At a glance
GQRE charges 0.45% a year, above the 0.18% average of the 8 funds most like it (the 8th cheapest of 9). It has $424.9M in assets, the 9th largest of that group; it paid 4.38% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +3.2% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +13.7% a year. At its worst it fell 41.7% in the 2020 crash (S&P 500: 33.7%) and 32.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months and 40 months after the lows. Its ten largest positions make up 36.1% of the fund, out of 139 in all.
The short version
FlexShares Global Quality Real Estate Index Fund (GQRE) is a Northern Trust ETF that tracks the Northern Trust Global Quality Real Estate Index. The index holds US and international real estate investment trusts (REITs) and property companies. It doesn't simply weight companies by size. It tilts toward those that score well on quality, value and momentum. That approach costs 0.45% a year, about double the 0.23% average of similar funds.
Price history
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GQRE +3.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GQRE official prospectus, to Dec 31, 2025 | — | +8.58% | — | +3.80% | +3.68% | — |
| MSCI World Index index, same period | — | +21.09% | — | +12.15% | +12.17% | — |
| FTSEEPRANAREIT Developed Index index, same period | — | +9.58% | — | +2.76% | +3.25% | — |
| Northern Trust Global Quality Real Estate Index index, same period | — | +8.46% | — | +3.61% | +3.57% | — |
| GQRE price data to Oct 27, 2026 | +4.5% | +3.2% | +13.7% | +0.4% | +3.9% | +4.6% |
- Over the year to Oct 27, 2026, GQRE returned +3.2%, 7th of 9 among similar funds.
- Its 5-year annualized return was +0.4% and its 10-year +3.9%.
- In the 2020 COVID crash it fell 41.7% and regained its old high 14.2 months after the low.
- Its worst full calendar year was 2022 (-27.2%); its best was 2021 (+32.0%).
- The deepest fall in its price history was 41.9% (Feb 14, 2020 to Mar 23, 2020), recovered by Jun 1, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.5% | — |
| 2025 | +8.3% | +8.58% |
| 2024 | +6.1% | +5.61% |
| 2023 | +9.2% | +9.29% |
| 2022 | -27.2% | -27.00% |
| 2021 | +32.0% | +31.74% |
| 2020 | -9.2% | -8.83% |
| 2019 | +21.8% | +21.85% |
| 2018 | -8.9% | -9.07% |
| 2017 | +13.6% | +13.41% |
| 2016 | +3.3% | +3.97% |
| 2015 | +3.3% | — |
| 2014 | +16.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.3% over that stretch · deepest drop along the way 41.7%, back to its old high 14.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.5% over that stretch · deepest drop along the way 32.7%, back to its old high 40.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0800 | |
| 2025 | $2.8000 | +30.2% |
| 2024 | $2.1500 | +32.7% |
| 2023 | $1.6200 | +20.9% |
| 2022 | $1.3400 | -23.0% |
| 2021 | $1.7400 | +48.7% |
| 2020 | $1.1700 | -57.9% |
| 2019 | $2.7800 | +56.2% |
| 2018 | $1.7800 | +44.7% |
| 2017 | $1.2300 | -47.4% |
| 2016 | $2.3400 | +77.3% |
| 2015 | $1.3200 | -9.0% |
| 2014 | $1.4500 |
What's inside
As of Jul 31, 2026, the fund held 139 securities; the ten largest made up 36.12% of assets.
| Holding | Weight | |
|---|---|---|
| Equinix, Inc. | 6.52% | |
| Prologis, Inc. | 4.57% | |
| Welltower, Inc. | 4.48% | |
| Simon Property Group, Inc. | 3.90% | |
| VICI Properties, Inc. | 3.44% | |
| AvalonBay Communities, Inc. | 3.21% | |
| Equity Residential | 2.94% | |
| Sun Hung Kai Properties Ltd. | 2.60% | |
| CF SECURED LLC RA | 2.34% | |
| Host Hotels & Resorts, Inc. | 2.13% | |
| Kimco Realty Corp. | 2.12% | |
| WP Carey, Inc. | 1.96% | |
| Omega Healthcare Investors, Inc. | 1.83% | |
| Unibail-Rodamco-Westfield | 1.82% | |
| Regency Centers Corp. | 1.71% |
By country
United States 70.06%Japan 7.74%Hong Kong 4.85%France 3.64%Canada 3.49%By asset type
Stocks 98.1%RA 5.16%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $35.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.53%, +0.58%, +2.44%.
How it works
The starting point is the Northern Trust Global Real Estate Index. It holds US and non-US REITs (companies that own income-producing property) and real estate operating companies, weighted by the value of their shares that trade freely. Mortgage REITs and real estate services firms are excluded. Northern Trust Investments (NTI), which builds the index and also manages the fund, gives each company a score based on three traits: quality (profitability, management strength and cash flow), value (how cheap the stock is against its own history, its book value or its peers) and momentum (recent price strength).
An optimization process, which is a computer model, then picks and weights stocks to get the highest combined score. It also keeps industry, region, country, single-stock weight, liquidity and turnover within set limits relative to the parent index. The result is a tilted version of the broad global property market, not a concentrated bet. The index is rebuilt every quarter. As of December 31, 2025, it held 131 stocks, with market values from $937.3 million to $128.2 billion. Portfolio turnover was 49%.
The fund uses representative sampling, so it may not own every stock in the index. It keeps at least 80% in index stocks or their depositary receipts. It may hold up to 20% in cash, futures or currency forwards, and it can lend out up to one-third of its assets. As of July 31, 2026, about 70% sat in US companies. The largest holdings were Equinix (6.5%), Prologis (4.6%) and Welltower (4.5%).
What it really costs
- GQRE charges 0.45% a year, versus an average of 0.18% for the similar funds below (8th of 9, cheapest first).
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $578 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GQRE | $46 | $147 | $257 | $578 |
In a retirement portfolio
It adds global real estate exposure that has moved only loosely with the broad stock market, though it can still fall sharply.
GQRE could add a sleeve of US and international property companies to a stock-and-bond portfolio. Its trailing 12-month yield was 4.38% as of October 27, 2026, paid quarterly. Its one-year beta of 0.37 means it moved less than the overall market over that period. But real estate can drop hard. In the 2020 COVID crash it fell 41.7% and took about 14 months from its low to recover. In the 2022 bear market it fell 32.7% and needed about 40 months, until February 2026. Its worst calendar year was 2022, at -27%. Anyone forced to sell shares in a stretch like that would lock in losses. The 0.45% expense ratio, or $46 in the first year under the SEC's $10,000 example, is above the 0.23% peer average. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting real estate beyond the US: about 30% sat outside it, mainly Japan, Hong Kong and France, as of July 31, 2026.
- Those who prefer a quality, value and momentum tilt over plain size weighting and accept a 0.45% annual cost for it.
- Income-focused holders comfortable with quarterly payouts. The trailing yield was 4.38% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors. iShares Global REIT ETF (REET) charges 0.14% for global REIT exposure, and USRT charges 0.08% for US REITs.
- Anyone uneasy with deep drops. GQRE fell 41.7% in early 2020 and took about 40 months to recover after 2022's slide.
- Investors seeking broad stock-market growth. Over 10 years to December 31, 2025, GQRE returned 3.68% a year versus 12.17% for the MSCI World Index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GQRE this fund | — | 0.45% | $424.9M | +3.2% | +13.7% |
| USRT iShares Core U.S. REIT ETF | 48% | 0.08% | $4.66B | +8.5% | +15.9% |
| DFAR Dimensional US Real Estate ETF | 46% | 0.19% | $1.78B | +7.6% | +14.0% |
| RWR SPDR Dow Jones REIT ETF | 46% | 0.25% | $1.84B | +8.6% | +15.6% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 45% | 0.11% | $1.26B | +8.1% | +15.4% |
| REET iShares Global REIT ETF | 44% | 0.14% | $5.13B | +4.1% | +13.5% |
| FREL Fidelity MSCI Real Estate Index ETF | 44% | 0.084% | $1.49B | +3.2% | +13.3% |
| VGSR Vert Global Sustainable Real Estate ETF | 43% | 0.45% | $523.7M | +2.9% | — |
Questions investors ask
Does GQRE pay monthly dividends?
No. GQRE pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $2.65 per share, a trailing yield of 4.38%. Much of that income comes from REITs, which must pass most of their taxable income to shareholders. REIT dividends are often taxed at ordinary income rates rather than the lower qualified-dividend rate, so where the fund is held, such as in a taxable account or an IRA, can affect what an investor keeps.
What's the difference between GQRE and REET?
Both hold US and international real estate stocks, but REET costs much less: 0.14% a year versus GQRE's 0.45%. GQRE tilts toward companies with strong quality, value and momentum scores, and its holdings overlap REET's by about 44%. REET is far larger, at about $5.1 billion in net assets versus roughly $425 million for GQRE. As of October 27, 2026, GQRE returned 3.2% over one year and 13.7% a year over three years. REET returned 4.1% and 13.5%.
Is GQRE good for retirement income?
It can supply income, but with large price swings. The trailing yield was 4.38% as of October 27, 2026, paid quarterly. The fund dropped 41.7% in the 2020 COVID crash and 32.7% in the 2022 bear market. Recovery took about 14 months after 2020 and about 40 months after 2022. Retirees who might need to sell shares during a downturn may want to weigh that history and the 0.45% expense ratio against cheaper real estate funds.
How has GQRE performed compared with its benchmark?
It has slightly beaten a broad global property benchmark over longer periods. As of December 31, 2025, GQRE returned 3.80% a year over five years and 3.68% over 10 years. The FTSE EPRA Nareit Developed Index returned 2.76% and 3.25%. Over one year it trailed, 8.58% versus 9.58%. Real estate as a whole lagged global stocks: the MSCI World Index returned 12.17% a year over the same 10 years.
What are GQRE's top holdings?
As of July 31, 2026, the largest holdings were Equinix (6.5%), Prologis (4.6%), Welltower (4.5%), Simon Property Group (3.9%), VICI Properties (3.4%) and AvalonBay Communities (3.2%). Equity Residential and Hong Kong's Sun Hung Kai Properties came next. The top 10 positions made up about 36% of assets. That figure includes a Treasury repurchase agreement of about 2.3%, a short-term, cash-like holding. The fund held 139 issuers in total, about 70% of them in the US.