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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 02/05/2016
Inception10/09/2012
CUSIP33939L886
Total Net Assets$ 93,999,827.03
Shares Outstanding1,250,001
# of Holdings*111
Gross Expense Ratio.26%
Net Expense Ratio**.25%
Primary ExchangeNYSE
Options AvailableN
MarginableY
Securities LendingN
*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, 2016.

Tickers

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

Effective Duration

as of 02/05/2016
Cash.07
Commercial Paper.12
Corporate.70
MBS/ABS.64
Other.12
Total.59

Fund Characteristics

as of 02/05/2016
SEC Subsidized Yield* (as of 01/31/2016).91%
SEC Unsubsidized Yield**
 (as of 01/31/2016)
.90%
Distribution Yield***.70%
12-Month Dividend Yield****.60%
Weighted Avg Price99.79
Weighted Avg Yield to Maturity1.28%
Weighted Avg Years to Stated Legal Maturity1.60
Weighted Avg Effective Duration.59
Weighted Avg Spread Duration1.38
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 02/05/2016
0 - 1 Year40.10
1 - 3 Years47.07
3+ Years12.83
Total100.00

Spread Duration

as of 02/05/2016
Cash.07
Commercial Paper.12
Corporate1.69
MBS/ABS.88
Other1.49
Total1.38

QUALITY ALLOCATIONS

  • S&P
  • Moody's
  • Fitch
as of 02/08/2016% of Total
AAA10.32
AA+1.44
AA2.14
AA-19.31
A+11.39
A16.83
A-6.37
BBB+10.99
BBB3.56
BBB-2.68
NR14.97
Total100.00
as of 02/08/2016% of Total
Aaa7.92
Aa16.32
Aa211.29
Aa310.33
A115.22
A29.52
A37.86
Baa16.86
Baa23.04
Baa32.27
NR19.37
Total100.00
as of 02/08/2016% of Total
AAA9.58
AA+.84
AA4.22
AA-12.76
A+7.30
A21.15
A-4.89
BBB+3.09
BBB2.40
BBB-1.97
F1 (short term).97
NR30.83
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.

Month End Performance (%)

as of 01/31/2016
 1 MonthQTDYTD1 Year3 YearSince Inception
10/09/2012
Market Price.16.16.16.35.65.64
NAV.11.11.11.33.66.65
Barclays 1-3 Month U.S. Treasury Bill Index (LD12TRUU) .00 .00 .00.03.03.04

Quarter End Performance (%)

as of 12/31/2015
 1 MonthQTDYTD1 Year3 YearSince Inception
10/09/2012
Market Price-.05-.12.40.40.64.61
NAV-.04.07.39.39.67.63
Barclays 1-3 Month U.S. Treasury Bill Index (LD12TRUU).02.02.03.03.03.04
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 02/05/2016
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, 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 02/05/2016
Price$75.26
Price $ Change$-.08
Price % Change-.11%
Avg Bid/Ask Spread$.08
Bid/Ask Midpoint$75.29
Closing Bid Price$75.24
Closing Ask Price$75.33

Trading

as of 02/05/2016
52-Week High$75.79
52-Week Low$74.42
Premium/Discount$.09
Daily Trading Volume (Shares)922
Average Trading Volume (Shares)5,793
Shares Outstanding1,250,001

NAV Price

as of 02/05/2016
Price$75.20
Price $ Change$-.01
Price % Change-.01%

HOLDINGS

as of 02/05/2016
NameFund
Weight %
Shares HeldCouponMaturitySector/TypeCredit
Rating
(S&P)
TRI-PARTY SOCIETE GENERALE SA7.48977000000.7302/08/2016CashNR
TOTAL CAPITAL INTERNATIONAL SA2.153820000001.5002/17/2017CorporateAA-
SUMITOMO MITSUI BANKING2.138420000001.0501/10/2017CorporateA
KOREA DEVELOPMENT BANK1.891117670001.2501/22/2017CorporateAA-
AMCAR_15-31.326412400001.0701/08/2019MBS/ABSAAA
SHELL INTERNATIONAL FINANCE BV1.17611100000.9211/10/2018CorporateA+
DOMINION RESOURCES INC/VA1.083210000001.9508/15/2016CorporateBBB
BP PLC1.081910000002.2511/01/2016CorporateA
US BANK NA/CINCINNATI OH1.078410000001.3809/11/2017CorporateAA-
NATIONAL BANK OF CANADA1.076710000002.1012/14/2018CorporateA
ASTRAZENECA PLC1.074710000001.7511/16/2018CorporateA-
VERIZON COMMUNICATIONS INC1.07459950002.0409/15/2016CorporateBBB+
BANQUE FEDERATIVE DU CREDIT MUTUEL1.073610000001.4701/20/2017CorporateA
RIVERSIDE CA PENSN OBLG1.07351000000.7506/01/2016Cash
NEDERLANDSE WATERSCHAPSBANK NV1.07241000000.5902/14/2018OtherAAA
SVENSKA HANDELSBANKEN AB1.072310000001.0609/23/2016CorporateAA-
BRANCH BANKING & TRUST1.07161000000.8412/01/2016CorporateA
PEPSICO INC1.071510000001.0010/13/2017CorporateA
BARCLAYS BANK PLC1.07141000000.9402/17/2017CorporateA-
NATIONAL AUSTRALIA BANK LIMITED (N1.071210000001.4001/14/2019CorporateAA-
CNH_15-C1.070610000001.1012/17/2018MBS/ABSAAA
WOART_15-B1.07041000000.8307/15/2019MBS/ABSAAA
HUMANA INC1.06981000000 .0002/16/2016Commercial PaperBBB+
CAMPBELL SOUP COMPANY1.06981000000 .0002/23/2016Commercial PaperBBB+
CATHOLIC HEALTH INITIATIVES1.06941000000 .0003/18/2016Commercial Paper
BMWLT_15-21.069410000001.0701/22/2018MBS/ABS
NATIONAL BANK OF CANADA1.069310000001.3412/14/2018CorporateA
FORDL_15-B1.069310000001.0405/15/2018MBS/ABSAAA
SDART_15-51.069110000001.1212/17/2018MBS/ABSAAA
ASTRAZENECA PLC1.06891000000.8911/16/2018CorporateA-
PEPSICO INC1.06871000000.8707/17/2017CorporateA
GMALT_15-31.068610000001.1706/20/2018MBS/ABSAAA
COMMONWEALTH BANK OF AUSTRALIA (NE1.068510000001.4011/02/2018CorporateAA-
ENI FINANCE USA INC1.06851000000 .0006/07/2016Commercial Paper
IDAHO HOUSING AND FINANCE ASSOCIAT1.06841000000 .0005/04/2016Cash
SINOPEC GROUP OVERSEAS DEVELOPMENT1.068410000001.4004/10/2017OtherA+
SDART_15-41.06799980171.2012/17/2018MBS/ABS
SIEMENS FINANCIERINGSMAATSCHAPPIJ1.06761000000.6705/25/2018CorporateA+
LLOYDS BANK PLC1.067010000001.0403/16/2018CorporateA
CARDS2_15-2A1.06651000000.9507/15/2020MBS/ABS
WESTPAC BANKING CORP1.064810000001.1211/23/2018CorporateAA-
AMERICAN EXPRESS CREDIT CORPORATIO1.0407988000.8508/15/2019CorporateA-
FORD MOTOR CREDIT COMPANY LLC1.039410000001.3303/12/2019CorporateBBB-
ELI LILLY AND COMPANY1.03599620001.2503/01/2018CorporateAA-
BANK OF NOVA SCOTIA0.98209060002.9003/29/2016CorporateA+
TOYOTA MOTOR CREDIT CORP0.97259060001.4501/12/2018CorporateAA-
SIEMENS FINANCIERINGSMAATSCHAPPIJ0.97139060001.4505/25/2018CorporateA+
BERKSHIRE HATHAWAY FINANCE CORP0.9697906000.7701/10/2017CorporateAA
SOUTHERN COMPANY (THE)0.96909060001.3008/15/2017CorporateBBB+
WHIRLPOOL CORPORATION0.96869060001.6511/01/2017CorporateBBB
BERKSHIRE HATHAWAY FINANCE CORP0.9686906000.9201/12/2018CorporateAA
EXXON MOBIL CORP0.9677906000.5503/15/2017CorporateAAA
AMERICAN HONDA FINANCE CORPORATION0.9662906000.7907/14/2017CorporateA+
CANADIAN NATIONAL RAILWAY COMPANY0.9649906000.5311/14/2017CorporateA
BANK OF AMERICA CORP0.96489060001.0008/25/2017CorporateBBB+
COMMONWEALTH BANK AUST0.9636906000.9003/12/2018CorporateAA-
ROYAL BANK OF CANADA0.9585906000.9703/06/2020CorporateAA-
PROCTER & GAMBLE COMPANY0.9498891000.8911/01/2019CorporateAA-
SHELL INTERNATIONAL FINANCE BV0.94809060002.1305/11/2020CorporateA+
VODAFONE GROUP PLC0.9355873000.7502/19/2016CorporateBBB+
SYNCHRONY FINANCIAL0.92888660001.8808/15/2017CorporateBBB-
UNITEDHEALTH GROUP INC0.91098500001.0701/17/2017CorporateA+
KROGER CO (THE)0.91018500001.1510/17/2016CorporateBBB
GENERAL ELECTRIC CAPITAL CORP0.90268420001.1301/14/2019CorporateAA+
DUKE ENERGY INDIANA INC0.9013842000.9707/11/2016CorporateA
WALT DISNEY COMPANY (THE)0.9011842000.7205/30/2019CorporateA
TOYOTA MOTOR CREDIT CORP0.8996842000.5605/16/2017CorporateAA-
MICROSOFT CORPORATION0.84157720001.8502/12/2020CorporateAAA
JOHN DEERE CAPITAL CORP0.83187760001.0512/15/2016CorporateA
MORGAN STANLEY0.82577690001.6402/25/2016CorporateBBB+
AT&T INC0.8167762000.7402/12/2016CorporateBBB+
US BANCORP0.81107650001.0204/25/2019CorporateA+
RABOBANK NEDERLAND0.80397500001.0103/18/2016CorporateA+
BP CAPITAL MARKETS PLC0.80237570001.2309/26/2018CorporateA
CHEVRON CORP0.80037560001.9603/03/2020CorporateAA-
MONSANTO COMPANY0.79847490001.1506/30/2017CorporateBBB+
CISCO SYSTEMS INC0.7735722000.9103/01/2019CorporateAA-
JOHNSON & JOHNSON0.76587110001.1311/21/2017CorporateAAA
CAPITAL ONE BANK USA NA0.74397000001.6502/05/2018CorporateBBB+
WESTPAC BANKING CORP0.7322683000.8211/25/2016CorporateAA-
BNP PARIBAS0.72246750001.0103/17/2017CorporateA+
GLENCORE FUNDING LLC0.71096750001.5705/27/2016CorporateBBB-
TORONTO-DOMINION BANK/THE0.7081660000.9409/09/2016CorporateAA-
CITIGROUP INC0.63275920001.0303/10/2017CorporateBBB+
NISSAN MOTOR ACCEPTANCE CORP.0.5831545000 .0002/18/2016Commercial PaperA-
TRANSCANADA PIPELINES LIMITED0.56315270001.2806/30/2016CorporateA-
CISCO SYSTEMS INC0.55475050005.5002/22/2016CorporateAA-
AT&T INC0.54125000002.9505/15/2016CorporateBBB+
APPLE INC0.5360503000.6405/06/2019CorporateAA+
THERMO FISHER SCIENTIFIC INC0.51814770002.2508/15/2016CorporateBBB
NISSAN MOTOR ACCEPTANCE CORP0.4866455000.9703/03/2017CorporateA-
AUSTRALIA & NEW ZEALAND BANKING GR0.48264500001.2501/10/2017CorporateAA-
ELECTRICITE DE FRANCE SA0.38643610001.0801/20/2017OtherA+
STARBUCKS CORPORATION0.3663342000.8812/05/2016CorporateA-
MORGAN STANLEY0.36613410002.5001/24/2019CorporateBBB+
KIMBERLY-CLARK CORPORATION0.32943040001.9005/22/2019CorporateA
CREDIT SUISSE NEW YORK NY0.31973000001.7501/29/2018CorporateA
BANK OF NOVA SCOTIA0.3012281000.9103/15/2016CorporateA+
HOME DEPOT INC0.29882750002.0006/15/2019CorporateA
WELLS FARGO & COMPANY0.27372560002.1501/30/2020CorporateA
ING BANK NV0.21462000001.4003/07/2016CorporateA
WAL-MART STORES INC0.20331890001.0004/21/2017CorporateAA
TEXAS INSTRUMENTS INC0.1956182000.8803/12/2017CorporateA+
MASTERCARD INC0.18881730002.0004/01/2019CorporateA
CANADIAN NATURAL RESOURCES LIMITED0.17821850001.7501/15/2018CorporateBBB+
JPMORGAN CHASE & CO0.11351060001.5201/25/2018CorporateA-
BNP PARIBAS SA0.0816750003.6002/23/2016CorporateA+
WALGREEN CO0.0782730001.7511/17/2017CorporateBBB
TOYOTA MOTOR CREDIT CORP0.075070000.6505/17/2016CorporateAA-
ABBEY NATIONAL TREASURY SERVICES P0.0749700001.0103/13/2017CorporateA
JOHN DEERE CAPITAL CORP0.0140130001.9512/13/2018CorporateA
*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
08/01/201608/03/201608/05/2016
07/01/201607/06/201607/08/2016
06/01/201606/03/201606/07/2016
05/02/201605/04/201605/06/2016
04/01/201604/05/201604/07/2016
03/01/201603/03/201603/07/2016
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