QDEF vs. NFRA ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA)

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

$70.67

Average Daily Volume

5,791

Number of Holdings ^*

121

* may have additional holdings in another (foreign) market

NFRA

FlexShares STOXX Global Broad Infrastructure Index Fund

NFRA Description

The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the STOXXÂ® Global Broad Infrastructure Index. The fund generally will invest under normal circumstances at least 80% of its total assets in the securities of the underlying index and in American Depositary Receipts and Global Depositary Receipts based on the securities in its underlying index. The underlying index reflects the performance of a selection of equity securities of infrastructure-related companies that are domiciled or traded in developed and emerging markets around the world. It is non-diversified.

Grade (RS Rating)

Last Trade

$58.79

Average Daily Volume

92,505

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	NFRA
30 Days	2.72%	4.19%
60 Days	6.48%	7.23%
90 Days	7.99%	11.92%
12 Months	30.41%	18.80%

11 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in NFRA	Overlap
AMT	C	1.03%	1.68%	1.03%
D	C	0.59%	0.72%	0.59%
DUK	C	0.83%	1.37%	0.83%
ED	C	0.55%	0.55%	0.55%
EXC	C	0.42%	0.6%	0.42%
IRDM	D	0.49%	0.04%	0.04%
PEG	B	0.25%	0.64%	0.25%
T	C	0.76%	2.37%	0.76%
TMUS	C	0.99%	1.26%	0.99%
VZ	B	0.72%	2.81%	0.72%
WEC	C	0.29%	0.45%	0.29%

QDEF Overweight 110 Positions Relative to NFRA

Symbol	Grade	Weight
AAPL	C	6.03%
MSFT	C	5.11%
NVDA	D	4.97%
JNJ	C	3.26%
ABBV	C	3.04%
PG	C	3.01%
HD	B	2.93%
MRK	D	2.71%
META	B	2.56%
IBM	B	1.78%
QCOM	D	1.72%
PM	C	1.65%
GOOGL	D	1.24%
INTU	C	1.23%
LMT	C	1.13%
ADP	B	1.05%
TJX	B	1.01%
GOOG	D	1.01%
SBUX	C	0.99%
GILD	B	0.95%
CI	C	0.95%
KLAC	D	0.94%
AVGO	C	0.88%
MO	C	0.84%
KO	C	0.76%
ITW	C	0.7%
CME	C	0.7%
MSI	B	0.68%
MMM	B	0.68%
PSA	B	0.65%
JPM	D	0.63%
MCK	F	0.62%
BK	B	0.61%
AFL	C	0.61%
PAYX	C	0.6%
RMD	C	0.59%
MAA	B	0.58%
EQR	B	0.58%
FIS	B	0.58%
KMB	D	0.57%
ESS	B	0.57%
PPL	C	0.55%
EA	D	0.55%
VRSK	D	0.55%
OHI	B	0.55%
AVY	C	0.54%
K	B	0.54%
NSA	B	0.54%
LDOS	B	0.54%
CPT	B	0.54%
WTW	C	0.54%
VIRT	C	0.53%
PNW	C	0.53%
UMBF	B	0.53%
CSCO	C	0.53%
EME	B	0.52%
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%
MET	B	0.5%
BPOP	C	0.5%
BWXT	D	0.5%
RDN	C	0.5%
LSTR	D	0.49%
NEP	D	0.49%
SWKS	D	0.49%
CSL	B	0.49%
OTIS	C	0.49%
WU	F	0.49%
HRB	C	0.49%
CSWI	B	0.48%
CFR	C	0.48%
XOM	C	0.47%
OGE	C	0.47%
STNG	D	0.46%
WSM	D	0.46%
CUBE	B	0.46%
LOW	B	0.45%
SAIC	C	0.45%
OMF	D	0.43%
EXPD	C	0.43%
EBAY	B	0.42%
CHE	C	0.41%
EVRG	B	0.4%
DELL	D	0.4%
DPZ	F	0.39%
BSY	D	0.39%
BMY	C	0.38%
V	C	0.36%
MSM	D	0.35%
STWD	B	0.34%
VRT	C	0.33%
NNN	C	0.25%
COST	B	0.24%
MAS	B	0.24%
MA	B	0.22%
AVB	B	0.19%
CAH	C	0.16%
SCCO	D	0.16%
ROL	C	0.13%
WMT	C	0.12%
ZTS	C	0.12%
BAH	C	0.12%
DDS	F	0.1%
BAC	D	0.02%

QDEF Underweight 53 Positions Relative to NFRA

Symbol	Grade	Weight
CNI	D	-3.47%
NEE	C	-2.61%
WCN	D	-2.39%
CMCSA	D	-2.34%
UNP	C	-2.33%
SO	B	-1.49%
EQIX	C	-1.27%
WM	D	-1.17%
HCA	B	-1.16%
CSX	D	-1.01%
CEG	C	-0.92%
NSC	C	-0.87%
WMB	B	-0.85%
AEP	C	-0.83%
OKE	B	-0.81%
DLR	B	-0.8%
SRE	C	-0.79%
PCG	C	-0.79%
CCI	C	-0.78%
RSG	D	-0.65%
KMI	B	-0.62%
XEL	B	-0.53%
EIX	C	-0.51%
CHTR	D	-0.51%
TRGP	B	-0.5%
AWK	B	-0.43%
VLTO	C	-0.41%
SBAC	C	-0.39%
THC	A	-0.24%
UHS	B	-0.2%
CLH	A	-0.19%
FYBR	C	-0.14%
WTRG	D	-0.14%
EHC	C	-0.14%
DTM	B	-0.12%
ACHC	C	-0.11%
CWST	D	-0.1%
LBRDK	F	-0.1%
SRCL	A	-0.09%
AM	C	-0.08%
SEM	D	-0.06%
CCOI	C	-0.05%
CWT	C	-0.05%
HESM	D	-0.04%
AWR	B	-0.04%
GEO	F	-0.03%
MSEX	C	-0.03%
PCT	C	-0.02%
SJW	C	-0.02%
NFE	F	-0.02%
CXW	F	-0.02%
FSLY	D	-0.01%
UNIT	C	-0.01%