SKOR vs. QDF ETF Comparison

Comparison of FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR) to FlexShares Quality Dividend Index Fund (QDF)

SKOR

FlexShares Credit-Scored US Corporate Bond Index Fund

SKOR Description

The investment seeks the price and yield performance, before fees and expenses, of the Northern Trust Credit-Scored US Corporate Bond IndexSM. The fund generally will invest at least 80% of its total assets in the securities of its underlying index. The index reflects the performance of a portfolio of US-dollar denominated bonds of companies that are considered by the index Provider to have higher credit quality, lower risk of default and the potential for higher yield, price appreciation and liquidity relative to the universe of securities comprising the Northern Trust US Investment-Grade Corporate Bond IndexSM. The fund is non-diversified

Grade (RS Rating)

Last Trade

$49.18

Average Daily Volume

44,343

Number of Holdings ^*

305

* may have additional holdings in another (foreign) market

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

Performance

Period	SKOR	QDF
30 Days	1.31%	1.56%
60 Days	3.21%	3.49%
90 Days	4.14%	6.32%
12 Months	10.62%	28.53%

64 Overlapping Holdings

Symbol	Grade	Weight in SKOR	Weight in QDF	Overlap
AAPL	C	0.09%	8.27%	0.09%
ABBV	C	0.08%	3.1%	0.08%
ADP	B	0.07%	1.06%	0.07%
AFL	C	0.04%	0.62%	0.04%
ALLY	D	0.14%	0.35%	0.14%
AVB	C	0.02%	0.6%	0.02%
AVGO	C	0.04%	0.89%	0.04%
BAC	D	0.0%	0.02%	0.0%
BK	A	0.05%	0.62%	0.05%
BR	D	0.08%	0.29%	0.08%
CL	C	0.09%	0.17%	0.09%
CMA	A	0.09%	0.5%	0.09%
COST	B	0.1%	0.24%	0.1%
CPT	B	0.07%	0.54%	0.07%
CTAS	C	0.02%	0.38%	0.02%
CUBE	B	0.07%	0.42%	0.07%
D	B	0.08%	0.61%	0.08%
EA	D	0.04%	0.53%	0.04%
EBAY	B	0.08%	0.62%	0.08%
EIX	C	0.04%	0.35%	0.04%
EQR	C	0.02%	0.58%	0.02%
FAF	C	0.08%	0.49%	0.08%
GILD	B	0.13%	0.96%	0.13%
GOOGL	D	0.03%	1.69%	0.03%
HD	A	0.0%	1.68%	0.0%
HST	C	0.09%	0.42%	0.09%
INTU	C	0.1%	1.69%	0.1%
ITW	C	0.07%	0.71%	0.07%
JNJ	C	0.18%	3.32%	0.18%
JPM	D	0.01%	0.65%	0.01%
KLAC	D	0.08%	0.92%	0.08%
KO	B	0.08%	2.57%	0.08%
LMT	B	0.23%	0.68%	0.23%
LOW	A	0.04%	1.23%	0.04%
MA	B	0.04%	0.26%	0.04%
MAA	C	0.02%	0.59%	0.02%
MAR	C	0.04%	0.04%	0.04%
MET	A	0.09%	0.53%	0.09%
MMM	A	0.08%	0.69%	0.08%
MO	C	0.1%	0.84%	0.1%
MS	C	0.04%	0.75%	0.04%
MSFT	C	0.04%	5.21%	0.04%
NNN	C	0.06%	0.27%	0.06%
NTAP	D	0.07%	0.22%	0.07%
NXPI	D	0.21%	0.55%	0.21%
OHI	C	0.0%	0.55%	0.0%
ORI	B	0.08%	0.53%	0.08%
PEG	A	0.07%	0.59%	0.07%
PG	C	0.06%	3.22%	0.06%
PM	C	0.17%	1.38%	0.17%
PRU	C	0.0%	0.58%	0.0%
PSA	B	0.08%	0.66%	0.08%
QCOM	F	0.08%	1.74%	0.08%
SBUX	C	0.09%	0.74%	0.09%
TPR	C	0.19%	0.44%	0.19%
TT	A	0.08%	0.4%	0.08%
UNP	C	0.11%	1.37%	0.11%
V	C	0.1%	0.38%	0.1%
VLO	F	0.08%	0.53%	0.08%
WMT	B	0.02%	0.12%	0.02%
WTW	C	0.06%	0.54%	0.06%
WU	D	0.13%	0.5%	0.13%
WY	C	0.1%	0.45%	0.1%
ZTS	C	0.05%	0.83%	0.05%

SKOR Overweight 241 Positions Relative to QDF

Symbol	Grade	Weight
LEN	C	0.32%
KMI	A	0.28%
FOXA	B	0.25%
AEE	A	0.25%
PEP	D	0.24%
SPG	A	0.22%
CHTR	D	0.2%
GM	B	0.2%
PHM	B	0.2%
VRSN	D	0.19%
NI	B	0.19%
MAS	B	0.19%
PAA	C	0.19%
APD	B	0.19%
TMO	C	0.19%
NOC	A	0.19%
CHD	C	0.18%
ELV	C	0.18%
CCI	C	0.18%
TD	A	0.17%
DOW	D	0.17%
GPN	D	0.17%
WEC	B	0.17%
ATO	B	0.17%
DG	F	0.16%
LII	B	0.16%
CVS	F	0.16%
ARW	C	0.15%
ALL	B	0.15%
ADI	C	0.15%
RPRX	D	0.14%
XEL	B	0.14%
CMCSA	D	0.14%
TDY	C	0.14%
CI	C	0.14%
OKE	B	0.14%
GD	B	0.14%
TMUS	C	0.14%
BWA	D	0.13%
WM	D	0.13%
AMT	C	0.13%
JBHT	D	0.12%
BRX	B	0.12%
O	C	0.12%
AMCR	C	0.12%
CME	C	0.12%
T	C	0.12%
INTC	F	0.12%
HUM	F	0.12%
APH	C	0.11%
AMGN	B	0.11%
CM	A	0.11%
SWK	B	0.11%
BHP	D	0.11%
ED	C	0.11%
K	A	0.11%
MKL	C	0.11%
NVT	D	0.11%
AMZN	C	0.11%
ATHS	A	0.11%
ARCC	B	0.11%
BMO	C	0.11%
DFS	B	0.11%
LH	C	0.11%
ORCL	B	0.11%
VRSK	D	0.1%
DLR	B	0.1%
BMY	C	0.1%
BIDU	F	0.1%
CNP	D	0.1%
LNT	B	0.1%
BKU	D	0.1%
TRMB	C	0.1%
CB	B	0.1%
SO	A	0.1%
GS	C	0.1%
LHX	C	0.1%
VNT	F	0.09%
IBM	A	0.09%
THG	C	0.09%
DHR	C	0.09%
CARR	B	0.09%
FHN	D	0.09%
DIS	D	0.09%
DTE	B	0.09%
BXP	B	0.09%
AGR	B	0.09%
MCK	F	0.09%
ADBE	F	0.09%
FLO	C	0.09%
LAZ	A	0.09%
MLM	D	0.09%
BNS	A	0.09%
AON	B	0.09%
FITB	B	0.09%
KMB	D	0.08%
AFG	B	0.08%
ADSK	C	0.08%
AWH	F	0.08%
BG	D	0.08%
LEA	F	0.08%
HBAN	B	0.08%
BDX	F	0.08%
CSL	B	0.08%
CMS	B	0.08%
HP	D	0.08%
H	C	0.08%
UPS	F	0.08%
CBOE	C	0.08%
DSS	F	0.08%
AMH	C	0.08%
EW	F	0.08%
DINO	F	0.08%
KEYS	C	0.08%
KDP	B	0.08%
NDAQ	A	0.08%
WHR	C	0.08%
ROP	C	0.08%
BRO	C	0.08%
WELL	C	0.08%
SPGI	A	0.08%
GIS	B	0.08%
NFG	B	0.08%
ORLY	D	0.08%
JEF	B	0.08%
BLK	B	0.08%
KEY	B	0.08%
MU	F	0.08%
DUK	B	0.08%
GLPI	C	0.08%
SYF	C	0.08%
C	D	0.08%
EMR	D	0.07%
AVT	C	0.07%
KMPR	D	0.07%
PLD	C	0.07%
DHI	C	0.07%
PCG	B	0.07%
PPG	D	0.07%
DGX	C	0.07%
SBRA	C	0.07%
WB	F	0.07%
ALLE	C	0.07%
BAX	C	0.07%
CE	F	0.07%
DOV	B	0.07%
A	C	0.07%
BKH	B	0.07%
ESS	C	0.07%
GSBD	D	0.07%
PKG	B	0.07%
FMC	C	0.07%
NSC	C	0.07%
TEL	D	0.07%
MKC	C	0.07%
USB	B	0.07%
AWK	C	0.07%
TXN	C	0.07%
AMP	B	0.07%
HUBB	A	0.07%
OTIS	C	0.07%
CFG	C	0.07%
MCO	A	0.07%
STT	B	0.07%
SRE	B	0.07%
MDLZ	C	0.07%
HPQ	D	0.07%
AXP	B	0.07%
EPD	B	0.07%
BABA	B	0.07%
HSBC	B	0.07%
WFC	D	0.07%
ROK	F	0.06%
SKT	A	0.06%
REG	C	0.06%
CPB	B	0.06%
WAB	A	0.06%
SCS	D	0.06%
GL	C	0.06%
BA	F	0.06%
ECL	A	0.06%
WPC	C	0.06%
AL	D	0.06%
TFC	D	0.06%
SITC	D	0.05%
DT	C	0.05%
EFX	C	0.05%
RY	C	0.05%
AER	B	0.05%
DLTR	F	0.05%
AZO	D	0.05%
PDM	C	0.04%
KIM	C	0.04%
STLD	D	0.04%
HPP	F	0.04%
VOYA	B	0.04%
KRG	C	0.04%
FTV	C	0.04%
RNR	B	0.04%
AIZ	B	0.04%
SJM	C	0.04%
RPM	B	0.04%
ARE	C	0.04%
CMI	C	0.04%
PGR	A	0.04%
HII	D	0.04%
AXS	B	0.04%
HIW	B	0.04%
AIG	D	0.04%
CSX	D	0.04%
HON	D	0.04%
ES	C	0.04%
MCD	B	0.04%
MSI	B	0.04%
CSCO	B	0.04%
KRC	B	0.04%
SCHW	D	0.04%
SHW	B	0.04%
RSG	D	0.04%
DB	B	0.04%
NEE	C	0.04%
FLS	D	0.03%
SYK	C	0.03%
FNF	B	0.03%
HCA	A	0.03%
PNC	A	0.03%
VZ	B	0.03%
PH	A	0.02%
AAP	F	0.02%
BDN	C	0.02%
PYPL	B	0.02%
CLX	C	0.02%
AVY	D	0.02%
VTR	C	0.02%
COF	A	0.02%
AEP	C	0.02%
MUFG	D	0.02%
UNH	C	0.02%
MMC	C	0.01%
CP	C	0.01%
EQIX	B	0.0%

SKOR Underweight 61 Positions Relative to QDF

Symbol	Grade	Weight
NVDA	D	-4.94%
META	A	-3.04%
ACN	C	-1.98%
GOOG	D	-1.49%
LRCX	F	-0.95%
NKE	D	-0.9%
CAT	B	-0.69%
PAYX	C	-0.62%
FIS	B	-0.61%
VRT	C	-0.6%
FAST	C	-0.59%
NSA	B	-0.57%
MRK	D	-0.56%
VIRT	C	-0.55%
MPC	D	-0.55%
MCHP	D	-0.54%
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%
OGE	B	-0.5%
IVZ	B	-0.49%
UGI	C	-0.49%
XOM	D	-0.48%
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%
WDFC	C	-0.44%
NUE	F	-0.42%
EVRG	B	-0.42%
WMS	D	-0.41%
PFG	B	-0.38%
SCCO	D	-0.36%
LNC	D	-0.34%
CFR	C	-0.34%
RHI	D	-0.33%
APLE	C	-0.33%
IRDM	D	-0.31%
OLN	D	-0.27%
WING	B	-0.25%
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%
BKNG	B	-0.06%
COP	D	-0.04%
STNG	F	-0.02%
BBWI	F	-0.01%