QDEF vs. NULC ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to Nuveen ESG Large-Cap ETF (NULC)

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

$73.01

Average Daily Volume

6,346

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

NULC

Nuveen ESG Large-Cap ETF

NULC Description

The investment seeks to track the investment results, before fees and expenses, of the ICE BofAML Enhanced Yield 1-5 Year US Broad Bond Index (the "index"). Under normal market conditions, the fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in component securities of the index. The index is designed to broadly capture the 1-5 year U.S. investment grade fixed income market, as represented by a modified version of the ICE BofAML 1-5 Year US Broad Market Index.

Grade (RS Rating)

Last Trade

$48.46

Average Daily Volume

1,059

Number of Holdings ^*

121

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	NULC
30 Days	1.97%	3.95%
60 Days	6.60%	10.28%
90 Days	9.97%	13.44%
12 Months	35.77%	37.02%

28 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in NULC	Overlap
ADP	A	1.1%	0.96%	0.96%
AMT	F	0.91%	1.1%	0.91%
CAH	B	0.15%	0.12%	0.12%
CI	F	0.81%	0.08%	0.08%
EA	B	0.55%	0.34%	0.34%
EBAY	D	0.41%	0.46%	0.41%
ED	D	0.54%	0.69%	0.54%
EME	B	0.56%	0.17%	0.17%
EXC	D	0.41%	0.76%	0.41%
GILD	B	1.0%	0.72%	0.72%
GOOG	B	1.1%	1.88%	1.1%
GOOGL	B	1.36%	3.07%	1.36%
HD	B	2.99%	0.21%	0.21%
IBM	D	1.68%	1.66%	1.66%
KO	D	0.69%	1.68%	0.69%
LOW	B	0.45%	0.81%	0.45%
MA	A	0.23%	2.15%	0.23%
MCK	B	0.59%	1.31%	0.59%
MMM	C	0.64%	0.58%	0.58%
MSFT	C	5.07%	6.95%	5.07%
NVDA	B	5.74%	8.01%	5.74%
PG	D	2.84%	1.48%	1.48%
T	B	0.76%	0.88%	0.76%
TJX	C	0.94%	1.26%	0.94%
V	B	0.36%	2.18%	0.36%
VZ	D	0.66%	0.22%	0.22%
WTW	B	0.54%	0.05%	0.05%
ZTS	F	0.11%	0.58%	0.11%

QDEF Overweight 95 Positions Relative to NULC

Symbol	Grade	Weight
AAPL	B	6.16%
JNJ	D	3.12%
ABBV	B	3.11%
META	B	2.85%
MRK	F	2.42%
PM	C	1.72%
QCOM	C	1.7%
INTU	A	1.15%
LMT	D	1.07%
TMUS	A	1.07%
SBUX	B	0.96%
AVGO	B	0.92%
KLAC	F	0.85%
DUK	D	0.8%
MO	B	0.79%
ITW	B	0.73%
CME	B	0.73%
MSI	A	0.69%
JPM	B	0.68%
BK	B	0.66%
BWXT	B	0.63%
LDOS	A	0.63%
PAYX	A	0.62%
FIS	C	0.62%
AFL	D	0.61%
PSA	D	0.6%
CSCO	A	0.59%
D	C	0.58%
UNM	B	0.58%
OHI	B	0.57%
CFR	B	0.57%
RMD	B	0.57%
VRSK	A	0.56%
FAST	B	0.56%
UMBF	B	0.55%
MET	C	0.54%
EQR	D	0.54%
COR	B	0.54%
IRDM	C	0.53%
ESS	C	0.53%
KMB	D	0.53%
K	A	0.53%
GEN	B	0.53%
PPL	B	0.53%
WDFC	B	0.52%
MAA	C	0.52%
AIZ	A	0.52%
VIRT	A	0.51%
OTIS	B	0.51%
ORI	B	0.51%
CSL	C	0.5%
DOX	A	0.5%
CPT	C	0.5%
RDN	D	0.5%
AVY	F	0.5%
CSWI	A	0.5%
PNW	B	0.5%
SAIC	B	0.48%
OMF	A	0.48%
GIS	F	0.48%
XOM	B	0.48%
LSTR	C	0.47%
HRB	D	0.47%
NSA	D	0.47%
IPG	F	0.47%
BPOP	D	0.46%
DELL	C	0.45%
OGE	A	0.45%
WU	F	0.44%
WSM	F	0.42%
EXPD	D	0.42%
VRT	A	0.42%
SWKS	F	0.42%
CUBE	D	0.41%
BMY	C	0.4%
BSY	F	0.39%
EVRG	B	0.39%
DPZ	C	0.39%
CHE	F	0.38%
STNG	F	0.38%
NEP	F	0.36%
MSM	C	0.35%
STWD	D	0.33%
WEC	B	0.29%
PEG	D	0.26%
MAS	D	0.24%
COST	B	0.23%
NNN	D	0.23%
AVB	A	0.18%
SCCO	D	0.18%
BAH	B	0.14%
ROL	C	0.12%
WMT	A	0.12%
DDS	C	0.11%
BAC	B	0.02%

QDEF Underweight 93 Positions Relative to NULC

Symbol	Grade	Weight
LLY	D	-2.34%
FI	B	-1.69%
ETN	A	-1.63%
PGR	B	-1.52%
SPGI	D	-1.5%
CRM	A	-1.48%
TSLA	B	-1.46%
DIS	C	-1.45%
DHR	F	-1.44%
MELI	D	-1.44%
MS	B	-1.42%
MMC	C	-1.42%
HCA	D	-1.32%
ECL	D	-1.26%
MCD	D	-1.24%
PNC	A	-1.21%
CARR	D	-1.18%
OKE	A	-1.12%
UPS	D	-1.12%
AMGN	C	-1.1%
TGT	F	-1.04%
INTC	C	-1.03%
AMAT	D	-1.02%
CMG	C	-0.95%
MRVL	B	-0.91%
SNPS	B	-0.9%
C	B	-0.89%
LNG	A	-0.86%
PEP	F	-0.8%
AMD	F	-0.78%
CMCSA	B	-0.77%
EW	F	-0.77%
BKR	B	-0.76%
HPQ	B	-0.7%
VEEV	B	-0.66%
TXN	A	-0.66%
AXON	B	-0.62%
CDNS	B	-0.59%
ADM	F	-0.55%
KEYS	A	-0.54%
HPE	B	-0.52%
IRM	C	-0.49%
TEAM	B	-0.48%
TRV	B	-0.48%
NTAP	C	-0.47%
WST	C	-0.46%
URI	B	-0.46%
AWK	D	-0.45%
ADBE	F	-0.45%
LYB	F	-0.44%
KR	A	-0.44%
CBOE	D	-0.44%
WDC	C	-0.43%
BKNG	B	-0.43%
FSLR	F	-0.43%
FTV	F	-0.42%
EQIX	B	-0.42%
STLD	B	-0.4%
STX	D	-0.4%
TRU	C	-0.39%
HOLX	D	-0.39%
J	C	-0.35%
TFC	B	-0.35%
BALL	F	-0.34%
VRTX	A	-0.33%
TRMB	A	-0.3%
MCO	C	-0.3%
DECK	B	-0.3%
JNPR	C	-0.26%
HOOD	A	-0.26%
FDX	B	-0.22%
GS	B	-0.21%
NEM	D	-0.21%
A	D	-0.21%
SOLV	C	-0.21%
MOS	C	-0.19%
MKTX	C	-0.19%
PANW	A	-0.17%
DINO	F	-0.13%
ACGL	D	-0.12%
NXPI	D	-0.11%
LPLA	A	-0.11%
WELL	B	-0.08%
AKAM	F	-0.08%
IT	B	-0.07%
USB	B	-0.06%
IDXX	F	-0.05%
AZO	D	-0.04%
UNP	D	-0.04%
DXCM	D	-0.03%
FBIN	D	-0.02%
BG	F	-0.01%
DOV	B	-0.01%