QDEF vs. LKOR ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to FlexShares Credit-Scored US Long Corporate Bond Index Fund (LKOR)

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

LKOR

FlexShares Credit-Scored US Long Corporate Bond Index Fund

LKOR Description

Flexshares Trust - FlexShares Credit-Scored US Long Corporate Bond Index Fund is an exchange traded fund launched by Northern Trust Corporation. It is managed by Northern Trust Investments, Incorporated. The fund invests in fixed income markets of the United States. It invests in US-dollar denominated investment grade bonds of companies rated BBB or higher by S&P or Fitch or Baa3 or higher by Moody's and with maturities greater than or equal to ten years. The fund seeks to track the performance of the Northern Trust Credit-Scored US Long Corporate Bond Index, by employing representative sampling methodology. Flexshares Trust - FlexShares Credit-Scored US Long Corporate Bond Index Fund was formed on September 23, 2015 and is domiciled in the United States.

Grade (RS Rating)

Last Trade

$43.84

Average Daily Volume

6,859

Number of Holdings ^*

163

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	LKOR
30 Days	2.73%	1.19%
60 Days	2.78%	-2.73%
90 Days	5.03%	-1.43%
12 Months	31.02%	12.09%

49 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in LKOR	Overlap
AAPL	B	6.07%	0.17%	0.17%
ABBV	D	2.6%	0.33%	0.33%
AFL	B	0.6%	0.12%	0.12%
AIZ	B	0.58%	0.18%	0.18%
AMT	D	0.82%	0.27%	0.27%
AVGO	D	0.88%	0.2%	0.2%
BAC	A	0.02%	0.23%	0.02%
CAH	B	0.17%	0.31%	0.17%
CSCO	A	0.61%	0.23%	0.23%
D	C	0.56%	0.23%	0.23%
DUK	C	0.77%	0.5%	0.5%
EA	C	0.6%	0.09%	0.09%
EBAY	C	0.4%	0.18%	0.18%
ED	D	0.49%	0.29%	0.29%
EXC	D	0.39%	0.22%	0.22%
GILD	B	1.03%	0.35%	0.35%
GOOGL	C	1.36%	0.12%	0.12%
HD	A	3.07%	0.19%	0.19%
IBM	C	1.7%	0.23%	0.23%
IPG	C	0.46%	0.12%	0.12%
ITW	A	0.74%	0.06%	0.06%
JNJ	D	2.93%	0.12%	0.12%
JPM	B	0.73%	0.09%	0.09%
KLAC	F	0.79%	0.2%	0.2%
KMB	C	0.51%	0.26%	0.26%
KO	D	0.65%	0.19%	0.19%
LMT	D	1.05%	0.24%	0.24%
LOW	C	0.47%	0.25%	0.25%
MA	B	0.23%	0.22%	0.22%
MAS	C	0.23%	0.11%	0.11%
MCK	C	0.71%	0.23%	0.23%
MET	A	0.53%	0.14%	0.14%
MMM	D	0.66%	0.26%	0.26%
MO	A	0.86%	0.2%	0.2%
MSFT	D	4.97%	0.1%	0.1%
NNN	D	0.21%	0.29%	0.21%
NVDA	C	6.0%	0.21%	0.21%
OTIS	C	0.51%	0.1%	0.1%
PM	B	1.65%	0.7%	0.7%
SBUX	B	0.98%	0.23%	0.23%
SCCO	F	0.16%	0.64%	0.16%
T	A	0.77%	0.09%	0.09%
V	A	0.38%	0.4%	0.38%
VRSK	A	0.57%	0.1%	0.1%
VZ	B	0.65%	0.18%	0.18%
WEC	A	0.28%	0.24%	0.24%
WTW	B	0.58%	0.1%	0.1%
XOM	C	0.5%	0.12%	0.12%
ZTS	D	0.11%	0.19%	0.11%

QDEF Overweight 74 Positions Relative to LKOR

Symbol	Grade	Weight
PG	A	2.83%
META	D	2.76%
MRK	F	2.25%
QCOM	F	1.65%
INTU	C	1.29%
TMUS	A	1.14%
ADP	B	1.13%
GOOG	C	1.1%
TJX	A	0.99%
CI	D	0.83%
MSI	C	0.74%
CME	A	0.71%
BK	A	0.67%
UNM	A	0.65%
EME	B	0.64%
BWXT	B	0.64%
PAYX	B	0.63%
UMBF	B	0.61%
FIS	D	0.6%
CFR	B	0.6%
GEN	A	0.59%
PSA	C	0.59%
FAST	B	0.58%
VIRT	B	0.57%
CSWI	A	0.57%
COR	C	0.57%
LDOS	D	0.57%
WDFC	B	0.55%
PPL	B	0.55%
ORI	A	0.54%
ESS	B	0.54%
RMD	C	0.54%
K	A	0.53%
CSL	B	0.53%
OHI	D	0.53%
EQR	B	0.53%
MAA	B	0.53%
PNW	B	0.52%
IRDM	C	0.52%
CPT	B	0.51%
OMF	A	0.5%
LSTR	B	0.49%
AVY	D	0.48%
DOX	D	0.48%
BPOP	B	0.48%
RDN	C	0.48%
NSA	C	0.47%
OGE	A	0.47%
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	C	0.42%
SAIC	F	0.41%
WSM	B	0.41%
DPZ	C	0.41%
CUBE	D	0.4%
EVRG	A	0.4%
CHE	D	0.39%
SWKS	F	0.39%
MSM	C	0.37%
BSY	D	0.37%
STNG	F	0.36%
STWD	C	0.32%
NEP	F	0.32%
PEG	A	0.26%
COST	B	0.24%
AVB	B	0.18%
BAH	F	0.12%
DDS	B	0.12%
WMT	B	0.12%
ROL	B	0.12%

QDEF Underweight 114 Positions Relative to LKOR

Symbol	Grade	Weight
ACGL	D	-0.55%
HSBC	B	-0.48%
LNT	A	-0.4%
FITB	B	-0.39%
KOF	F	-0.37%
INTC	C	-0.37%
BA	D	-0.37%
HPE	B	-0.37%
NI	A	-0.37%
CVS	D	-0.36%
DOW	F	-0.32%
CP	D	-0.29%
AEP	D	-0.28%
RF	B	-0.28%
TEL	B	-0.28%
JEF	A	-0.26%
NOC	D	-0.26%
CHTR	C	-0.26%
HON	B	-0.25%
ORCL	C	-0.25%
WFC	A	-0.25%
CAG	D	-0.24%
AEE	A	-0.24%
NEM	F	-0.24%
CMS	C	-0.24%
MMC	A	-0.24%
GWW	A	-0.24%
BHP	F	-0.24%
CMCSA	C	-0.24%
HCA	F	-0.24%
DOV	A	-0.24%
KDP	D	-0.24%
HPQ	B	-0.24%
MKL	A	-0.24%
OKE	C	-0.24%
FOXA	C	-0.24%
LH	B	-0.23%
LYB	F	-0.23%
PGR	A	-0.23%
AIG	B	-0.23%
TXN	D	-0.23%
WRB	A	-0.23%
ATO	A	-0.23%
BDX	F	-0.23%
AMGN	D	-0.23%
MRO	B	-0.22%
VMI	A	-0.22%
EL	F	-0.21%
SRE	A	-0.21%
GS	B	-0.21%
SHW	A	-0.21%
EIX	A	-0.21%
C	A	-0.21%
EG	C	-0.2%
HIG	B	-0.2%
PAA	B	-0.2%
STZ	D	-0.19%
NDAQ	A	-0.19%
CCI	D	-0.19%
KMI	B	-0.19%
LEA	F	-0.18%
CPB	D	-0.18%
ARE	D	-0.18%
AMZN	C	-0.18%
EPD	B	-0.18%
REGN	F	-0.17%
SPGI	C	-0.16%
UNP	C	-0.16%
UNH	B	-0.16%
HAL	C	-0.14%
MS	B	-0.14%
JCI	C	-0.13%
APTV	F	-0.13%
EFX	D	-0.13%
HAS	D	-0.13%
AON	A	-0.13%
GM	B	-0.13%
TT	B	-0.12%
WELL	C	-0.12%
IFF	D	-0.12%
VTR	D	-0.12%
EMR	A	-0.12%
NSC	A	-0.12%
MCO	A	-0.12%
CSX	B	-0.12%
MCD	D	-0.12%
PRU	A	-0.11%
BWA	C	-0.11%
MLM	B	-0.11%
CHD	B	-0.11%
DG	F	-0.11%
REG	B	-0.11%
RJF	A	-0.11%
OC	B	-0.11%
FMC	D	-0.11%
SO	D	-0.11%
BABA	D	-0.11%
KIM	A	-0.1%
SJM	D	-0.1%
DHR	D	-0.1%
WBA	D	-0.1%
ELV	F	-0.1%
RPM	A	-0.1%
BHF	B	-0.1%
GLW	B	-0.1%
MDLZ	F	-0.09%
BIIB	F	-0.09%
RPRX	D	-0.09%
PCG	B	-0.09%
HUM	C	-0.07%
SIGI	B	-0.06%
LHX	C	-0.05%
FTV	B	-0.05%
ALL	B	-0.04%