WOMN vs. QDEF ETF Comparison

Comparison of Impact Shares YWCA Womenas Empowerment ETF (WOMN) to FlexShares Quality Dividend Defensive Index Fund (QDEF)

WOMN

Impact Shares YWCA Womenas Empowerment ETF

WOMN Description

The investment seeks investment results that, before fees and expenses, track the performance of the Morningstar® Women's Empowerment Index (the "underlying index"). The fund will, under normal circumstances, invest at least 80% of its total assets plus any borrowings for investment purposes (the "80% basket") in component securities of the underlying index. The underlying index is designed to measure the performance of U.S. large and mid- capitalization companies that are "empowering to women," and to exhibit risk and return characteristics similar to those of the Morningstar US Large-Mid Cap ® Index (the "parent index"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$39.79

Average Daily Volume

1,896

Number of Holdings ^*

198

* may have additional holdings in another (foreign) market

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

$72.79

Average Daily Volume

6,852

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

Performance

Period	WOMN	QDEF
30 Days	2.87%	1.58%
60 Days	2.73%	2.63%
90 Days	5.77%	4.66%
12 Months	26.34%	30.49%

47 Overlapping Holdings

Symbol	Grade	Weight in WOMN	Weight in QDEF	Overlap
AAPL	C	5.02%	6.07%	5.02%
ABBV	D	1.55%	2.6%	1.55%
ADP	B	0.5%	1.13%	0.5%
AMT	D	0.49%	0.82%	0.49%
BAC	A	1.25%	0.02%	0.02%
BAH	F	0.09%	0.12%	0.09%
BK	A	0.22%	0.67%	0.22%
BMY	B	0.43%	0.45%	0.43%
CAH	B	0.13%	0.17%	0.13%
CI	F	0.5%	0.83%	0.5%
CSCO	B	1.92%	0.61%	0.61%
D	C	0.23%	0.56%	0.23%
EA	A	0.16%	0.6%	0.16%
EBAY	D	0.29%	0.4%	0.29%
ED	D	0.16%	0.49%	0.16%
ESS	B	0.08%	0.54%	0.08%
EXC	C	0.19%	0.39%	0.19%
GILD	C	0.46%	1.03%	0.46%
GIS	D	0.19%	0.45%	0.19%
IBM	C	1.64%	1.7%	1.64%
INTU	C	1.56%	1.29%	1.29%
IPG	D	0.06%	0.46%	0.06%
JNJ	D	1.82%	2.93%	1.82%
K	A	0.09%	0.53%	0.09%
KMB	D	0.22%	0.51%	0.22%
KO	D	1.25%	0.65%	0.65%
MA	C	1.77%	0.23%	0.23%
MET	A	0.22%	0.53%	0.22%
META	D	4.85%	2.76%	2.76%
MMM	D	0.33%	0.66%	0.33%
MRK	F	1.3%	2.25%	1.3%
MSFT	F	2.49%	4.97%	2.49%
MSI	B	0.63%	0.74%	0.63%
PAYX	C	0.18%	0.63%	0.18%
PEG	A	0.18%	0.26%	0.18%
PG	A	1.82%	2.83%	1.82%
PNW	B	0.04%	0.52%	0.04%
PPL	B	0.1%	0.55%	0.1%
SBUX	A	1.03%	0.98%	0.98%
TMUS	B	0.36%	1.14%	0.36%
V	A	1.94%	0.38%	0.38%
VRSK	A	0.17%	0.57%	0.17%
VZ	C	0.82%	0.65%	0.65%
WMT	A	0.73%	0.12%	0.12%
WSM	B	0.15%	0.41%	0.15%
WTW	B	0.13%	0.58%	0.13%
XOM	B	2.53%	0.5%	0.5%

WOMN Overweight 151 Positions Relative to QDEF

Symbol	Grade	Weight
AMZN	C	4.47%
LLY	F	3.49%
UNH	C	2.47%
CRM	B	2.27%
ADBE	C	2.23%
MCD	D	2.04%
ACN	C	1.9%
NOW	A	1.42%
CVX	A	1.31%
UBER	D	1.22%
PEP	F	1.17%
WFC	A	0.95%
GE	D	0.88%
AMGN	D	0.82%
INTC	D	0.81%
NFLX	A	0.72%
UNP	C	0.71%
SPGI	C	0.7%
AXP	A	0.7%
PGR	A	0.67%
COP	C	0.65%
MS	A	0.6%
BLK	C	0.6%
ELV	F	0.59%
ETN	A	0.59%
C	A	0.56%
REGN	F	0.55%
VRTX	F	0.54%
WDAY	B	0.51%
GM	B	0.49%
MDLZ	F	0.47%
F	C	0.46%
ADSK	A	0.45%
TEL	B	0.43%
UPS	C	0.43%
TT	A	0.39%
EQIX	A	0.39%
CL	D	0.39%
WM	A	0.37%
TGT	F	0.36%
HPQ	A	0.36%
MPWR	F	0.36%
YUM	B	0.36%
USB	A	0.35%
PYPL	B	0.34%
WELL	A	0.33%
MCO	B	0.33%
LULU	C	0.29%
DECK	A	0.28%
EMR	A	0.28%
APD	A	0.27%
ECL	D	0.27%
PSX	C	0.26%
CARR	D	0.26%
HUBS	A	0.26%
NEM	D	0.26%
NSC	B	0.25%
KEYS	A	0.25%
ANSS	B	0.25%
FTV	C	0.24%
AIG	B	0.24%
WMB	A	0.24%
COF	B	0.24%
SRE	A	0.23%
AEP	D	0.23%
JCI	C	0.22%
TYL	C	0.22%
AMP	A	0.21%
ALL	A	0.21%
CMI	A	0.2%
RSG	A	0.19%
GWW	B	0.19%
PRU	A	0.19%
HPE	B	0.19%
CTVA	C	0.18%
PCG	A	0.18%
KR	B	0.17%
BKR	B	0.17%
DOW	F	0.17%
DASH	A	0.17%
OXY	D	0.17%
BBY	D	0.16%
KHC	F	0.16%
HIG	B	0.16%
IR	B	0.16%
CBRE	B	0.16%
EIX	B	0.15%
IRM	D	0.15%
ADM	D	0.15%
DD	D	0.15%
XYL	D	0.15%
EXPE	B	0.15%
GPN	B	0.14%
ROK	B	0.14%
OKTA	C	0.14%
VST	B	0.14%
HSY	F	0.13%
A	D	0.13%
FITB	A	0.13%
BIIB	F	0.13%
PPG	F	0.13%
IFF	D	0.12%
ETR	B	0.12%
DAL	C	0.12%
VTR	C	0.11%
SCI	B	0.11%
EL	F	0.11%
STT	A	0.11%
TROW	B	0.11%
CHD	B	0.11%
AWK	D	0.11%
RF	A	0.1%
RJF	A	0.1%
CMS	C	0.09%
SYF	B	0.09%
BAX	D	0.09%
OMC	C	0.09%
INVH	D	0.09%
HBAN	A	0.09%
BMRN	D	0.08%
CNP	B	0.08%
KEY	B	0.08%
DAY	B	0.08%
PFG	D	0.08%
PINS	D	0.08%
NTRS	A	0.08%
TRU	D	0.08%
CLX	B	0.08%
SWK	D	0.07%
CAG	D	0.07%
LNT	A	0.07%
OC	A	0.07%
LUV	C	0.07%
DOC	D	0.07%
HST	C	0.06%
SJM	D	0.06%
CE	F	0.06%
NI	A	0.06%
ETSY	D	0.06%
PNR	A	0.06%
TAP	C	0.05%
CPB	D	0.05%
REXR	F	0.05%
ALB	C	0.05%
ELS	C	0.05%
Z	A	0.04%
CFG	B	0.04%
MTCH	D	0.04%
RHI	B	0.03%
AGR	B	0.01%
ZG	A	0.01%

WOMN Underweight 76 Positions Relative to QDEF

Symbol	Grade	Weight
NVDA	C	-6.0%
HD	A	-3.07%
QCOM	F	-1.65%
PM	B	-1.65%
GOOGL	C	-1.36%
GOOG	C	-1.1%
LMT	D	-1.05%
TJX	A	-0.99%
AVGO	D	-0.88%
MO	A	-0.86%
KLAC	D	-0.79%
T	A	-0.77%
DUK	C	-0.77%
ITW	B	-0.74%
JPM	A	-0.73%
CME	A	-0.71%
MCK	B	-0.71%
UNM	A	-0.65%
EME	C	-0.64%
BWXT	B	-0.64%
UMBF	B	-0.61%
FIS	C	-0.6%
AFL	B	-0.6%
CFR	B	-0.6%
GEN	B	-0.59%
PSA	D	-0.59%
AIZ	A	-0.58%
FAST	B	-0.58%
VIRT	B	-0.57%
CSWI	A	-0.57%
COR	B	-0.57%
LDOS	C	-0.57%
WDFC	B	-0.55%
ORI	A	-0.54%
RMD	C	-0.54%
CSL	C	-0.53%
OHI	C	-0.53%
EQR	B	-0.53%
MAA	B	-0.53%
IRDM	D	-0.52%
CPT	B	-0.51%
OTIS	C	-0.51%
OMF	A	-0.5%
LSTR	D	-0.49%
AVY	D	-0.48%
DOX	D	-0.48%
BPOP	B	-0.48%
RDN	C	-0.48%
LOW	D	-0.47%
NSA	D	-0.47%
OGE	B	-0.47%
DELL	C	-0.46%
VRT	B	-0.45%
HRB	D	-0.45%
WU	D	-0.43%
EXPD	D	-0.42%
SAIC	F	-0.41%
DPZ	C	-0.41%
CUBE	D	-0.4%
EVRG	A	-0.4%
CHE	D	-0.39%
SWKS	F	-0.39%
MSM	C	-0.37%
BSY	D	-0.37%
STNG	F	-0.36%
STWD	C	-0.32%
NEP	F	-0.32%
WEC	A	-0.28%
COST	B	-0.24%
MAS	D	-0.23%
NNN	D	-0.21%
AVB	B	-0.18%
SCCO	F	-0.16%
DDS	B	-0.12%
ROL	B	-0.12%
ZTS	D	-0.11%