QDEF vs. WBIG ETF Comparison

Comparison of FlexShares Quality Dividend Defensive Index Fund (QDEF) to WBI Large Cap Tactical Yield Shares (WBIG)

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

$73.57

Average Daily Volume

7,034

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

WBIG

WBI Large Cap Tactical Yield Shares

WBIG Description

The investment seeks long-term capital appreciation and the potential for current income, while also seeking to protect principal during unfavorable market conditions. The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the dividend-paying equity securities of large capitalization domestic and foreign companies which WBI Investments, Inc., the sub-advisor to the fund and an affiliate of Millington Securities Inc., the advisor, believes display attractive dividend payment prospects, and up to 20% of its net assets in other tactical investment opportunities.

Grade (RS Rating)

Last Trade

$25.59

Average Daily Volume

2,849

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	QDEF	WBIG
30 Days	3.29%	5.04%
60 Days	3.40%	4.06%
90 Days	5.81%	6.49%
12 Months	32.05%	18.21%

15 Overlapping Holdings

Symbol	Grade	Weight in QDEF	Weight in WBIG	Overlap
ADP	A	1.13%	0.51%	0.51%
CI	D	0.83%	1.26%	0.83%
CSL	B	0.53%	0.55%	0.53%
GILD	B	1.03%	1.03%	1.03%
GIS	D	0.45%	2.12%	0.45%
IBM	C	1.7%	1.05%	1.05%
IPG	C	0.46%	2.29%	0.46%
KLAC	D	0.79%	0.51%	0.51%
KMB	C	0.51%	2.09%	0.51%
MCK	B	0.71%	0.57%	0.57%
PAYX	B	0.63%	0.51%	0.51%
PM	A	1.65%	2.19%	1.65%
RMD	C	0.54%	0.57%	0.54%
V	A	0.38%	0.5%	0.38%
VZ	B	0.65%	2.35%	0.65%

QDEF Overweight 108 Positions Relative to WBIG

Symbol	Grade	Weight
AAPL	A	6.07%
NVDA	C	6.0%
MSFT	C	4.97%
HD	B	3.07%
JNJ	D	2.93%
PG	A	2.83%
META	D	2.76%
ABBV	D	2.6%
MRK	D	2.25%
QCOM	F	1.65%
GOOGL	C	1.36%
INTU	C	1.29%
TMUS	A	1.14%
GOOG	C	1.1%
LMT	D	1.05%
TJX	A	0.99%
SBUX	B	0.98%
AVGO	D	0.88%
MO	A	0.86%
AMT	D	0.82%
T	A	0.77%
DUK	C	0.77%
ITW	A	0.74%
MSI	B	0.74%
JPM	B	0.73%
CME	A	0.71%
BK	A	0.67%
MMM	C	0.66%
UNM	A	0.65%
KO	D	0.65%
EME	B	0.64%
BWXT	B	0.64%
UMBF	B	0.61%
CSCO	A	0.61%
FIS	D	0.6%
EA	B	0.6%
AFL	A	0.6%
CFR	B	0.6%
GEN	A	0.59%
PSA	C	0.59%
AIZ	A	0.58%
WTW	A	0.58%
FAST	A	0.58%
VIRT	B	0.57%
CSWI	B	0.57%
COR	A	0.57%
LDOS	D	0.57%
VRSK	A	0.57%
D	C	0.56%
WDFC	C	0.55%
PPL	A	0.55%
ORI	A	0.54%
ESS	B	0.54%
K	A	0.53%
OHI	C	0.53%
MET	A	0.53%
EQR	A	0.53%
MAA	B	0.53%
PNW	A	0.52%
IRDM	D	0.52%
CPT	A	0.51%
OTIS	C	0.51%
XOM	C	0.5%
OMF	A	0.5%
LSTR	C	0.49%
ED	C	0.49%
AVY	D	0.48%
DOX	D	0.48%
BPOP	B	0.48%
RDN	B	0.48%
LOW	C	0.47%
NSA	C	0.47%
OGE	A	0.47%
DELL	C	0.46%
BMY	B	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	B	0.41%
CUBE	D	0.4%
EVRG	A	0.4%
EBAY	C	0.4%
EXC	C	0.39%
CHE	D	0.39%
SWKS	D	0.39%
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	A	0.24%
MA	A	0.23%
MAS	D	0.23%
NNN	D	0.21%
AVB	A	0.18%
CAH	B	0.17%
SCCO	F	0.16%
BAH	F	0.12%
DDS	B	0.12%
WMT	A	0.12%
ROL	A	0.12%
ZTS	F	0.11%
BAC	A	0.02%

QDEF Underweight 52 Positions Relative to WBIG

Symbol	Grade	Weight
JEPQ	A	-3.74%
UGI	A	-2.34%
PFE	D	-2.34%
KHC	D	-2.33%
UPS	C	-2.29%
NXST	C	-2.27%
FMC	D	-2.27%
F	C	-2.25%
TROW	A	-2.2%
BBY	D	-2.16%
FLTR	A	-2.13%
PR	B	-2.13%
AGZD	B	-2.13%
FALN	A	-2.11%
OKE	B	-2.1%
FTSL	B	-1.94%
SJM	C	-1.74%
STIP	B	-1.53%
IBKR	A	-1.29%
UHS	D	-1.25%
PAG	B	-1.23%
VOYA	B	-1.23%
KBH	C	-1.22%
BYD	B	-1.21%
CMS	B	-1.21%
PRU	A	-1.18%
WRB	A	-1.15%
MAR	A	-1.14%
PHM	D	-1.14%
FIX	A	-1.12%
PEP	F	-1.03%
CLX	C	-1.02%
OMC	C	-1.01%
NEM	F	-1.0%
SLB	C	-1.0%
HPE	B	-0.99%
PPG	D	-0.98%
MDT	D	-0.98%
SYY	C	-0.96%
BKLN	A	-0.9%
TGT	F	-0.8%
AXP	A	-0.57%
ACN	B	-0.57%
LRCX	F	-0.56%
AMAT	F	-0.56%
STZ	F	-0.56%
LEN	D	-0.56%
MCD	D	-0.56%
AME	A	-0.56%
CBOE	B	-0.52%
TSN	B	-0.51%
HIG	A	-0.51%