QDF vs. WOMN ETF Comparison

Comparison of FlexShares Quality Dividend Index Fund (QDF) to Impact Shares YWCA Womenas Empowerment ETF (WOMN)

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

WOMN

Impact Shares YWCA Womenas Empowerment ETF

WOMN Description

The investment seeks investment results that, before fees and expenses, track the performance of the Morningstar® Women's Empowerment Index (the "underlying index"). The fund will, under normal circumstances, invest at least 80% of its total assets plus any borrowings for investment purposes (the "80% basket") in component securities of the underlying index. The underlying index is designed to measure the performance of U.S. large and mid- capitalization companies that are "empowering to women," and to exhibit risk and return characteristics similar to those of the Morningstar US Large-Mid Cap ® Index (the "parent index"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$39.79

Average Daily Volume

1,896

Number of Holdings ^*

198

* may have additional holdings in another (foreign) market

Performance

Period	QDF	WOMN
30 Days	1.66%	2.87%
60 Days	2.62%	2.73%
90 Days	4.00%	5.77%
12 Months	26.92%	26.34%

40 Overlapping Holdings

Symbol	Grade	Weight in QDF	Weight in WOMN	Overlap
AAPL	C	8.54%	5.02%	5.02%
ABBV	D	2.58%	1.55%	1.55%
ACN	C	1.93%	1.9%	1.9%
ADP	B	1.11%	0.5%	0.5%
BAC	A	0.02%	1.25%	0.02%
BK	A	0.68%	0.22%	0.22%
CL	D	0.15%	0.39%	0.15%
COP	C	0.04%	0.65%	0.04%
D	C	0.59%	0.23%	0.23%
EA	A	0.58%	0.16%	0.16%
EBAY	D	0.58%	0.29%	0.29%
EIX	B	0.34%	0.15%	0.15%
GILD	C	1.0%	0.46%	0.46%
HST	C	0.41%	0.06%	0.06%
INTU	C	1.74%	1.56%	1.56%
IPG	D	0.45%	0.06%	0.06%
JNJ	D	3.01%	1.82%	1.82%
KO	D	2.16%	1.25%	1.25%
MA	C	0.26%	1.77%	0.26%
MET	A	0.56%	0.22%	0.22%
META	D	3.1%	4.85%	3.1%
MMM	D	0.65%	0.33%	0.33%
MRK	F	0.45%	1.3%	0.45%
MS	A	0.98%	0.6%	0.6%
MSFT	F	4.91%	2.49%	2.49%
PAYX	C	0.63%	0.18%	0.18%
PEG	A	0.61%	0.18%	0.18%
PFG	D	0.39%	0.08%	0.08%
PG	A	3.03%	1.82%	1.82%
PNW	B	0.16%	0.04%	0.04%
PRU	A	0.61%	0.19%	0.19%
RHI	B	0.38%	0.03%	0.03%
SBUX	A	0.76%	1.03%	0.76%
TT	A	0.43%	0.39%	0.39%
UNP	C	1.24%	0.71%	0.71%
V	A	0.4%	1.94%	0.4%
WMT	A	0.13%	0.73%	0.13%
WSM	B	0.43%	0.15%	0.15%
WTW	B	0.56%	0.13%	0.13%
XOM	B	0.5%	2.53%	0.5%

QDF Overweight 87 Positions Relative to WOMN

Symbol	Grade	Weight
NVDA	C	5.81%
GOOGL	C	1.84%
HD	A	1.77%
QCOM	F	1.68%
GOOG	C	1.63%
PM	B	1.41%
LOW	D	1.27%
MO	A	0.89%
AVGO	D	0.88%
LRCX	F	0.87%
VRT	B	0.83%
NKE	D	0.83%
KLAC	D	0.76%
CAT	B	0.75%
JPM	A	0.75%
ZTS	D	0.74%
ITW	B	0.74%
FAST	B	0.68%
LMT	D	0.62%
FIS	C	0.62%
AFL	B	0.62%
VIRT	B	0.6%
KTB	B	0.6%
JHG	A	0.6%
PSA	D	0.6%
AVB	B	0.58%
CMA	A	0.58%
GEN	B	0.58%
TPR	B	0.57%
SNA	A	0.56%
ORI	A	0.55%
CHRW	C	0.55%
EQR	B	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%
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	F	0.45%
WU	D	0.45%
POOL	C	0.44%
CFR	B	0.42%
NUE	C	0.42%
EVRG	A	0.42%
WY	D	0.42%
SWKS	F	0.4%
CTAS	B	0.39%
LNC	B	0.39%
ALLY	C	0.37%
CUBE	D	0.37%
SCCO	F	0.36%
WMS	D	0.36%
APLE	B	0.35%
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%
RMD	C	0.17%
DPZ	C	0.17%
PAYC	B	0.16%
COR	B	0.14%
BSY	D	0.13%
EXP	A	0.08%
WFRD	D	0.07%
CSWI	A	0.07%
BKNG	A	0.07%
MAR	B	0.05%
STNG	F	0.02%
BBWI	D	0.01%

QDF Underweight 158 Positions Relative to WOMN

Symbol	Grade	Weight
AMZN	C	-4.47%
LLY	F	-3.49%
UNH	C	-2.47%
CRM	B	-2.27%
ADBE	C	-2.23%
MCD	D	-2.04%
CSCO	B	-1.92%
IBM	C	-1.64%
NOW	A	-1.42%
CVX	A	-1.31%
UBER	D	-1.22%
PEP	F	-1.17%
WFC	A	-0.95%
GE	D	-0.88%
AMGN	D	-0.82%
VZ	C	-0.82%
INTC	D	-0.81%
NFLX	A	-0.72%
SPGI	C	-0.7%
AXP	A	-0.7%
PGR	A	-0.67%
MSI	B	-0.63%
BLK	C	-0.6%
ELV	F	-0.59%
ETN	A	-0.59%
C	A	-0.56%
REGN	F	-0.55%
VRTX	F	-0.54%
WDAY	B	-0.51%
CI	F	-0.5%
GM	B	-0.49%
AMT	D	-0.49%
MDLZ	F	-0.47%
F	C	-0.46%
ADSK	A	-0.45%
TEL	B	-0.43%
BMY	B	-0.43%
UPS	C	-0.43%
EQIX	A	-0.39%
WM	A	-0.37%
TGT	F	-0.36%
HPQ	A	-0.36%
MPWR	F	-0.36%
TMUS	B	-0.36%
YUM	B	-0.36%
USB	A	-0.35%
PYPL	B	-0.34%
WELL	A	-0.33%
MCO	B	-0.33%
LULU	C	-0.29%
DECK	A	-0.28%
EMR	A	-0.28%
APD	A	-0.27%
ECL	D	-0.27%
PSX	C	-0.26%
CARR	D	-0.26%
HUBS	A	-0.26%
NEM	D	-0.26%
NSC	B	-0.25%
KEYS	A	-0.25%
ANSS	B	-0.25%
FTV	C	-0.24%
AIG	B	-0.24%
WMB	A	-0.24%
COF	B	-0.24%
SRE	A	-0.23%
AEP	D	-0.23%
KMB	D	-0.22%
JCI	C	-0.22%
TYL	C	-0.22%
AMP	A	-0.21%
ALL	A	-0.21%
CMI	A	-0.2%
RSG	A	-0.19%
EXC	C	-0.19%
GIS	D	-0.19%
GWW	B	-0.19%
HPE	B	-0.19%
CTVA	C	-0.18%
PCG	A	-0.18%
VRSK	A	-0.17%
KR	B	-0.17%
BKR	B	-0.17%
DOW	F	-0.17%
DASH	A	-0.17%
OXY	D	-0.17%
BBY	D	-0.16%
KHC	F	-0.16%
HIG	B	-0.16%
ED	D	-0.16%
IR	B	-0.16%
CBRE	B	-0.16%
IRM	D	-0.15%
ADM	D	-0.15%
DD	D	-0.15%
XYL	D	-0.15%
EXPE	B	-0.15%
GPN	B	-0.14%
ROK	B	-0.14%
OKTA	C	-0.14%
VST	B	-0.14%
CAH	B	-0.13%
HSY	F	-0.13%
A	D	-0.13%
FITB	A	-0.13%
BIIB	F	-0.13%
PPG	F	-0.13%
IFF	D	-0.12%
ETR	B	-0.12%
DAL	C	-0.12%
VTR	C	-0.11%
SCI	B	-0.11%
EL	F	-0.11%
STT	A	-0.11%
TROW	B	-0.11%
CHD	B	-0.11%
AWK	D	-0.11%
RF	A	-0.1%
RJF	A	-0.1%
PPL	B	-0.1%
CMS	C	-0.09%
SYF	B	-0.09%
BAX	D	-0.09%
OMC	C	-0.09%
BAH	F	-0.09%
INVH	D	-0.09%
K	A	-0.09%
HBAN	A	-0.09%
BMRN	D	-0.08%
CNP	B	-0.08%
KEY	B	-0.08%
DAY	B	-0.08%
PINS	D	-0.08%
NTRS	A	-0.08%
ESS	B	-0.08%
TRU	D	-0.08%
CLX	B	-0.08%
SWK	D	-0.07%
CAG	D	-0.07%
LNT	A	-0.07%
OC	A	-0.07%
LUV	C	-0.07%
DOC	D	-0.07%
SJM	D	-0.06%
CE	F	-0.06%
NI	A	-0.06%
ETSY	D	-0.06%
PNR	A	-0.06%
TAP	C	-0.05%
CPB	D	-0.05%
REXR	F	-0.05%
ALB	C	-0.05%
ELS	C	-0.05%
Z	A	-0.04%
CFG	B	-0.04%
MTCH	D	-0.04%
AGR	B	-0.01%
ZG	A	-0.01%