ETF Research Center

FlexShares STOXX Global Broad Infrastructure Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the STOXX Global Broad Infrastructure Index Fund.

FUND BASICS
Category	Global Equities
Fund Sponsor	FlexShares ETFs/USA
Website	www.flexshares.com
Inception date	Oct 08, 2013
Assets (mns)	$1,763
Currency	USD
Expense ratio	47 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	165
Wgt avg mkt cap (mns)	$70,589
Large cap (>$10bn)	88.3%
Mid cap ($2-10bn)	11.2%
Small cap (<$2bn)	0.4%
Developed mkts	95.0%
Emerging mkts	5.0%

TOP TEN HOLDINGS
Total	30.7 %
AT&T INC	4.6 %
VERIZON COMMUNICATIONS INC	4.1 %
CANADIAN NATL RAILWAY CO	3.9 %
COMCAST CORP-CL A	3.6 %
ENBRIDGE INC	3.1 %
ENEL SPA	2.5 %
IBERDROLA SA	2.3 %
CENTRAL JAPAN RAILWAY CO	2.3 %
UNION PACIFIC CORP	2.1 %
DEUTSCHE POST AG-REG	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	39.8 %
	CANADA	14.7 %
	JAPAN	10.4 %
	AUSTRALIA	4.9 %
	BRITAIN	4.7 %
	GERMANY	4.1 %
	SPAIN	3.9 %
	ITALY	3.6 %
	HONG KONG	3.2 %
	FRANCE	3.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
26.3%	26.3%	6.4%	--	7.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.60	60%
MSCI EAFE	0.69	65%
MSCI Emg. Mkts.	0.47	54%

Technical Indicators
Recent close	$55.01
30d moving avg.	$53.66
Annualized volatility	9.3%
Short interest (ETF)	0.9%
Relative strength (RSI)	77

Liquidity measures
Avg. volume (thou.)	124
Turnover	0.4%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$13,192

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the FlexShares STOXX Global Broad Infrastructure ETF based on the alternatives' overlap in portfolio holdings with NFRA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

NFRA

Expense:

47 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NFRA
Ticker	Fund Name	Overlap¹ vs NFRA (%)	Expense ratio (bp)	Savings vs NFRA (bp)	ALTAR Score™ (%)	ALTAR vs NFRA (%)
INFR	Legg Mason Global Infrastructure	39.5	40	7	5.3	-0.9
IGF	iShares S&P Global Infrastructure	33.7	46	1	4.5	-1.7
GII	SPDR FTSE/Macquarie Global Infrastructure	33.7	40	7	4.6	-1.6
GLIF	AGFiQ Global Infrastructure	27.1	45	2	4.9	-1.3
AMCA	iShares Russell 1000 Pure U.S. Revenue	24.6	15	32	6.2	+0.0
JXI	iShares S&P Global Utilities	24.2	46	1	5.0	-1.2
TOLZ	ProShares Global Infrastructure	23.9	46	1	4.9	-1.3
IXP	iShares S&P Global Comm. Services	23.3	46	1	5.9	-0.3
SPLV	Invesco S&P 500 Low Volatility	17.7	25	22	5.0	-1.2
DHS	WisdomTree Equity Income	17.0	38	9	7.7	+1.5
MTUM	iShares MSCI USA Momentum Factor	16.8	15	32	4.2	-2.0
PFM	Invesco Dividend Achievers	16.7	54	-7	5.2	-1.0
EMLP	First Trust N. American Energy Infrastructure	16.1	95	-48	4.6	-1.6
DEW	WisdomTree Global Equity Income	16.0	58	-11	8.1	+1.9
FXU	First Trust Utilities Alphadex	15.3	63	-16	5.1	-1.1
DURA	VanEck Vectors Morningstar Durable Dividend	15.3	29	18	6.5	+0.3
ACWV	iShares MSCI World Minimum Volatility	15.1	20	27	5.4	-0.8
FCOM	Fidelity MSCI Communication Services	14.7	8	39	4.9	-1.3
VOX	Vanguard Communication Services	14.7	10	37	4.8	-1.4
QCAN	SPDR MSCI Canada Quality Mix	14.7	14	33	7.0	+0.8

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	FlexShares STOXX Global Broad Infrastructure
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	13.1	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.54

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.