QDF vs. CVSE ETF Comparison

Comparison of FlexShares Quality Dividend Index Fund (QDF) to Calvert US Select Equity ETF (CVSE)

QDF

FlexShares Quality Dividend Index Fund

QDF 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 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 similar to that of the Northern Trust 1250 IndexSM (the "Parent Index"). It may also invest up to 20% of its assets in cash and cash equivalents.

Grade (RS Rating)

Last Trade

$72.76

Average Daily Volume

26,182

Number of Holdings ^*

127

* may have additional holdings in another (foreign) market

CVSE

Calvert US Select Equity ETF

CVSE Description

Under normal circumstances, at least 80% of the fund"s net assets (plus any borrowings for investment purposes) will be invested in the equity securities of U.S. issuers. The fund is actively managed, not designed to track a benchmark, and therefore not constrained by the composition of a benchmark. The fund primarily invests in the equity securities of large capitalization U.S. issuers that are involved in economic activities that address global environmental or societal challenges that relate to areas such as environmental sustainability and resource efficiency.

Grade (RS Rating)

Last Trade

$70.50

Average Daily Volume

945

Number of Holdings ^*

178

* may have additional holdings in another (foreign) market

Performance

Period	QDF	CVSE
30 Days	1.66%	2.61%
60 Days	2.62%	4.06%
90 Days	4.00%	5.46%
12 Months	26.92%	30.71%

33 Overlapping Holdings

Symbol	Grade	Weight in QDF	Weight in CVSE	Overlap
AAPL	C	8.54%	6.81%	6.81%
ACN	C	1.93%	1.81%	1.81%
ADP	B	1.11%	0.84%	0.84%
CAT	B	0.75%	0.94%	0.75%
CTAS	B	0.39%	0.18%	0.18%
EA	A	0.58%	0.1%	0.1%
EBAY	D	0.58%	0.36%	0.36%
EQR	B	0.55%	0.18%	0.18%
FIS	C	0.62%	0.16%	0.16%
GILD	C	1.0%	0.34%	0.34%
HD	A	1.77%	1.33%	1.33%
HST	C	0.41%	0.05%	0.05%
INTU	C	1.74%	0.7%	0.7%
IPG	D	0.45%	0.26%	0.26%
ITW	B	0.74%	0.58%	0.58%
KLAC	D	0.76%	0.19%	0.19%
LOW	D	1.27%	0.75%	0.75%
LRCX	F	0.87%	0.15%	0.15%
MA	C	0.26%	1.54%	0.26%
MET	A	0.56%	1.14%	0.56%
MRK	F	0.45%	1.73%	0.45%
MSFT	F	4.91%	7.68%	4.91%
NKE	D	0.83%	0.25%	0.25%
NUE	C	0.42%	0.61%	0.42%
NVDA	C	5.81%	7.98%	5.81%
PRU	A	0.61%	0.76%	0.61%
QCOM	F	1.68%	0.3%	0.3%
RHI	B	0.38%	0.04%	0.04%
RMD	C	0.17%	0.38%	0.17%
TPR	B	0.57%	0.2%	0.2%
TT	A	0.43%	0.84%	0.43%
V	A	0.4%	1.44%	0.4%
WSM	B	0.43%	0.2%	0.2%

QDF Overweight 94 Positions Relative to CVSE

Symbol	Grade	Weight
META	D	3.1%
PG	A	3.03%
JNJ	D	3.01%
ABBV	D	2.58%
KO	D	2.16%
GOOGL	C	1.84%
GOOG	C	1.63%
PM	B	1.41%
UNP	C	1.24%
MS	A	0.98%
MO	A	0.89%
AVGO	D	0.88%
VRT	B	0.83%
SBUX	A	0.76%
JPM	A	0.75%
ZTS	D	0.74%
FAST	B	0.68%
BK	A	0.68%
MMM	D	0.65%
PAYX	C	0.63%
LMT	D	0.62%
AFL	B	0.62%
PEG	A	0.61%
VIRT	B	0.6%
KTB	B	0.6%
JHG	A	0.6%
PSA	D	0.6%
D	C	0.59%
AVB	B	0.58%
CMA	A	0.58%
GEN	B	0.58%
SNA	A	0.56%
WTW	B	0.56%
ORI	A	0.55%
CHRW	C	0.55%
MAA	B	0.55%
VLO	C	0.55%
MPC	D	0.54%
NXPI	D	0.52%
OMF	A	0.52%
OHI	C	0.52%
CPT	B	0.51%
IVZ	B	0.51%
OGE	B	0.51%
XOM	B	0.5%
SMG	D	0.5%
RDN	C	0.49%
STWD	C	0.49%
UGI	A	0.49%
NSA	D	0.49%
BPOP	B	0.48%
WDFC	B	0.47%
FAF	A	0.47%
DVN	F	0.46%
MCHP	D	0.45%
WU	D	0.45%
POOL	C	0.44%
CFR	B	0.42%
EVRG	A	0.42%
WY	D	0.42%
SWKS	F	0.4%
LNC	B	0.39%
PFG	D	0.39%
ALLY	C	0.37%
CUBE	D	0.37%
SCCO	F	0.36%
WMS	D	0.36%
APLE	B	0.35%
EIX	B	0.34%
IRDM	D	0.31%
NEP	F	0.3%
BR	A	0.3%
OLN	D	0.25%
COST	B	0.24%
NNN	D	0.23%
NTAP	C	0.22%
WING	D	0.2%
HRB	D	0.17%
DPZ	C	0.17%
PNW	B	0.16%
PAYC	B	0.16%
CL	D	0.15%
COR	B	0.14%
WMT	A	0.13%
BSY	D	0.13%
EXP	A	0.08%
WFRD	D	0.07%
CSWI	A	0.07%
BKNG	A	0.07%
MAR	B	0.05%
COP	C	0.04%
STNG	F	0.02%
BAC	A	0.02%
BBWI	D	0.01%

QDF Underweight 145 Positions Relative to CVSE

Symbol	Grade	Weight
LLY	F	-2.63%
SPGI	C	-2.01%
PH	A	-1.66%
NFLX	A	-1.55%
ETN	A	-1.42%
DIS	B	-1.24%
VRSK	A	-1.21%
CMI	A	-1.11%
NOW	A	-1.11%
CRM	B	-1.09%
PGR	A	-1.06%
GM	B	-1.04%
ICE	C	-1.0%
GIS	D	-0.91%
VZ	C	-0.9%
AXP	A	-0.88%
BSX	B	-0.82%
CSCO	B	-0.75%
AMGN	D	-0.73%
TRV	B	-0.72%
TFC	A	-0.7%
ECL	D	-0.69%
AMAT	F	-0.69%
CBRE	B	-0.69%
URI	B	-0.68%
AWK	D	-0.67%
ADBE	C	-0.67%
OMC	C	-0.65%
LIN	D	-0.64%
ES	D	-0.64%
PLD	D	-0.63%
AMT	D	-0.63%
SCHW	B	-0.62%
SHW	A	-0.61%
TGT	F	-0.56%
CFG	B	-0.55%
DFS	B	-0.55%
HPE	B	-0.55%
AMD	F	-0.52%
DE	A	-0.52%
ED	D	-0.49%
TXN	C	-0.48%
COF	B	-0.47%
EMR	A	-0.47%
HUM	C	-0.45%
JLL	D	-0.43%
CDNS	B	-0.43%
BMY	B	-0.41%
BALL	D	-0.4%
SJM	D	-0.4%
STT	A	-0.4%
NDAQ	A	-0.4%
TJX	A	-0.37%
LULU	C	-0.36%
ADSK	A	-0.36%
STE	F	-0.36%
MU	D	-0.35%
FITB	A	-0.35%
DHR	F	-0.35%
MKC	D	-0.34%
PYPL	B	-0.32%
DRI	B	-0.31%
ROK	B	-0.31%
A	D	-0.31%
HUBS	A	-0.31%
CLX	B	-0.3%
IDXX	F	-0.3%
MORN	B	-0.3%
ULTA	F	-0.29%
EW	C	-0.29%
HBAN	A	-0.28%
HOLX	D	-0.28%
WDAY	B	-0.28%
TSCO	D	-0.28%
MOS	F	-0.28%
PFE	D	-0.27%
HPQ	B	-0.27%
PNR	A	-0.26%
INTC	D	-0.26%
HAS	D	-0.26%
ALNY	D	-0.25%
BBY	D	-0.24%
PRI	A	-0.24%
MTN	C	-0.23%
DAR	C	-0.23%
EL	F	-0.22%
MSA	D	-0.22%
SNPS	B	-0.22%
EXPD	D	-0.22%
BFAM	D	-0.21%
MSI	B	-0.21%
HIG	B	-0.21%
VRTX	F	-0.2%
DECK	A	-0.2%
DELL	C	-0.19%
TROW	B	-0.19%
RF	A	-0.19%
FMC	D	-0.18%
WAT	B	-0.18%
SCI	B	-0.18%
KNX	B	-0.18%
DVA	B	-0.17%
FCN	D	-0.16%
EXR	D	-0.15%
MTG	C	-0.15%
PANW	C	-0.15%
AKAM	D	-0.14%
XYL	D	-0.14%
VTR	C	-0.14%
CNM	D	-0.14%
TWLO	A	-0.12%
NEE	D	-0.11%
GAP	C	-0.11%
G	B	-0.11%
EXAS	D	-0.1%
SNOW	C	-0.1%
BXP	D	-0.1%
MSCI	C	-0.1%
REGN	F	-0.1%
CHD	B	-0.1%
RL	B	-0.09%
PLNT	A	-0.09%
GPC	D	-0.09%
IQV	D	-0.09%
TTEK	F	-0.09%
SWK	D	-0.09%
VRSN	F	-0.08%
MAN	D	-0.08%
PODD	C	-0.08%
CSGP	D	-0.08%
PCTY	B	-0.08%
BRX	A	-0.06%
DKS	C	-0.06%
KEY	B	-0.06%
RKT	F	-0.06%
FICO	B	-0.05%
LITE	B	-0.05%
VLTO	D	-0.05%
ON	D	-0.05%
CIEN	B	-0.05%
FSLR	F	-0.04%
ETSY	D	-0.03%
CPRT	A	-0.03%
HXL	D	-0.03%
MRNA	F	-0.02%