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FlexShares Ready Access Variable Income Fund

Objective and Strategy

FlexShares Ready Access Variable Income Fund (RAVI) seeks maximum current income consistent with the preservation of capital and liquidity.

Different, by Design

1. Construct an ultra-short duration portfolio, based on Northern Trust`s forecast, with a focus on duration and sector allocation
2. Actively manage portfolio for current income with minimal NAV variability

Fund Facts

as of 08/25/2016
Inception10/09/2012
CUSIP33939L886
Total Net Assets$ 98,268,327.83
Shares Outstanding1,300,001
# of Holdings*114
Gross Expense Ratio.26%
Net Expense Ratio**.25%
Primary ExchangeNYSE
MarginableY
*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 TickerRAVI
NAVRAVI.NV
IOPVRAVI.IV
Shares OutstandingRAVI.SO
Estimated CashRAVI.EU
Total CashRAVI.TC

Effective Duration

as of 08/25/2016
Cash.19
Commercial Paper.14
Corporate.63
Government/Agency1.25
MBS/ABS.34
Other.17
Total.55

Fund Characteristics1

as of 08/25/2016
SEC Subsidized Yield2 (as of 07/31/2016).73%
SEC Unsubsidized Yield3
 (as of 07/31/2016)
.72%
Distribution Yield4.90%
12-Month Dividend Yield5.78%
Weighted Avg Price100.24
Weighted Avg Yield to Maturity1.05%
Weighted Avg Years to Stated Legal Maturity1.29
Weighted Avg Effective Duration.55
Weighted Avg Spread Duration1.11
View Standardized Performance

Maturity (%)

as of 08/25/2016
0 - 1 Year49.58
1 - 3 Years44.19
3+ Years6.23
Total100.00

Spread Duration

as of 08/25/2016
Cash .00
Commercial Paper.14
Corporate1.42
Government/Agency .00
MBS/ABS.54
Other.95
Total1.11

QUALITY ALLOCATIONS

  • S&P
  • Moody's
  • Fitch
as of 08/26/2016% of Total
AAA7.15
AA+11.59
AA4.79
AA-18.60
A+8.59
A18.80
A-8.20
BBB+5.06
BBB5.83
BBB-2.09
NR9.30
Total100.00
as of 08/26/2016% of Total
Aaa15.48
Aa12.02
Aa214.44
Aa311.07
A116.33
A212.94
A35.53
Baa15.76
Baa24.97
Baa3.17
NR11.29
Total100.00
as of 08/26/2016% of Total
AAA14.24
AA+.73
AA5.32
AA-12.16
A+9.04
A20.89
A-5.73
BBB6.86
BBB-1.07
F1 (short term)1.77
NR22.19
Total100.00

SECTOR ALLOCATIONS

SECTOR ALLOCATIONS

COUNTRY ALLOCATIONS

COUNTRY ALLOCATIONS

MARKET ALLOCATIONS

MARKET 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 10/11/2012, 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 07/31/2016
 1 MonthQTDYTD1 Year3 YearSince Inception
10/09/2012
Market Price.09.091.081.04.86.80
NAV.10.101.001.06.89.80
Barclays 1-3 Month U.S. Treasury Bill Index (LD12TRUU).02.02.14.16.07.07

Quarter End Performance (%)

as of 06/30/2016
 1 MonthQTDYTD1 Year3 YearSince Inception
10/09/2012
Market Price.22.45.991.21.85.79
NAV.21.43.90.98.92.79
Barclays 1-3 Month U.S. Treasury Bill Index (LD12TRUU).03.05.11.14.06.06
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 10/11/2012, 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 08/25/2016
Gross Expense Ratio.26%
Net Expense Ratio*.25%
*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 08/25/2016
Price$75.59
Price $ Change$.02
Price % Change.02%
Avg Bid/Ask Spread$.02
Bid/Ask Midpoint$75.60
Closing Bid Price$75.59
Closing Ask Price$75.61

Trading

as of 08/25/2016
52-Week High$76.01
52-Week Low$74.42
Premium/Discount$.01
Daily Trading Volume (Shares)1,873
Average Trading Volume (Shares)7,061
Shares Outstanding1,300,001

NAV Price

as of 08/25/2016
Price$75.59
Price $ Change$ .00
Price % Change .00%

HOLDINGS

as of 08/25/2016
NameFund
Weight %
Shares HeldCouponMaturitySector/TypeCredit
Rating
(S&P)
TRI-PARTY SOCIETE GENERALE SA6.14776000000.7508/26/2016CashNR
TREASURY BILL3.06483000000 .0004/27/2017CashAA+
SUMITOMO MITSUI BANKING2.053620000001.1001/10/2017CorporateA
TREASURY BILL2.04912000000 .0009/08/2016CashAA+
TOTAL CAPITAL INTERNATIONAL SA1.854718050001.5002/17/2017CorporateA+
KOREA DEVELOPMENT BANK1.813417670001.3301/22/2017CorporateAA
INTERNATIONAL BUSINESS MACHINES CO1.802317520001.2508/18/2017CorporateAA-
UNITEDHEALTH GROUP INC1.197511660001.1301/17/2017CorporateA+
WALT DISNEY COMPANY (THE)1.09061060000.9805/30/2019CorporateA
SYNCHRONY FINANCIAL1.070810430001.8808/15/2017CorporateBBB-
NATIONAL BANK OF CANADA1.038510000002.1012/14/2018CorporateA
NATIONAL BANK OF CANADA1.033210000001.5012/14/2018CorporateA
US BANK NA/CINCINNATI OH1.033210000001.3809/11/2017CorporateAA-
NATIONAL AUSTRALIA BANK LIMITED (N1.031310000001.4501/14/2019CorporateAA-
WELLS FARGO BANK NA1.029810000001.2309/07/2017CorporateAA-
BANQUE FEDERATIVE DU CREDIT MUTUEL1.028710000001.5501/20/2017CorporateA
BRANCH BANKING & TRUST1.027810000001.1012/01/2016CorporateA
CATERPILLAR FINANCIAL SERVICES COR1.02751000000.9103/03/2017CorporateA
FORD MOTOR CREDIT COMPANY LLC1.027310000001.4903/12/2019CorporateBBB
SVENSKA HANDELSBANKEN AB1.027010000001.1109/23/2016CorporateAA-
CATERPILLAR FINANCIAL SERVICES COR1.02701000000.8203/03/2017CorporateA
SINOPEC GROUP OVERSEAS DEVELOPMENT1.026510000001.4504/10/2017OtherA+
PFIZER INC1.02611000000.9001/15/2017CorporateAA
BARCLAYS BANK PLC1.025510000001.3802/17/2017CorporateA-
SIEMENS FINANCIERINGSMAATSCHAPPIJ1.025410000001.1105/25/2018CorporateA+
NEDERLANDSE WATERSCHAPSBANK NV1.025210000001.0502/14/2018OtherAAA
KEYBANK NA1.025210000001.3211/25/2016CorporateA-
CARDS2_15-2A1.024610000001.0307/15/2020MBS/ABS
THERMO FISHER SCIENTIFIC INC1.02441000000 .0009/15/2016Commercial PaperBBB
VIACOM INC1.02421000000 .0009/30/2016Commercial PaperBBB-
MONDELEZ INTERNATIONAL INC1.02381000000 .0011/03/2016Commercial PaperBBB
CROWN POINT CAPITAL LLC1.02331000000 .0011/10/2016Commercial Paper
LLOYDS BANK PLC1.023210000001.1803/16/2018CorporateA
SHELL INTERNATIONAL FINANCE BV1.02119930001.3911/10/2018CorporateA
STARBUCKS CORPORATION1.00199510002.1002/04/2021CorporateA-
WALGREENS BOOTS ALLIANCE INC0.98509510001.7505/30/2018CorporateBBB
TREASURY NOTE0.9767951000.7506/30/2017Government/AgencyAA+
TREASURY NOTE0.9764951000.7504/30/2018Government/AgencyAA+
APPLE INC0.93899020001.6302/22/2019CorporateAA+
ASTRAZENECA PLC0.93819020001.7511/16/2018CorporateA-
BERKSHIRE HATHAWAY FINANCE CORP0.93669020001.3403/15/2019CorporateAA
CISCO SYSTEMS INC0.93639020001.4002/28/2018CorporateAA-
EXXON MOBIL CORPORATION0.93419020001.2702/28/2018CorporateAA+
BP PLC0.93309020002.2511/01/2016CorporateA-
PEPSICO INC0.93119020001.4002/22/2019CorporateA
COMMONWEALTH BANK OF AUSTRALIA (NE0.93059020001.5511/02/2018CorporateAA-
WESTPAC BANKING CORP0.92859020001.5611/23/2018CorporateAA-
PEPSICO INC0.92779020001.0010/13/2017CorporateA
JOHNSON & JOHNSON0.9276902000.9403/01/2019CorporateAAA
ASTRAZENECA PLC0.92749020001.3511/16/2018CorporateA-
AMERICAN HONDA FINANCE CORPORATION0.92619020001.1610/07/2016CorporateA+
VERIZON COMMUNICATIONS INC0.92468980002.1809/15/2016CorporateBBB+
AMERICAN EXPRESS CREDIT CORPORATIO0.91248930001.3108/15/2019CorporateA-
ELI LILLY AND COMPANY0.89708680001.2503/01/2018CorporateAA-
SHELL INTERNATIONAL FINANCE BV0.86008180002.1305/11/2020CorporateA
KROGER CO (THE)0.86008380001.2110/17/2016CorporateBBB
SIEMENS FINANCIERINGSMAATSCHAPPIJ0.84558180001.4505/25/2018CorporateA+
WHIRLPOOL CORPORATION0.84488180001.6511/01/2017CorporateBBB
TOYOTA MOTOR CREDIT CORP0.84388180001.4501/12/2018CorporateAA-
BERKSHIRE HATHAWAY FINANCE CORP0.8405818000.9701/12/2018CorporateAA
AMERICAN HONDA FINANCE CORPORATION0.8392818000.8407/14/2017CorporateA+
EXXON MOBIL CORP0.8391818000.6903/15/2017CorporateAA+
CANADIAN NATIONAL RAILWAY COMPANY0.8391818000.9911/14/2017CorporateA
BANK OF AMERICA CORP0.83888180001.4408/25/2017CorporateBBB+
COMMONWEALTH BANK AUST0.83888180001.0603/12/2018CorporateAA-
SOUTHERN COMPANY (THE)0.83878180001.3008/15/2017CorporateBBB+
ROYAL BANK OF CANADA0.83678180001.2003/06/2020CorporateAA-
PROCTER & GAMBLE COMPANY0.82518050001.0311/01/2019CorporateAA-
JOHN DEERE CAPITAL CORP0.81197900001.0512/15/2016CorporateA
GENERAL ELECTRIC CAPITAL CORP0.78397600001.1801/14/2019CorporateAA+
TOYOTA MOTOR CREDIT CORP0.77947600001.0205/16/2017CorporateAA-
BMWLT_15-20.77497559751.0701/22/2018MBS/ABS
GMALT_15-30.76137430201.1706/20/2018MBS/ABSAAA
FORDL_15-B0.75837401181.0405/15/2018MBS/ABSAAA
KIMBERLY-CLARK CORPORATION0.75547320001.4002/15/2019CorporateA
MICROSOFT CORPORATION0.72616960001.8502/12/2020CorporateAAA
CAPITAL ONE BANK USA NA0.71767000001.6502/05/2018CorporateBBB+
CHEVRON CORP0.71576820001.9603/03/2020CorporateAA-
US BANCORP0.70476900001.1204/25/2019CorporateA+
BP CAPITAL MARKETS PLC0.69376750001.2709/26/2018CorporateA-
MONSANTO COMPANY0.69326760001.1506/30/2017CorporateBBB+
WOART_15-B0.6858668790.9107/15/2019MBS/ABSAAA
CHEVRON CORP0.68436650001.3205/16/2018CorporateAA-
CISCO SYSTEMS INC0.67196520001.1703/01/2019CorporateAA-
JOHNSON & JOHNSON0.66166420001.1311/21/2017CorporateAAA
WESTPAC BANKING CORP0.63166160001.2611/25/2016CorporateAA-
BNP PARIBAS0.62466080001.1403/17/2017CorporateA
AMCAR_15-30.61516001901.0701/08/2019MBS/ABSAAA
TORONTO-DOMINION BANK/THE0.61225960001.1209/09/2016CorporateAA-
ORACLE CORPORATION0.56485470001.2010/15/2017CorporateAA-
CITIGROUP INC0.54895340001.2003/10/2017CorporateBBB+
CNH_15-C0.52955169111.1012/17/2018MBS/ABSAAA
WELLS FARGO BANK NA0.51695000001.6501/22/2018CorporateAA-
APPLE INC0.46754540001.0905/06/2019CorporateAA+
AUSTRALIA & NEW ZEALAND BANKING GR0.46214500001.2501/10/2017CorporateAA-
SDART_15-50.46164502171.1212/17/2018MBS/ABSAAA
NISSAN MOTOR ACCEPTANCE CORP0.42264110001.2303/03/2017CorporateA-
TREASURY BILL0.4096400000 .0011/03/2016CashAA+
ELECTRICITE DE FRANCE SA0.33363250001.1601/20/2017OtherA
SDART_15-40.32783199421.2012/17/2018MBS/ABS
MORGAN STANLEY0.32283080002.5001/24/2019CorporateBBB+
STARBUCKS CORPORATION0.3174309000.8812/05/2016CorporateA-
CREDIT SUISSE NEW YORK NY0.30793000001.7501/29/2018CorporateA
KIMBERLY-CLARK CORPORATION0.28602730001.9005/22/2019CorporateA
HOME DEPOT INC0.26092480002.0006/15/2019CorporateA
WELLS FARGO & COMPANY0.24112310002.1501/30/2020CorporateA
WAL-MART STORES INC0.17601710001.0004/21/2017CorporateAA
CANADIAN NATURAL RESOURCES LIMITED0.17151680001.7501/15/2018CorporateBBB+
TEXAS INSTRUMENTS INC0.1697165000.8803/12/2017CorporateA+
MASTERCARD INC0.16421560002.0004/01/2019CorporateA
GENERAL ELECTRIC CAPITAL CORP0.15431490002.9001/09/2017CorporateAA+
WALGREEN CO0.0673650001.7511/17/2017CorporateBBB
SANTANDER UK PLC0.0647630001.1703/13/2017CorporateA
JOHN DEERE CAPITAL CORP0.0136130001.9512/13/2018CorporateA
*Please note, Net Other Assets includes, but is not limited to, accrued interest and unsettled activity from both creation/redemption transactions and portfolio-related security trades. The accrual of annual fund operating expenses (after reimbursements) is not included in this amount.

DISTRIBUTION SCHEDULE

View by year:
Ex-DateRecord DatePayable DateIncomeShort-Term
Capital Gains
Long-Term
Capital Gains
Return of CapitalTotal Distribution
12/28/201612/30/201601/03/2017
12/01/201612/05/201612/07/2016
11/01/201611/03/201611/07/2016
10/03/201610/05/201610/07/2016
09/01/201609/06/201609/08/2016
08/01/201608/03/201608/05/20160.0578340000.057834
07/01/201607/06/201607/08/20160.0576870000.057687
06/01/201606/03/201606/07/20160.0564210000.056421
05/02/201605/04/201605/06/20160.0575580000.057558
04/01/201604/05/201604/07/20160.0581240000.058124
03/01/201603/03/201603/07/20160.0589080000.058908
02/01/201602/03/201602/05/20160.0418520000.041852
12/29/201512/31/201501/05/20160.0436060.051796000.095402
12/01/201512/03/201512/07/20150.0341340000.034134
11/02/201511/04/201511/06/20150.0424910000.042491
10/01/201510/05/201510/07/20150.0381660000.038166
09/01/201509/03/201509/08/20150.0410100000.041010
08/03/201508/05/201508/07/20150.0319150000.031915
07/01/201507/06/201507/08/20150.0381810000.038181
06/01/201506/03/201506/05/20150.0374940000.037494
05/01/201505/05/201505/07/20150.0360880000.036088
04/01/201504/06/201504/08/20150.0366390000.036639
03/02/201503/04/201503/06/20150.0329060000.032906
02/02/201502/04/201502/06/20150.0286000000.028600
12/29/201412/31/201401/05/20150.0346630.1054700.00844700.148580
12/01/201412/03/201412/05/20140.0310950000.031095
11/03/201411/05/201411/07/20140.0321490000.032149
10/01/201410/03/201410/07/20140.0345910000.034591
09/02/201409/04/201409/08/20140.0347290000.034729
08/01/201408/05/201408/07/20140.0336280000.033628
07/01/201407/03/201407/08/20140.0353690000.035369
06/02/201406/04/201406/06/20140.0316400000.031640
05/01/201405/05/201405/07/20140.0361790000.036179
04/01/201404/03/201404/07/20140.0342760000.034276
03/03/201403/05/201403/07/20140.0299500000.029950
02/03/201402/05/201402/07/20140.0284540000.028454
12/27/201312/31/201301/03/20140.0055480000.005548
12/02/201312/04/201312/06/20130.0547760000.054776
11/01/201311/05/201311/07/20130.0297200000.029720
10/01/201310/03/201310/07/20130.0207970000.020797
09/03/201309/05/201309/09/20130.0287880000.028788
08/01/201308/05/201308/07/20130.0309660000.030966
07/01/201307/03/201307/08/20130.0273520000.027352
06/03/201306/05/201306/07/20130.0124080000.012408
05/01/201305/03/201305/07/20130.0318430000.031843
04/01/201304/03/201304/05/20130.0277330000.027733
03/01/201303/05/201303/07/20130.0243660000.024366
02/01/201302/05/201302/07/20130.0182310000.018231
12/27/201212/31/201201/03/20130.0430600000.043060
12/03/201212/05/201212/07/20120.0115340000.011534
11/01/201211/05/201211/07/20120.0024720000.002472