QDEF vs. CLSE ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to Convergence Long/Short Equity ETF (CLSE)

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

$71.11

Average Daily Volume

5,791

Number of Holdings ^*

121

* may have additional holdings in another (foreign) market

CLSE

Convergence Long/Short Equity ETF

CLSE Description

The investment seeks long-term capital growth. The fund seeks to invest, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in long and short positions in equity securities of domestic companies. The adviser intends to maintain a net long exposure (the market value of long positions minus the market value of short positions) of approximately 50% to 100%. Under normal market conditions, the fund’s long positions may range from approximately 90% to 150% and its short positions may range from approximately 20% to 70%.

Grade (RS Rating)

Last Trade

$21.94

Average Daily Volume

53,460

Number of Holdings ^*

326

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	CLSE
30 Days	2.72%	2.05%
60 Days	6.48%	4.63%
90 Days	7.99%	1.81%
12 Months	30.41%	37.03%

41 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in CLSE	Overlap
AAPL	C	6.03%	2.26%	2.26%
ABBV	C	3.04%	1.04%	1.04%
AVGO	C	0.88%	2.58%	0.88%
BAC	D	0.02%	0.81%	0.02%
BMY	C	0.38%	0.49%	0.38%
CAH	C	0.16%	0.61%	0.16%
CSCO	C	0.53%	-0.27%	-0.27%
D	C	0.59%	-0.34%	-0.34%
EME	B	0.52%	0.81%	0.52%
EQR	B	0.58%	0.44%	0.44%
GILD	B	0.95%	0.98%	0.95%
GOOG	D	1.01%	1.22%	1.01%
GOOGL	D	1.24%	2.93%	1.24%
HD	B	2.93%	1.17%	1.17%
HRB	C	0.49%	0.53%	0.49%
IBM	B	1.78%	1.7%	1.7%
JNJ	C	3.26%	0.96%	0.96%
JPM	D	0.63%	0.77%	0.63%
KLAC	D	0.94%	0.47%	0.47%
KMB	D	0.57%	0.4%	0.4%
LDOS	B	0.54%	0.38%	0.38%
LMT	C	1.13%	0.54%	0.54%
MCK	F	0.62%	0.71%	0.62%
MET	B	0.5%	0.54%	0.5%
META	B	2.56%	3.15%	2.56%
MO	C	0.84%	0.81%	0.81%
MRK	D	2.71%	0.53%	0.53%
MSFT	C	5.11%	1.12%	1.12%
NSA	B	0.54%	0.48%	0.48%
NVDA	D	4.97%	4.12%	4.12%
PG	C	3.01%	0.81%	0.81%
PNW	C	0.53%	0.55%	0.53%
QCOM	D	1.72%	2.58%	1.72%
SAIC	C	0.45%	0.4%	0.4%
SCCO	D	0.16%	0.39%	0.16%
T	C	0.76%	1.03%	0.76%
UMBF	B	0.53%	0.71%	0.53%
VRT	C	0.33%	0.59%	0.33%
WMT	C	0.12%	2.07%	0.12%
WTW	C	0.54%	-0.1%	-0.1%
XOM	C	0.47%	0.58%	0.47%

QDEF Overweight 80 Positions Relative to CLSE

Symbol	Grade	Weight
PM	C	1.65%
INTU	C	1.23%
ADP	B	1.05%
AMT	C	1.03%
TJX	B	1.01%
TMUS	C	0.99%
SBUX	C	0.99%
CI	C	0.95%
DUK	C	0.83%
KO	C	0.76%
VZ	B	0.72%
ITW	C	0.7%
CME	C	0.7%
MSI	B	0.68%
MMM	B	0.68%
PSA	B	0.65%
BK	B	0.61%
AFL	C	0.61%
PAYX	C	0.6%
RMD	C	0.59%
MAA	B	0.58%
FIS	B	0.58%
ESS	B	0.57%
PPL	C	0.55%
EA	D	0.55%
VRSK	D	0.55%
OHI	B	0.55%
ED	C	0.55%
AVY	C	0.54%
K	B	0.54%
CPT	B	0.54%
VIRT	C	0.53%
GIS	B	0.52%
AIZ	B	0.52%
UNM	B	0.51%
FAST	C	0.51%
WDFC	C	0.51%
ORI	B	0.51%
IPG	C	0.5%
DOX	C	0.5%
BPOP	C	0.5%
BWXT	D	0.5%
RDN	C	0.5%
LSTR	D	0.49%
IRDM	D	0.49%
NEP	D	0.49%
SWKS	D	0.49%
CSL	B	0.49%
OTIS	C	0.49%
WU	F	0.49%
CSWI	B	0.48%
CFR	C	0.48%
OGE	C	0.47%
STNG	D	0.46%
WSM	D	0.46%
CUBE	B	0.46%
LOW	B	0.45%
OMF	D	0.43%
EXPD	C	0.43%
EBAY	B	0.42%
EXC	C	0.42%
CHE	C	0.41%
EVRG	B	0.4%
DELL	D	0.4%
DPZ	F	0.39%
BSY	D	0.39%
V	C	0.36%
MSM	D	0.35%
STWD	B	0.34%
WEC	C	0.29%
NNN	C	0.25%
PEG	B	0.25%
COST	B	0.24%
MAS	B	0.24%
MA	B	0.22%
AVB	B	0.19%
ROL	C	0.13%
ZTS	C	0.12%
BAH	C	0.12%
DDS	F	0.1%

QDEF Underweight 285 Positions Relative to CLSE

Symbol	Grade	Weight
AMZN	C	-2.5%
APP	C	-2.04%
ANET	B	-1.86%
CVLT	B	-1.64%
NTAP	D	-1.64%
GDDY	C	-1.58%
CVNA	B	-1.53%
HPE	D	-1.52%
ORCL	C	-1.22%
DOCU	C	-1.21%
ACIW	B	-1.12%
HALO	C	-1.03%
MU	F	-1.02%
AMG	C	-0.98%
PYPL	B	-0.98%
SNEX	B	-0.95%
OGN	D	-0.92%
JHG	B	-0.92%
NTRS	A	-0.91%
AVT	C	-0.88%
UHS	B	-0.87%
SYF	C	-0.86%
THC	A	-0.85%
AMRX	B	-0.85%
NTNX	C	-0.84%
DVA	B	-0.82%
SEIC	C	-0.81%
VLO	F	-0.79%
MLI	A	-0.75%
FTDR	B	-0.75%
MPC	F	-0.74%
CNC	D	-0.73%
BG	D	-0.72%
PPC	D	-0.72%
JXN	A	-0.72%
IDCC	B	-0.7%
RF	B	-0.69%
CHRW	B	-0.66%
IIPR	B	-0.65%
IESC	C	-0.63%
OSCR	B	-0.63%
GVA	B	-0.63%
NEM	B	-0.62%
FITB	B	-0.61%
STRL	B	-0.6%
MUSA	D	-0.59%
TSLA	C	-0.59%
CFG	C	-0.57%
TSN	C	-0.57%
UNP	C	-0.57%
PATK	B	-0.55%
WFC	D	-0.55%
AMGN	B	-0.55%
PGR	B	-0.55%
NEE	C	-0.55%
MTZ	B	-0.54%
GM	C	-0.54%
PRIM	B	-0.54%
AVA	C	-0.54%
NRG	C	-0.54%
SLVM	B	-0.53%
MWA	B	-0.53%
EXPE	C	-0.53%
RGA	C	-0.53%
VST	C	-0.53%
RTX	C	-0.51%
CVX	D	-0.51%
FDX	C	-0.5%
ADMA	B	-0.49%
CNA	C	-0.49%
LNTH	D	-0.46%
EEFT	D	-0.45%
RGLD	C	-0.43%
REZI	D	-0.43%
ACT	B	-0.42%
SPG	B	-0.41%
LAMR	B	-0.41%
MRO	C	-0.39%
FCX	D	-0.38%
J	C	-0.36%
CTRE	C	-0.36%
BCO	B	-0.36%
DVN	F	-0.35%
GRMN	D	-0.35%
KNF	B	-0.35%
ABM	D	-0.34%
TOL	B	-0.34%
CAT	B	-0.33%
STAG	C	-0.33%
GLW	C	-0.32%
JLL	B	-0.32%
ALSN	B	-0.32%
ANF	D	-0.32%
NFLX	B	-0.31%
SM	F	-0.31%
VTRS	D	-0.31%
EXP	B	-0.31%
NVR	B	-0.3%
IBP	D	-0.27%
CPNG	B	-0.26%
BKNG	C	-0.25%
CCL	C	-0.24%
KR	C	-0.17%
ADUS	B	-0.15%
SPOT	B	-0.13%
ALNY	C	-0.12%
NTRA	C	-0.12%
MHO	B	-0.1%
QQQ	C	-0.0%
JOBY	F	--0.04%
CAR	F	--0.05%
CRNX	C	--0.05%
MRNA	F	--0.06%
COLD	D	--0.08%
ROK	D	--0.08%
ALIT	D	--0.08%
FOXF	D	--0.08%
AES	C	--0.08%
AGL	F	--0.09%
NXST	D	--0.09%
VAC	F	--0.1%
DRVN	C	--0.1%
HGV	F	--0.1%
WOR	D	--0.1%
AWR	B	--0.1%
MCW	F	--0.1%
VMC	D	--0.11%
HHH	C	--0.11%
CC	F	--0.11%
ACVA	B	--0.11%
DRI	B	--0.11%
TXG	D	--0.11%
VFC	C	--0.12%
VAL	F	--0.12%
AAL	D	--0.12%
PGNY	F	--0.12%
AA	D	--0.12%
CGON	C	--0.12%
BC	C	--0.13%
VSAT	F	--0.14%
PPBI	D	--0.14%
CHK	D	--0.15%
RBLX	B	--0.15%
EXR	B	--0.15%
AESI	C	--0.15%
PYCR	D	--0.15%
CG	D	--0.15%
DAY	D	--0.15%
MTN	D	--0.15%
UHAL	A	--0.16%
CLDX	C	--0.16%
PCH	C	--0.16%
WTRG	D	--0.16%
BIRK	F	--0.16%
KRG	B	--0.16%
ILMN	C	--0.16%
WAL	B	--0.16%
UEC	D	--0.17%
VNO	B	--0.17%
GTLS	F	--0.17%
SJM	C	--0.17%
ENOV	D	--0.18%
KNSL	C	--0.18%
XPO	D	--0.18%
HI	F	--0.18%
BE	F	--0.19%
BANC	B	--0.19%
CZR	C	--0.19%
FCNCA	D	--0.19%
WY	C	--0.19%
CNH	D	--0.19%
LAD	D	--0.19%
COTY	F	--0.2%
COLB	B	--0.2%
TMDX	C	--0.2%
CINF	B	--0.2%
EL	F	--0.2%
TFC	C	--0.2%
LKQ	F	--0.2%
AVAV	C	--0.2%
WOLF	F	--0.2%
AJG	D	--0.21%
LUV	C	--0.21%
GPOR	D	--0.21%
SOFI	C	--0.21%
BX	B	--0.21%
RNR	C	--0.22%
SHC	C	--0.22%
IRTC	F	--0.22%
CNX	B	--0.22%
DXCM	F	--0.22%
RBA	B	--0.22%
WBA	F	--0.22%
CIEN	C	--0.22%
AEIS	D	--0.23%
TTD	B	--0.23%
WTM	D	--0.23%
SW	B	--0.23%
IPAR	F	--0.23%
XYL	C	--0.23%
DLTR	F	--0.23%
FDS	C	--0.23%
PTEN	F	--0.24%
SUM	D	--0.24%
BIO	C	--0.24%
OKE	B	--0.24%
AGCO	D	--0.24%
MS	D	--0.25%
VSH	F	--0.25%
WAT	C	--0.25%
ALB	D	--0.26%
AL	D	--0.26%
APD	B	--0.26%
SITE	C	--0.26%
FLYW	F	--0.26%
EQT	D	--0.26%
WSC	D	--0.26%
VVV	D	--0.27%
GT	F	--0.27%
HASI	C	--0.27%
CELH	F	--0.28%
HSY	C	--0.28%
NEOG	D	--0.29%
GMED	D	--0.29%
LW	D	--0.29%
APLS	F	--0.29%
FIVN	F	--0.3%
MNST	D	--0.31%
O	C	--0.31%
INSP	C	--0.31%
RVMD	C	--0.32%
ENPH	D	--0.32%
PEN	D	--0.32%
REGN	C	--0.32%
FOUR	C	--0.33%
SRE	C	--0.33%
EVTC	D	--0.33%
RGEN	F	--0.33%
EXAS	C	--0.34%
IAC	C	--0.34%
TOST	C	--0.34%
LPLA	D	--0.35%
MARA	F	--0.35%
ZI	D	--0.36%
ADBE	F	--0.36%
GE	B	--0.36%
LVS	D	--0.36%
ON	D	--0.36%
KLIC	F	--0.36%
LYV	B	--0.36%
AFRM	C	--0.36%
NDAQ	A	--0.36%
WBD	D	--0.38%
RIOT	F	--0.38%
BBIO	D	--0.38%
BA	F	--0.38%
PATH	D	--0.39%
SATS	C	--0.4%
BRZE	F	--0.4%
MKTX	C	--0.4%
RIVN	F	--0.41%
CCOI	C	--0.43%
CGNX	F	--0.43%
FIVE	D	--0.45%
TTWO	C	--0.47%
ZBRA	B	--0.48%
C	C	--0.48%
GLOB	D	--0.48%
GFS	F	--0.48%
LSCC	D	--0.5%
MDB	D	--0.5%
MCHP	F	--0.5%
CFLT	F	--0.5%
BILL	D	--0.5%
DV	F	--0.5%
POOL	C	--0.54%
SMCI	F	--0.55%
RH	B	--0.56%
WDC	D	--0.58%
LBRDK	F	--0.58%
FND	C	--0.59%
U	D	--0.6%
LITE	B	--0.69%
TXN	C	--0.85%
INTC	F	--0.93%