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FlexShares Morningstar Global Upstream Natural Resources Index Fund

FlexShares Morningstar Global Upstream Natural Resources Index ETF seeks to provide investors exposure to the rising demand for natural resources that is being driven by globalization. It is one of the first ETFs with a balanced emphasis on the "upstream" portion of the natural resources supply chain, providing coverage of global companies in the energy, metals and agriculture sectors, while maintaining a core exposure to the timberlands and water resources sectors. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar Global Upstream Natural Resources Index. If occurring, dividends from net investment income, including any net foreign currency gains, are generally declared and paid annually. Distributions of net realized securities gains, if any, are generally declared and paid once a year, but the Fund may make such distributions on a more frequent basis.

Spotlight on GUNR

Fund Facts

as of 07/22/2014
Inception09/16/2011
CUSIP33939L407
Total Net Assets$ 3,181,506,895.90
Shares Outstanding84,100,001
# of Holdings124
Gross Expense Ratio.49%
Net Expense Ratio*.48%
Index ProviderMorningstarĀ®
Primary ExchangeNYSE
Options AvailableY
MarginableY
Derivative UseY
Securities LendingN
*NTI has contractually agreed to reimburse the fees and expenses of the Fund’s independent trustees and independent legal counsel until March 1, 2015.

Tickers

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

Fund Characteristics

as of 07/22/2014
SEC Subsidized Yield* (as of 06/30/2014)2.26%
SEC Unsubsidized Yield**
 (as of 06/30/2014)
2.25%
Distribution Yield***1.84%
12-Month Dividend Yield****1.84%
Weighted Average Market Cap74,765,967,374.93
Price to Earnings (as of 06/30/2014)19.98
Price to Book  (as of 06/30/2014)2.18
Price to Cash Flow  (as of 06/30/2014)11.55
Price to Sales  (as of 06/30/2014)2.27
View Standardized Performance
*SEC Subsidized Yield
The 30-Day SEC Yield calculation takes the dividend and interest income earned during the period less accrued expenses for the period, net of NTI reimbursements, and divides that total by the average daily number of outstanding shares that were entitled to distributions times the maximum public offering price per share on the last day of the period. The 30-Day SEC Yield may also include an inflation adjustment that can cause the yield to vary substantially from one month to the next.
**SEC 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.
***Distribution 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 annually, an NA will be displayed if the fund has not distributed within the last 370 days.
****Dividend Yield
For an equity security, dividend yield is calculated using the (expected) annual dividend divided by the most recent closing price. To calculate annual dividend, we utilize the most recent dividend payment and multiply that payment by the expected frequency over a year. For example, if the most recent dividend for a company is $2.50 and dividends are expected to be paid quarterly (4 dividend payments/year), the annual expected dividend would be calculated as $2.50 x 4 dividend payments/year, or $10.

Market Cap (%)

as of 07/22/2014
Large-Cap79.47
Mid-Cap17.58
Small-Cap2.85
Micro-Cap.10
Total100.00

Style (%)

as of 07/23/2014
Value55.10
Core30.55
Growth14.35
Total100.00

SECTOR ALLOCATIONS

GUNR sector allocations

COUNTRY 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.

Month End Performance (%)

as of 06/30/2014
 1 MonthQTDYTD1 YearSince Inception
09/16/2011
Market Price3.696.749.0121.103.64
NAV3.676.798.6521.163.54
Morningstar® Global Upstream Natural Resources Index  (MUNRT)3.776.918.9521.773.73
S&P Global Natural Resources Index (SPGNRUN)3.366.906.8821.723.14

Quarter End Performance (%)

as of 06/30/2014
 1 MonthQTDYTD1 YearSince Inception
09/16/2011
Market Price3.696.749.0121.103.64
NAV3.676.798.6521.163.54
Morningstar® Global Upstream Natural Resources Index  (MUNRT)3.776.918.9521.773.73
S&P Global Natural Resources Index (SPGNRUN)3.366.906.8821.723.14
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 07/22/2014
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, 2015.


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 07/22/2014
Price$37.96
Price $ Change$.26
Price % Change.69%
Avg Bid/Ask Spread$.06
Bid/Ask Midpoint$37.94
Closing Bid Price$37.91
Closing Ask Price$37.96

Trading

as of 07/22/2014
52-Week High$38.18
52-Week Low$31.94
Premium/Discount$.11
Daily Trading Volume (Shares)88,998
Average Trading Volume (Shares)134,826
Shares Outstanding84,100,001

NAV Price

as of 07/22/2014
Price$37.83
Price $ Change$.30
Price % Change.80%

TOP TEN HOLDINGS

as of 07/22/2014
NameTickerFund
Weight %
SectorMarket CapCountry
BHP BILLITON LIMITED ORD NPVBHP4.8676MetalLarge-CapAustralia
EXXON MOBIL CORP COMMON STOCK USD 0XOM4.8480EnergyLarge-CapUnited States
MONSANTO CO USD0.01MON4.7377AgricultureLarge-CapUnited States
GLENCORE PLC COMMON STOCK GBP 0.013.9782MetalLarge-CapUnited Kingdom
RIO TINTO PLC COMMON STOCK GBP 103.7946MetalLarge-CapUnited Kingdom
SYNGENTA AG CHF0.10SYNN3.4973AgricultureLarge-CapSwitzerland
CHEVRON CORP USD0.75CVX3.4291EnergyLarge-CapUnited States
POTASH CORP OF SASKATCHEWAN INC COM NPVPOT3.0961AgricultureLarge-CapCanada
ARCHER DANIELS MIDLAND CO NPVADM3.0820AgricultureLarge-CapUnited States
FREEPORT-MCMORAN INCFCX2.3333MetalLarge-CapUnited States
ANGLO AMERICAN PLC COMMON STOCK GBP 0.549452.3310MetalLarge-CapUnited Kingdom
BP ORD USD0.25BP.2.1620EnergyLarge-CapUnited Kingdom
TOTAL SA COMMON STOCK EUR 2.52.1464EnergyLarge-CapFrance
ROYAL DUTCH SHELL PLC COMMON STOCK GBP 0.072.1039EnergyLarge-CapUnited Kingdom
MOSAIC CO(THE) USD0.01MOS2.0570AgricultureLarge-CapUnited States
CONOCOPHILLIPS USD0.01COP1.5276EnergyLarge-CapUnited States
GOLDCORP INC COM NPVG1.4596MetalLarge-CapCanada
CF INDUSTRIES HOLDINGS INC USD0.01CF1.3536AgricultureLarge-CapUnited States
AGRIUM INC COM NPVAGU1.2679AgricultureLarge-CapCanada
BARRICK GOLD CORP COM NPVABX1.2212MetalLarge-CapCanada
OCCIDENTAL PETROLEUM CORP COM USD0.20OXY1.1611EnergyLarge-CapUnited States
BUNGE LTD COMMON STOCK USD 0.01BG1.1064AgricultureMid-CapUnited States
INTERNATIONAL PAPER CO USD1IP1.0527TimberLarge-CapUnited States
ENI NPVENI1.0138EnergyLarge-CapItaly
WEYERHAEUSER CO USD1.25WY1.0136TimberLarge-CapUnited States
EOG RESOURCES INC USD0.01EOG0.9883EnergyLarge-CapUnited States
ALCOA INC USD1AA0.9861MetalLarge-CapUnited States
BG GROUP ORD GBP0.10BG.0.9627EnergyLarge-CapUnited Kingdom
UNITED UTILITIES GROUP PLC ORD GBP0.05UU.0.9246WaterMid-CapUnited Kingdom
SUNCOR ENERGY INC(NEW) NPVSU0.9208EnergyLarge-CapCanada
FIRST QUANTUM MINERALS LTD COMMON STOCK CAD 0FM0.8574MetalLarge-CapCanada
YARA INTERNATIONAL ASA NOK1.7YAR0.8479AgricultureLarge-CapNorway
ANADARKO PETROLEUM CORP COMMON STOCK USD 0.1APC0.8434EnergyLarge-CapUnited States
TECK RESOURCES LTD CLASS'B'SUB-VTG COM NPVTCK.B0.8402MetalLarge-CapCanada
NEWMONT MINING CORP USD1.60NEM0.7995MetalLarge-CapUnited States
AMERICAN WATER WORKS CO INC NPVAWK0.7632WaterMid-CapUnited States
GRUPO MEXICO SA SER'B'COM NPVGMEXICO B0.7524MetalLarge-CapMexico
SEVERN TRENT PLC ORD GBP0.9789SVT0.7138WaterMid-CapUnited Kingdom
GAZPROM OAO ADR USD0.7089EnergyLarge-CapUnited Kingdom
PETROLEO BRASILEIRO SA PETROBRAS SPONS ADR-EACHPBR.A0.6620EnergyLarge-CapUnited States
CANADIAN NATURAL RESOURCES COM NPVCNQ0.6558EnergyLarge-CapCanada
NEWCREST MINING NPVNCM0.6365MetalMid-CapAustralia
VEOLIA ENVIRONNEMENT EUR5VIE0.6093WaterMid-CapFrance
MMC NORILSK NICKEL ADR EACH REPR 1/10 ORD LVL I0.5919MetalLarge-CapUnited Kingdom
APACHE CORP USD0.625APA0.5774EnergyLarge-CapUnited States
SILVER WHEATON CORP COM NPVSLW0.5660OtherMid-CapCanada
INCITEC PIVOT NPVIPL0.5552AgricultureMid-CapAustralia
URALKALI OJSC GDR USD0.5537AgricultureLarge-CapUnited Kingdom
SUMITOMO METAL MINING CO NPV57130.5240MetalMid-CapJapan
FRANCO NEVADA CORP NPVFNV0.5178MetalMid-CapCanada
PIONEER NATURAL RESOURCES CO USD0.01PXD0.5011EnergyLarge-CapUnited States
WILMAR INTERNATIONAL LTD NPVF340.4996AgricultureLarge-CapSingapore
SASOL LTD COMMON STOCK ZAR 0SOL0.4969EnergyLarge-CapSouth Africa
NORSK HYDRO ASA NOK1.098NHY0.4860MetalLarge-CapNorway
NOBLE GROUP HKD0.25N210.4817AgricultureMid-CapSingapore
STATOIL ASA NOK2.50STL0.4753EnergyLarge-CapNorway
UPM-KYMMENE OYJ NPVUPM1V0.4743TimberMid-CapFinland
K&S AG NPVSDF0.4737AgricultureMid-CapGermany
RANDGOLD RESOURCES ORD USD0.05RRS0.4671MetalMid-CapUnited Kingdom
SUEZ ENVIRONNEMENT CO EUR4SEV0.4625WaterMid-CapFrance
ANGLOGOLD ASHANTI ZAR0.25ANG0.4550MetalMid-CapSouth Africa
CNOOC LTD COMMON STOCK HKD 08830.4403EnergyLarge-CapChina
PENNON GROUP ORD GBP0.407PNN0.4354WaterMid-CapUnited Kingdom
AGNICO EAGLE MINES LTDAEM0.4325MetalMid-CapCanada
DEVON ENERGY CORP(NEW) USD0.10DVN0.4251EnergyLarge-CapUnited States
LUKOIL OAO ADR USD 0.0250.4165EnergyLarge-CapUnited Kingdom
HESS CORP USD1HES0.4151EnergyLarge-CapUnited States
MONDI PLC ORD EUR0.20MNDI0.3977TimberMid-CapUnited Kingdom
AQUA AMERICA INC COM USD0.50WTR0.3956WaterMid-CapUnited States
MEADWESTVACO CORPORATION COM NPVMWV0.3951TimberMid-CapUnited States
NOBLE ENERGY INC USD0.01NBL0.3918EnergyLarge-CapUnited States
YAMANA GOLD INC COM NPVYRI0.3890MetalMid-CapCanada
PETROCHINA CO CNY1'H'8570.3883EnergyLarge-CapChina
SOUTHERN COPPER CORP USD0.01SCCO0.3828MetalLarge-CapUnited States
MARATHON OIL CORP USD1MRO0.3795EnergyLarge-CapUnited States
PLUM CREEK TIMBER CO INC NPVPCL0.3758TimberMid-CapUnited States
WOODSIDE PETROLEUM NPVWPL0.3710EnergyLarge-CapAustralia
IOI CORP MYR0.1019610.3610AgricultureMid-CapMalaysia
ICL-ISRAEL CHEMICALS ORD ILS1ICL0.3595AgricultureMid-CapIsrael
KUALA LUMPUR KEPONG BERHAD MYR124450.3585AgricultureMid-CapMalaysia
ELDORADO GOLD CORP COM NPVELD0.3428MetalMid-CapCanada
KGHM POLSKA MIEDZ PLN10 BRKGH0.3383MetalMid-CapPoland
SOCIEDAD QUIMICA Y MINERA DE CHILE ADR-EACH REPR 1SQM0.3379AgricultureSmall-CapUnited States
ANTOFAGASTA GBP0.05ANTO0.3356MetalLarge-CapUnited Kingdom
OCI COMMON STOCK EUR 10.3319OtherMid-CapNetherlands
REPSOL SA EUR1REP0.3299EnergyLarge-CapSpain
CENOVUS ENERGY INC NPVCVE0.3269EnergyLarge-CapCanada
CHINA PETROLEUM & CHEMICAL CORP CNY1'H'SHS3860.3259EnergyLarge-CapChina
IMPALA PLATINUM HLDGS ORD ZAR0.025IMP0.3256MetalMid-CapSouth Africa
NUTRECO NV EUR0.12NUO0.3112AgricultureSmall-CapNetherlands
COSAN SA INDUSTRIA E COM NPVCSAN30.3004EnergyMid-CapBrazil
CIA SANEAMENTO BASICO DE SAO PAOLO ADR EACH REP 1SBS0.2995WaterMid-CapUnited States
CHAROEN POKPHAND INDONESIA IDR10CPIN0.2982AgricultureMid-CapIndonesia
KURITA WATER INDUSTRIES NPV63700.2912OtherSmall-CapJapan
KINROSS GOLD CORP COM STK NPVK0.2833MetalMid-CapCanada
RAYONIER INC NPVRYN0.2495TimberMid-CapUnited States
SCOTTS MIRACLE-GRO CO NPV ASMG0.2431AgricultureSmall-CapUnited States
GRAINCORP 'A'NPVGNC0.2337AgricultureSmall-CapAustralia
INDUSTRIAS PENOLES SAB DE CV NPVPE&OLES *0.2236MetalMid-CapMexico
PPB GROUP BERHAD MYR140650.2207AgricultureMid-CapMalaysia
CHAROEN POKPHAND FOODS PCL NVDR THB 10.2119AgricultureMid-CapThailand
MITSUBISHI MATERIALS CORP NPV57110.1997MetalMid-CapJapan
SUDZUCKER AG NPVSZU0.1885AgricultureSmall-CapGermany
TONGAAT HULETT LTD ORD ZAR1TON0.1799AgricultureSmall-CapSouth Africa
WEST FRASER TIMBER CO COM NPVWFT0.1682TimberMid-CapCanada
FELDA GLOBAL VENTURES HLDGS MYR152220.1539AgricultureMid-CapMalaysia
TAIWAN FERTILIZER CO TWD1017220.1528AgricultureSmall-CapTaiwan
AGUAS ANDINAS SA COM NPV SER'A'AGUAS-A0.1256WaterSmall-CapChile
LOUISIANA-PACIFIC CORP USD1LPX0.1103TimberSmall-CapUnited States
AMERICAN STATES WATER CO USD2.5AWR0.1084WaterSmall-CapUnited States
COMPANHIA DE SANEAMENTO MINASGERAIS BRL23.5CSMG30.1044WaterSmall-CapBrazil
RAYONIER ADVANCED MATERIALS INC COMMON STOCK USDRYAM/WI0.0963OtherMicro-CapUnited States
CANFOR CORP COM NPVCFP0.0902TimberSmall-CapCanada
SUMITOMO FORESTRY CO NPV19110.0633TimberSmall-CapJapan
STELLA JONES INC COM NPVSJ0.0611TimberSmall-CapCanada
DURATEX SA COM NPVDTEX30.0594TimberSmall-CapBrazil
INVERSIONES AGUAS METROPOLITANAS COM NPVIAM0.0525WaterSmall-CapChile
HYFLUX NPV6000.0512WaterSmall-CapSingapore
TIBET 5100 WATER RESOURCES HLDGS HKD0.0111150.0439WaterSmall-CapChina
BOISE CASCADE CO DEL USD0.01BCC0.0288TimberSmall-CapUnited States
AINSWORTH LUMBER CO LTD NPVANS0.0152TimberSmall-CapCanada
CIA SANEAMENTO BASICO DE SAO PAOLO NPVSBSP30.0008WaterMid-CapBrazil
CHAROEN POKPHAND FOODS PCL FOREIGN SH. THB 1CPF-F0.0004AgricultureMid-CapThailand
VERITIV CORP COMMON STOCK USDVRTV/WI .0000AgricultureMicro-CapUnited States

DISTRIBUTION SCHEDULE

View by year:
Ex-DateRecord DatePayable DateIncomeShort-Term
Capital Gains
Long-Term
Capital Gains
Return of CapitalTotal Distribution
12/29/201412/31/201401/05/2015
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.