MTUM vs. QDEF ETF Comparison

Comparison of iShares MSCI USA Momentum Factor ETF (MTUM) to FlexShares Quality Dividend Defensive Index Fund (QDEF)

MTUM

iShares MSCI USA Momentum Factor ETF

MTUM Description

The investment seeks to track the performance of an index that measures the performance of U.S. large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, before fees and expenses. The fund generally invests at least 90% of its assets in the securities of the underlying index or in depositary receipts representing securities in its underlying index. The MSCI USA Momentum Index (the "underlying index") consists of stocks exhibiting relatively higher momentum characteristics than the traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S. large- and mid-capitalization stocks.

Grade (RS Rating)

Last Trade

$203.76

Average Daily Volume

612,801

Number of Holdings ^*

123

* 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

$71.13

Average Daily Volume

6,642

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

Performance

Period	MTUM	QDEF
30 Days	6.74%	3.01%
60 Days	16.38%	9.72%
90 Days	2.77%	8.06%
12 Months	48.11%	35.58%

24 Overlapping Holdings

Symbol	Grade	Weight in MTUM	Weight in QDEF	Overlap
AVGO	B	4.99%	0.88%	0.88%
BK	A	0.45%	0.62%	0.45%
COST	C	3.62%	0.23%	0.23%
CSL	A	0.23%	0.53%	0.23%
DELL	C	0.45%	0.4%	0.4%
EBAY	A	0.26%	0.43%	0.26%
EME	B	0.34%	0.55%	0.34%
JPM	C	4.25%	0.63%	0.63%
KLAC	B	1.04%	0.93%	0.93%
LDOS	A	0.24%	0.57%	0.24%
LMT	A	1.03%	1.19%	1.03%
MCK	F	0.79%	0.59%	0.59%
META	A	5.16%	2.79%	2.79%
MMM	C	1.01%	0.69%	0.69%
MSI	A	0.76%	0.68%	0.68%
NVDA	B	4.58%	4.84%	4.58%
PEG	A	0.52%	0.27%	0.27%
PM	D	1.51%	1.58%	1.51%
QCOM	D	1.43%	1.69%	1.43%
TJX	D	1.1%	0.97%	0.97%
VRT	B	0.52%	0.37%	0.37%
WMT	A	3.39%	0.12%	0.12%
WSM	C	0.28%	0.48%	0.28%
WTW	C	0.23%	0.56%	0.23%

MTUM Overweight 99 Positions Relative to QDEF

Symbol	Grade	Weight
AMZN	C	4.54%
LLY	D	4.44%
GE	B	3.52%
PGR	B	1.89%
ETN	B	1.79%
GS	B	1.68%
RTX	A	1.61%
AXP	A	1.48%
CEG	A	1.39%
AMAT	C	1.38%
ANET	A	1.22%
BSX	A	1.19%
KKR	A	1.17%
MU	D	1.14%
ISRG	C	1.13%
TT	A	1.09%
C	B	0.99%
VRTX	D	0.96%
CB	A	0.93%
APH	D	0.92%
CTAS	C	0.88%
PH	A	0.81%
TDG	A	0.79%
CL	D	0.79%
FI	A	0.78%
ICE	A	0.75%
WELL	C	0.73%
VST	A	0.69%
HWM	A	0.66%
PLTR	A	0.58%
GD	C	0.57%
EMR	B	0.57%
AJG	C	0.56%
FICO	C	0.52%
IRM	B	0.51%
URI	C	0.48%
APO	A	0.47%
MSTR	B	0.47%
TRGP	A	0.47%
COIN	F	0.46%
HIG	A	0.46%
AEP	C	0.44%
DHI	C	0.44%
WMB	A	0.44%
HLT	A	0.42%
IR	A	0.41%
ALL	A	0.4%
PWR	A	0.4%
MPWR	B	0.39%
PHM	C	0.36%
GRMN	D	0.36%
RSG	D	0.35%
FERG	F	0.34%
CBRE	C	0.33%
APP	A	0.33%
VLTO	A	0.33%
WAB	A	0.32%
NTAP	D	0.32%
SMCI	F	0.32%
DFS	A	0.31%
LEN	C	0.31%
DECK	B	0.3%
GDDY	B	0.3%
NRG	A	0.28%
MLM	F	0.27%
ARES	A	0.26%
NVR	C	0.25%
LII	C	0.25%
BRO	A	0.25%
FITB	C	0.24%
VMC	D	0.24%
NDAQ	C	0.24%
DOV	C	0.22%
SW	C	0.22%
TPL	A	0.22%
TYL	D	0.22%
AXON	A	0.21%
STX	C	0.18%
TW	A	0.18%
ERIE	A	0.18%
WDC	C	0.18%
SYF	A	0.17%
PSTG	F	0.15%
PKG	B	0.15%
HEI	C	0.15%
HUBB	A	0.14%
UTHR	C	0.14%
UHS	D	0.13%
IP	C	0.13%
L	C	0.12%
HEI	C	0.12%
OC	C	0.12%
HOOD	B	0.11%
DKS	D	0.1%
TOST	B	0.09%
FNF	C	0.09%
DVA	C	0.08%
CG	B	0.07%
ALLY	F	0.06%

MTUM Underweight 99 Positions Relative to QDEF

Symbol	Grade	Weight
AAPL	C	-6.09%
MSFT	D	-4.96%
JNJ	D	-3.17%
HD	A	-3.13%
ABBV	C	-3.06%
PG	D	-2.97%
MRK	F	-2.66%
IBM	A	-1.8%
GOOGL	B	-1.31%
INTU	F	-1.13%
ADP	A	-1.06%
GOOG	B	-1.06%
TMUS	A	-1.0%
AMT	D	-0.99%
SBUX	B	-0.97%
GILD	A	-0.95%
CI	D	-0.9%
DUK	C	-0.82%
MO	D	-0.8%
T	B	-0.77%
KO	C	-0.76%
ITW	C	-0.72%
VZ	C	-0.72%
CME	A	-0.72%
PSA	C	-0.65%
AFL	A	-0.63%
PAYX	B	-0.62%
D	A	-0.58%
BWXT	A	-0.57%
FIS	A	-0.57%
IRDM	C	-0.56%
CSCO	A	-0.56%
KMB	D	-0.56%
RMD	C	-0.56%
ED	C	-0.55%
PPL	C	-0.55%
UNM	A	-0.54%
OTIS	A	-0.54%
AIZ	B	-0.54%
GEN	A	-0.54%
EQR	C	-0.54%
MAA	D	-0.54%
OHI	C	-0.54%
VRSK	D	-0.54%
PNW	C	-0.53%
GIS	C	-0.53%
ESS	D	-0.53%
EA	D	-0.53%
MET	A	-0.53%
COR	F	-0.53%
K	B	-0.53%
NSA	D	-0.53%
AVY	D	-0.53%
ORI	A	-0.52%
CPT	C	-0.52%
WDFC	B	-0.51%
UMBF	C	-0.51%
FAST	C	-0.51%
CSWI	A	-0.51%
NEP	D	-0.51%
DOX	B	-0.5%
IPG	D	-0.5%
VIRT	B	-0.5%
XOM	A	-0.5%
WU	D	-0.49%
RDN	D	-0.49%
HRB	C	-0.49%
LSTR	F	-0.49%
LOW	C	-0.48%
BPOP	D	-0.48%
OGE	C	-0.47%
STNG	B	-0.47%
CFR	B	-0.47%
EXPD	D	-0.46%
SAIC	A	-0.46%
CUBE	C	-0.45%
SWKS	F	-0.45%
CHE	D	-0.42%
OMF	D	-0.42%
EXC	C	-0.42%
BMY	A	-0.41%
DPZ	D	-0.41%
EVRG	C	-0.4%
BSY	D	-0.39%
MSM	D	-0.37%
V	B	-0.34%
STWD	C	-0.33%
WEC	B	-0.29%
NNN	C	-0.25%
MAS	C	-0.25%
MA	A	-0.22%
SCCO	B	-0.19%
AVB	C	-0.18%
CAH	B	-0.16%
ROL	C	-0.13%
BAH	C	-0.13%
ZTS	C	-0.12%
DDS	D	-0.11%
BAC	B	-0.02%