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)	$1,485
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)	$68,453
Large cap (>$10bn)	86.5%
Mid cap ($2-10bn)	12.9%
Small cap (<$2bn)	0.5%
Developed mkts	95.0%
Emerging mkts	5.0%

TOP TEN HOLDINGS
Total	31.4 %
AT&T INC	4.9 %
VERIZON COMMUNICATIONS INC	4.2 %
CANADIAN NATL RAILWAY CO	4.2 %
COMCAST CORP-CL A	3.5 %
ENBRIDGE INC	3.1 %
CENTRAL JAPAN RAILWAY CO	2.6 %
ENEL SPA	2.4 %
IBERDROLA SA	2.4 %
DEUTSCHE POST AG-REG	2.2 %
UNION PACIFIC CORP	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	38.7 %
	CANADA	14.9 %
	JAPAN	11.0 %
	AUSTRALIA	4.8 %
	BRITAIN	4.6 %
	SPAIN	4.1 %
	GERMANY	4.1 %
	ITALY	3.6 %
	HONG KONG	3.3 %
	FRANCE	3.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.5%	20.0%	5.4%	--	6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.58	56%
MSCI EAFE	0.69	66%
MSCI Emg. Mkts.	0.48	53%

Technical Indicators
Recent close	$52.57
30d moving avg.	$52.22
Annualized volatility	9.4%
Short interest (ETF)	0.1%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	38
Turnover	0.1%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$15,299

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™:

6.4%

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	38.8	40	7	5.8	-0.6
GII	SPDR FTSE/Macquarie Global Infrastructure	32.9	40	7	4.9	-1.5
IGF	iShares S&P Global Infrastructure	32.9	46	1	4.8	-1.6
GLIF	AGFiQ Global Infrastructure	26.5	45	2	5.3	-1.1
AMCA	iShares Russell 1000 Pure U.S. Revenue	24.6	15	32	6.6	+0.2
TOLZ	ProShares Global Infrastructure	23.5	46	1	5.3	-1.2
IXP	iShares S&P Global Comm. Services	23.4	46	1	6.3	-0.1
JXI	iShares S&P Global Utilities	23.1	46	1	5.4	-1.1
DHS	WisdomTree Equity Income	18.2	38	9	7.3	+0.9
PFM	Invesco Dividend Achievers	16.8	54	-7	5.5	-1.0
DEW	WisdomTree Global Equity Income	15.9	58	-11	8.4	+2.0
EMLP	First Trust N. American Energy Infrastructure	15.5	95	-48	5.2	-1.3
DURA	VanEck Vectors Morningstar Durable Dividend	15.4	29	18	6.8	+0.4
FXU	First Trust Utilities Alphadex	15.4	63	-16	5.3	-1.2
JKF	iShares Morningstar Large Value	15.1	25	22	7.8	+1.4
VOX	Vanguard Communication Services	14.9	10	37	5.4	-1.1
FCOM	Fidelity MSCI Communication Services	14.9	8	39	5.2	-1.2
ACWV	iShares MSCI World Minimum Volatility	14.9	20	27	5.6	-0.9
QCAN	SPDR MSCI Canada Quality Mix	14.9	14	33	7.3	+0.9
BBCA	JPMorgan BetaBuilders Canada	14.9	19	28	7.3	+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	13.3	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.