RAVI vs. PFF ETF Comparison

Comparison of FlexShares Ready Access Variable Income Fund (RAVI) to iShares US Preferred Stock ETF (PFF)

RAVI

FlexShares Ready Access Variable Income Fund

RAVI Description

The investment seeks maximum current income consistent with the preservation of capital and liquidity. The fund seeks to achieve the investment objective by investing at least 65% of its total assets in a non-diversified portfolio of fixed income instruments, including bonds, debt securities and other similar instruments issued by U.S. and non-U.S. public and private sector entities. The dollar-weighted average portfolio maturity of the fund is normally not expected to exceed two years. It may invest up to 20% of its total assets in fixed income securities and instruments of issuers in emerging markets. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$75.37

Average Daily Volume

82,105

Number of Holdings ^*

101

* 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

$33.31

Average Daily Volume

3,561,207

Number of Holdings ^*

225

* may have additional holdings in another (foreign) market

Performance

Period	RAVI	PFF
30 Days	0.59%	3.98%
60 Days	1.04%	6.37%
90 Days	1.64%	6.75%
12 Months	5.77%	21.66%

24 Overlapping Holdings

Symbol	Grade	Weight in RAVI	Weight in PFF	Overlap
AL	D	0.25%	0.16%	0.16%
ATHS	A	0.26%	0.2%	0.2%
BAC	D	0.57%	0.06%	0.06%
BHF	F	0.17%	0.16%	0.16%
C	B	0.24%	1.67%	0.24%
CFG	D	0.29%	0.26%	0.26%
CMS	A	0.24%	0.11%	0.11%
COF	C	0.06%	0.07%	0.06%
DTE	A	0.77%	0.12%	0.12%
DUK	A	0.07%	0.62%	0.07%
FITB	C	0.22%	0.13%	0.13%
GS	C	0.26%	0.12%	0.12%
JPM	D	0.03%	0.43%	0.03%
KEY	C	0.16%	0.24%	0.16%
MET	A	0.13%	0.37%	0.13%
MS	B	0.06%	0.26%	0.06%
NEE	A	0.57%	0.42%	0.42%
NEE	A	0.57%	1.15%	0.57%
SCHW	D	0.42%	0.34%	0.34%
SO	A	0.26%	0.41%	0.26%
T	A	0.3%	0.67%	0.3%
T	A	0.3%	0.93%	0.3%
TFC	D	0.59%	0.1%	0.1%
WFC	D	0.26%	0.3%	0.26%

RAVI Overweight 79 Positions Relative to PFF

Symbol	Grade	Weight
VLO	F	1.51%
ED	A	1.05%
OGS	C	1.05%
OTIS	A	0.95%
PYPL	C	0.95%
KDP	C	0.95%
DHR	C	0.86%
LYB	D	0.83%
GE	C	0.76%
TSN	D	0.7%
WM	B	0.69%
CI	D	0.67%
CM	B	0.62%
GP	D	0.59%
GILD	A	0.59%
AIG	F	0.57%
SJM	C	0.57%
AZO	D	0.52%
NVDA	C	0.52%
BNS	C	0.52%
D	A	0.51%
BDX	B	0.51%
TD	C	0.51%
RY	B	0.51%
SYK	C	0.49%
CCI	C	0.49%
AON	A	0.46%
UNH	B	0.43%
BMY	B	0.43%
AMZN	C	0.42%
CRM	B	0.4%
VFC	B	0.39%
OGE	A	0.39%
ETR	A	0.38%
AEP	C	0.38%
CVX	B	0.33%
NDAQ	C	0.31%
ARCC	A	0.3%
HSBC	B	0.29%
MLM	D	0.28%
DELL	C	0.28%
CMCSA	B	0.28%
DB	C	0.28%
CP	C	0.27%
CAT	A	0.26%
CLX	B	0.26%
LEN	B	0.26%
FIS	C	0.23%
MCHP	F	0.22%
PPL	A	0.22%
FOXA	A	0.21%
NYC	B	0.21%
CNP	B	0.2%
SBUX	B	0.18%
LUV	B	0.18%
MKC	C	0.17%
AEE	A	0.17%
CVS	D	0.16%
SEB	D	0.16%
UBS	B	0.16%
PSX	D	0.16%
AZN	D	0.15%
NWG	D	0.15%
BA	F	0.15%
ICE	A	0.15%
MUFG	D	0.14%
DHI	C	0.13%
AMT	C	0.13%
CNH	B	0.13%
ABBV	A	0.13%
HPE	B	0.11%
EFX	C	0.1%
GM	D	0.1%
VZ	A	0.1%
MDLZ	C	0.09%
R	C	0.08%
HRL	F	0.07%
ROP	C	0.07%
PCAR	D	0.05%

RAVI Underweight 201 Positions Relative to PFF

Symbol	Grade	Weight
ALB	D	-1.3%
TBB	A	-0.81%
SOJD	C	-0.59%
TBC	B	-0.52%
SREA	A	-0.47%
RZC	C	-0.46%
APO	A	-0.41%
CMSD	B	-0.39%
RBC	C	-0.38%
F	D	-0.38%
JXN	A	-0.37%
CHSCO	B	-0.36%
WCC	C	-0.35%
QRTEP	B	-0.35%
LNC	D	-0.35%
PRS	B	-0.35%
CHSCL	A	-0.34%
AXS	A	-0.32%
CHSCM	B	-0.32%
SYF	B	-0.32%
STT	C	-0.31%
DUKB	B	-0.31%
BANC	D	-0.31%
BPYPM	C	-0.3%
CTDD	C	-0.28%
CHSCN	C	-0.28%
UZE	B	-0.28%
SOJC	B	-0.28%
FITBI	A	-0.28%
BTSG	C	-0.28%
USM	C	-0.27%
GTLS	F	-0.26%
NLY	C	-0.26%
KKR	A	-0.26%
TPG	B	-0.26%
PFH	C	-0.26%
CG	C	-0.25%
RZB	A	-0.25%
DTW	A	-0.24%
NTRS	C	-0.23%
TDS	B	-0.23%
USB	C	-0.23%
FG	B	-0.23%
CHSCP	B	-0.23%
EAI	A	-0.23%
RLJ	D	-0.21%
PBI	C	-0.21%
HIG	A	-0.21%
FCNCA	D	-0.2%
AGNCN	A	-0.2%
MGR	A	-0.19%
NGL	D	-0.19%
UNMA	C	-0.19%
RF	C	-0.19%
ESGRP	F	-0.19%
VOYA	A	-0.19%
ACGLO	B	-0.19%
PRU	C	-0.19%
UMH	C	-0.18%
WTFCP	A	-0.18%
ALL	B	-0.18%
GPJA	D	-0.17%
KREF	C	-0.17%
CMSC	A	-0.17%
NRUC	B	-0.16%
WAL	C	-0.16%
TCBI	C	-0.16%
MTB	C	-0.16%
OZKAP	A	-0.16%
TVC	B	-0.15%
NAVI	D	-0.15%
GL	C	-0.15%
EQH	C	-0.15%
EMP	A	-0.15%
ELC	A	-0.15%
SR	C	-0.15%
RNR	A	-0.15%
SFB	B	-0.14%
NSA	C	-0.14%
PNFP	D	-0.14%
AIZN	B	-0.14%
FBRT	C	-0.14%
HPP	F	-0.14%
AGNC	C	-0.14%
WAFD	D	-0.14%
CMSA	A	-0.13%
DBRG	D	-0.13%
DDT	B	-0.13%
KIM	C	-0.13%
KMI	A	-0.13%
DLR	C	-0.12%
WRB	B	-0.12%
EIX	A	-0.12%
TVE	A	-0.12%
VNO	A	-0.12%
SLMBP	D	-0.12%
SLG	C	-0.12%
SNV	D	-0.12%
FCNCO	A	-0.12%
AUB	D	-0.11%
HBAN	D	-0.11%
DHC	B	-0.11%
NYMTM	A	-0.11%
HWC	D	-0.11%
LBRDP	B	-0.11%
AFGC	B	-0.11%
WSBC	D	-0.1%
FULT	D	-0.1%
VLY	C	-0.1%
CADE	D	-0.1%
RITM	D	-0.1%
SIGI	D	-0.1%
AFGE	B	-0.1%
AHH	F	-0.1%
SITC	F	-0.1%
SF	A	-0.1%
O	A	-0.1%
SNCR	C	-0.1%
CIM	C	-0.09%
KMPR	D	-0.09%
AMG	B	-0.09%
GPMT	D	-0.09%
AGNCL	A	-0.09%
ADC	B	-0.09%
ARR	D	-0.09%
ZIONO	A	-0.09%
AFGD	A	-0.09%
TRTX	D	-0.09%
SPLP	D	-0.09%
HTLF	C	-0.08%
QVCD	C	-0.08%
NYMTL	C	-0.08%
NMFC	F	-0.08%
TWO	D	-0.08%
AFGB	A	-0.08%
MBIN	D	-0.08%
BC	D	-0.08%
WTFCM	A	-0.08%
ARGD	B	-0.08%
GAIN	B	-0.08%
CFR	D	-0.08%
LANDO	A	-0.08%
FRT	D	-0.08%
NYMTN	A	-0.08%
CNO	C	-0.08%
BOH	D	-0.08%
WBS	D	-0.08%
CTVA	A	-0.08%
BPOPM	B	-0.07%
CLDT	D	-0.07%
RILY	F	-0.07%
PCG	B	-0.07%
ACR	C	-0.07%
MHNC	C	-0.07%
CTO	D	-0.07%
GNL	D	-0.07%
SAR	C	-0.07%
AMH	D	-0.07%
EPR	C	-0.07%
FTAI	A	-0.07%
PSA	C	-0.07%
ABR	C	-0.07%
DCOMP	C	-0.07%
PMT	C	-0.07%
ONB	D	-0.07%
ENO	A	-0.07%
NYCB	D	-0.07%
FCRX	A	-0.07%
MSBI	F	-0.07%
DRH	C	-0.07%
TRIN	C	-0.07%
MFA	C	-0.07%
REG	C	-0.07%
BW	C	-0.07%
EQC	D	-0.07%
NEWT	D	-0.07%
ATLC	C	-0.07%
DX	C	-0.07%
FHN	D	-0.07%
VLYPP	B	-0.07%
ASB	F	-0.06%
RILYN	F	-0.06%
OPI	F	-0.06%
BFS	A	-0.06%
PEB	D	-0.06%
LXP	D	-0.06%
CODI	D	-0.06%
CNOB	C	-0.06%
PSEC	C	-0.06%
EFC	D	-0.06%
VLYPO	A	-0.06%
IVR	C	-0.06%
FATBP	F	-0.05%
INN	A	-0.05%
FOSL	C	-0.05%
CIO	C	-0.05%
SHO	D	-0.05%
RC	F	-0.05%
MHLA	A	-0.04%
BHR	C	-0.03%
XELAP	F	-0.0%