SPYV vs. QDEF ETF Comparison

Comparison of SPDR S&P 500 Value ETF (based on S&P 500 Value Index) (SPYV) to FlexShares Quality Dividend Defensive Index Fund (QDEF)

SPYV

SPDR S&P 500 Value ETF (based on S&P 500 Value Index)

SPYV Description

The investment seeks to provide investment results that, before fees and expenses, correspond to the total return performance of an index that tracks the performance of large capitalization exchange traded U.S. equity securities exhibiting "value" characteristics. The fund employs a replication strategy in seeking to track the performance of the S&P 500 Value Index. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index measures the performance of the large-capitalization value sector in the U.S. equity market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$53.51

Average Daily Volume

2,491,997

Number of Holdings ^*

432

* may have additional holdings in another (foreign) market

QDEF

FlexShares Quality Dividend Defensive Index Fund

QDEF 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 Defensive 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 that is lower than that of the Northern Trust 1250 IndexSM. It may also invest up to 20% of its assets in cash and cash equivalents.

Grade (RS Rating)

Last Trade

$71.33

Average Daily Volume

6,587

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

Performance

Period	SPYV	QDEF
30 Days	0.56%	-0.19%
60 Days	3.68%	2.53%
90 Days	5.93%	5.17%
12 Months	26.12%	29.72%

79 Overlapping Holdings

Symbol	Grade	Weight in SPYV	Weight in QDEF	Overlap
ABBV	F	1.04%	3.02%	1.04%
ADP	A	0.35%	1.12%	0.35%
AFL	C	0.25%	0.59%	0.25%
AIZ	A	0.05%	0.55%	0.05%
AMT	F	0.25%	0.84%	0.25%
AVB	B	0.15%	0.18%	0.15%
AVY	F	0.08%	0.48%	0.08%
BAC	A	1.41%	0.02%	0.02%
BK	B	0.27%	0.66%	0.27%
BMY	B	0.52%	0.41%	0.41%
CAH	B	0.13%	0.17%	0.13%
CI	D	0.42%	0.81%	0.42%
CME	B	0.24%	0.71%	0.24%
COR	B	0.2%	0.57%	0.2%
COST	B	1.1%	0.24%	0.24%
CPT	C	0.06%	0.51%	0.06%
CSCO	A	1.09%	0.6%	0.6%
D	D	0.22%	0.56%	0.22%
DELL	C	0.09%	0.46%	0.09%
DPZ	C	0.04%	0.43%	0.04%
DUK	D	0.4%	0.78%	0.4%
EA	A	0.1%	0.57%	0.1%
EBAY	C	0.14%	0.39%	0.14%
ED	D	0.16%	0.5%	0.16%
EQR	C	0.11%	0.52%	0.11%
ESS	C	0.09%	0.53%	0.09%
EVRG	A	0.07%	0.39%	0.07%
EXC	C	0.18%	0.38%	0.18%
EXPD	C	0.05%	0.41%	0.05%
FAST	B	0.11%	0.58%	0.11%
FIS	B	0.22%	0.59%	0.22%
GEN	B	0.07%	0.57%	0.07%
GILD	B	0.57%	1.07%	0.57%
GIS	F	0.17%	0.45%	0.17%
HD	B	1.17%	3.03%	1.17%
IBM	D	0.92%	1.71%	0.92%
IPG	F	0.05%	0.46%	0.05%
ITW	B	0.19%	0.73%	0.19%
JNJ	D	1.76%	2.96%	1.76%
JPM	A	3.14%	0.7%	0.7%
K	A	0.1%	0.52%	0.1%
KMB	D	0.21%	0.51%	0.21%
KO	F	0.7%	0.66%	0.66%
LDOS	C	0.12%	0.66%	0.12%
LMT	D	0.55%	1.08%	0.55%
LOW	B	0.71%	0.46%	0.46%
MA	B	0.56%	0.23%	0.23%
MAA	C	0.08%	0.53%	0.08%
MAS	D	0.04%	0.24%	0.04%
MCK	B	0.37%	0.71%	0.37%
MET	C	0.22%	0.51%	0.22%
MMM	C	0.34%	0.66%	0.34%
MO	A	0.43%	0.83%	0.43%
MRK	F	0.72%	2.32%	0.72%
MSI	B	0.15%	0.75%	0.15%
OTIS	D	0.12%	0.5%	0.12%
PAYX	B	0.13%	0.64%	0.13%
PEG	C	0.2%	0.25%	0.2%
PG	C	1.1%	2.8%	1.1%
PM	B	0.57%	1.61%	0.57%
PNW	A	0.05%	0.52%	0.05%
PPL	A	0.11%	0.54%	0.11%
PSA	D	0.14%	0.6%	0.14%
QCOM	F	0.43%	1.7%	0.43%
RMD	C	0.17%	0.58%	0.17%
ROL	C	0.04%	0.12%	0.04%
SBUX	B	0.21%	0.95%	0.21%
SWKS	F	0.07%	0.41%	0.07%
T	A	0.74%	0.76%	0.74%
TJX	A	0.22%	0.96%	0.22%
TMUS	A	0.53%	1.11%	0.53%
V	A	0.81%	0.37%	0.37%
VRSK	A	0.08%	0.56%	0.08%
VZ	D	0.8%	0.63%	0.63%
WEC	B	0.14%	0.28%	0.14%
WMT	A	1.7%	0.12%	0.12%
WTW	A	0.15%	0.57%	0.15%
XOM	B	2.52%	0.49%	0.49%
ZTS	D	0.17%	0.11%	0.11%

SPYV Overweight 353 Positions Relative to QDEF

Symbol	Grade	Weight
BRK.A	B	3.94%
UNH	B	1.62%
CVX	A	1.25%
WFC	A	1.11%
ABT	C	0.94%
GS	B	0.86%
DIS	B	0.84%
AMGN	F	0.81%
CMCSA	B	0.8%
RTX	D	0.75%
MS	A	0.75%
DHR	F	0.74%
PFE	F	0.73%
NEE	D	0.72%
PEP	D	0.67%
HON	B	0.66%
TMO	F	0.62%
C	B	0.61%
MU	D	0.59%
TXN	B	0.58%
MCD	C	0.55%
MDT	D	0.53%
GE	D	0.52%
INTC	C	0.52%
SCHW	B	0.51%
LIN	D	0.5%
ACN	B	0.49%
CB	C	0.49%
PLD	D	0.49%
ELV	F	0.47%
UPS	C	0.46%
SO	D	0.44%
SPGI	C	0.42%
ICE	C	0.42%
CAT	B	0.39%
PYPL	A	0.39%
PNC	B	0.38%
UNP	D	0.38%
GD	C	0.37%
WELL	B	0.37%
USB	B	0.36%
PGR	A	0.35%
CVS	F	0.34%
EMR	A	0.34%
TGT	C	0.33%
COF	B	0.33%
NOC	D	0.33%
APD	B	0.32%
BDX	F	0.31%
ISRG	A	0.3%
FDX	B	0.3%
NSC	B	0.29%
SLB	C	0.29%
BA	F	0.29%
TFC	B	0.29%
GM	B	0.29%
SRE	B	0.27%
TRV	B	0.27%
BSX	A	0.27%
FI	A	0.27%
ETN	B	0.26%
JCI	A	0.26%
MMC	D	0.25%
GEV	B	0.25%
PSX	C	0.25%
ALL	B	0.24%
MDLZ	F	0.24%
KMI	B	0.24%
AEP	D	0.24%
NEM	F	0.24%
NKE	F	0.24%
AXP	B	0.23%
LHX	B	0.23%
CMI	A	0.23%
O	D	0.23%
AIG	B	0.23%
ADI	D	0.22%
VRTX	B	0.22%
KVUE	A	0.21%
PRU	B	0.21%
SHW	A	0.21%
CCI	F	0.21%
CL	F	0.21%
DE	D	0.21%
SYK	A	0.21%
EQIX	B	0.21%
WM	A	0.2%
F	C	0.2%
BKR	B	0.2%
PCG	A	0.2%
VLO	C	0.2%
CBRE	B	0.19%
CTSH	A	0.19%
GEHC	D	0.19%
AON	B	0.19%
COP	C	0.19%
CTVA	C	0.19%
A	F	0.19%
WMB	B	0.19%
CEG	D	0.19%
SYY	D	0.18%
MCO	C	0.18%
APH	B	0.18%
KR	A	0.18%
BX	A	0.17%
DD	D	0.17%
HPQ	B	0.17%
STZ	D	0.17%
XEL	A	0.17%
KDP	C	0.17%
GLW	B	0.17%
HIG	C	0.16%
CTAS	B	0.16%
SPG	A	0.16%
DOW	F	0.16%
HCA	D	0.16%
CSX	B	0.16%
OXY	F	0.16%
HUM	D	0.16%
MTB	A	0.16%
EXR	D	0.16%
WAB	B	0.16%
FCX	F	0.16%
ROP	A	0.16%
REGN	F	0.16%
AJG	A	0.15%
ETR	B	0.15%
EIX	C	0.15%
ADSK	B	0.15%
DLR	C	0.15%
NDAQ	B	0.15%
VICI	D	0.15%
ABNB	C	0.15%
CNC	F	0.15%
CARR	C	0.15%
KHC	F	0.14%
RJF	A	0.14%
PPG	F	0.14%
XYL	F	0.14%
ECL	C	0.14%
FITB	A	0.14%
TROW	A	0.13%
TT	B	0.13%
DOV	A	0.13%
HPE	B	0.13%
UAL	A	0.13%
STT	B	0.13%
GPN	B	0.13%
KEYS	C	0.13%
EW	F	0.12%
ADM	F	0.12%
HBAN	A	0.12%
AMP	A	0.12%
BIIB	F	0.12%
SYF	B	0.12%
VLTO	D	0.12%
AWK	D	0.12%
HAL	C	0.12%
SW	B	0.12%
VTR	C	0.12%
LYB	F	0.11%
AME	A	0.11%
CINF	A	0.11%
WDC	D	0.11%
WY	F	0.11%
OKE	A	0.11%
AEE	B	0.11%
MPC	D	0.11%
RF	A	0.11%
IFF	F	0.11%
IQV	F	0.11%
EQT	B	0.11%
DTE	D	0.11%
DVN	F	0.11%
EOG	A	0.11%
OMC	A	0.1%
ZBRA	B	0.1%
CHTR	B	0.1%
CFG	B	0.1%
YUM	B	0.1%
WBD	B	0.1%
FSLR	F	0.1%
FE	D	0.1%
NTRS	A	0.1%
PKG	B	0.1%
ES	D	0.1%
ATO	B	0.1%
ZBH	C	0.1%
TDY	B	0.1%
LEN	D	0.09%
RSG	B	0.09%
PFG	C	0.09%
BAX	F	0.09%
HOLX	D	0.09%
MTD	F	0.09%
LUV	B	0.09%
INVH	D	0.09%
HWM	B	0.09%
ORLY	A	0.09%
CNP	B	0.09%
MKC	D	0.09%
MSCI	B	0.09%
PH	A	0.09%
NRG	C	0.09%
CMS	D	0.09%
LH	B	0.09%
CLX	A	0.09%
DFS	B	0.09%
EFX	F	0.09%
IP	B	0.09%
MCHP	F	0.08%
ROK	B	0.08%
TXT	D	0.08%
AZO	B	0.08%
KIM	A	0.08%
TSN	B	0.08%
IRM	D	0.08%
MRNA	F	0.08%
DAL	A	0.08%
GPC	D	0.08%
DG	F	0.08%
ON	F	0.08%
IEX	B	0.08%
DGX	B	0.08%
TRMB	B	0.08%
BBY	C	0.08%
ARE	F	0.08%
KEY	B	0.08%
CSGP	F	0.08%
WRB	B	0.08%
TSCO	D	0.08%
J	D	0.08%
BALL	D	0.08%
TER	F	0.08%
FFIV	B	0.07%
NUE	D	0.07%
SWK	F	0.07%
NDSN	B	0.07%
SBAC	D	0.07%
WAT	B	0.07%
LNT	C	0.07%
TTWO	A	0.07%
PWR	B	0.07%
APTV	F	0.07%
AMCR	D	0.07%
GRMN	A	0.07%
L	A	0.07%
NXPI	F	0.07%
JBHT	C	0.07%
RVTY	C	0.07%
EL	F	0.07%
MNST	B	0.07%
IDXX	F	0.07%
NI	A	0.07%
CDW	F	0.07%
EG	D	0.07%
VTRS	B	0.07%
HSY	F	0.07%
NTAP	D	0.07%
DOC	C	0.07%
PCAR	B	0.07%
TPR	A	0.06%
KMX	B	0.06%
BXP	D	0.06%
TECH	D	0.06%
EMN	D	0.06%
REG	A	0.06%
BG	D	0.06%
SJM	F	0.06%
UHS	D	0.06%
CHRW	A	0.06%
MLM	B	0.06%
DLTR	F	0.06%
JNPR	D	0.06%
STX	D	0.06%
UDR	C	0.06%
JKHY	C	0.06%
GWW	B	0.06%
INCY	B	0.06%
ANSS	B	0.06%
HUBB	C	0.06%
CAG	F	0.06%
CHD	A	0.06%
VMC	B	0.06%
IR	A	0.05%
AES	F	0.05%
GL	B	0.05%
TAP	B	0.05%
FOXA	A	0.05%
LKQ	C	0.05%
SNA	A	0.05%
SOLV	C	0.05%
MKTX	C	0.05%
PODD	B	0.05%
CTLT	D	0.05%
DXCM	C	0.05%
CRL	C	0.05%
NWSA	B	0.05%
BR	A	0.05%
ALB	C	0.05%
CBOE	D	0.04%
MRO	B	0.04%
FMC	F	0.04%
MHK	D	0.04%
ALLE	D	0.04%
HII	F	0.04%
STLD	C	0.04%
BWA	B	0.04%
EPAM	B	0.04%
MTCH	F	0.04%
VRSN	C	0.04%
MOH	F	0.04%
IVZ	B	0.04%
AKAM	F	0.04%
HAS	D	0.04%
FRT	B	0.04%
HRL	F	0.04%
HSIC	F	0.04%
CPB	F	0.04%
MOS	D	0.04%
PTC	B	0.04%
TFX	F	0.04%
STE	D	0.04%
FDS	A	0.04%
DRI	B	0.04%
FOX	A	0.03%
BRO	B	0.03%
DAY	B	0.03%
POOL	D	0.03%
ENPH	F	0.03%
CTRA	B	0.03%
PAYC	B	0.03%
ULTA	C	0.03%
BEN	C	0.03%
WBA	D	0.03%
QRVO	F	0.03%
PARA	B	0.03%
CCL	B	0.03%
ALGN	D	0.03%
CF	B	0.03%
LVS	C	0.03%
JBL	C	0.03%
AOS	F	0.02%
NWS	B	0.02%
CZR	F	0.02%
LW	B	0.02%
RL	B	0.02%
GNRC	B	0.02%
ERIE	F	0.02%
HST	D	0.02%
PNR	A	0.02%
MGM	D	0.01%
DVA	C	0.01%

SPYV Underweight 44 Positions Relative to QDEF

Symbol	Grade	Weight
AAPL	C	-5.95%
NVDA	A	-5.95%
MSFT	C	-4.85%
META	B	-2.78%
GOOGL	C	-1.36%
INTU	A	-1.24%
GOOG	C	-1.1%
AVGO	C	-0.94%
KLAC	F	-0.83%
EME	B	-0.65%
UNM	A	-0.62%
BWXT	B	-0.61%
CFR	B	-0.6%
UMBF	B	-0.6%
CSWI	B	-0.58%
VIRT	B	-0.54%
OHI	C	-0.54%
WDFC	B	-0.53%
CSL	B	-0.52%
ORI	A	-0.52%
DOX	C	-0.51%
IRDM	B	-0.51%
LSTR	B	-0.49%
OMF	A	-0.49%
NSA	D	-0.48%
OGE	B	-0.48%
SAIC	D	-0.48%
BPOP	C	-0.47%
VRT	B	-0.46%
RDN	C	-0.46%
HRB	D	-0.45%
WU	F	-0.43%
WSM	F	-0.4%
CUBE	D	-0.4%
MSM	C	-0.38%
CHE	D	-0.38%
BSY	F	-0.37%
STNG	F	-0.35%
NEP	F	-0.33%
STWD	C	-0.31%
NNN	F	-0.21%
SCCO	F	-0.17%
BAH	C	-0.14%
DDS	B	-0.11%