QDF vs. IWX ETF Comparison

Comparison of FlexShares Quality Dividend Index Fund (QDF) to iShares Russell Top 200 Value ETF (IWX)

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

$70.71

Average Daily Volume

44,851

Number of Holdings ^*

125

* may have additional holdings in another (foreign) market

IWX

iShares Russell Top 200 Value ETF

IWX Description

The investment seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. It seeks to track the investment results of the Russell Top 200 Value Index (the "underlying index"), which is a style factor weighted index that measures the performance of the largest capitalization value sector of the U.S. equity market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$80.69

Average Daily Volume

162,922

Number of Holdings ^*

158

* may have additional holdings in another (foreign) market

Performance

Period	QDF	IWX
30 Days	1.56%	2.53%
60 Days	3.49%	4.59%
90 Days	6.32%	7.53%
12 Months	28.53%	23.28%

36 Overlapping Holdings

Symbol	Grade	Weight in QDF	Weight in IWX	Overlap
ABBV	C	3.1%	1.0%	1.0%
ACN	C	1.98%	1.0%	1.0%
ADP	B	1.06%	1.0%	1.0%
BAC	D	0.02%	1.0%	0.02%
BKNG	B	0.06%	1.0%	0.06%
CAT	B	0.69%	1.0%	0.69%
CL	C	0.17%	1.0%	0.17%
COP	D	0.04%	1.0%	0.04%
CTAS	C	0.38%	1.0%	0.38%
D	B	0.61%	1.0%	0.61%
GILD	B	0.96%	1.0%	0.96%
HD	A	1.68%	1.0%	1.0%
ITW	C	0.71%	1.0%	0.71%
JNJ	C	3.32%	1.0%	1.0%
JPM	D	0.65%	1.0%	0.65%
KO	B	2.57%	1.0%	1.0%
LMT	B	0.68%	1.0%	0.68%
LOW	A	1.23%	1.0%	1.0%
MAR	C	0.04%	1.0%	0.04%
MET	A	0.53%	1.0%	0.53%
MMM	A	0.69%	1.0%	0.69%
MO	C	0.84%	1.0%	0.84%
MPC	D	0.55%	1.0%	0.55%
MS	C	0.75%	1.0%	0.75%
NKE	D	0.9%	1.0%	0.9%
PG	C	3.22%	1.0%	1.0%
PM	C	1.38%	1.0%	1.0%
PSA	B	0.66%	1.0%	0.66%
QCOM	F	1.74%	1.0%	1.0%
SBUX	C	0.74%	1.0%	0.74%
TT	A	0.4%	1.0%	0.4%
UNP	C	1.37%	1.0%	1.0%
VLO	F	0.53%	1.0%	0.53%
WMT	B	0.12%	1.0%	0.12%
XOM	D	0.48%	1.0%	0.48%
ZTS	C	0.83%	1.0%	0.83%

QDF Overweight 89 Positions Relative to IWX

Symbol	Grade	Weight
AAPL	C	8.27%
MSFT	C	5.21%
NVDA	D	4.94%
META	A	3.04%
GOOGL	D	1.69%
INTU	C	1.69%
GOOG	D	1.49%
LRCX	F	0.95%
KLAC	D	0.92%
AVGO	C	0.89%
EBAY	B	0.62%
PAYX	C	0.62%
BK	A	0.62%
AFL	C	0.62%
FIS	B	0.61%
AVB	C	0.6%
VRT	C	0.6%
MAA	C	0.59%
FAST	C	0.59%
PEG	A	0.59%
PRU	C	0.58%
EQR	C	0.58%
NSA	B	0.57%
MRK	D	0.56%
VIRT	C	0.55%
NXPI	D	0.55%
OHI	C	0.55%
WTW	C	0.54%
CPT	B	0.54%
MCHP	D	0.54%
ORI	B	0.53%
EA	D	0.53%
KTB	A	0.52%
IPG	C	0.52%
RDN	C	0.52%
STWD	B	0.52%
JHG	B	0.51%
CHRW	A	0.51%
NEP	C	0.5%
BPOP	C	0.5%
CMA	A	0.5%
OGE	B	0.5%
WU	D	0.5%
IVZ	B	0.49%
FAF	C	0.49%
UGI	C	0.49%
DVN	D	0.48%
SMG	C	0.48%
WSM	D	0.47%
SWKS	F	0.47%
SNA	C	0.45%
POOL	D	0.45%
OMF	D	0.45%
WY	C	0.45%
TPR	C	0.44%
WDFC	C	0.44%
NUE	F	0.42%
EVRG	B	0.42%
HST	C	0.42%
CUBE	B	0.42%
WMS	D	0.41%
V	C	0.38%
PFG	B	0.38%
SCCO	D	0.36%
ALLY	D	0.35%
EIX	C	0.35%
LNC	D	0.34%
CFR	C	0.34%
RHI	D	0.33%
APLE	C	0.33%
IRDM	D	0.31%
BR	D	0.29%
OLN	D	0.27%
NNN	C	0.27%
MA	B	0.26%
WING	B	0.25%
COST	B	0.24%
NTAP	D	0.22%
RMD	C	0.19%
HRB	C	0.18%
PNW	B	0.16%
DPZ	D	0.16%
BSY	D	0.14%
PAYC	D	0.13%
EXP	B	0.08%
WFRD	F	0.07%
CSWI	B	0.06%
STNG	F	0.02%
BBWI	F	0.01%

QDF Underweight 122 Positions Relative to IWX

Symbol	Grade	Weight
CPRT	D	-1.0%
AZO	D	-1.0%
ORLY	D	-1.0%
DASH	B	-1.0%
MNST	D	-1.0%
SHW	B	-1.0%
ECL	A	-1.0%
FTNT	B	-1.0%
AMAT	D	-1.0%
EL	F	-1.0%
APO	B	-1.0%
MRNA	F	-1.0%
PGR	A	-1.0%
DELL	C	-1.0%
KMB	D	-1.0%
APH	C	-1.0%
KHC	C	-1.0%
EW	F	-1.0%
OXY	F	-1.0%
CRM	D	-1.0%
MSI	B	-1.0%
MCK	F	-1.0%
AMGN	B	-1.0%
KDP	B	-1.0%
STZ	D	-1.0%
F	F	-1.0%
RSG	D	-1.0%
JCI	B	-1.0%
PCAR	D	-1.0%
AIG	D	-1.0%
CEG	A	-1.0%
PEP	D	-1.0%
SRE	B	-1.0%
COF	A	-1.0%
GM	B	-1.0%
PSX	D	-1.0%
TRV	B	-1.0%
AEP	C	-1.0%
TJX	C	-1.0%
TFC	D	-1.0%
SLB	F	-1.0%
HCA	A	-1.0%
NSC	C	-1.0%
KKR	A	-1.0%
EMR	D	-1.0%
MRVL	C	-1.0%
TDG	B	-1.0%
GEV	B	-1.0%
ROP	C	-1.0%
CRH	A	-1.0%
FCX	D	-1.0%
NEM	B	-1.0%
VRTX	D	-1.0%
APD	B	-1.0%
CARR	B	-1.0%
FDX	F	-1.0%
CSX	D	-1.0%
EOG	D	-1.0%
BDX	F	-1.0%
USB	B	-1.0%
AON	B	-1.0%
TGT	C	-1.0%
FI	A	-1.0%
PNC	A	-1.0%
NOC	A	-1.0%
CVS	F	-1.0%
PYPL	B	-1.0%
PH	A	-1.0%
WELL	C	-1.0%
EQIX	B	-1.0%
CME	C	-1.0%
BA	F	-1.0%
GD	B	-1.0%
INTC	F	-1.0%
AMD	D	-1.0%
SCHW	D	-1.0%
DUK	B	-1.0%
AXP	B	-1.0%
ICE	C	-1.0%
CI	C	-1.0%
SYK	C	-1.0%
UPS	F	-1.0%
MU	F	-1.0%
SO	A	-1.0%
BMY	C	-1.0%
MMC	C	-1.0%
TMUS	C	-1.0%
DE	B	-1.0%
MDLZ	C	-1.0%
ELV	C	-1.0%
GS	C	-1.0%
ADI	C	-1.0%
C	D	-1.0%
REGN	C	-1.0%
HON	D	-1.0%
CB	B	-1.0%
MDT	C	-1.0%
PLD	C	-1.0%
ETN	C	-1.0%
BSX	B	-1.0%
BLK	B	-1.0%
GE	A	-1.0%
CMCSA	D	-1.0%
T	C	-1.0%
TXN	C	-1.0%
RTX	C	-1.0%
SPGI	A	-1.0%
DIS	D	-1.0%
PFE	C	-1.0%
NEE	C	-1.0%
DHR	C	-1.0%
WFC	D	-1.0%
VZ	B	-1.0%
IBM	A	-1.0%
MCD	B	-1.0%
CSCO	B	-1.0%
ABT	C	-1.0%
LIN	B	-1.0%
TMO	C	-1.0%
CVX	D	-1.0%
UNH	C	-1.0%
BRK.A	C	-1.0%