FCTE vs. QDF ETF Comparison

Comparison of SMI 3Fourteen Full-Cycle Trend ETF (FCTE) to FlexShares Quality Dividend Index Fund (QDF)

FCTE

SMI 3Fourteen Full-Cycle Trend ETF

FCTE Description

The fund is actively managed and typically owns 20 domestic stocks that are normally included in the S&P 500 Index ("S&P 500"). The FCT strategy is based on a proprietary model developed by 3Fourteen that selects stocks based on quality stock screens and trend factors such as return on capital and cash flow stability, earnings growth, return on investment, momentum, linear regression and trend analysis. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$27.19

Average Daily Volume

374,325

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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

$70.71

Average Daily Volume

44,851

Number of Holdings ^*

125

* may have additional holdings in another (foreign) market

Performance

Period	FCTE	QDF
30 Days	0.11%	1.56%
60 Days	4.07%	3.49%
90 Days		6.32%
12 Months		28.53%

7 Overlapping Holdings

Symbol	Grade	Weight in FCTE	Weight in QDF	Overlap
DPZ	D	4.99%	0.16%	0.16%
GOOGL	D	4.91%	1.69%	1.69%
KLAC	D	4.57%	0.92%	0.92%
LRCX	F	4.68%	0.95%	0.95%
META	A	5.17%	3.04%	3.04%
MSFT	C	5.25%	5.21%	5.21%
NTAP	D	4.95%	0.22%	0.22%

FCTE Overweight 13 Positions Relative to QDF

Symbol	Grade	Weight
PHM	B	5.4%
TSCO	C	5.34%
GD	B	5.21%
GWW	A	5.2%
HUBB	A	5.18%
ANET	A	5.16%
MLM	D	5.02%
DECK	D	4.95%
MTD	D	4.92%
SNPS	D	4.85%
AMAT	D	4.83%
HPQ	D	4.74%
MCK	F	4.68%

FCTE Underweight 118 Positions Relative to QDF

Symbol	Grade	Weight
AAPL	C	-8.27%
NVDA	D	-4.94%
JNJ	C	-3.32%
PG	C	-3.22%
ABBV	C	-3.1%
KO	B	-2.57%
ACN	C	-1.98%
QCOM	F	-1.74%
INTU	C	-1.69%
HD	A	-1.68%
GOOG	D	-1.49%
PM	C	-1.38%
UNP	C	-1.37%
LOW	A	-1.23%
ADP	B	-1.06%
GILD	B	-0.96%
NKE	D	-0.9%
AVGO	C	-0.89%
MO	C	-0.84%
ZTS	C	-0.83%
MS	C	-0.75%
SBUX	C	-0.74%
ITW	C	-0.71%
MMM	A	-0.69%
CAT	B	-0.69%
LMT	B	-0.68%
PSA	B	-0.66%
JPM	D	-0.65%
EBAY	B	-0.62%
PAYX	C	-0.62%
BK	A	-0.62%
AFL	C	-0.62%
FIS	B	-0.61%
D	B	-0.61%
AVB	C	-0.6%
VRT	C	-0.6%
MAA	C	-0.59%
FAST	C	-0.59%
PEG	A	-0.59%
PRU	C	-0.58%
EQR	C	-0.58%
NSA	B	-0.57%
MRK	D	-0.56%
VIRT	C	-0.55%
NXPI	D	-0.55%
MPC	D	-0.55%
OHI	C	-0.55%
WTW	C	-0.54%
CPT	B	-0.54%
MCHP	D	-0.54%
ORI	B	-0.53%
VLO	F	-0.53%
EA	D	-0.53%
MET	A	-0.53%
KTB	A	-0.52%
IPG	C	-0.52%
RDN	C	-0.52%
STWD	B	-0.52%
JHG	B	-0.51%
CHRW	A	-0.51%
NEP	C	-0.5%
BPOP	C	-0.5%
CMA	A	-0.5%
OGE	B	-0.5%
WU	D	-0.5%
IVZ	B	-0.49%
FAF	C	-0.49%
UGI	C	-0.49%
XOM	D	-0.48%
DVN	D	-0.48%
SMG	C	-0.48%
WSM	D	-0.47%
SWKS	F	-0.47%
SNA	C	-0.45%
POOL	D	-0.45%
OMF	D	-0.45%
WY	C	-0.45%
TPR	C	-0.44%
WDFC	C	-0.44%
NUE	F	-0.42%
EVRG	B	-0.42%
HST	C	-0.42%
CUBE	B	-0.42%
WMS	D	-0.41%
TT	A	-0.4%
CTAS	C	-0.38%
V	C	-0.38%
PFG	B	-0.38%
SCCO	D	-0.36%
ALLY	D	-0.35%
EIX	C	-0.35%
LNC	D	-0.34%
CFR	C	-0.34%
RHI	D	-0.33%
APLE	C	-0.33%
IRDM	D	-0.31%
BR	D	-0.29%
OLN	D	-0.27%
NNN	C	-0.27%
MA	B	-0.26%
WING	B	-0.25%
COST	B	-0.24%
RMD	C	-0.19%
HRB	C	-0.18%
CL	C	-0.17%
PNW	B	-0.16%
BSY	D	-0.14%
PAYC	D	-0.13%
WMT	B	-0.12%
EXP	B	-0.08%
WFRD	F	-0.07%
CSWI	B	-0.06%
BKNG	B	-0.06%
MAR	C	-0.04%
COP	D	-0.04%
STNG	F	-0.02%
BAC	D	-0.02%
BBWI	F	-0.01%