QDF vs. PVAL ETF Comparison

Comparison of FlexShares Quality Dividend Index Fund (QDF) to Putnam Focused Large Cap Value ETF (PVAL)

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

PVAL

Putnam Focused Large Cap Value ETF

PVAL Description

The investment seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq U.S. Contrarian Value Index (the index). Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities in the Nasdaq US Large Mid Cap Index (the parent index) that appear to be undervalued by the market relative to their fundamental value.

Grade (RS Rating)

Last Trade

$37.80

Average Daily Volume

323,075

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	QDF	PVAL
30 Days	1.56%	2.72%
60 Days	3.49%	2.50%
90 Days	6.32%	4.71%
12 Months	28.53%	30.74%

11 Overlapping Holdings

Symbol	Grade	Weight in QDF	Weight in PVAL	Overlap
ABBV	C	3.1%	1.34%	1.34%
BAC	D	0.02%	3.51%	0.02%
COP	D	0.04%	2.42%	0.04%
KO	B	2.57%	2.71%	2.57%
MSFT	C	5.21%	2.42%	2.42%
NXPI	D	0.55%	3.04%	0.55%
PG	C	3.22%	2.33%	2.33%
QCOM	F	1.74%	1.84%	1.74%
VLO	F	0.53%	1.64%	0.53%
WMT	B	0.12%	3.59%	0.12%
XOM	D	0.48%	3.96%	0.48%

QDF Overweight 114 Positions Relative to PVAL

Symbol	Grade	Weight
AAPL	C	8.27%
NVDA	D	4.94%
JNJ	C	3.32%
META	A	3.04%
ACN	C	1.98%
GOOGL	D	1.69%
INTU	C	1.69%
HD	A	1.68%
GOOG	D	1.49%
PM	C	1.38%
UNP	C	1.37%
LOW	A	1.23%
ADP	B	1.06%
GILD	B	0.96%
LRCX	F	0.95%
KLAC	D	0.92%
NKE	D	0.9%
AVGO	C	0.89%
MO	C	0.84%
ZTS	C	0.83%
MS	C	0.75%
SBUX	C	0.74%
ITW	C	0.71%
MMM	A	0.69%
CAT	B	0.69%
LMT	B	0.68%
PSA	B	0.66%
JPM	D	0.65%
EBAY	B	0.62%
PAYX	C	0.62%
BK	A	0.62%
AFL	C	0.62%
FIS	B	0.61%
D	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%
MPC	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%
MET	A	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%
TT	A	0.4%
CTAS	C	0.38%
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%
CL	C	0.17%
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%
BKNG	B	0.06%
MAR	C	0.04%
STNG	F	0.02%
BBWI	F	0.01%

QDF Underweight 33 Positions Relative to PVAL

Symbol	Grade	Weight
APO	B	-3.45%
REGN	C	-3.13%
GS	C	-2.95%
C	D	-2.82%
ORCL	B	-2.74%
MCK	F	-2.68%
TMO	C	-2.67%
COF	A	-2.63%
CI	C	-2.53%
PHM	B	-2.49%
HLT	B	-2.49%
SNY	B	-2.33%
AIG	D	-2.3%
JCI	B	-2.28%
GLPI	C	-2.26%
FDX	F	-2.19%
IR	C	-2.18%
FCX	D	-2.17%
NRG	A	-2.07%
BJ	D	-1.79%
GM	B	-1.74%
ORLY	D	-1.63%
SCHW	D	-1.61%
EXC	B	-1.46%
NOC	A	-1.4%
CEG	A	-1.38%
EMN	B	-1.35%
TMUS	C	-1.32%
BALL	C	-1.3%
CTVA	B	-1.3%
LUV	C	-1.21%
CHTR	D	-1.1%
URI	B	-1.1%