QDF vs. VNQ ETF Comparison

Comparison of FlexShares Quality Dividend Index Fund (QDF) to Vanguard REIT ETF - DNQ (VNQ)

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

$70.17

Average Daily Volume

46,224

Number of Holdings ^*

125

* may have additional holdings in another (foreign) market

VNQ

Vanguard REIT ETF - DNQ

VNQ Description

The investment seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs. The fund employs an indexing investment approach designed to track the performance of the MSCI US REIT Index. The index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs). The fund attempts to replicate the index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Grade (RS Rating)

Last Trade

$98.16

Average Daily Volume

3,920,388

Number of Holdings ^*

144

* may have additional holdings in another (foreign) market

Performance

Period	QDF	VNQ
30 Days	0.63%	6.59%
60 Days	3.33%	10.55%
90 Days	4.89%	18.65%
12 Months	24.21%	26.94%

12 Overlapping Holdings

Symbol	Grade	Weight in QDF	Weight in VNQ	Overlap
APLE	D	0.34%	0.2%	0.2%
AVB	B	0.59%	1.74%	0.59%
CPT	B	0.55%	0.71%	0.55%
CUBE	B	0.42%	0.64%	0.42%
EQR	B	0.58%	1.42%	0.58%
HST	D	0.41%	0.74%	0.41%
MAA	B	0.58%	0.98%	0.58%
NNN	B	0.28%	0.49%	0.28%
NSA	B	0.56%	0.19%	0.19%
OHI	A	0.55%	0.53%	0.53%
PSA	B	0.65%	2.8%	0.65%
WY	C	0.44%	1.39%	0.44%

QDF Overweight 113 Positions Relative to VNQ

Symbol	Grade	Weight
AAPL	D	8.75%
MSFT	C	5.02%
NVDA	D	4.51%
JNJ	B	3.39%
PG	C	3.3%
ABBV	C	3.17%
META	A	2.96%
KO	B	2.63%
ACN	C	1.97%
QCOM	D	1.71%
INTU	D	1.67%
GOOGL	D	1.67%
HD	B	1.64%
GOOG	D	1.48%
PM	C	1.43%
UNP	B	1.4%
LOW	B	1.21%
ADP	B	1.07%
NKE	D	0.95%
LRCX	F	0.95%
GILD	B	0.94%
KLAC	D	0.91%
MO	C	0.9%
ZTS	B	0.84%
AVGO	C	0.77%
MS	D	0.75%
SBUX	C	0.73%
LMT	C	0.7%
ITW	B	0.7%
JPM	D	0.69%
CAT	C	0.68%
MMM	B	0.68%
AFL	B	0.64%
BK	A	0.61%
PAYX	C	0.61%
D	C	0.61%
FIS	B	0.6%
EBAY	B	0.59%
MPC	D	0.59%
FAST	C	0.58%
MRK	D	0.58%
PEG	B	0.58%
PRU	C	0.57%
NXPI	D	0.56%
VIRT	B	0.55%
VLO	D	0.55%
WTW	B	0.55%
EA	D	0.54%
IPG	C	0.54%
ORI	A	0.54%
WU	D	0.54%
MCHP	D	0.54%
RDN	B	0.53%
CHRW	B	0.53%
DVN	F	0.52%
STWD	A	0.52%
MET	A	0.52%
JHG	B	0.51%
UGI	C	0.51%
BPOP	C	0.51%
VRT	C	0.51%
SWKS	F	0.5%
OGE	B	0.5%
KTB	B	0.5%
IVZ	C	0.49%
XOM	D	0.49%
CMA	B	0.49%
FAF	B	0.49%
SMG	C	0.48%
NEP	D	0.48%
WDFC	B	0.46%
SNA	B	0.45%
WSM	C	0.44%
OMF	C	0.44%
POOL	C	0.44%
TPR	C	0.43%
ALLY	F	0.43%
EVRG	A	0.42%
NUE	F	0.42%
WMS	D	0.41%
PFG	B	0.38%
V	B	0.38%
TT	B	0.38%
EIX	C	0.37%
CTAS	C	0.37%
LNC	D	0.35%
SCCO	D	0.35%
CFR	C	0.34%
RHI	D	0.33%
IRDM	D	0.32%
BR	D	0.29%
OLN	D	0.27%
MA	B	0.25%
COST	C	0.24%
WING	B	0.23%
NTAP	D	0.22%
HRB	C	0.19%
RMD	C	0.19%
CL	C	0.18%
DPZ	F	0.17%
PNW	B	0.16%
BSY	D	0.14%
PAYC	D	0.12%
WMT	B	0.12%
EXP	B	0.07%
WFRD	F	0.07%
BKNG	B	0.06%
CSWI	B	0.05%
MAR	C	0.04%
COP	D	0.04%
STNG	D	0.02%
BAC	D	0.02%
BBWI	F	0.01%

QDF Underweight 132 Positions Relative to VNQ

Symbol	Grade	Weight
PLD	C	-6.98%
AMT	C	-6.16%
EQIX	B	-4.37%
WELL	B	-3.71%
SPG	B	-3.0%
O	B	-2.96%
CCI	B	-2.87%
DLR	B	-2.8%
CBRE	A	-2.06%
EXR	B	-2.02%
CSGP	D	-1.91%
IRM	B	-1.8%
VICI	C	-1.79%
SBAC	C	-1.42%
VTR	C	-1.31%
INVH	C	-1.29%
ARE	B	-1.11%
ESS	B	-1.07%
SUI	B	-0.94%
DOC	C	-0.93%
KIM	B	-0.88%
GLPI	B	-0.82%
WPC	B	-0.76%
UDR	B	-0.75%
ELS	C	-0.73%
REG	C	-0.71%
AMH	C	-0.71%
JLL	B	-0.71%
REXR	C	-0.65%
BXP	B	-0.64%
LAMR	A	-0.63%
EGP	B	-0.54%
FRT	C	-0.5%
COLD	D	-0.48%
Z	B	-0.46%
BRX	B	-0.46%
STAG	C	-0.44%
FR	C	-0.43%
ADC	C	-0.42%
TRNO	C	-0.39%
RHP	D	-0.34%
KRG	B	-0.32%
EPRT	A	-0.3%
VNO	B	-0.29%
RYN	C	-0.26%
PECO	B	-0.26%
SLG	B	-0.26%
KRC	B	-0.25%
CUZ	B	-0.25%
IRT	B	-0.25%
CTRE	B	-0.22%
SBRA	B	-0.22%
MAC	B	-0.21%
IIPR	B	-0.21%
PCH	C	-0.21%
BNL	B	-0.2%
HIW	B	-0.2%
EPR	B	-0.2%
SKT	B	-0.19%
PK	D	-0.19%
NHI	A	-0.19%
CWK	B	-0.18%
LXP	B	-0.18%
MPW	C	-0.17%
SITC	D	-0.17%
ZG	B	-0.16%
DEI	B	-0.16%
HHH	C	-0.15%
FCPT	A	-0.15%
DBRG	D	-0.14%
UE	B	-0.14%
OUT	B	-0.13%
JOE	C	-0.13%
EQC	B	-0.13%
AKR	C	-0.13%
SHO	D	-0.12%
NMRK	B	-0.11%
ROIC	B	-0.11%
IVT	B	-0.11%
PEB	D	-0.1%
COMP	B	-0.1%
GNL	B	-0.1%
DRH	C	-0.1%
JBGS	B	-0.09%
ALEX	B	-0.09%
RLJ	D	-0.09%
ESRT	B	-0.09%
GTY	B	-0.09%
LTC	B	-0.09%
AAT	B	-0.08%
OPEN	D	-0.08%
DEA	B	-0.08%
XHR	C	-0.08%
EXPI	C	-0.07%
AIV	B	-0.07%
KW	C	-0.07%
UMH	C	-0.07%
NTST	D	-0.07%
SVC	F	-0.06%
PLYM	D	-0.06%
MMI	C	-0.06%
NXRT	B	-0.06%
CSR	B	-0.06%
PDM	B	-0.06%
HPP	D	-0.05%
AHH	B	-0.05%
BDN	B	-0.05%
RDFN	C	-0.05%
PGRE	C	-0.05%
UNIT	C	-0.05%
GMRE	C	-0.04%
CHCT	F	-0.04%
GOOD	B	-0.04%
WSR	D	-0.04%
FOR	C	-0.04%
INN	C	-0.04%
CLDT	D	-0.03%
OLP	B	-0.03%
FPI	D	-0.03%
PKST	C	-0.03%
LAND	C	-0.03%
BFS	C	-0.03%
ALX	B	-0.03%
UHT	B	-0.03%
DHC	B	-0.03%
CBL	D	-0.02%
TRC	C	-0.02%
RMR	C	-0.02%
OPI	F	-0.01%
SRG	F	-0.01%
NXDT	C	-0.01%
CIO	B	-0.01%