QDEF vs. FMDE ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to Fidelity Enhanced Mid Cap ETF (FMDE)

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

$73.17

Average Daily Volume

6,939

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

FMDE

Fidelity Enhanced Mid Cap ETF

FMDE Description

The fund will normally invest at least 80% of assets in common stocks included in the Russell Midcap® Index, which is a market capitalization-weighted index designed to measure the performance of the mid-cap segment of the U.S. equity market. The adviser will generally use computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the index. It will invest in domestic and foreign issuers.

Grade (RS Rating)

Last Trade

$35.39

Average Daily Volume

150,486

Number of Holdings ^*

292

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	FMDE
30 Days	2.73%	9.46%
60 Days	2.78%	10.80%
90 Days	5.03%	13.10%
12 Months	31.02%	40.80%

35 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in FMDE	Overlap
AFL	B	0.6%	0.02%	0.02%
AIZ	B	0.58%	0.63%	0.58%
AMT	D	0.82%	0.06%	0.06%
BAH	F	0.12%	0.27%	0.12%
BK	A	0.67%	0.99%	0.67%
BMY	B	0.45%	0.26%	0.26%
BWXT	B	0.64%	0.47%	0.47%
CAH	B	0.17%	0.74%	0.17%
CI	D	0.83%	0.06%	0.06%
COR	C	0.57%	0.51%	0.51%
CSL	B	0.53%	0.05%	0.05%
EA	C	0.6%	0.58%	0.58%
EBAY	C	0.4%	0.32%	0.32%
ED	D	0.49%	0.02%	0.02%
EME	B	0.64%	0.31%	0.31%
EQR	B	0.53%	0.29%	0.29%
EVRG	A	0.4%	0.41%	0.4%
EXC	D	0.39%	0.11%	0.11%
FIS	D	0.6%	0.63%	0.6%
GILD	B	1.03%	0.51%	0.51%
GIS	D	0.45%	0.33%	0.33%
HRB	D	0.45%	0.22%	0.22%
K	A	0.53%	0.04%	0.04%
KLAC	F	0.79%	0.36%	0.36%
KMB	C	0.51%	0.22%	0.22%
LDOS	D	0.57%	0.6%	0.57%
MSI	C	0.74%	0.5%	0.5%
OGE	A	0.47%	0.04%	0.04%
PSA	C	0.59%	0.46%	0.46%
SWKS	F	0.39%	0.45%	0.39%
UNM	A	0.65%	0.52%	0.52%
VIRT	B	0.57%	0.06%	0.06%
WSM	B	0.41%	0.11%	0.11%
WTW	B	0.58%	0.72%	0.58%
WU	D	0.43%	0.33%	0.33%

QDEF Overweight 88 Positions Relative to FMDE

Symbol	Grade	Weight
AAPL	B	6.07%
NVDA	C	6.0%
MSFT	D	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	A	1.14%
ADP	B	1.13%
GOOG	C	1.1%
LMT	D	1.05%
TJX	A	0.99%
SBUX	B	0.98%
AVGO	D	0.88%
MO	A	0.86%
T	A	0.77%
DUK	C	0.77%
ITW	A	0.74%
JPM	B	0.73%
CME	A	0.71%
MCK	C	0.71%
MMM	D	0.66%
VZ	B	0.65%
KO	D	0.65%
PAYX	B	0.63%
UMBF	B	0.61%
CSCO	A	0.61%
CFR	B	0.6%
GEN	A	0.59%
FAST	B	0.58%
CSWI	A	0.57%
VRSK	A	0.57%
D	C	0.56%
WDFC	B	0.55%
PPL	B	0.55%
ORI	A	0.54%
ESS	B	0.54%
RMD	C	0.54%
OHI	D	0.53%
MET	A	0.53%
MAA	B	0.53%
PNW	B	0.52%
IRDM	C	0.52%
CPT	B	0.51%
OTIS	C	0.51%
XOM	C	0.5%
OMF	A	0.5%
LSTR	B	0.49%
AVY	D	0.48%
DOX	D	0.48%
BPOP	B	0.48%
RDN	C	0.48%
LOW	C	0.47%
NSA	C	0.47%
IPG	C	0.46%
DELL	C	0.46%
VRT	B	0.45%
EXPD	C	0.42%
SAIC	F	0.41%
DPZ	C	0.41%
CUBE	D	0.4%
CHE	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	B	0.24%
MA	B	0.23%
MAS	C	0.23%
NNN	D	0.21%
AVB	B	0.18%
SCCO	F	0.16%
DDS	B	0.12%
WMT	B	0.12%
ROL	B	0.12%
ZTS	D	0.11%
BAC	A	0.02%

QDEF Underweight 257 Positions Relative to FMDE

Symbol	Grade	Weight
WMB	B	-1.12%
SQ	B	-0.97%
SPG	C	-0.96%
CMI	A	-0.94%
VST	B	-0.94%
HWM	B	-0.89%
PRU	A	-0.85%
MSCI	C	-0.84%
UAL	B	-0.79%
RJF	A	-0.78%
CVNA	B	-0.75%
EXPE	B	-0.73%
KR	A	-0.73%
STT	A	-0.72%
RBLX	C	-0.72%
ROST	C	-0.71%
VEEV	B	-0.71%
TOST	B	-0.69%
TWLO	B	-0.67%
ZM	B	-0.67%
AXON	B	-0.67%
PPG	D	-0.66%
CSGP	C	-0.66%
DOCU	A	-0.65%
NRG	C	-0.65%
CLX	C	-0.65%
NVR	D	-0.65%
KEY	A	-0.65%
CCL	B	-0.65%
NTAP	C	-0.64%
VICI	C	-0.63%
TOL	A	-0.62%
EQH	B	-0.62%
EIX	A	-0.61%
IDXX	F	-0.61%
HUBS	B	-0.61%
HPE	B	-0.61%
NUE	D	-0.6%
AMP	B	-0.6%
INCY	C	-0.6%
CCI	D	-0.6%
TXT	D	-0.59%
CW	B	-0.59%
HUBB	B	-0.59%
LNG	B	-0.59%
SSNC	A	-0.59%
ALLE	D	-0.58%
DD	D	-0.58%
LYFT	C	-0.57%
CNC	F	-0.57%
ALL	B	-0.57%
DBX	C	-0.56%
DKNG	C	-0.56%
TRGP	B	-0.56%
FTV	B	-0.54%
PYPL	A	-0.54%
GL	C	-0.54%
FFIV	A	-0.54%
MANH	C	-0.54%
EXEL	A	-0.52%
CNP	A	-0.52%
CTAS	B	-0.52%
GRMN	A	-0.52%
DCI	A	-0.52%
TPR	A	-0.51%
MPWR	F	-0.51%
QRVO	F	-0.5%
CACI	D	-0.49%
GAP	C	-0.49%
AMH	C	-0.49%
ECL	D	-0.49%
CCK	D	-0.48%
TDC	D	-0.48%
TT	B	-0.48%
BURL	B	-0.48%
AXTA	A	-0.47%
STLD	B	-0.47%
BERY	B	-0.46%
BRX	A	-0.45%
NYT	C	-0.45%
MEDP	F	-0.45%
HLT	A	-0.45%
PEGA	A	-0.45%
ANF	C	-0.45%
NDAQ	A	-0.44%
CRUS	F	-0.44%
SNX	C	-0.44%
LNW	D	-0.44%
NBIX	C	-0.44%
WAB	B	-0.43%
PLTR	B	-0.43%
VMC	B	-0.42%
GWW	A	-0.42%
CL	D	-0.42%
NVT	B	-0.41%
HIG	B	-0.4%
AME	A	-0.4%
SOLV	C	-0.39%
AM	B	-0.39%
CPNG	D	-0.39%
FIX	A	-0.38%
EEFT	B	-0.38%
PCAR	B	-0.38%
IGT	F	-0.38%
ALSN	B	-0.37%
DHI	D	-0.37%
VMI	A	-0.37%
PCG	B	-0.36%
SYF	A	-0.36%
HXL	D	-0.35%
UTHR	C	-0.35%
LPX	B	-0.35%
ZION	B	-0.34%
RNG	B	-0.34%
SEE	C	-0.34%
DUOL	B	-0.33%
IQV	F	-0.33%
NTNX	B	-0.33%
WCC	B	-0.33%
UHS	D	-0.32%
BLD	C	-0.32%
Z	B	-0.32%
COIN	B	-0.31%
CPAY	A	-0.31%
DVN	F	-0.31%
AYI	B	-0.31%
RS	B	-0.3%
APP	B	-0.3%
LEN	C	-0.29%
GDDY	B	-0.29%
RGA	A	-0.28%
MGM	F	-0.28%
XEL	A	-0.28%
MTDR	C	-0.28%
GLPI	B	-0.27%
IFF	D	-0.27%
CBOE	B	-0.27%
DXCM	C	-0.27%
A	D	-0.27%
ELAN	F	-0.27%
FANG	F	-0.26%
ZG	B	-0.26%
ZBRA	A	-0.25%
PLTK	B	-0.25%
BILL	A	-0.25%
BRO	B	-0.25%
CDW	F	-0.25%
INGR	B	-0.24%
LHX	C	-0.24%
SEIC	A	-0.24%
CFG	B	-0.23%
OC	B	-0.23%
GTES	A	-0.23%
TW	B	-0.22%
MTB	B	-0.22%
HES	C	-0.22%
SBAC	D	-0.22%
FLS	A	-0.21%
DFS	B	-0.21%
PCTY	B	-0.21%
HII	F	-0.21%
ADTN	B	-0.2%
GPN	C	-0.2%
DKS	C	-0.2%
BLDR	C	-0.2%
MKTX	D	-0.19%
RCL	B	-0.18%
NWSA	B	-0.18%
NOC	D	-0.18%
ACM	A	-0.17%
MKL	A	-0.16%
DASH	A	-0.16%
WWD	B	-0.16%
USFD	A	-0.16%
SAM	C	-0.15%
DOC	C	-0.15%
KD	B	-0.15%
GXO	B	-0.14%
TPL	B	-0.14%
KMI	B	-0.14%
CINF	A	-0.13%
ATI	D	-0.13%
ANSS	B	-0.13%
REG	B	-0.13%
FTI	A	-0.12%
CHDN	B	-0.12%
ITT	A	-0.12%
AES	F	-0.12%
CBSH	B	-0.11%
MORN	A	-0.11%
IBKR	B	-0.11%
GEHC	F	-0.11%
NWS	B	-0.11%
SYY	C	-0.11%
ROP	B	-0.1%
CTRE	D	-0.1%
LUV	B	-0.1%
AWK	D	-0.1%
VLTO	C	-0.1%
CTRA	B	-0.1%
AXS	A	-0.09%
ACGL	D	-0.09%
ES	D	-0.09%
LPLA	B	-0.09%
LEG	D	-0.08%
XRAY	F	-0.08%
MCHP	F	-0.08%
WBD	C	-0.08%
VSTS	C	-0.07%
JHG	A	-0.07%
CWEN	C	-0.07%
ADM	F	-0.07%
MSA	C	-0.07%
DTE	C	-0.06%
WDAY	C	-0.06%
FR	C	-0.06%
EG	C	-0.06%
TNL	A	-0.06%
HUM	C	-0.06%
L	B	-0.06%
NSC	A	-0.06%
WEN	D	-0.05%
EGP	D	-0.05%
PHM	C	-0.05%
TXG	F	-0.05%
DAL	B	-0.05%
NTRA	B	-0.05%
BBWI	C	-0.04%
DGX	B	-0.04%
BIIB	F	-0.04%
CWEN	C	-0.04%
ULTA	F	-0.04%
U	C	-0.04%
CF	B	-0.03%
BBY	D	-0.03%
EPR	D	-0.03%
REYN	D	-0.03%
AKAM	F	-0.03%
TXRH	A	-0.03%
BMRN	F	-0.03%
CNM	D	-0.03%
SF	B	-0.03%
CBRE	B	-0.03%
JAZZ	B	-0.02%
QGEN	D	-0.02%
POST	B	-0.02%
AJG	A	-0.02%
OVV	C	-0.02%
HAL	C	-0.02%
MRO	B	-0.02%
LSCC	D	-0.01%
STAG	D	-0.01%
OKE	C	-0.01%
HPQ	B	-0.01%
SWK	D	-0.01%
HOOD	B	-0.01%
ARW	D	-0.01%