GQRE vs. PFF ETF Comparison

Comparison of FlexShares Global Quality Real Estate Index Fund (GQRE) to iShares US Preferred Stock ETF (PFF)

GQRE

FlexShares Global Quality Real Estate Index Fund

GQRE Description

The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Global Quality Real Estate IndexSM. The index is designed to measure the performance of companies that exhibit certain quality, valuation and momentum characteristics within a universe of publicly-traded equity securities of U.S. and non-U.S. real estate investment trusts and real estate companies. The fund will normally invest at least 80% of its total assets in the securities of the underlying index and in "ADRs" and "GDRs" based on the securities in its underlying index. It is non-diversified.

Grade (RS Rating)

Last Trade

$60.16

Average Daily Volume

21,250

Number of Holdings ^*

* may have additional holdings in another (foreign) market

PFF

iShares US Preferred Stock ETF

PFF Description

The investment seeks to track the investment results of an index composed of U.S. preferred stocks. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. It seeks to track the investment results of the S&P U.S. Preferred Stock IndexTM (the "underlying index"), which measures the performance of a select group of preferred stocks listed on the New York Stock Exchange (" NYSE"), NYSE Arca, Inc. ("NYSE Arca"), NYSE Amex, NASDAQ Global Select Market, NASDAQ Select Market or NASDAQ Capital Market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$32.51

Average Daily Volume

3,681,804

Number of Holdings ^*

227

* may have additional holdings in another (foreign) market

Performance

Period	GQRE	PFF
30 Days	-2.62%	-2.41%
60 Days	-2.32%	-1.92%
90 Days	2.94%	2.47%
12 Months	21.22%	14.11%

16 Overlapping Holdings

Symbol	Grade	Weight in GQRE	Weight in PFF	Overlap
ADC	A	1.02%	0.08%	0.08%
AMH	C	1.67%	0.07%	0.07%
DBRG	F	0.28%	0.13%	0.13%
DLR	A	5.76%	0.11%	0.11%
DRH	B	0.26%	0.07%	0.07%
EPR	D	0.45%	0.06%	0.06%
EQC	A	0.29%	0.07%	0.07%
HPP	F	0.16%	0.14%	0.14%
KIM	A	2.25%	0.12%	0.12%
NSA	C	0.4%	0.13%	0.13%
PSA	C	0.64%	0.07%	0.07%
REG	A	1.59%	0.07%	0.07%
RLJ	C	0.24%	0.2%	0.2%
SHO	D	0.28%	0.05%	0.05%
SLG	B	0.66%	0.12%	0.12%
VNO	C	0.91%	0.12%	0.12%

GQRE Overweight 47 Positions Relative to PFF

Symbol	Grade	Weight
SPG	A	5.85%
AVB	B	4.37%
EQR	C	3.36%
PLD	D	2.99%
ESS	A	2.62%
VICI	C	2.46%
AMT	D	2.37%
UDR	C	1.88%
EQIX	A	1.74%
CPT	C	1.73%
HST	D	1.66%
LAMR	D	1.5%
CUBE	C	1.45%
WELL	A	1.42%
NNN	C	1.04%
FR	C	0.94%
STAG	D	0.89%
KRG	A	0.8%
EPRT	A	0.77%
IRM	C	0.69%
CUZ	B	0.64%
IRT	A	0.63%
KRC	C	0.6%
SBRA	B	0.57%
SKT	A	0.52%
APLE	B	0.47%
HIW	D	0.46%
NHI	D	0.45%
WY	D	0.43%
BNL	D	0.43%
PK	D	0.42%
HASI	F	0.42%
O	C	0.41%
IIPR	F	0.4%
UE	A	0.38%
AKR	A	0.35%
IVT	A	0.3%
LTC	B	0.28%
XHR	B	0.28%
AAT	A	0.26%
ALEX	B	0.26%
PDM	D	0.26%
ESRT	C	0.26%
CSR	A	0.24%
JOE	F	0.24%
NXRT	A	0.24%
CCI	C	0.19%

GQRE Underweight 211 Positions Relative to PFF

Symbol	Grade	Weight
C	B	-1.68%
ALB	B	-1.35%
HPE	B	-1.13%
NEE	C	-1.08%
ARES	A	-1.0%
T	A	-0.88%
TBB	D	-0.79%
T	A	-0.64%
DUK	C	-0.62%
SOJD	D	-0.55%
TBC	C	-0.51%
SREA	D	-0.46%
RZC	C	-0.46%
NEE	C	-0.42%
JPM	A	-0.41%
APO	A	-0.4%
CMSD	C	-0.38%
MET	A	-0.37%
JXN	C	-0.37%
SO	C	-0.37%
F	C	-0.37%
CHSCO	B	-0.36%
LNC	B	-0.35%
PRS	C	-0.35%
WCC	B	-0.35%
BTSG	B	-0.35%
SYF	B	-0.33%
CHSCL	B	-0.33%
BANC	B	-0.32%
GTLS	A	-0.32%
QRTEP	F	-0.32%
CTDD	A	-0.31%
DUKB	D	-0.31%
CHSCM	D	-0.31%
AXS	A	-0.31%
SCHW	A	-0.31%
WFC	A	-0.31%
STT	B	-0.31%
UZE	A	-0.29%
USM	B	-0.29%
FITBI	B	-0.29%
BAC	A	-0.28%
BPYPM	D	-0.28%
NLY	C	-0.27%
CHSCN	D	-0.27%
SOJC	D	-0.27%
TPG	A	-0.26%
PFH	D	-0.25%
RZB	C	-0.25%
MS	A	-0.25%
KEY	B	-0.25%
CFG	B	-0.24%
CG	B	-0.24%
KKR	A	-0.24%
TDS	B	-0.23%
PBI	B	-0.23%
DTW	D	-0.23%
FG	B	-0.23%
HIG	B	-0.22%
NTRS	A	-0.22%
CHSCP	F	-0.22%
EAI	D	-0.22%
AGNCN	A	-0.21%
USB	B	-0.21%
FCNCA	A	-0.2%
ESGRP	D	-0.2%
UNMA	D	-0.19%
ATHS	C	-0.19%
ACGLO	D	-0.19%
VOYA	B	-0.19%
RF	A	-0.19%
PRU	B	-0.19%
UMH	A	-0.18%
MGR	D	-0.18%
WTFCP	A	-0.18%
NGL	D	-0.18%
KREF	D	-0.17%
CMSC	C	-0.17%
TCBI	B	-0.16%
ALL	A	-0.16%
MTB	A	-0.16%
WAL	B	-0.16%
TVC	D	-0.15%
ELC	D	-0.15%
BHF	C	-0.15%
NRUC	D	-0.15%
NAVI	F	-0.15%
RNR	C	-0.15%
SR	A	-0.15%
GPJA	D	-0.15%
OZKAP	D	-0.15%
WAFD	B	-0.14%
FBRT	C	-0.14%
GL	C	-0.14%
AIZN	D	-0.14%
EQH	B	-0.14%
EMP	D	-0.14%
PNFP	B	-0.14%
AGNC	C	-0.14%
SNV	B	-0.13%
DDT	A	-0.13%
KMI	A	-0.13%
WRB	B	-0.12%
TVE	C	-0.12%
EIX	C	-0.12%
SLMBP	C	-0.12%
GS	B	-0.12%
CMSA	C	-0.12%
FCNCO	D	-0.12%
FITB	B	-0.12%
SFB	D	-0.12%
SITC	D	-0.11%
LBRDP	D	-0.11%
AUB	B	-0.11%
CMS	C	-0.11%
DTE	C	-0.11%
HWC	B	-0.11%
AFGC	D	-0.11%
NYMTM	A	-0.11%
SIGI	B	-0.1%
WSBC	B	-0.1%
TRTX	B	-0.1%
SPLP	D	-0.1%
FULT	B	-0.1%
AFGE	D	-0.1%
RITM	D	-0.1%
VLY	B	-0.1%
DHC	F	-0.1%
TFC	A	-0.1%
SF	B	-0.1%
HBAN	B	-0.1%
CIM	D	-0.09%
AMG	C	-0.09%
KMPR	A	-0.09%
GPMT	B	-0.09%
CADE	B	-0.09%
ZIONO	C	-0.09%
ARR	D	-0.09%
AGNCL	A	-0.09%
AFGD	A	-0.09%
CION	D	-0.09%
AHH	D	-0.09%
BNRE.A	A	-0.09%
BOH	B	-0.08%
CFR	B	-0.08%
QVCD	D	-0.08%
ATLC	A	-0.08%
TWO	D	-0.08%
GAIN	A	-0.08%
CTVA	C	-0.08%
AFGB	C	-0.08%
LANDO	C	-0.08%
BC	D	-0.08%
NYMTL	A	-0.08%
ARGD	D	-0.08%
CNO	B	-0.08%
FRT	B	-0.08%
WTFCM	A	-0.08%
MBIN	F	-0.08%
WBS	A	-0.08%
NYMTN	D	-0.08%
RILY	F	-0.07%
ACR	A	-0.07%
ENO	D	-0.07%
BPOPM	C	-0.07%
PCG	A	-0.07%
CLDT	C	-0.07%
IVR	D	-0.07%
FCRX	B	-0.07%
ABR	B	-0.07%
CTO	B	-0.07%
MHNC	C	-0.07%
FTAI	A	-0.07%
ONB	B	-0.07%
PMT	D	-0.07%
VLYPP	A	-0.07%
NEWT	B	-0.07%
MFA	D	-0.07%
HTLF	B	-0.07%
NMFC	D	-0.07%
MSBI	B	-0.07%
TRIN	A	-0.07%
FHN	A	-0.07%
SNCR	F	-0.07%
DX	A	-0.07%
RILYN	F	-0.06%
BFS	C	-0.06%
PEB	F	-0.06%
LXP	D	-0.06%
COF	B	-0.06%
CNOB	B	-0.06%
PSEC	D	-0.06%
CODI	B	-0.06%
VLYPO	A	-0.06%
EFC	C	-0.06%
GNL	D	-0.06%
BW	C	-0.06%
SAR	A	-0.06%
BAC	A	-0.06%
DCOMP	D	-0.06%
FATBP	F	-0.05%
MHLA	B	-0.05%
CIO	F	-0.05%
INN	D	-0.05%
FOSL	C	-0.05%
ASB	B	-0.05%
RC	D	-0.05%
SLNHP	B	-0.04%
OPI	F	-0.04%
BHR	C	-0.03%
XELAP	F	-0.0%