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Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund

FEIG | ETF

$40.74

$40.7 M

4.75%

$1.94

0.13%

Vitals

YTD Return

0.1%

1 yr return

4.9%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$40.7 M

Holdings in Top 10

10.2%

52 WEEK LOW AND HIGH

$40.9
$37.70
$41.81

Expenses

OPERATING FEES

Expense Ratio 0.13%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund

FEIG | ETF

$40.74

$40.7 M

4.75%

$1.94

0.13%

FEIG - Profile

Distributions

  • YTD Total Return 0.1%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 4.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    FlexShares ESG & Climate Investment Grade Corporate Core Index Fund
  • Fund Family Name
    N/A
  • Inception Date
    Sep 20, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Chaitany Mandavakuriti

Fund Description

The Underlying Index is designed to reflect the performance of a selection of U.S.-dollar-denominated corporate bonds issued by companies that exhibit certain environmental, social and governance (“ESG”) characteristics.The Underlying Index is designed to minimize tracking differences relative to the Northern Trust Investment Grade U.S. Corporate Bond IndexSM (the “Parent Index”) while also seeking (a) an aggregate higher scoring of certain ESG characteristics, as measured by the Northern Trust ESG Vector Score (“ESG Vector Score”) described below, and (b) reduction of aggregate climate-related risk, as measured by certain carbon-related risk metrics, each relative to its Parent Index. The Underlying Index also excludes certain companies by using controversial business involvement and norms-based screens.
The Parent Index is a market-capitalization weighted index comprised of US dollar-denominated corporate bonds. In order to be eligible for inclusion in the Parent Index, a security must be a US-dollar-denominated corporate bond that is publicly issued in the United States and registered with the SEC or eligible for resale under Rule 144A under the Securities Act of 1933, with or without registration
rights. A security must be an investment grade security (i.e., rated at the time of inclusion in the Parent Index within the top four ratings categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”)). In addition, a security eligible for inclusion in the Parent Index must have,at each rebalance, (i) a final time to stated maturity of at least one year and (ii) an outstanding principal balance of at least $250 million. The Fund does not have any portfolio maturity limitation and may invest its assets from time to time in instruments with varying maturities.
NTI in its capacity as Index Provider (the “Index Provider”) applies an ESG Vector Score to each of the companies in the Parent Index. The ESG Vector Score is designed to rank companies based on their management of and exposure to material ESG metrics as defined by the Sustainability Accounting Standards Board (“SASB”) Standards and a corporate governance score for each company. NTI calculates and maintains ESG Vector Scores for companies using data from third-party data providers. The SASB Standards identify financially material ESG issues for a company based on its industry classification within the following five dimensions: (i) environmental; (ii) social capital; (iii) human capital; (iv) business model and innovation; and (v) leadership and governance. The preliminary ESG score is then adjusted up or down based on a quantitative assessment of how a company is managing the risks associated with those material ESG issues relative to its peers based on the recommendations of the Task Force on Climate-related Financial Disclosures to evaluate a company through governance, strategy and risk management lenses. The adjusted ESG score generates 80% of the ESG Vector Score. Finally, a distinct corporate governance score is applied to each company with respect to its (i) board and management quality and integrity; (ii) board structure; (iii) ownership and shareholder rights; (iv) remuneration; (v) financial reporting; and (vi) stakeholder governance, which generates 20% of the ESG Vector Score.
In addition to applying the ESG Vector Score, the Index Provider uses data from Institutional Shareholder Services ESG Solutions to assess carbon emissions intensity and a carbon risk rating for each company. Carbon emissions intensity measures (i) direct greenhouse gas emissions from sources controlled or owned by the company (e.g., emissions associated with fuel combustion in boilers, furnaces, or vehicles); and (ii) indirect greenhouse gas emis
sions associated with the purchase of electricity, steam, heat or cooling against the value of the company enterprise-wide. The ISS Carbon Risk Rating provides an assessment of a company’s ability to mitigate the risks of transition to a lower carbon economy based on its specific baseline carbon risk exposure.
At the time of each reconstitution of the Underlying Index, the Index Provider uses an optimization process to select and weight securities in the Parent Index to seek to (i) minimize the potential for tracking differences for the Underlying Index; (ii) increase the aggregate ESG Vector Score for the companies in the Underlying Index; (iii) reduce the aggregate carbon emissions intensity of the companies in the Underlying Index; and (iv) improve the aggregate carbon risk rating of the companies in the Underlying Index, each relative to the Parent Index. It is possible that the Underlying Index will include (and therefore the Fund could invest in) securities that, individually, have a low ESG Vector Score or high carbon-related risk relative to the aggregate ESG score or carbon-related risk of the Parent Index. The optimization also includes sector, country, turnover, issuer and constituent constraints so that these characteristics in the Underlying Index vary within acceptable bands relative to the Parent Index.
Certain eligible securities are excluded from the Underlying Index by the Index Provider, using proprietary screening definitions and data from Sustainalytics and other independent ESG data providers, which may change from time to time. Excluded companies include those which are involved in (i) verified infringement of established international initiatives and guidelines, including United Nations Global Compact Principles and Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Entities; (ii) the production of tobacco; and (iii) manufacturing of controversial weapons. Excluded companies also include those which derive a certain percentage of revenue (e.g., 5% or more) from (a) manufacturing of civilian firearms; (b) manufacture, retailing, and distribution of small arms (assault and non-assault) weapons or components; (c) manufacturing of conventional weapons or providing support services through military contracting; (d) thermal coal extraction; (e) coal-fired energy generation; (f) oil sands and shale; (g) arctic oil with weak management of carbon within their products and services; (h) the retail sale of tobacco and tobacco related products or services; and (i) the running of private prisons. The above-described exclusionary screens are applied with each reconstitution of the Underlying Index.
The Underlying Index is a new index with an inception date of July 30, 2021. As of December 31, 2023, there were 3,679 issues in the Underlying Index. The Underlying Index is reconstituted monthly under normal market conditions. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index.
NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund.
Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index.
The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received).
The Fund is “non-diversified” under the Investment Company Act of 1940 (“1940 Act”), as amended, and may invest more of its assets in fewer issuers than “diversified” funds.
Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approxi
mately the same extent that the Underlying Index is concentrated. As of December 31, 2023, the Underlying Index was concentrated in the financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.
Read More

FEIG - Performance

Return Ranking - Trailing

Period FEIG Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -37.4% 3.2% 80.36%
1 Yr 4.9% -22.5% 163.5% N/A
3 Yr N/A* -13.4% 33.3% N/A
5 Yr N/A* -10.0% 21.5% N/A
10 Yr N/A* -4.1% 9.4% N/A

* Annualized

Return Ranking - Calendar

Period FEIG Return Category Return Low Category Return High Rank in Category (%)
2023 4.0% -27.3% 144.0% N/A
2022 -18.3% -15.7% 31.5% N/A
2021 N/A -13.0% 34.5% N/A
2020 N/A -52.0% 4.7% N/A
2019 N/A -3.1% 13.4% N/A

Total Return Ranking - Trailing

Period FEIG Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -37.4% 2.2% 86.40%
1 Yr 4.9% -22.5% 163.5% N/A
3 Yr N/A* -13.4% 33.3% N/A
5 Yr N/A* -10.0% 21.5% N/A
10 Yr N/A* -4.1% 9.7% N/A

* Annualized

Total Return Ranking - Calendar

Period FEIG Return Category Return Low Category Return High Rank in Category (%)
2023 8.6% -27.3% 144.0% N/A
2022 -15.9% -15.7% 31.5% N/A
2021 N/A -13.0% 34.5% N/A
2020 N/A -14.8% 4.7% N/A
2019 N/A -3.1% 13.4% N/A

FEIG - Holdings

Concentration Analysis

FEIG Category Low Category High FEIG % Rank
Net Assets 40.7 M 6.52 M 44.4 B 78.13%
Number of Holdings 763 2 9191 34.63%
Net Assets in Top 10 4.07 M -29.6 M 3.34 B 77.31%
Weighting of Top 10 10.21% 1.8% 100.0% 94.61%

Top 10 Holdings

  1. Goldman Sachs Group, Inc. (The) 2.18%
  2. International Business Machines Corp. 1.45%
  3. Ford Motor Credit Co. LLC 1.04%
  4. Ford Motor Credit Co. LLC 1.02%
  5. Citigroup, Inc. 1.01%
  6. Verizon Communications, Inc. 0.91%
  7. Alphabet, Inc. 0.70%
  8. TSMC Arizona Corp. 0.67%
  9. Microsoft Corp. 0.63%
  10. Pfizer, Inc. 0.60%

Asset Allocation

Weighting Return Low Return High FEIG % Rank
Bonds 		96.25% 15.65% 141.47% 65.67%
Cash 		3.75% -49.09% 54.19% 39.40%
Stocks 		0.00% 0.00% 5.27% 62.69%
Preferred Stocks 		0.00% 0.00% 9.18% 70.15%
Other 		0.00% -38.92% 3.98% 59.10%
Convertible Bonds 		0.00% 0.00% 78.47% 28.06%

Bond Sector Breakdown

Weighting Return Low Return High FEIG % Rank
Derivative 		0.00% 0.00% 27.02% 65.97%
Cash & Equivalents 		0.00% 0.00% 54.19% 48.36%
Securitized 		0.00% 0.00% 23.18% 84.48%
Corporate 		0.00% 41.80% 100.00% 35.52%
Municipal 		0.00% 0.00% 3.62% 78.51%
Government 		0.00% 0.00% 25.63% 86.87%

Bond Geographic Breakdown

Weighting Return Low Return High FEIG % Rank
US 		96.25% 0.00% 122.90% 43.28%
Non US 		0.00% 0.00% 47.05% 68.66%

FEIG - Expenses

Operational Fees

FEIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.13% 0.03% 3.62% 95.68%
Management Fee 0.12% 0.00% 1.35% 10.22%
12b-1 Fee N/A 0.00% 1.00% 9.57%
Administrative Fee N/A 0.02% 0.45% N/A

Sales Fees

FEIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

FEIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FEIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 259.00% N/A

FEIG - Distributions

Dividend Yield Analysis

FEIG Category Low Category High FEIG % Rank
Dividend Yield 4.75% 0.00% 25.68% 54.33%

Dividend Distribution Analysis

FEIG Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

FEIG Category Low Category High FEIG % Rank
Net Income Ratio N/A 0.38% 7.58% N/A

Capital Gain Distribution Analysis

FEIG Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

FEIG - Fund Manager Analysis

Managers

Chaitany Mandavakuriti

Start Date

Tenure

Tenure Rank

Sep 20, 2021

0.69

0.7%

Chaitanya Mandavakuriti, a Vice President of Northern Trust Investments, Inc., has served as a Portfolio Manager of the Fund since March 2021. Chaitanya Mandavakuriti is a Vice President of NTI. Mr. Mandavakuriti joined NTI in 2013 and has assisted in the management of international fixed income index portfolios with a focus on credit.

Morten Olsen

Start Date

Tenure

Tenure Rank

Sep 20, 2021

0.69

0.7%

Morten Olsen is a Vice President of Northern Trust Investments, Inc. Mr. Olsen joined Northern Trust Investments, Inc. in 2009. From 2004 to 2008, Mr. Olsen worked at Lehman Brothers and from 2008 to 2009 at Nomura. In both roles, Mr. Olsen was responsible for the investment of the banks liquidity pool.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 24.76 6.22 2.41

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