QDEF vs. EMLP ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to First Trust North American Energy Infrastructure Fund (EMLP)

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

EMLP

First Trust North American Energy Infrastructure Fund

EMLP Description

The investment seeks total return. The fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of companies deemed by the sub-advisor to be engaged in the energy infrastructure sector. These companies principally include publicly-traded master limited partnerships and limited liability companies taxed as partnerships ("MLPs"), MLP affiliates, Canadian income trusts and their successor companies, pipeline companies, utilities, and other companies. It is non-diversified.

Grade (RS Rating)

Last Trade

$37.78

Average Daily Volume

162,141

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	EMLP
30 Days	1.58%	9.99%
60 Days	2.63%	12.10%
90 Days	4.66%	16.42%
12 Months	30.49%	42.23%

8 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in EMLP	Overlap
D	C	0.56%	0.76%	0.56%
DUK	C	0.77%	0.69%	0.69%
EVRG	A	0.4%	0.82%	0.4%
EXC	C	0.39%	0.09%	0.09%
NEP	F	0.32%	0.58%	0.32%
PEG	A	0.26%	2.29%	0.26%
PPL	B	0.55%	2.43%	0.55%
WEC	A	0.28%	1.01%	0.28%

QDEF Overweight 115 Positions Relative to EMLP

Symbol	Grade	Weight
AAPL	C	6.07%
NVDA	C	6.0%
MSFT	F	4.97%
HD	A	3.07%
JNJ	D	2.93%
PG	A	2.83%
META	D	2.76%
ABBV	D	2.6%
MRK	F	2.25%
IBM	C	1.7%
QCOM	F	1.65%
PM	B	1.65%
GOOGL	C	1.36%
INTU	C	1.29%
TMUS	B	1.14%
ADP	B	1.13%
GOOG	C	1.1%
LMT	D	1.05%
GILD	C	1.03%
TJX	A	0.99%
SBUX	A	0.98%
AVGO	D	0.88%
MO	A	0.86%
CI	F	0.83%
AMT	D	0.82%
KLAC	D	0.79%
T	A	0.77%
ITW	B	0.74%
MSI	B	0.74%
JPM	A	0.73%
CME	A	0.71%
MCK	B	0.71%
BK	A	0.67%
MMM	D	0.66%
VZ	C	0.65%
UNM	A	0.65%
KO	D	0.65%
EME	C	0.64%
BWXT	B	0.64%
PAYX	C	0.63%
UMBF	B	0.61%
CSCO	B	0.61%
FIS	C	0.6%
EA	A	0.6%
AFL	B	0.6%
CFR	B	0.6%
GEN	B	0.59%
PSA	D	0.59%
AIZ	A	0.58%
WTW	B	0.58%
FAST	B	0.58%
VIRT	B	0.57%
CSWI	A	0.57%
COR	B	0.57%
LDOS	C	0.57%
VRSK	A	0.57%
WDFC	B	0.55%
ORI	A	0.54%
ESS	B	0.54%
RMD	C	0.54%
K	A	0.53%
CSL	C	0.53%
OHI	C	0.53%
MET	A	0.53%
EQR	B	0.53%
MAA	B	0.53%
PNW	B	0.52%
IRDM	D	0.52%
CPT	B	0.51%
OTIS	C	0.51%
KMB	D	0.51%
XOM	B	0.5%
OMF	A	0.5%
LSTR	D	0.49%
ED	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%
IPG	D	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	C	0.41%
CUBE	D	0.4%
EBAY	D	0.4%
CHE	D	0.39%
SWKS	F	0.39%
V	A	0.38%
MSM	C	0.37%
BSY	D	0.37%
STNG	F	0.36%
STWD	C	0.32%
COST	B	0.24%
MA	C	0.23%
MAS	D	0.23%
NNN	D	0.21%
AVB	B	0.18%
CAH	B	0.17%
SCCO	F	0.16%
BAH	F	0.12%
DDS	B	0.12%
WMT	A	0.12%
ROL	B	0.12%
ZTS	D	0.11%
BAC	A	0.02%

QDEF Underweight 43 Positions Relative to EMLP

Symbol	Grade	Weight
EPD	A	-8.77%
ET	A	-7.17%
OKE	A	-5.41%
KMI	A	-4.87%
DTM	B	-4.56%
PAGP	A	-4.53%
SRE	A	-4.15%
MPLX	A	-3.98%
TRGP	B	-3.47%
NFG	A	-2.89%
WMB	A	-2.46%
AEP	D	-2.27%
PWR	A	-2.24%
ATO	A	-1.61%
LNG	B	-1.6%
AES	F	-1.46%
LNT	A	-1.43%
VST	B	-1.34%
ETR	B	-1.28%
SUN	B	-1.24%
DTE	C	-1.22%
XEL	A	-1.15%
FLR	B	-1.14%
CQP	B	-1.05%
OGS	A	-1.02%
CMS	C	-0.97%
CNP	B	-0.81%
WLKP	A	-0.76%
HESM	B	-0.62%
AROC	B	-0.57%
IDA	A	-0.52%
CWEN	C	-0.52%
WTRG	B	-0.51%
NEE	D	-0.46%
SO	D	-0.45%
NJR	A	-0.44%
AEE	A	-0.28%
CEG	D	-0.26%
CPK	A	-0.24%
USAC	B	-0.11%
UGI	A	-0.08%
AWK	D	-0.05%
ENLC	A	-0.0%