INCE vs. QDEF ETF Comparison

Comparison of Franklin Income Equity Focus ETF (INCE) to FlexShares Quality Dividend Defensive Index Fund (QDEF)

INCE

Franklin Income Equity Focus ETF

INCE Description

Under normal marketing conditions, the fund will invest at least 80% of its net assets in equity securities, and in derivatives and other instruments that have economic characteristics and provide investment exposure similar to equity securities.

Grade (RS Rating)

Last Trade

$59.38

Average Daily Volume

7,201

Number of Holdings ^*

* 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

$73.57

Average Daily Volume

7,034

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

Performance

Period	INCE	QDEF
30 Days	2.55%	3.29%
60 Days	2.10%	3.40%
90 Days	4.58%	5.81%
12 Months	20.07%	32.05%

17 Overlapping Holdings

Symbol	Grade	Weight in INCE	Weight in QDEF	Overlap
BAC	A	1.04%	0.02%	0.02%
CSCO	A	1.12%	0.61%	0.61%
DUK	C	0.83%	0.77%	0.77%
HD	B	1.62%	3.07%	1.62%
IBM	C	0.95%	1.7%	0.95%
JNJ	D	2.9%	2.93%	2.9%
JPM	B	1.48%	0.73%	0.73%
KO	D	0.98%	0.65%	0.65%
LMT	D	2.21%	1.05%	1.05%
LOW	C	1.33%	0.47%	0.47%
MA	A	0.53%	0.23%	0.23%
MET	A	1.29%	0.53%	0.53%
PG	A	1.98%	2.83%	1.98%
PM	A	1.25%	1.65%	1.25%
SBUX	B	1.14%	0.98%	0.98%
VZ	B	2.94%	0.65%	0.65%
XOM	C	1.58%	0.5%	0.5%

INCE Overweight 27 Positions Relative to QDEF

Symbol	Grade	Weight
SO	C	3.1%
CVX	A	2.85%
PEP	F	2.42%
JCI	C	2.14%
APD	A	2.05%
RIO	F	1.69%
SCHW	A	1.48%
MS	C	1.46%
RTX	D	1.43%
UNP	C	1.41%
ADI	D	1.31%
TXN	D	1.2%
USB	A	1.16%
MCD	D	1.14%
TTE	F	1.14%
SRE	B	1.11%
HON	B	1.09%
GM	C	1.03%
AEP	C	0.99%
NEM	F	0.94%
UPS	C	0.87%
PNC	A	0.59%
FITB	B	0.58%
ALB	C	0.53%
FCX	F	0.52%
BA	F	0.23%
C	B	0.0%

INCE Underweight 106 Positions Relative to QDEF

Symbol	Grade	Weight
AAPL	A	-6.07%
NVDA	C	-6.0%
MSFT	C	-4.97%
META	D	-2.76%
ABBV	D	-2.6%
MRK	D	-2.25%
QCOM	F	-1.65%
GOOGL	C	-1.36%
INTU	C	-1.29%
TMUS	A	-1.14%
ADP	A	-1.13%
GOOG	C	-1.1%
GILD	B	-1.03%
TJX	A	-0.99%
AVGO	D	-0.88%
MO	A	-0.86%
CI	D	-0.83%
AMT	D	-0.82%
KLAC	D	-0.79%
T	A	-0.77%
ITW	A	-0.74%
MSI	B	-0.74%
CME	A	-0.71%
MCK	B	-0.71%
BK	A	-0.67%
MMM	C	-0.66%
UNM	A	-0.65%
EME	B	-0.64%
BWXT	B	-0.64%
PAYX	B	-0.63%
UMBF	B	-0.61%
FIS	D	-0.6%
EA	B	-0.6%
AFL	A	-0.6%
CFR	B	-0.6%
GEN	A	-0.59%
PSA	C	-0.59%
AIZ	A	-0.58%
WTW	A	-0.58%
FAST	A	-0.58%
VIRT	B	-0.57%
CSWI	B	-0.57%
COR	A	-0.57%
LDOS	D	-0.57%
VRSK	A	-0.57%
D	C	-0.56%
WDFC	C	-0.55%
PPL	A	-0.55%
ORI	A	-0.54%
ESS	B	-0.54%
RMD	C	-0.54%
K	A	-0.53%
CSL	B	-0.53%
OHI	C	-0.53%
EQR	A	-0.53%
MAA	B	-0.53%
PNW	A	-0.52%
IRDM	D	-0.52%
CPT	A	-0.51%
OTIS	C	-0.51%
KMB	C	-0.51%
OMF	A	-0.5%
LSTR	C	-0.49%
ED	C	-0.49%
AVY	D	-0.48%
DOX	D	-0.48%
BPOP	B	-0.48%
RDN	B	-0.48%
NSA	C	-0.47%
OGE	A	-0.47%
IPG	C	-0.46%
DELL	C	-0.46%
BMY	B	-0.45%
GIS	D	-0.45%
VRT	B	-0.45%
HRB	D	-0.45%
WU	D	-0.43%
EXPD	D	-0.42%
SAIC	F	-0.41%
WSM	B	-0.41%
DPZ	B	-0.41%
CUBE	D	-0.4%
EVRG	A	-0.4%
EBAY	C	-0.4%
EXC	C	-0.39%
CHE	D	-0.39%
SWKS	D	-0.39%
V	A	-0.38%
MSM	C	-0.37%
BSY	D	-0.37%
STNG	F	-0.36%
STWD	C	-0.32%
NEP	F	-0.32%
WEC	A	-0.28%
PEG	A	-0.26%
COST	A	-0.24%
MAS	D	-0.23%
NNN	D	-0.21%
AVB	A	-0.18%
CAH	B	-0.17%
SCCO	F	-0.16%
BAH	F	-0.12%
DDS	B	-0.12%
WMT	A	-0.12%
ROL	A	-0.12%
ZTS	F	-0.11%