ETF Research Center

FlexShares Real Assets Allocation

ALTAR
Score™

5.8%

Recommen-
dation

OVERWEIGHT

2020E 2021E
P/E ratio	17.3x	P/Sales ratio	2.1x
P/BV ratio	1.7x	Div. yield	3.4%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The FlexShares Real Assets Allocation Index Fund is a fund-of-funds ETF that gives investors diversified exposure to real assets.

FUND BASICS
Category	Global Equities
Fund Sponsor	Northern Trust
Website	www.flexshares.com
Inception date	Nov 23, 2015
Assets (mns)	$12
Currency	USD
Expense ratio	57 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Technical
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	3
Wgt avg mkt cap (mns)	$47,279
Large cap (>$10bn)	71.1%
Mid cap ($2-10bn)	24.5%
Small cap (<$2bn)	4.1%
Developed mkts	96.2%
Emerging mkts	3.6%

TOP TEN HOLDINGS
Total	99.8 %
FLEXSHARES STOXX GLOBAL BROAD INFR	51.5 %
FLEXSHARES GLOBAL QUALITY REAL EST	39.6 %
FLEXSHARES GLOBAL UPSTREAM NATURAL	8.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	46.6 %
	CANADA	9.6 %
	JAPAN	8.3 %
	AUSTRALIA	5.0 %
	BRITAIN	4.9 %
	HONG KONG	4.6 %
	GERMANY	2.7 %
	SPAIN	2.6 %
	FRANCE	2.0 %
	ITALY	2.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.2%	13.5%	--	--	8.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.61	64%
MSCI EAFE	0.66	63%
MSCI Emg. Mkts.	0.45	51%

Technical Indicators
Recent close	$31.55
30d moving avg.	$30.86
Annualized volatility	9.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$9,229

Distributions

There were no matches found with other funds under coverage.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	FlexShares Real Assets Allocation
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.6	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	57	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.