FlexShares Quality Dividend Index Fund

QDF • ARCA

FlexShares Quality Dividend Index Fund is an exchange-traded fund on ARCA. As of Q3 2025, 144 institutional investors hold shares in this ETF, with total holdings valued at $1.6B. NORTHERN TRUST CORP is the largest holder with a position valued at $900.8M.

Overview

Overview of institutional ownership in QDF as of Q3 2025

All Institutions

Institutions: 144
Value Held: $1.6B
Shares Held: 20.5M
Avg Position: $11.3M
Median Position: $503.3K

Hedge Funds

Hedge Funds: 1
Value Held: $436.7K
Shares Held: 5.5K
Avg Position: $436.7K
Median Position: $436.7K

Biggest Investors

Institutions with the largest positions in QDF as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
NORTHERN TRUST CORP Institution	Michael G. O'Grady CEO	$900.8M 0.12% of portfolio	11.3M shares	≤ Q2 2013 Held for 12y 5m+	$782.01B
T TIAA TRUST, NATIONAL ASSOCIATION Institution	-	$310.0M 0.75% of portfolio	3.9M shares	Q3 2023 Held for 2y 2m	$41.2B
KEYBANK NATIONAL ASSOCIATION/OH RIA/Wealth	Kevin Michael Mccann CCO	$43.2M 0.15% of portfolio	544.2K shares	Q4 2018 Held for 6y 11m	$28.4B
V VeraBank, N.A. Institution	-	$36.4M 7.24% of portfolio	458.6K shares	Q4 2018 Held for 6y 11m	$502.6M
L LPL Financial LLC Institution	-	$29.0M 0.01% of portfolio	365.4K shares	Q1 2014 Held for 11y 8m	$340.07B
Bank of New York Mellon Corp Institution	Robin Vince CEO	$24.9M 0.00% of portfolio	313.5K shares	Q1 2021 Held for 4y 8m	$556.34B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$24.5M 0.01% of portfolio	308.0K shares	Q3 2015 Held for 10y 2m	$341.99B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$19.9M 0.00% of portfolio	250.5K shares	Q4 2013 Held for 11y 11m	$1.65T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$19.8M 0.00% of portfolio	249.2K shares	Q3 2013 Held for 12y 2m	$1.33T
UBS Group AG Institution	Sergio P. Ermotti CEO	$17.3M 0.00% of portfolio	217.9K shares	Q4 2014 Held for 10y 11m	$511.54B

Net Capital Flow

Institutional buying and selling activity for QDF in Q3 2025

Traded: −$28.2M
Buyers: 45
Sellers: 61
Total Bought: +$15.8M
Total Sold: −$44.0M
Avg Position: $10.3M

Biggest Buyers

Institution	Net Bought	Current Position
Bank of New York Mellon Corp Institution	+$3.4M +43.0K shares	$24.9M 313.5K shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$2.2M +27.9K shares	$24.5M 308.0K shares
FIRST FINANCIAL CORP /IN/ Institution	+$2.0M +24.6K shares	$2.1M 26.8K shares
VISTA CAPITAL PARTNERS, INC. RIA/Wealth	+$933.9K +11.8K shares	$933.9K 11.8K shares
Hanlon Investment Management, Inc. RIA/Wealth	+$870.1K +11.0K shares	$3.4M 43.2K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	+$775.4K +9.8K shares	$4.8M 60.3K shares
Rockefeller Capital Management L.P. Long Only Manager	+$718.0K +9.0K shares	$718.0K 9.0K shares
V VeraBank, N.A. Institution	+$448.6K +5.7K shares	$36.4M 458.6K shares
Live Oak Private Wealth LLC RIA/Wealth	+$443.2K +5.6K shares	$443.2K 5.6K shares
P PUTNAM FL INVESTMENT MANAGEMENT CO Institution	+$428.8K +5.4K shares	$428.8K 5.4K shares

Biggest Sellers

Institution	Net Sold	Current Position
NORTHERN TRUST CORP Institution	−$20.1M −252.6K shares	$900.8M 11.3M shares
T TIAA TRUST, NATIONAL ASSOCIATION Institution	−$10.2M −129.5K shares	$310.0M 3.9M shares
JPMORGAN CHASE & CO Institution	−$2.4M −29.8K shares	$7.0M 88.7K shares
KEYBANK NATIONAL ASSOCIATION/OH RIA/Wealth	−$1.2M −15.0K shares	$43.2M 544.2K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$1.1M −14.7K shares	Sold Off 0 shares
BANK OF AMERICA CORP /DE/ Institution	−$922.1K −11.6K shares	$19.8M 249.2K shares
NGAM ADVISORS, L.P. Long Only Manager	−$830.6K −11.4K shares	Sold Off 0 shares
CFS Investment Advisory Services, LLC RIA/Wealth	−$820.0K −10.2K shares	$9.1M 113.5K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$662.1K −9.0K shares	Sold Off 0 shares
Beacon Pointe Advisors, LLC RIA/Wealth	−$525.7K −6.6K shares	$630.4K 7.9K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited QDF in Q3 2025

New Positions: 9
New Value: $2.2M
Exited Positions: 14
Exited Value: $3.6M

New Positions

Institution	Position Value
Live Oak Private Wealth LLC RIA/Wealth	$443.2K 5.6K shares
P PUTNAM FL INVESTMENT MANAGEMENT CO Institution	$428.8K 5.4K shares
Glenmede Investment Management, LP Long Only Manager	$277.9K 3.5K shares
A ATRIA INVESTMENTS LLC Institution	$274.7K 3.5K shares
SCHMIDT P J INVESTMENT MANAGEMENT INC RIA/Wealth	$214.5K 2.7K shares
P PFG Investments, LLC Institution	$212.4K 2.7K shares
Betterment LLC RIA/Wealth	$208.7K 2.6K shares
GPS Wealth Strategies Group, LLC RIA/Wealth	$68.8K 867.0 shares
Rossmore Private Capital RIA/Wealth	$65.5K 825.0 shares

Exited Positions

Institution	Previous Position
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.1M 14.7K shares
NGAM ADVISORS, L.P. Long Only Manager	$830.6K 11.4K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$662.1K 9.0K shares
BP WEALTH MANAGEMENT, LLC RIA/Wealth	$234.2K 3.2K shares
Smartleaf Asset Management LLC Long Only Manager	$198.1K 2.7K shares
H HUNTINGTON NATIONAL BANK Long Only Manager	$162.4K 2.2K shares
FIRST FINANCIAL HOLDINGS, INC. Institution	$92.0K 1.3K shares
C Choate Investment Advisors RIA/Wealth	$91.5K 1.3K shares
CWM, LLC RIA/Wealth	$67.4K 921.0 shares
B BROWN BROTHERS HARRIMAN & CO RIA/Wealth	$48.2K 658.0 shares

Options Activity

Institutions with the largest Call and Put options positions in QDF as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with QDF as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
V VeraBank, N.A. Institution	-	7.24% $36.4M	458.6K shares	Q4 2018 Held for 6y 11m	$502.6M
Hanlon Investment Management, Inc. RIA/Wealth	William Francis Chisholm CIO	2.07% $3.4M	43.2K shares	Q2 2021 Held for 4y 5m	$165.8M
A Anson Capital, Inc. Institution	-	1.51% $1.9M	24.3K shares	Q4 2021 Held for 3y 11m	$128.2M
HORIZON BANCORP INC /IN/ RIA/Wealth	James David Pattie President	1.38% $2.9M	36.1K shares	Q3 2023 Held for 2y 2m	$208.3M
V Valued Retirements, Inc. Institution	-	1.24% $1.1M	15.0K shares	Q4 2023 Held for 1y 11m	$88.6M
L Ledyard National Bank Institution	-	1.17% $13.0M	164.2K shares	Q1 2014 Held for 11y 8m	$1.1B
S Sageworth Trust Co of South Dakota Institution	-	1.09% $1.2M	14.6K shares	Q4 2021 Held for 3y 11m	$106.1M
FIRST FINANCIAL CORP /IN/ Institution	Steven H. Holliday CEO	0.83% $2.1M	26.8K shares	Q2 2018 Held for 7y 5m	$255.2M
T TIAA TRUST, NATIONAL ASSOCIATION Institution	-	0.75% $310.0M	3.9M shares	Q3 2023 Held for 2y 2m	$41.2B
CFS Investment Advisory Services, LLC RIA/Wealth	Harris Scott Nydick Managing Partner	0.69% $9.1M	113.5K shares	Q3 2024 Held for 1y 2m	$1.3B

Hedge Fund Spotlight

Discover hedge funds investing in QDF

Quantinno Capital Management LP

Hedge Fund • Market Neutral

Portfolio ManagerHoon Nmn Kim

Portfolio Value: $36.6B
Positions: 2,911
Last Reported: Q3 2025

Sector Allocation

Position in FlexShares Quality Dividend Index Fund

Market Value: $436.7K
Shares Held: 5.5K
Portfolio Weight: 0.00%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$2.1B	5.71%
2 Apple AAPL	Consumer Electronics Technology	$1.9B	5.06%
3 Microsoft MSFT	Software - Infrastructure Technology	$1.4B	3.93%