QDF vs. USVM ETF Comparison

Comparison of FlexShares Quality Dividend Index Fund (QDF) to VictoryShares USAA MSCI USA Small Cap Value Momentum ETF (USVM)

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

$67.88

Average Daily Volume

48,341

Number of Holdings ^*

128

* may have additional holdings in another (foreign) market

USVM

VictoryShares USAA MSCI USA Small Cap Value Momentum ETF

USVM Description

The investment seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI USA Small Cap Select Value Momentum Blend Index. Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its assets in securities in the index. The index is designed to deliver exposure to equity securities of small-capitalization U.S. issuers within the MSCI USA Small Cap Index (the parent index) that have higher exposure to value and momentum factors while also maintaining moderate index turnover and lower realized volatility than traditional capitalization weighted indexes.

Grade (RS Rating)

Last Trade

$79.50

Average Daily Volume

13,566

Number of Holdings ^*

274

* may have additional holdings in another (foreign) market

Performance

Period	QDF	USVM
30 Days	3.49%	2.96%
60 Days	0.77%	2.99%
90 Days	3.88%	2.78%
12 Months	19.91%	20.70%

14 Overlapping Holdings

Symbol	Grade	Weight in QDF	Weight in USVM	Overlap
ALLY	C	0.44%	0.34%	0.34%
BPOP	B	0.53%	0.47%	0.47%
BTU	D	0.41%	0.31%	0.31%
DDS	D	0.14%	0.21%	0.14%
EXP	B	0.07%	0.44%	0.07%
HRB	B	0.19%	0.52%	0.19%
IVZ	C	0.51%	0.36%	0.36%
LNC	C	0.37%	0.28%	0.28%
OMF	D	0.47%	0.4%	0.4%
RDN	B	0.55%	0.5%	0.5%
TGNA	D	0.36%	0.37%	0.36%
UGI	C	0.47%	0.31%	0.31%
WING	C	0.11%	0.34%	0.11%
WSM	D	0.43%	0.24%	0.24%

QDF Overweight 114 Positions Relative to USVM

Symbol	Grade	Weight
AAPL	C	9.45%
MSFT	D	4.96%
NVDA	D	4.8%
JNJ	B	3.26%
ABBV	B	3.2%
PG	A	3.09%
KO	B	2.75%
META	C	2.64%
ACN	A	1.91%
CSCO	B	1.91%
GOOGL	D	1.73%
HD	B	1.62%
INTU	D	1.61%
GOOG	D	1.52%
UNP	B	1.38%
PM	A	1.34%
LOW	B	1.19%
QCOM	F	1.05%
ADP	B	1.05%
KLAC	D	1.0%
LRCX	F	1.0%
AVGO	D	0.99%
NKE	C	0.95%
GILD	A	0.92%
MO	A	0.88%
ZTS	A	0.78%
MS	C	0.76%
XOM	C	0.75%
MMM	B	0.73%
SBUX	B	0.72%
JPM	B	0.7%
ITW	C	0.7%
AFL	B	0.68%
LMT	A	0.65%
CMCSA	C	0.65%
MPC	D	0.64%
PSA	A	0.64%
BK	B	0.63%
EBAY	A	0.59%
FIS	A	0.58%
D	A	0.58%
MAA	B	0.58%
PEG	B	0.58%
CPT	B	0.57%
PKG	B	0.57%
SWKS	D	0.57%
AVB	B	0.57%
EQR	B	0.56%
PRU	C	0.55%
ORI	B	0.54%
EA	C	0.54%
CHRW	B	0.54%
PAYX	B	0.53%
WTW	A	0.53%
NYT	C	0.52%
MET	B	0.52%
UNH	A	0.51%
FAST	D	0.51%
JHG	B	0.51%
SMG	C	0.5%
NSA	A	0.49%
UDR	B	0.49%
CMA	B	0.49%
OGE	B	0.48%
STWD	C	0.47%
BXMT	C	0.47%
FAF	A	0.46%
MCHP	D	0.46%
SNA	D	0.45%
WMS	D	0.44%
NUE	F	0.44%
LYB	D	0.44%
POOL	C	0.44%
WDFC	A	0.44%
WU	C	0.43%
VRT	F	0.43%
WY	C	0.42%
TPR	B	0.42%
HST	D	0.42%
CUBE	A	0.4%
CVI	F	0.39%
EVRG	A	0.39%
PFG	D	0.38%
CTAS	B	0.37%
AFG	A	0.36%
V	A	0.36%
EIX	A	0.36%
WMG	F	0.36%
CFR	C	0.34%
RHI	D	0.33%
APLE	F	0.33%
IRDM	D	0.29%
OLN	F	0.28%
HON	D	0.28%
MA	B	0.27%
SCCO	D	0.22%
CAT	C	0.2%
COST	B	0.2%
CL	A	0.18%
RMD	A	0.18%
DPZ	D	0.17%
PNW	A	0.16%
BRX	A	0.16%
BSY	D	0.15%
MRK	D	0.14%
CVX	F	0.07%
WMT	A	0.07%
COP	D	0.05%
BAC	D	0.05%
RPRX	B	0.05%
MAR	D	0.04%
VLO	D	0.04%
CRM	D	0.04%
BBWI	F	0.01%

QDF Underweight 260 Positions Relative to USVM

Symbol	Grade	Weight
DTM	B	-0.71%
INGR	A	-0.7%
GBDC	D	-0.67%
ENSG	B	-0.66%
CVLT	B	-0.66%
CACI	B	-0.64%
PSN	B	-0.62%
MTG	B	-0.61%
NHI	A	-0.61%
FFIV	B	-0.61%
JEF	B	-0.61%
EHC	B	-0.6%
CSWI	C	-0.59%
INVA	B	-0.59%
ESNT	B	-0.59%
UHS	B	-0.58%
CNO	B	-0.58%
RGA	B	-0.57%
POST	B	-0.57%
MDU	D	-0.56%
MUSA	B	-0.56%
SBRA	A	-0.55%
SF	C	-0.54%
AIZ	B	-0.54%
GWRE	A	-0.54%
UTHR	B	-0.54%
PBH	A	-0.54%
AKR	B	-0.53%
PINC	A	-0.52%
AVT	C	-0.5%
COOP	B	-0.5%
HNI	B	-0.5%
ARW	B	-0.5%
GHC	C	-0.49%
CLH	C	-0.49%
GRBK	B	-0.48%
SNX	D	-0.48%
GEF	D	-0.48%
MLI	B	-0.48%
HSIC	C	-0.48%
IDCC	B	-0.48%
UNM	B	-0.48%
R	C	-0.47%
AGO	D	-0.47%
ESGR	D	-0.47%
SFM	B	-0.47%
NSIT	C	-0.47%
SNDR	B	-0.46%
SKT	A	-0.46%
VRNS	C	-0.46%
TAP	C	-0.46%
ALSN	B	-0.45%
CNX	B	-0.45%
MOG.A	C	-0.45%
COKE	B	-0.45%
TXRH	D	-0.45%
NAVI	C	-0.44%
EXEL	B	-0.44%
RLJ	F	-0.43%
TNC	D	-0.42%
STC	B	-0.42%
FSS	D	-0.42%
VCTR	B	-0.41%
GNW	B	-0.41%
ESAB	D	-0.41%
RUSHA	C	-0.41%
SWX	D	-0.41%
SLM	D	-0.41%
EME	C	-0.41%
MHK	B	-0.41%
PLUS	B	-0.41%
H	C	-0.41%
CALM	B	-0.41%
BIO	A	-0.4%
JXN	C	-0.4%
LRN	B	-0.4%
PATK	B	-0.4%
JLL	B	-0.4%
CUZ	A	-0.39%
AYI	C	-0.39%
ASB	C	-0.39%
UVV	B	-0.39%
APG	D	-0.39%
HQY	D	-0.39%
ADMA	B	-0.39%
PFSI	A	-0.39%
AL	D	-0.39%
NRG	C	-0.39%
MATX	C	-0.39%
GMS	D	-0.39%
SAIC	B	-0.39%
GPI	B	-0.39%
QRVO	D	-0.38%
CHRD	F	-0.38%
SPB	B	-0.38%
TMHC	B	-0.38%
TPH	B	-0.38%
VNT	F	-0.38%
ROAD	C	-0.37%
CACC	F	-0.37%
IIPR	B	-0.37%
BECN	D	-0.37%
KBH	B	-0.37%
PRIM	C	-0.36%
ESRT	B	-0.36%
CMC	D	-0.36%
TOL	B	-0.36%
ARI	C	-0.36%
MHO	B	-0.36%
AN	C	-0.35%
ITGR	A	-0.35%
CHK	F	-0.35%
CRC	D	-0.35%
DXC	A	-0.35%
UFPI	D	-0.35%
MTSI	D	-0.35%
AROC	D	-0.35%
SKX	B	-0.35%
SKYW	D	-0.35%
SEM	D	-0.34%
THC	B	-0.34%
CCS	B	-0.34%
VSH	F	-0.34%
JBGS	B	-0.34%
ENOV	D	-0.34%
GPOR	D	-0.34%
IAC	C	-0.34%
CNM	F	-0.33%
PHIN	B	-0.33%
AZZ	C	-0.33%
CAL	B	-0.33%
HIW	B	-0.33%
ANDE	D	-0.32%
PRGO	C	-0.32%
THO	C	-0.32%
COLL	B	-0.32%
OVV	F	-0.32%
BHF	D	-0.32%
MTH	B	-0.32%
DINO	F	-0.32%
WGO	D	-0.32%
CRL	F	-0.31%
AZTA	F	-0.31%
RDNT	B	-0.31%
GFF	D	-0.31%
COHR	C	-0.31%
PR	D	-0.31%
NMRK	A	-0.31%
ABG	D	-0.31%
CXW	D	-0.31%
QTWO	B	-0.31%
RL	A	-0.31%
PK	D	-0.3%
DVA	B	-0.3%
FIX	C	-0.3%
INSW	D	-0.3%
CIVI	F	-0.3%
MOS	F	-0.3%
NXST	D	-0.3%
SM	D	-0.3%
AMWD	D	-0.3%
REVG	C	-0.29%
AMKR	F	-0.29%
CWEN	B	-0.29%
TTMI	D	-0.29%
LPX	B	-0.29%
BCC	C	-0.29%
DKS	C	-0.29%
NTCT	C	-0.29%
VSTO	C	-0.29%
VECO	F	-0.28%
MOD	C	-0.28%
IESC	C	-0.28%
ATSG	C	-0.28%
UFPT	B	-0.28%
SCS	C	-0.28%
SLVM	B	-0.28%
IBP	D	-0.28%
PEB	D	-0.28%
UAA	B	-0.28%
BLD	D	-0.27%
GEO	D	-0.27%
GKOS	B	-0.27%
VNO	B	-0.27%
IDYA	D	-0.27%
CUBI	F	-0.27%
KRC	B	-0.27%
NATL	D	-0.26%
XPO	D	-0.26%
SAH	C	-0.26%
NTRA	B	-0.26%
SLG	B	-0.25%
HCC	F	-0.25%
OGN	C	-0.25%
LEVI	C	-0.25%
GIII	A	-0.25%
AEO	D	-0.25%
MSGE	B	-0.25%
FWRG	D	-0.25%
GBX	D	-0.25%
BZH	B	-0.25%
VCEL	C	-0.25%
FYBR	A	-0.24%
ARCH	F	-0.24%
ONTO	D	-0.24%
MEDP	D	-0.24%
ODP	F	-0.24%
WOR	F	-0.24%
MAC	B	-0.24%
FTRE	F	-0.23%
SANM	D	-0.23%
GES	F	-0.22%
CLF	F	-0.22%
DFH	C	-0.22%
UCTT	F	-0.22%
RYI	F	-0.22%
INFA	F	-0.22%
FORM	F	-0.21%
APP	B	-0.21%
STRL	C	-0.21%
XRX	D	-0.21%
RAMP	F	-0.21%
GT	F	-0.21%
HE	F	-0.21%
PVH	F	-0.21%
ALGT	F	-0.2%
TDS	B	-0.2%
PLAB	F	-0.2%
CVNA	C	-0.2%
PBF	F	-0.2%
SIG	F	-0.19%
SMTC	B	-0.19%
ELAN	B	-0.19%
RXST	B	-0.19%
DYN	D	-0.19%
HPP	D	-0.18%
USM	B	-0.18%
ANF	D	-0.18%
JELD	F	-0.18%
LPG	F	-0.18%
M	F	-0.17%
VSTS	C	-0.17%
OMI	C	-0.16%
VIR	F	-0.16%
JBLU	D	-0.15%
OSCR	B	-0.15%
PARA	F	-0.15%
AMR	F	-0.15%
KSS	F	-0.15%
CENX	F	-0.14%
VKTX	C	-0.14%
POWL	C	-0.13%
SATS	A	-0.13%
CAR	F	-0.13%
VERA	B	-0.13%
MSTR	F	-0.12%
HTZ	F	-0.11%
MPW	C	-0.11%
CHGG	F	-0.1%
CLSK	F	-0.09%