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FlexShares Morningstar Global Upstream Natural Resources Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the Morningstar Global Upstream Natural Resources Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Northern Trust Investments Inc
Website	www.flexshares.com
Inception date	Sep 22, 2011
Assets (mns)	$4,536
Currency	USD
Expense ratio	46 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	JPMorgan Chase Bank
Weighting	Tiered
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	124
Wgt avg mkt cap (mns)	$55,617
Large cap (>$10bn)	76.9%
Mid cap ($2-10bn)	19.9%
Small cap (<$2bn)	1.1%
Developed mkts	85.4%
Emerging mkts	13.7%

TOP TEN HOLDINGS
Total	33.7 %
EXXON MOBIL CORP	4.3 %
BHP BILLITON LTD	4.2 %
CHEVRON CORP	4.1 %
NUTRIEN LTD.	3.6 %
CORTEVA INC	3.3 %
ARCHER-DANIELS-MIDLAND CO	3.3 %
TYSON FOODS INC-CL A	3.0 %
RIO TINTO PLC	3.0 %
BP PLC	2.5 %
TOTAL SA	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	35.5 %
	CANADA	12.2 %
	BRITAIN	11.4 %
	AUSTRALIA	7.2 %
	RUSSIA	3.9 %
	FRANCE	3.7 %
	NORWAY	3.6 %
	BRAZIL	3.2 %
	SWITZERLAND	2.0 %
	MALAYSIA	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.
-6.8%	0.7%	3.7%	--	2.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.82	52%
MSCI EAFE	1.03	69%
MSCI Emg. Mkts.	0.76	65%

Technical Indicators
Recent close	$28.27
30d moving avg.	$31.92
Annualized volatility	13.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	27

Liquidity measures
Avg. volume (thou.)	572
Turnover	0.4%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$9,899

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Flexshares Morningstar Global Upstream Natural Resources ETF based on the alternatives' overlap in portfolio holdings with GUNR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GUNR

Expense:

46 bp

ALTAR Score™:

6.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GUNR
Ticker	Fund Name	Overlap¹ vs GUNR (%)	Expense ratio (bp)	Savings vs GUNR (bp)	ALTAR Score™ (%)	ALTAR vs GUNR (%)
GNR	SPDR S&P Global Natural Resources ETF	53.4	40	6	7.5	+0.8
HAP	VanEck Vectors Natural Resources ETF	45.3	50	-4	7.0	+0.3
NANR	SPDR S&P North American Natural Resources ETF	39.3	35	11	4.8	-1.9
GRES	IQ Global Resources ETF	36.5	77	-31	7.9	+1.2
MXI	iShares Global Materials ETF	29.7	46	0	7.0	+0.3
VEGI	iShares MSCI Global Agriculture Producers ETF	25.4	39	7	6.1	-0.6
FILL	iShares MSCI Global Energy Producers ETF	24.9	39	7	7.8	+1.1
IXC	iShares Global Energy ETF	23.8	46	0	6.7	-0.0
MOO	VanEck Vectors Agribusiness ETF	22.4	54	-8	5.8	-0.9
DIET	Defiance Next Gen Food & Agriculture ETF	19.5	30	16	5.0	-1.7
PICK	iShares MSCI Global Metals & Mining Producers ETF	18.7	39	7	8.9	+2.2
FTAG	First Trust Indxx Global Agriculture ETF	16.8	70	-24	6.6	-0.2
IGE	iShares North American Natural Resources ETF	16.0	46	0	5.1	-1.6
DTH	WisdomTree DEFA Equity Income Fund	12.9	58	-12	10.0	+3.3
XLE	Energy Select Sector SPDR Fund	12.5	13	33	5.7	-1.1
IYE	iShares U.S. Energy ETF	12.5	42	4	5.3	-1.4
FENY	Fidelity MSCI Energy Index ETF	12.5	8	38	5.3	-1.4
VDE	Vanguard Energy Index Fund	12.5	10	36	5.2	-1.5
JHME	John Hancock Multifactor Energy ETF	12.5	40	6	4.7	-2.0
HDAW	Xtrackers MSCI All World ex US High Dividend Yield Hedged	12.1	20	26	10.8	+4.1

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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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

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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 Morningstar Global Upstream Natural Resources
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	8.5	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	6.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.56

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.