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FlexShares Morningstar Global Upstream Natural Resources Index Fund

Objective and Strategy

FlexShares Morningstar Global Upstream Natural Resources Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar® Global Upstream Natural Resources IndexSM (Underlying Index).

Different, by Design

1. Identify upstream natural resources equities based on a Morningstar industry classification system
2. Balanced exposure to three traditional (30% each in Agriculture, Energy, and Metals) and two nontraditional (5% each in Timber and Water) natural resource sectors

Spotlight on GUNR

Fund Facts

as of 09/23/2016
Inception09/16/2011
CUSIP33939L407
Total Net Assets$ 2,670,091,551.28
Shares Outstanding98,600,001
# of Holdings*122
Gross Expense Ratio.49%
Net Expense Ratio**.48%
Index ProviderMorningstarĀ®
Primary ExchangeNYSE
MarginableY
Derivative UseY
*Cash positions and derivatives such as futures and currency forwards are not included in the number of holdings.

**NTI has contractually agreed to reimburse the fees and expenses of the Fund’s independent trustees and independent legal counsel until March 1, 2017.

Tickers

ETF TickerGUNR
Related IndexMUNR
NAVGUNR.NV
IOPVGUNR.IV
Shares OutstandingGUNR.SO
Estimated CashGUNR.EU
Total CashGUNR.TC

Fund Characteristics1

as of 09/23/2016
SEC Subsidized Yield2 (as of 08/31/2016)2.25%
SEC Unsubsidized Yield3
 (as of 08/31/2016)
2.24%
Distribution Yield4.46%
12-Month Dividend Yield55.19%
Weighted Average Market Cap50,839,756,242.12
Price to Earnings (as of 08/31/2016)33.98
Price to Book  (as of 08/31/2016)2.28
Price to Cash Flow  (as of 08/31/2016)15.60
Price to Sales  (as of 08/31/2016)2.49
View Standardized Performance

Market Cap (%)

as of 09/23/2016
Large-Cap76.70
Mid-Cap20.15
Small-Cap3.12
Micro-Cap.03
Total100.00

Style (%)

as of 09/23/2016
Value38.69
Core43.74
Growth17.57
Total100.00

SECTOR ALLOCATIONS

COUNTRY ALLOCATIONS

Performance information presented on this website is historical, and is not indicative of future results. Investment returns and principal may vary, and at the time of sale an investment may be worth more or worth less than its original value. For most recent month end performance please call 1-855-353-9383 (1-855-FlexETF). All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. The fund inception date is generally several days prior to when the fund begins trading. NAV prices are used to calculate market price performance prior to 09/22/2011, when the fund first traded on the New York Stock Exchange. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. They do not represent the returns you would receive if you traded shares at other times. Index performance does not represent FlexShares fund performance. It is not possible to invest directly in an index.

Definitions

1All Fund Characteristics terms are defined in the glossary.
2SEC Subsidized Yield
The 30-Day SEC Subsidized Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. It is a "subsidized" yield, which means it includes contractual expense reimbursements and it would be lower without those reimbursements. It may also include an inflation adjustment that can cause the yield to vary substantially from one month to the next.
3SEC Unsubsidized Yield
The 30-Day SEC Unsubsidized Yield calculation is also computed under the same SEC standardized formula based on net income earned over the past 30 days, but excludes contractual expense reimbursements, resulting in a lower yield. It may also include an inflation adjustment that can cause the yield to vary substantially from one month to the next.
4Distribution Yield
This yield is calculated by taking the most recent distribution annualized and dividing by the fund NAV from the as of date. For Funds that distribute monthly, an NA will be displayed if the fund has not distributed within the last 35 days.
512-Month Dividend Yield
This yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months.

Month End Performance (%)

as of 08/31/2016
 1 MonthQTDYTD1 Year3 YearSince Inception
09/16/2011
Market Price-2.561.0220.9410.03-3.02-3.16
NAV-2.351.7220.3810.28-3.00-3.14
Morningstar® Global Upstream Natural Resources Index  (MUNRT)-2.331.8020.8611.00-2.53-2.84
S&P Global Natural Resources Index (SPGNRUN)-.683.7621.3310.22-2.96-3.23

Quarter End Performance (%)

as of 06/30/2016
 1 MonthQTDYTD1 Year3 yearSince Inception
09/16/2011
Market Price4.369.5319.71-6.47-2.55-3.47
NAV3.698.5518.34-6.85-2.64-3.60
Morningstar® Global Upstream Natural Resources Index  (MUNRT)3.728.6918.72-6.36-2.17-3.30
S&P Global Natural Resources Index (SPGNRUN)2.147.0116.93-8.86-2.94-4.08
Performance information presented on this website is historical, and is not indicative of future results. Investment returns and principal may vary, and at the time of sale an investment may be worth more or worth less than its original value. For most recent month end performance please call 1-855-353-9383 (1-855-FlexETF). All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. The fund inception date is generally several days prior to when the fund begins trading. NAV prices are used to calculate market price performance prior to 09/22/2011, when the fund first traded on the New York Stock Exchange. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. They do not represent the returns you would receive if you traded shares at other times. Index performance does not represent FlexShares fund performance. It is not possible to invest directly in an index.

Expense Ratios

as of 09/23/2016
Gross Expense Ratio.49%
Net Expense Ratio*.48%
*NTI has contractually agreed to reimburse the fees and expenses of the Fund’s independent trustees and independent legal counsel until March 1, 2017.


Definitions

  • Net Asset Value (NAV)
    NAV is a fund’s price per share, which is calculated by dividing the total value of all the securities in the fund’s portfolio plus cash, interest and receivables less any liabilities by the number of fund shares outstanding.
  • Market Price
    Because ETFs trade like stocks, ETF shares trade at market value on the secondary market, which can be a dollar value above (trading at a premium) or below (trading at a discount) the fund’s NAV.

Market Price

as of 09/23/2016
Price$27.04
Price $ Change$-.27
Price % Change-.99%
Avg Bid/Ask Spread$.01
Bid/Ask Midpoint$27.04
Closing Bid Price$27.03
Closing Ask Price$27.04

Trading

as of 09/23/2016
52-Week High$27.90
52-Week Low$18.69
Premium/Discount$-.05
Daily Trading Volume (Shares)1,213,017
Average Trading Volume (Shares)823,557
Shares Outstanding98,600,001

NAV Price

as of 09/23/2016
Price$27.08
Price $ Change$-.22
Price % Change-.81%

TOP TEN HOLDINGS

as of 09/23/2016
NameTickerFund
Weight %
SectorMarket CapCountry
BHP BILLITON LTD COMMON STOCK AUD 0BHP AU5.5178MetalLarge-CapAustralia
EXXON MOBIL CORP COMMON STOCK USD 0XOM4.6062EnergyLarge-CapUnited States
MONSANTO CO COMMON STOCK USD 0.01MON4.4707AgricultureLarge-CapUnited States
RIO TINTO PLC COMMON STOCK GBP 10RIO LN4.0587MetalLarge-CapUnited Kingdom
SYNGENTA AG COMMON STOCK CHF 0.1SYNN VX3.8283AgricultureLarge-CapSwitzerland
GLENCORE PLC COMMON STOCK GBP 0.01GLEN LN3.7000MetalLarge-CapUnited Kingdom
CHEVRON CORP COMMON STOCK USD 0.75CVX3.4698EnergyLarge-CapUnited States
ARCHER-DANIELS-MIDLAND CO COMMON STOCK USD 0ADM3.4141AgricultureLarge-CapUnited States
ROYAL DUTCH SHELL PLC COMMON STOCKRDSA LN2.6719EnergyLarge-CapUnited Kingdom
ANGLO AMERICAN PLC COMMON STOCK GBP 0.54945AAL LN2.3907MetalLarge-CapUnited Kingdom
TOTAL SA COMMON STOCK EUR 2.5FP FP2.1321EnergyLarge-CapFrance
BP PLC COMMON STOCK GBP 0.25BP/ LN2.0892EnergyLarge-CapUnited Kingdom
TYSON FOODS INC COMMON STOCK USD 0.1TSN1.9832AgricultureLarge-CapUnited States
WEYERHAEUSER CO REIT USD 1.25WY1.8335TimberLarge-CapUnited States
BARRICK GOLD CORP COMMON STOCK CAD 0ABX CN1.7713MetalLarge-CapCanada
NEWMONT MINING CORP COMMON STOCK USD 1.6NEM1.7117MetalLarge-CapUnited States
FREEPORT-MCMORAN INC COMMON STOCK USD 0.1FCX1.6886MetalLarge-CapUnited States
POTASH CORP OF SASKATCHEWAN INC COMMON STOCK CAD 0POT CN1.5809AgricultureLarge-CapCanada
AGRIUM INC COMMON STOCK CAD 0AGU CN1.3176AgricultureLarge-CapCanada
GOLDCORP INC COMMON STOCK CAD 0G CN1.2414MetalLarge-CapCanada
SOUTH32 LTD COMMON STOCK AUD 0S32 AU1.1097MetalMid-CapAustralia
NEWCREST MINING LTD COMMON STOCK AUD 0NCM AU1.1031MetalLarge-CapAustralia
ALCOA INC COMMON STOCK USD 1AA1.0738MetalLarge-CapUnited States
OCCIDENTAL PETROLEUM CORP COMMON STOCK USD 0.2OXY1.0571EnergyLarge-CapUnited States
VALE SA PREFERENCE BRL 0VALE5 BZ1.0546MetalMid-CapBrazil
FRANCO-NEVADA CORP COMMON STOCK CAD 0FNV CN1.0114MetalLarge-CapCanada
BUNGE LTD COMMON STOCK USD 0.01BG1.0110AgricultureMid-CapUnited States
AGNICO EAGLE MINES LTD COMMON STOCK CAD 0AEM CN0.9851MetalLarge-CapCanada
EOG RESOURCES INC COMMON STOCK USD 0.01EOG0.9841EnergyLarge-CapUnited States
MMC NORILSK NICKEL PJSC-ADRMNOD LI0.9785MetalLarge-CapUnited Kingdom
SILVER WHEATON CORP COMMON STOCK CAD 0SLW CN0.9690MetalLarge-CapCanada
CONOCOPHILLIPS COMMON STOCK USD 0.01COP0.9677EnergyLarge-CapUnited States
GRUPO MEXICO SAB DE CV COMMON STOCK MXN 0GMEXICOB MM0.9583MetalLarge-CapMexico
MARUBENI CORP COMMON STOCK JPY8002 JP0.9522OtherMid-CapJapan
MOSAIC CO/THE COMMON STOCK USD 0.01MOS0.9360AgricultureMid-CapUnited States
UPM-KYMMENE OYJ COMMON STOCK EUR 0UPM1V FH0.8622TimberMid-CapFinland
RANDGOLD RESOURCES LTD COMMON STOCK GBP 0.05RRS LN0.8344MetalMid-CapUnited Kingdom
AMERICAN WATER WORKS CO INC COMMON STOCK USD 0.01AWK0.8331WaterLarge-CapUnited States
SUNCOR ENERGY INC COMMON STOCK CAD 0SU CN0.7867EnergyLarge-CapCanada
ANGLOGOLD ASHANTI LTD COMMON STOCK ZAR 25ANG SJ0.7365MetalMid-CapSouth Africa
ENI SPA COMMON STOCK EUR 0ENI IM0.7363EnergyLarge-CapItaly
ANADARKO PETROLEUM CORP COMMON STOCK USD 0.1APC0.7098EnergyLarge-CapUnited States
FIRST QUANTUM MINERALS LTD COMMON STOCK CAD 0FM CN0.6797MetalMid-CapCanada
MONDI PLC COMMON STOCK GBP 0.2MNDI LN0.6714TimberMid-CapUnited Kingdom
VEOLIA ENVIRONNEMENT SA COMMON STOCK EUR 5VIE FP0.6649WaterLarge-CapFrance
WILMAR INTERNATIONAL LTD COMMON STOCK SGD 0WIL SP0.6433AgricultureLarge-CapSingapore
SUMITOMO METAL MINING CO LTD COMMON STOCK JPY5713 JP0.6382MetalMid-CapJapan
CF INDUSTRIES HOLDINGS INC COMMON STOCK USD 0.01CF0.6304AgricultureMid-CapUnited States
CANADIAN NATURAL RESOURCES LTD COMMON STOCK CAD 0CNQ CN0.6233EnergyLarge-CapCanada
MARINE HARVEST ASAMHG NO0.6029AgricultureMid-CapNorway
YARA INTERNATIONAL ASA COMMON STOCK NOK 1.7YAR NO0.5848AgricultureMid-CapNorway
BOLIDEN AB COMMON STOCK SEK 2.11BOL SS0.5735MetalMid-CapSweden
UNITED UTILITIES GROUP PLC COMMON STOCK GBP 5UU/ LN0.5719WaterMid-CapUnited Kingdom
ROYAL GOLD INC COMMON STOCK USD 0.01RGLD0.5610MetalMid-CapUnited States
KOREA ZINC CO LTD COMMON STOCK KRW 5000010130 KS0.5449MetalMid-CapSouth Korea
MITSUI & CO LTD COMMON STOCK JPY8031 JP0.5018OtherLarge-CapJapan
SEVERN TRENT PLC COMMON STOCK GBP 97.89SVT LN0.4937WaterMid-CapUnited Kingdom
NORSK HYDRO ASANHY NO0.4775MetalMid-CapNorway
GAZPROM PJSCOGZD LI0.4657EnergyLarge-CapUnited Kingdom
PIONEER NATURAL RESOURCES CO COMMON STOCK USD 0.01PXD0.4552EnergyLarge-CapUnited States
SOUTHERN COPPER CORP COMMON STOCK USD 0.01SCCO US0.4328MetalLarge-CapUnited States
APACHE CORP COMMON STOCK USD 0.625APA0.4269EnergyLarge-CapUnited States
CHINA PETROLEUM & CHEMICAL CORP COMMON STOCK HKD 1386 HK0.4195EnergyLarge-CapChina
LUKOIL PJSC ADR USD 0.025LKOD LI0.4166EnergyLarge-CapUnited Kingdom
UPL LTD COMMON STOCK INR 2UPLL IN0.3810AgricultureMid-CapIndia
K+S AG COMMON STOCK EUR 0SDF GR0.3801AgricultureMid-CapGermany
SCOTTS MIRACLE-GRO CO/THE COMMON STOCK USD 0.01SMG0.3748AgricultureMid-CapUnited States
INCITEC PIVOT LTD COMMON STOCK AUD 0IPL AU0.3716AgricultureSmall-CapAustralia
SUEZ COMMON STOCK EUR 4SEV FP0.3624WaterMid-CapFrance
CNOOC LTD COMMON STOCK HKD 0883 HK0.3611EnergyLarge-CapChina
KGHM POLSKA MIEDZ SA COMMON STOCK PLN 10KGH PW0.3456MetalMid-CapPoland
CAMECO CORP COMMON STOCK CAD 0CCO CN0.3452MetalSmall-CapCanada
STATOIL ASA COMMON STOCK NOK 2.5STL NO0.3372EnergyLarge-CapNorway
CHAROEN POKPHAND FOODS PCL NVDR THB 1CPF-R TB0.3351AgricultureMid-CapThailand
CONCHO RESOURCES INC COMMON STOCK USD 0.001CXO0.3335EnergyLarge-CapUnited States
CJ CHEILJEDANG CORP COMMON STOCK KRW 5000097950 KS0.3298AgricultureMid-CapSouth Korea
IOI CORP BHD COMMON STOCK MYR 0.1IOI MK0.3228AgricultureMid-CapMalaysia
AQUA AMERICA INC COMMON STOCK USD 0.5WTR0.3224WaterMid-CapUnited States
DEVON ENERGY CORP COMMON STOCK USD 0.1DVN0.3223EnergyLarge-CapUnited States
SASOL LTD COMMON STOCK ZAR 0SOL SJ0.3181EnergyLarge-CapSouth Africa
PETROCHINA CO LTD COMMON STOCK HKD 1857 HK0.2900EnergyLarge-CapChina
PENNON GROUP PLC COMMON STOCK GBP 40.7PNN LN0.2864WaterMid-CapUnited Kingdom
MITSUBISHI MATERIALS CORP COMMON STOCK JPY5711 JP0.2825MetalSmall-CapJapan
WOODSIDE PETROLEUM LTD COMMON STOCK AUD 0WPL AU0.2779EnergyLarge-CapAustralia
NOBLE ENERGY INC COMMON STOCK USD 0.01NBL0.2740EnergyLarge-CapUnited States
GUANGDONG INVESTMENT LTD COMMON STOCK HKD 0270 HK0.2711WaterMid-CapChina
KUALA LUMPUR KEPONG BHD COMMON STOCK MYR 1KLK MK0.2598AgricultureMid-CapMalaysia
ISRAEL CHEMICALS LTD COMMON STOCK ILS 1ICL IT0.2596AgricultureMid-CapIsrael
RAYONIER INC REIT USD 0RYN0.2533TimberSmall-CapUnited States
REPSOL SA COMMON STOCK EUR 1REP SM0.2530EnergyLarge-CapSpain
ANTOFAGASTA PLC COMMON STOCK GBP 5ANTO LN0.2482MetalMid-CapUnited Kingdom
FRESH DEL MONTE PRODUCE INC COMMON STOCK USD 0.01FDP0.2245AgricultureSmall-CapUnited States
GOLDEN AGRI-RESOURCES LTD COMMON STOCK SGD 0.025GGR SP0.2217AgricultureSmall-CapSingapore
HESS CORP COMMON STOCK USD 1HES0.2190EnergyLarge-CapUnited States
CENOVUS ENERGY INC COMMON STOCK CAD 0CVE CN0.2172EnergyMid-CapCanada
PPB GROUP BHD COMMON STOCK MYR 1PEP MK0.2053AgricultureMid-CapMalaysia
CHAROEN POKPHAND INDONESIA TBK PT COMMON STOCK IDRCPIN IJ0.1790AgricultureMid-CapIndonesia
UNIVERSAL FOREST PRODUCTS INC COMMON STOCK USD 0UFPI0.1668TimberSmall-CapUnited States
WEST FRASER TIMBER CO LTD COMMON STOCK CAD 0WFT CN0.1605TimberSmall-CapCanada
URALKALI PJSC COMMON STOCK RUB 0.5URKA RM0.1525AgricultureMid-CapRussian Federation
NUFARM LTD/AUSTRALIA COMMON STOCK AUD 0NUF AU0.1412AgricultureSmall-CapAustralia
SUMITOMO FORESTRY CO LTD COMMON STOCK JPY1911 JP0.1371TimberSmall-CapJapan
CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULOSBS US0.1342WaterMid-CapUnited States
GRAINCORP LTD COMMON STOCK AUD 0GNC AU0.1260AgricultureSmall-CapAustralia
TESSENDERLO CHEMIE NV COMMON STOCK EUR 0TESB BB0.1247AgricultureSmall-CapBelgium
AGUAS ANDINAS SA COMMON STOCK CLP 0AGUAS/A CI0.1193WaterMid-CapChile
METRO PACIFIC INVESTMENTS CORP COMMON STOCK PHP 1MPI PM0.1177WaterMid-CapPhilippines
STELLA-JONES INC COMMON STOCK CAD 0SJ CN0.1168TimberSmall-CapCanada
BOISE CASCADE CO COMMON STOCK USD 0.01BCC0.0883TimberSmall-CapUnited States
AMERICAN STATES WATER CO COMMON STOCK USD 0AWR0.0873WaterSmall-CapUnited States
CANFOR CORP COMMON STOCK CAD 0CFP CN0.0670TimberSmall-CapCanada
INTERFOR CORP COMMON STOCK CAD 0IFP CN0.0636TimberSmall-CapCanada
DURATEX SA COMMON STOCK BRL 0DTEX3 BZ0.0603TimberSmall-CapBrazil
DONGWHA ENTERPRISE CO LTD COMMON STOCK KRW 500025900 KS0.0303TimberMicro-CapSouth Korea
TTW PUBLIC COMPANY LTDTTW-R TB0.0297WaterSmall-CapThailand
CHINA WATER AFFAIRS GROUP LTD COMMON STOCK HKD855 HK0.0269WaterSmall-CapChina
GAZPROM PJSC0.0243EnergyLarge-CapUnited Kingdom
CENTURY PLYBOARDS INDIA LTD COMMON STOCK INR 1CPBI IN0.0152TimberSmall-CapIndia
KOREA DISTRICT HEATING CORP COMMON STOCK KRW 5000071320 KS0.0134WaterSmall-CapSouth Korea
CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULOSBSP3 BZ0.0130WaterMid-CapBrazil
PRAIRIESKY ROYALTY LTD COMMON STOCK CADPSK CN0.0090EnergyMid-CapCanada
CALIFORNIA RESOURCES CORP COMMON STOCK USD 0.01CRC0.0016EnergyMicro-CapUnited States

DISTRIBUTION SCHEDULE

View by year:
Ex-DateRecord DatePayable DateIncomeShort-Term
Capital Gains
Long-Term
Capital Gains
Return of CapitalTotal Distribution
12/22/201612/27/201612/29/2016
09/19/201609/21/201609/23/20160.1257560000.125756
06/20/201606/22/201606/24/20160.1559650000.155965
03/21/201603/23/201603/28/20160.1214020000.121402
12/23/201512/28/201512/30/20151.0013340001.001334
12/29/201412/31/201401/05/20150.8565990000.856599
12/27/201312/31/201301/03/20140.6951890000.695189
12/27/201212/31/201201/03/20130.3679140000.367914
12/28/201112/30/201101/05/20120.0883780000.088378

The Morningstar® Global Upstream Natural Resources IndexSM measures the performance of stocks issued by companies that have significant business operations in the ownership, management and/or production of natural resources in energy, agriculture, precious or industrial metals, timber and water resources sectors as defined by Morningstar’s industry classification standards. The Morningstar index methodology uses a proprietary industry classification system to identify companies within the five natural resource categories. Individual stock weights as well as category and regional exposure are capped to provide diversified exposure. One cannot invest directly in an index.