TMSL vs. QDEF ETF Comparison

Comparison of T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Small-Mid Cap ETF (TMSL) to FlexShares Quality Dividend Defensive Index Fund (QDEF)

TMSL

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Small-Mid Cap ETF

TMSL Description

The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in assets issued by small- or mid-cap companies. The fund may at times invest significantly in certain sectors, such as the information technology sector.

Grade (RS Rating)

Last Trade

$35.16

Average Daily Volume

75,512

Number of Holdings ^*

256

* 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

$73.17

Average Daily Volume

6,939

Number of Holdings ^*

123

* may have additional holdings in another (foreign) market

Performance

Period	TMSL	QDEF
30 Days	9.29%	2.73%
60 Days	8.82%	2.78%
90 Days	10.64%	5.03%
12 Months	38.19%	31.02%

15 Overlapping Holdings

Symbol	Grade	Weight in TMSL	Weight in QDEF	Overlap
AVY	D	0.16%	0.48%	0.16%
BPOP	B	1.14%	0.48%	0.48%
BWXT	B	0.16%	0.64%	0.16%
CUBE	D	0.59%	0.4%	0.4%
DOX	D	0.31%	0.48%	0.31%
DPZ	C	0.38%	0.41%	0.38%
EME	B	0.54%	0.64%	0.54%
ESS	B	0.22%	0.54%	0.22%
EVRG	A	0.2%	0.4%	0.2%
GEN	A	0.64%	0.59%	0.59%
LDOS	D	0.65%	0.57%	0.57%
LSTR	B	0.28%	0.49%	0.28%
OMF	A	0.45%	0.5%	0.45%
STNG	F	0.52%	0.36%	0.36%
WU	D	0.62%	0.43%	0.43%

TMSL Overweight 241 Positions Relative to QDEF

Symbol	Grade	Weight
SWK	D	1.44%
SEM	B	1.35%
FTI	A	1.23%
CPAY	A	1.23%
MKSI	C	1.19%
TXT	D	1.17%
WAL	B	1.15%
THC	D	1.13%
RNR	C	0.95%
DT	C	0.87%
REXR	F	0.84%
ESAB	B	0.81%
WBS	B	0.8%
LAMR	C	0.79%
RPM	A	0.77%
SSNC	A	0.75%
GDDY	B	0.75%
HII	F	0.75%
DOCU	A	0.71%
VOYA	B	0.67%
BFAM	F	0.65%
RL	B	0.63%
TFX	F	0.61%
RS	B	0.61%
TOL	A	0.6%
INSM	C	0.59%
NTNX	B	0.59%
BDC	B	0.59%
NI	A	0.59%
VNO	B	0.58%
CRBG	B	0.58%
ZBRA	A	0.57%
SAIA	C	0.56%
HBAN	B	0.56%
PATK	C	0.56%
SITE	C	0.55%
OPCH	F	0.54%
STLD	B	0.54%
CF	B	0.53%
BURL	B	0.53%
ENTG	D	0.52%
FBP	B	0.52%
XPRO	F	0.52%
RGA	A	0.51%
MNDY	C	0.51%
WYNN	D	0.51%
MWA	B	0.51%
WING	F	0.5%
CVNA	B	0.5%
SUM	B	0.5%
AGCO	D	0.5%
VTRS	B	0.5%
CW	B	0.49%
IOT	B	0.49%
CLH	B	0.48%
APG	B	0.48%
EWBC	B	0.48%
WSC	D	0.48%
COOP	B	0.47%
DUOL	B	0.47%
ST	F	0.46%
BLX	C	0.46%
EQH	B	0.46%
EXAS	F	0.45%
TYL	A	0.45%
TTC	D	0.45%
EHC	B	0.45%
MIDD	B	0.44%
MORN	A	0.44%
TOST	B	0.43%
BRX	A	0.43%
HUBB	B	0.43%
RRC	B	0.43%
JBL	C	0.42%
TKR	D	0.42%
PLNT	B	0.41%
LRN	B	0.41%
KFY	B	0.41%
FMC	D	0.41%
NVR	D	0.41%
HOLX	D	0.4%
TNL	A	0.4%
EG	C	0.4%
VFC	C	0.39%
AEE	A	0.39%
AWI	B	0.39%
FND	C	0.39%
DKNG	C	0.39%
BCO	D	0.39%
RYN	C	0.39%
BBWI	C	0.38%
SUI	D	0.38%
NCLH	B	0.37%
PHIN	B	0.37%
VRRM	F	0.37%
PR	C	0.36%
REG	B	0.36%
PTC	A	0.36%
NXST	C	0.35%
FITB	B	0.35%
NWS	B	0.35%
PCVX	D	0.34%
UHS	D	0.34%
RNA	D	0.34%
UPWK	B	0.33%
STGW	B	0.33%
FLO	C	0.33%
ULTA	F	0.33%
DRH	B	0.32%
BPMC	C	0.32%
GEO	B	0.32%
KMPR	B	0.32%
DOLE	D	0.32%
USFD	A	0.32%
MAIN	A	0.31%
SKWD	B	0.31%
RVTY	D	0.31%
MANH	C	0.3%
MOH	F	0.3%
LPX	B	0.3%
OC	B	0.3%
POR	C	0.3%
HWM	B	0.29%
EVRI	A	0.29%
NBIX	C	0.29%
SHOO	D	0.29%
BERY	B	0.28%
TECH	C	0.28%
OFG	B	0.28%
ASGN	D	0.28%
ARMK	A	0.28%
BJ	B	0.28%
FCN	D	0.28%
AYI	B	0.27%
LPLA	B	0.27%
FTDR	B	0.27%
ATEN	B	0.27%
PAYO	B	0.27%
ELS	C	0.26%
CASY	B	0.26%
CPA	D	0.26%
VNT	C	0.26%
STEP	B	0.26%
KRC	C	0.26%
ELF	C	0.26%
ELAN	F	0.26%
PFGC	A	0.25%
PLAB	C	0.25%
HST	C	0.25%
KYMR	C	0.25%
SCI	A	0.25%
CHDN	B	0.25%
NTRA	B	0.25%
BLDR	C	0.25%
VRTS	B	0.25%
AZEK	B	0.24%
PCTY	B	0.24%
MTX	B	0.24%
MCB	B	0.24%
GLOB	B	0.24%
RVMD	B	0.24%
BLBD	F	0.24%
BOX	A	0.24%
CBOE	B	0.23%
CRNX	C	0.23%
BLD	C	0.23%
OIS	C	0.23%
RDDT	B	0.23%
EEFT	B	0.23%
CTLT	B	0.23%
TREX	C	0.23%
WFRD	F	0.22%
UFPI	B	0.22%
TDW	F	0.22%
CELH	F	0.22%
CRL	C	0.22%
ALV	C	0.22%
ALKS	B	0.21%
EPR	D	0.21%
ONON	B	0.21%
LSCC	D	0.21%
VRNT	C	0.21%
BRZE	C	0.21%
RGEN	D	0.21%
WFG	C	0.21%
LPRO	C	0.21%
PK	B	0.2%
SWN	D	0.2%
PRDO	B	0.2%
KEX	B	0.2%
THG	C	0.2%
TXRH	A	0.2%
CWEN	C	0.2%
NWE	A	0.19%
OLLI	C	0.19%
HAFC	B	0.19%
NFG	B	0.19%
BGNE	D	0.18%
AHH	D	0.18%
LUV	B	0.18%
LEGN	F	0.18%
RARE	F	0.18%
PBH	B	0.17%
ENS	D	0.17%
TW	B	0.17%
WDC	C	0.17%
PLUS	F	0.16%
AVNT	B	0.16%
BFS	C	0.16%
REPL	C	0.16%
SRPT	F	0.16%
VERA	B	0.16%
FIX	A	0.16%
GMRE	D	0.15%
HIG	B	0.15%
XRAY	F	0.15%
CVLT	B	0.15%
CNP	A	0.15%
WTTR	B	0.15%
NRIX	D	0.14%
TDC	D	0.14%
AMAL	B	0.14%
ESNT	D	0.13%
ACM	A	0.12%
XNCR	B	0.12%
ASND	D	0.12%
NTLA	F	0.11%
MDGL	B	0.11%
ACAD	D	0.11%
CLDX	F	0.11%
IONS	F	0.11%
AKRO	C	0.11%
IDYA	F	0.1%
ANET	C	0.1%
APPF	B	0.08%
RCKT	F	0.08%
BXC	B	0.08%
PRTA	F	0.07%
SRRK	C	0.06%
PLRX	C	0.06%
SWTX	C	0.04%

TMSL Underweight 108 Positions Relative to QDEF

Symbol	Grade	Weight
AAPL	B	-6.07%
NVDA	C	-6.0%
MSFT	D	-4.97%
HD	A	-3.07%
JNJ	D	-2.93%
PG	A	-2.83%
META	D	-2.76%
ABBV	D	-2.6%
MRK	F	-2.25%
IBM	C	-1.7%
QCOM	F	-1.65%
PM	B	-1.65%
GOOGL	C	-1.36%
INTU	C	-1.29%
TMUS	A	-1.14%
ADP	B	-1.13%
GOOG	C	-1.1%
LMT	D	-1.05%
GILD	B	-1.03%
TJX	A	-0.99%
SBUX	B	-0.98%
AVGO	D	-0.88%
MO	A	-0.86%
CI	D	-0.83%
AMT	D	-0.82%
KLAC	F	-0.79%
T	A	-0.77%
DUK	C	-0.77%
ITW	A	-0.74%
MSI	C	-0.74%
JPM	B	-0.73%
CME	A	-0.71%
MCK	C	-0.71%
BK	A	-0.67%
MMM	D	-0.66%
VZ	B	-0.65%
UNM	A	-0.65%
KO	D	-0.65%
PAYX	B	-0.63%
UMBF	B	-0.61%
CSCO	A	-0.61%
FIS	D	-0.6%
EA	C	-0.6%
AFL	B	-0.6%
CFR	B	-0.6%
PSA	C	-0.59%
AIZ	B	-0.58%
WTW	B	-0.58%
FAST	B	-0.58%
VIRT	B	-0.57%
CSWI	A	-0.57%
COR	C	-0.57%
VRSK	A	-0.57%
D	C	-0.56%
WDFC	B	-0.55%
PPL	B	-0.55%
ORI	A	-0.54%
RMD	C	-0.54%
K	A	-0.53%
CSL	B	-0.53%
OHI	D	-0.53%
MET	A	-0.53%
EQR	B	-0.53%
MAA	B	-0.53%
PNW	B	-0.52%
IRDM	C	-0.52%
CPT	B	-0.51%
OTIS	C	-0.51%
KMB	C	-0.51%
XOM	C	-0.5%
ED	D	-0.49%
RDN	C	-0.48%
LOW	C	-0.47%
NSA	C	-0.47%
OGE	A	-0.47%
IPG	C	-0.46%
DELL	C	-0.46%
BMY	B	-0.45%
GIS	D	-0.45%
VRT	B	-0.45%
HRB	D	-0.45%
EXPD	C	-0.42%
SAIC	F	-0.41%
WSM	B	-0.41%
EBAY	C	-0.4%
EXC	D	-0.39%
CHE	D	-0.39%
SWKS	F	-0.39%
V	A	-0.38%
MSM	C	-0.37%
BSY	D	-0.37%
STWD	C	-0.32%
NEP	F	-0.32%
WEC	A	-0.28%
PEG	A	-0.26%
COST	B	-0.24%
MA	B	-0.23%
MAS	C	-0.23%
NNN	D	-0.21%
AVB	B	-0.18%
CAH	B	-0.17%
SCCO	F	-0.16%
BAH	F	-0.12%
DDS	B	-0.12%
WMT	B	-0.12%
ROL	B	-0.12%
ZTS	D	-0.11%
BAC	A	-0.02%