3.08%
60 Days	2.62%	3.73%
90 Days	4.00%	4.88%
12 Months	26.92%	19.25%

38 Overlapping Holdings

Symbol	Grade	Weight in QDF	Weight in PAPI	Overlap
ABBV	D	2.58%	0.46%	0.46%
ACN	C	1.93%	0.5%	0.5%
ADP	B	1.11%	0.54%	0.54%
AFL	B	0.62%	0.5%	0.5%
CFR	B	0.42%	0.59%	0.42%
COP	C	0.04%	0.56%	0.04%
COR	B	0.14%	0.54%	0.14%
COST	B	0.24%	0.54%	0.24%
D	C	0.59%	0.5%	0.5%
DVN	F	0.46%	0.5%	0.46%
EA	A	0.58%	0.59%	0.58%
EVRG	A	0.42%	0.55%	0.42%
FAST	B	0.68%	0.56%	0.56%
GILD	C	1.0%	0.53%	0.53%
IPG	D	0.45%	0.45%	0.45%
JHG	A	0.6%	0.58%	0.58%
JNJ	D	3.01%	0.5%	0.5%
KO	D	2.16%	0.45%	0.45%
MO	A	0.89%	0.59%	0.59%
MRK	F	0.45%	0.46%	0.45%
MSFT	F	4.91%	0.53%	0.53%
OGE	B	0.51%	0.55%	0.51%
ORI	A	0.55%	0.54%	0.54%
PAYX	C	0.63%	0.53%	0.53%
PEG	A	0.61%	0.52%	0.52%
PFG	D	0.39%	0.5%	0.39%
PG	A	3.03%	0.52%	0.52%
PM	B	1.41%	0.56%	0.56%
PRU	A	0.61%	0.53%	0.53%
QCOM	F	1.68%	0.49%	0.49%
RHI	B	0.38%	0.57%	0.38%
SCCO	F	0.36%	0.0%	0.0%
SNA	A	0.56%	0.63%	0.56%
SWKS	F	0.4%	0.45%	0.4%
VLO	C	0.55%	0.55%	0.55%
WMT	A	0.13%	0.54%	0.13%
WU	D	0.45%	0.48%	0.45%
XOM	B	0.5%	0.52%	0.5%

QDF Overweight 89 Positions Relative to PAPI

Symbol	Grade	Weight
AAPL	C	8.54%
NVDA	C	5.81%
META	D	3.1%
GOOGL	C	1.84%
HD	A	1.77%
INTU	C	1.74%
GOOG	C	1.63%
LOW	D	1.27%
UNP	C	1.24%
MS	A	0.98%
AVGO	D	0.88%
LRCX	F	0.87%
VRT	B	0.83%
NKE	D	0.83%
SBUX	A	0.76%
KLAC	D	0.76%
CAT	B	0.75%
JPM	A	0.75%
ZTS	D	0.74%
ITW	B	0.74%
BK	A	0.68%
MMM	D	0.65%
LMT	D	0.62%
FIS	C	0.62%
VIRT	B	0.6%
KTB	B	0.6%
PSA	D	0.6%
AVB	B	0.58%
EBAY	D	0.58%
CMA	A	0.58%
GEN	B	0.58%
TPR	B	0.57%
MET	A	0.56%
WTW	B	0.56%
CHRW	C	0.55%
EQR	B	0.55%
MAA	B	0.55%
MPC	D	0.54%
NXPI	D	0.52%
OMF	A	0.52%
OHI	C	0.52%
CPT	B	0.51%
IVZ	B	0.51%
SMG	D	0.5%
RDN	C	0.49%
STWD	C	0.49%
UGI	A	0.49%
NSA	D	0.49%
BPOP	B	0.48%
WDFC	B	0.47%
FAF	A	0.47%
MCHP	F	0.45%
POOL	C	0.44%
WSM	B	0.43%
TT	A	0.43%
NUE	C	0.42%
WY	D	0.42%
HST	C	0.41%
V	A	0.4%
CTAS	B	0.39%
LNC	B	0.39%
ALLY	C	0.37%
CUBE	D	0.37%
WMS	D	0.36%
APLE	B	0.35%
EIX	B	0.34%
IRDM	D	0.31%
NEP	F	0.3%
BR	A	0.3%
MA	C	0.26%
OLN	D	0.25%
NNN	D	0.23%
NTAP	C	0.22%
WING	D	0.2%
HRB	D	0.17%
RMD	C	0.17%
DPZ	C	0.17%
PNW	B	0.16%
PAYC	B	0.16%
CL	D	0.15%
BSY	D	0.13%
EXP	A	0.08%
WFRD	D	0.07%
CSWI	A	0.07%
BKNG	A	0.07%
MAR	B	0.05%
STNG	F	0.02%
BAC	A	0.02%
BBWI	D	0.01%

QDF Underweight 151 Positions Relative to PAPI

Symbol	Grade	Weight
GRMN	B	-0.65%
IP	B	-0.63%
DTM	B	-0.62%
BKR	B	-0.62%
EMR	A	-0.61%
OKE	A	-0.61%
UNM	A	-0.61%
IDCC	B	-0.61%
PINC	B	-0.6%
FOX	A	-0.59%
TAP	C	-0.59%
PB	A	-0.59%
IDA	A	-0.59%
KMI	A	-0.58%
CINF	A	-0.58%
WMB	A	-0.58%
JCI	C	-0.58%
WHR	B	-0.57%
TRV	B	-0.57%
SRE	A	-0.57%
CTRA	B	-0.57%
RF	A	-0.57%
DGX	A	-0.57%
SYK	C	-0.57%
LH	C	-0.57%
TXRH	C	-0.57%
FOXA	B	-0.57%
XEL	A	-0.57%
CVX	A	-0.57%
CMI	A	-0.57%
WSO	A	-0.56%
CAH	B	-0.56%
EOG	A	-0.56%
RS	B	-0.56%
PKG	A	-0.56%
TROW	B	-0.56%
PPL	B	-0.55%
DCI	B	-0.55%
INGR	B	-0.55%
UNH	C	-0.55%
GGG	B	-0.55%
T	A	-0.55%
GNTX	C	-0.54%
MOS	F	-0.54%
PAG	B	-0.54%
CMCSA	B	-0.54%
OGS	A	-0.54%
CSCO	B	-0.54%
CHD	B	-0.54%
AFG	A	-0.54%
DRI	B	-0.54%
TJX	A	-0.54%
MTN	C	-0.54%
AEE	A	-0.54%
CTSH	B	-0.53%
LHX	C	-0.53%
AM	A	-0.53%
TXN	C	-0.53%
ATO	A	-0.53%
MSM	C	-0.53%
COLM	B	-0.53%
HPE	B	-0.53%
GLW	B	-0.53%
HP	B	-0.52%
LNT	A	-0.52%
BMI	B	-0.52%
ROP	B	-0.52%
ABT	B	-0.52%
NFG	A	-0.52%
ATR	B	-0.52%
UPS	C	-0.52%
HPQ	A	-0.52%
EXPD	D	-0.52%
PSX	C	-0.52%
CHRD	D	-0.52%
WEC	A	-0.52%
CME	A	-0.52%
POR	C	-0.51%
AVT	C	-0.51%
DD	D	-0.51%
CALM	A	-0.51%
DLB	B	-0.51%
DINO	D	-0.51%
HIG	B	-0.51%
FNF	B	-0.51%
APD	A	-0.51%
LKQ	D	-0.51%
OXM	D	-0.51%
MDT	D	-0.51%
CTVA	C	-0.5%
BDX	F	-0.5%
DUK	C	-0.5%
RTX	C	-0.5%
POWI	D	-0.5%
NYT	C	-0.5%
FE	C	-0.5%
GD	F	-0.5%
VZ	C	-0.5%
CCOI	B	-0.5%
SNX	C	-0.5%
AEP	D	-0.5%
RGLD	C	-0.5%
BG	F	-0.5%
MTG	C	-0.5%
SO	D	-0.5%
DOX	D	-0.49%
OMC	C	-0.49%
CHE	D	-0.49%
KMB	D	-0.49%
BBY	D	-0.49%
PPG	F	-0.49%
SON	D	-0.49%
FLO	D	-0.49%
LIN	D	-0.49%
JKHY	D	-0.49%
EMN	D	-0.49%
HRL	D	-0.49%
CAG	D	-0.48%
LYB	F	-0.48%
AOS	F	-0.48%
WEN	D	-0.48%
ADI	D	-0.48%
ED	D	-0.48%
PEP	F	-0.48%
RPRX	D	-0.48%
LEA	D	-0.48%
SHOO	D	-0.47%
AMCR	D	-0.47%
LEN	D	-0.47%
CI	F	-0.47%
ADM	D	-0.47%
KDP	D	-0.46%
ASH	D	-0.46%
FMC	D	-0.46%
HAS	D	-0.46%
KHC	F	-0.46%
IBM	C	-0.46%
GPC	D	-0.45%
DHR	F	-0.45%
ESNT	D	-0.45%
HUN	F	-0.44%
MAN	D	-0.44%
DOW	F	-0.44%
PFE	D	-0.44%
INSW	F	-0.44%
PII	D	-0.43%
ELV	F	-0.43%
CVI	F	-0.42%
CRI	D	-0.41%
HII	D	-0.39%
NEM	D	-0.38%