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FlexShares Ready Access Variable Income Fund

FlexShares Ready Access Variable Income Fund (RAVI) seeks maximum current income consistent with the preservation of capital and liquidity. RAVI is comprised of investment-grade fixed income instruments, including short-term debt securities, notes and other similar instruments issued by U.S. and non-U.S. public and private entities. The Fund's average effective duration will vary based on Northern Trust's rate and portfolio construction decisions and will not normally exceed one year. The Fund allows for a modest degree of transactional price variability. If occurring, dividends from net investment income, including any net foreign currency gains, are generally declared and paid monthly. 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.

Fund Facts

as of 07/06/2015
Inception10/09/2012
CUSIP33939L886
Total Net Assets$ 101,820,295.63
Shares Outstanding1,350,001
# of Holdings119
Gross Expense Ratio.26%
Net Expense Ratio*.25%
Primary ExchangeNYSE
Options AvailableN
MarginableY
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, 2016.

Tickers

ETF TickerRAVI
NAVRAVI.NV
IOPVRAVI.IV
Shares OutstandingRAVI.SO
Estimated CashRAVI.EU
Total CashRAVI.TC

Effective Duration

as of 07/02/2015
Cash.10
Commercial Paper.09
Corporate.87
Government/Agency2.89
MBS/ABS.29
Municipal.34
Other.07
Total.76

Fund Characteristics

as of 07/02/2015
SEC Subsidized Yield* (as of 06/30/2015).57%
SEC Unsubsidized Yield**
 (as of 06/30/2015)
.56%
Distribution Yield***.60%
12-Month Dividend Yield****.54%
Weighted Avg Price100.03
Weighted Avg Yield to Maturity.87%
Weighted Avg Years to Stated Legal Maturity1.66
Weighted Avg Effective Duration.76
Weighted Avg Spread Duration1.59
View Standardized Performance
*SEC 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.
**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 monthly, an NA will be displayed if the fund has not distributed within the last 35 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.

Maturity (%)

as of 07/02/2015
0 - 1 Year40.29
1 - 3 Years44.54
3+ Years15.17
Total100.00

Spread Duration

as of 07/02/2015
Cash.10
Commercial Paper.09
Corporate1.86
Government/Agency .00
MBS/ABS.29
Municipal.34
Other2.07
Total1.59

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.

Month End Performance (%)

as of 05/31/2015
 1 MonthQTDYTD1 YearSince Inception
10/09/2012
Market Price-.05-.09.36.34.73
NAV.03.08.40.54.78
Barclays 1-3 Month U.S. Treasury Bill Index (LD12TRUU) .00.01.01.02.04

Quarter End Performance (%)

as of 03/31/2015
 1 MonthQTDYTD1 YearSince Inception
10/09/2012
Market Price.23.45.45.68.81
NAV.10.32.32.74.80
Barclays 1-3 Month U.S. Treasury Bill Index (LD12TRUU) .00 .00 .00.02.04
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 07/06/2015
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, 2016.


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 07/06/2015
Price$75.23
Price $ Change$.03
Price % Change.04%
Avg Bid/Ask Spread$.09
Bid/Ask Midpoint$75.29
Closing Bid Price$75.23
Closing Ask Price$75.35

Trading

as of 07/06/2015
52-Week High$75.99
52-Week Low$75.02
Premium/Discount$-.13
Daily Trading Volume (Shares)1,589
Average Trading Volume (Shares)6,651
Shares Outstanding1,350,001

NAV Price

as of 07/06/2015
Price$75.42
Price $ Change$.03
Price % Change.04%

HOLDINGS

as of 07/02/2015
NameFund
Weight %
Shares HeldCouponMaturitySector/TypeCredit Rating (S&P)
TRI-PARTY RBS SECURITIES INC6.88347,000,000.3807/06/2015CashTri-party Repo
CANADIAN IMPERIAL BANK OF COMMERCE1.98522,000,0002.3512/11/2015CorporateA+
GLAXOSMITHKLINE CAPITAL INC1.97352,000,000.7003/18/2016CorporateA+
ELI LILLY AND COMPANY1.96822,000,0001.2503/01/2018CorporateAA-
TRI-PARTY SG AMERICAS SECURITIES L1.96672,000,000.4807/06/2015CashTri-party Repo
SUMITOMO MITSUI BANKING1.96662,000,000.7001/10/2017CorporateA+
KOREA DEVELOPMENT BANK1.74271,767,000.9001/22/2017CorporateA+
HONEYWELL INTERNATIONAL INC1.47571,500,000.3311/17/2015CorporateA
DEUTSCHE BANK AG (LONDON BRANCH)1.29431,281,0003.2501/11/2016CorporateBBB+
RABOBANK NEDERLAND NV1.25601,250,0002.2507/31/2015CorporateA+
BANK OF MONTREAL1.23241,250,000.8011/06/2015CorporateA+
AMAZONCOM INC1.13481,153,000.6511/27/2015CorporateAA-
AMERICAN EXPRESS CREDIT CORPORATIO1.06001,090,000.7608/15/2019CorporateA-
ROYAL BANK OF CANADA1.04231,057,000.8010/30/2015CorporateAA-
BANK OF NOVA SCOTIA1.00831,000,0002.9003/29/2016CorporateA+
WISCONSIN SCH DISTS CASH FLOW ADMI0.99331,000,0001.0010/09/2015Cash
BANQUE FEDERATIVE DU CREDIT MUTUEL0.99171,000,0001.1301/20/2017CorporateA
TOYOTA MOTOR CREDIT CORP0.99041,000,0001.4501/12/2018CorporateAA-
NEDERLANDSE WATERSCHAPSBANK NV0.98881,000,000.5102/14/2018OtherAA+
CREDIT SUISSE NEW YORK NY0.98851,000,0001.7501/29/2018CorporateA
US BANK NA/CINCINNATI OH0.98831,000,0001.3809/11/2017CorporateAA-
RIVERSIDE CA PENSN OBLG0.98801,000,000.7506/01/2016Cash
TREASURY NOTE0.98751,000,0001.1306/15/2018Government/AgencyAA+
SVENSKA HANDELSBANKEN AB0.98621,000,000.7509/23/2016CorporateAA-
PROCTER & GAMBLE COMPANY0.98551,000,000.5511/01/2019CorporateAA-
SOUTHERN COMPANY (THE)0.98541,000,0001.3008/15/2017CorporateA-
BERKSHIRE HATHAWAY FINANCE CORP0.98501,000,000.4201/10/2017CorporateAA
BRANCH BANKING & TRUST0.98501,000,000.7112/01/2016CorporateA
BERKSHIRE HATHAWAY FINANCE CORP0.98481,000,000.5801/12/2018CorporateAA
ROYAL BANK OF CANADA0.98471,000,000.8003/06/2020CorporateAA-
SINOPEC GROUP OVERSEAS DEVELOPMENT0.98421,000,0001.0504/10/2017OtherAA-
WHIRLPOOL CORPORATION0.98421,000,0001.6511/01/2017CorporateBBB
AMERICAN HONDA FINANCE CORPORATION0.98411,000,000.4507/14/2017CorporateA+
CAPITAL ONE BANK USA NA0.98411,000,0001.6502/05/2018CorporateBBB+
SHELL INTERNATIONAL FINANCE BV0.98411,000,0002.1305/11/2020CorporateAA
GENERAL MILLS INC0.98361,000,000.5801/29/2016CorporateBBB+
SHELL INTERNATIONAL FINANCE BV0.98341,000,000.7305/11/2020CorporateAA
COMMONWEALTH BANK AUST0.98341,000,000.6903/12/2018CorporateAA-
LLOYDS BANK PLC0.98341,000,000.8103/16/2018CorporateA
ECOLAB INC.0.98331,000,000 .0007/07/2015CashBBB+
WYNDHAM WORLDWIDE CORP0.98321,000,000 .0007/08/2015CashBBB-
HUMANA INC0.98301,000,000 .0008/03/2015Commercial PaperBBB+
EXXON MOBIL CORP0.98291,000,000.3303/15/2017CorporateAAA
WELLS FARGO & COMPANY0.98261,000,0002.1501/30/2020CorporateA+
CANADIAN NATIONAL RAILWAY COMPANY0.98231,000,000.4511/14/2017CorporateA
BANK OF AMERICA CORP0.98231,000,000.8908/25/2017CorporateA-
CATERPILLAR FINANCE CORP0.9815996,000.7011/06/2015CorporateA
BARCLAYS BANK PLC0.98111,000,000.8602/17/2017CorporateA-
CHEVRON CORP0.98091,000,0001.9603/03/2020CorporateAA
SIEMENS FINANCIERINGSMAATSCHAPPIJ0.98081,000,000.5605/25/2018CorporateA+
SIEMENS FINANCIERINGSMAATSCHAPPIJ0.98011,000,0001.4505/25/2018CorporateA+
FORD MOTOR CREDIT COMPANY LLC0.97651,000,0001.1203/12/2019CorporateBBB-
VERIZON COMMUNICATIONS INC0.9545958,0001.8209/15/2016CorporateBBB+
GOLDMAN SACHS GROUP INC0.9533965,0001.6011/23/2015CorporateA-
VODAFONE GROUP PLC0.9465963,000.6602/19/2016CorporateBBB+
NEW JERSEY ST ECON DEV AUTH REVENU0.9268930,0003.6412/15/2015CorporateA-
KROGER CO (THE)0.9243938,000.8010/17/2016CorporateBBB
GENERAL ELECTRIC CAPITAL CORP0.9144928,000.7901/14/2019CorporateAA+
DUKE ENERGY INDIANA INC0.9143928,000.6307/11/2016CorporateA
WALT DISNEY COMPANY (THE)0.9134928,000.5905/30/2019CorporateA
DE KALB CNTY GA HSG AUTH0.9130928,000.5011/01/2015MunicipalAA+
TOYOTA MOTOR CREDIT CORP0.9118928,000.4805/16/2017CorporateAA-
TEXAS INSTRUMENTS INC0.9108928,000.8803/12/2017CorporateA+
STARBUCKS CORPORATION0.9107928,000.8812/05/2016CorporateA-
CITIGROUP INC0.9105928,000.8203/10/2017CorporateA-
SYNCHRONY FINANCIAL0.8893900,0001.8808/15/2017CorporateBBB-
UNITEDHEALTH GROUP INCORPORATED0.8658878,000.8510/15/2015CorporateA+
JOHN DEERE CAPITAL CORP0.8468858,0001.0512/15/2016CorporateA
MORGAN STANLEY0.8384847,0001.5302/25/2016CorporateA-
MICROSOFT CORPORATION0.8384850,0001.8502/12/2020CorporateAAA
US BANCORP0.8259843,000.6804/25/2019CorporateA+
BP CAPITAL MARKETS PLC0.8232835,000.9109/26/2018CorporateA
CISCO SYSTEMS INC0.8130823,000.7803/01/2019CorporateAA-
MONSANTO COMPANY0.8052825,0001.1506/30/2017CorporateBBB+
JOHNSON & JOHNSON0.7720785,0001.1311/21/2017CorporateAAA
WESTPAC BANKING CORP0.7436753,000.7111/25/2016CorporateAA-
RABOBANK NEDERLAND0.7398750,000.7703/18/2016CorporateA+
BANK OF MONTREAL0.7379750,000.5309/24/2015CorporateA+
GLENCORE FUNDING LLC0.7336743,0001.4405/27/2016CorporateBBB
BNP PARIBAS0.7319743,000.7603/17/2017CorporateA+
TORONTO-DOMINION BANK/THE0.7184728,000.7409/09/2016CorporateAA-
TRANSCANADA PIPELINES LIMITED0.5718581,000.9606/30/2016CorporateA-
MARATHON OIL CORP0.5642573,000.9011/01/2015CorporateBBB
FREEPORT-MCMORAN CORP0.5598570,0002.3011/14/2017CorporateBBB-
APPLE INC0.5494557,000.5805/06/2019CorporateAA+
NISSAN MOTOR ACCEPTANCE CORP0.4954503,000.8303/03/2017CorporateA-
MANUFACTURERS AND TRADERS TRUST CO0.4933500,0001.4007/25/2017CorporateA
WELLS FARGO BANK NA0.4923500,000.5607/20/2015CorporateAA-
APPLE INC0.4703478,000.3305/03/2016CorporateAA+
WALT DISNEY COMPANY (THE)0.4548464,0001.1012/01/2017CorporateA
AUSTRALIA & NEW ZEALAND BANKING GR0.4454450,0001.2501/10/2017CorporateAA-
ELECTRICITE DE FRANCE SA0.3933399,000.7401/20/2017OtherA+
PACCAR FINANCIAL CORP0.3892395,000.7011/16/2015CorporateA+
MORGAN STANLEY0.3775377,0002.5001/24/2019CorporateA-
GENERAL ELECTRIC CAPITAL CORP0.3469350,0002.2001/09/2020CorporateAA+
GENERAL ELECTRIC CAPITAL CORP0.3399343,000.9307/12/2016CorporateAA+
KIMBERLY-CLARK CORPORATION0.3276334,0001.9005/22/2019CorporateA
BANK OF NOVA SCOTIA0.3044309,000.6903/15/2016CorporateA+
HOME DEPOT INC0.2994303,0002.0006/15/2019CorporateA
MCKESSON CORP0.2926297,000.9512/04/2015CorporateBBB+
AT&T INC0.2634268,000.6702/12/2016CorporateBBB+
BANK OF TOKYO-MITSUBISHI UFJ LTD0.2464250,000.8909/09/2016CorporateA+
PETROBRAS GLOBAL FINANCE BV0.2436250,0001.9005/20/2016CorporateBBB-
COSTCO WHOLESALE CORPORATION0.2363240,000.6512/07/2015CorporateA+
WAL-MART STORES INC0.2062209,0001.0004/21/2017CorporateAA
BP CAPITAL MARKETS PLC0.2058209,000.7011/06/2015CorporateA
ING BANK NV0.1976200,0001.2303/07/2016CorporateA
MASTERCARD INC0.1889191,0002.0004/01/2019CorporateA
CANADIAN NATURAL RESOURCES LIMITED0.1730176,0001.7501/15/2018CorporateBBB+
JPMORGAN CHASE & CO0.1149116,0001.1801/25/2018CorporateA
WAL-MART STORES INC0.1138115,0001.5010/25/2015CorporateAA
AMXCA_2012-5 A0.0984100,000.5905/15/2018MBS/ABSAAA
AMERICAN HONDA FINANCE CORPORATION0.087989,0001.2007/14/2017CorporateA+
WALGREEN CO0.080181,0001.7511/17/2017CorporateBBB
TOYOTA MOTOR CREDIT CORP0.076778,000.5705/17/2016CorporateAA-
ABBEY NATIONAL TREASURY SERVICES P0.076678,000.8003/13/2017CorporateA
REYNOLDS AMERICAN INC0.050251,0001.0510/30/2015CorporateBBB-
GEORGIA POWER COMPANY0.013814,000.6311/15/2015CorporateA
JOHN DEERE CAPITAL CORP0.012913,0001.9512/13/2018CorporateA
*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
12/29/201512/31/201501/05/2016
12/01/201512/03/201512/07/2015
11/02/201511/04/201511/06/2015
10/01/201510/05/201510/07/2015
09/01/201509/03/201509/08/2015
08/03/201508/05/201508/07/2015
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