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FlexShares Credit-Scored US Long Corporate Bond Index Fund

ETF
LKOR
Payout Change
Pending
Price as of:
$43.002 +0.04 +0.1%
primary theme
Corporate Bond
LKOR (ETF)

FlexShares Credit-Scored US Long Corporate Bond Index Fund

Payout Change
Pending
Price as of:
$43.002 +0.04 +0.1%
primary theme
Corporate Bond
LKOR (ETF)

FlexShares Credit-Scored US Long Corporate Bond Index Fund

Payout Change
Pending
Price as of:
$43.002 +0.04 +0.1%
primary theme
Corporate Bond

Name

As of 11/22/2024

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 Credit-Scored US Long Corporate Bond Index Fund

LKOR | ETF

$43.00

$31.9 M

5.20%

$2.24

0.16%

Vitals

YTD Return

0.6%

1 yr return

9.2%

3 Yr Avg Return

-5.2%

5 Yr Avg Return

-0.7%

Net Assets

$31.9 M

Holdings in Top 10

5.6%

52 WEEK LOW AND HIGH

$43.0
$41.32
$46.12

Expenses

OPERATING FEES

Expense Ratio 0.16%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 74.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/22/2024

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 Credit-Scored US Long Corporate Bond Index Fund

LKOR | ETF

$43.00

$31.9 M

5.20%

$2.24

0.16%

LKOR - Profile

Distributions

  • YTD Total Return 0.6%
  • 3 Yr Annualized Total Return -5.2%
  • 5 Yr Annualized Total Return -0.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 5.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    FlexShares Credit-Scored US Long Corporate Bond Index Fund
  • Fund Family Name
    Flexshares Trust
  • Inception Date
    Sep 23, 2015
  • Shares Outstanding
    1000001
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Eric Williams

Fund Description

The Underlying Index is designed to reflect the performance of a diversified universe of longer term maturity, US-dollar denominated bonds of companies with investment grade credit quality, favorable valuations, and enhanced short-term and long-term solvency. Securities eligible for inclusion in the Underlying Index must meet the following criteria at each reconstitution of the Underlying Index: (a) they are issued in U.S. dollars; (b) they are publicly issued in the U.S. and registered with the SEC or eligible for resale under Rule 144A under the Securities Act of 1933; (c) they fall within a specified list of eligible security types; (d) they are either senior or subordinated debts; (e) they have a minimum credit rating of Baa3 or BBB-; (f) they have a final maturity of 10 years or greater; and (g) they have $250 million or more in outstanding principal.
Once all eligible securities have been identified, the Underlying Index then follows a rules-based methodology to select and weight securities, subject to certain constraints as described below, to optimize the Underlying Index’s exposure to a combined proprietary value score and a pro
prietary quality score, as determined by NTI acting in its capacity as index provider (“Index Provider”). Each of the value score and the quality score are based on various metrics obtained from company filings and recent price activity. The value score has multiple components, including: (a) valuation (e.g., to assess the relative value of the security versus other similar securities); (b) spread analysis (e.g., to assess the risk/return trade-off associated with each security versus other similar securities); and (c) solvency (e.g., to assess the corporation’s short term and long term solvency and also its risk of default). The quality score has three components: (i) management efficiency (e.g., corporate finance activities); (ii) profitability (e.g., reliability and sustainability of financial performance); and (iii) solvency. The primary objective of the optimization process is to maximize exposure to securities with the highest value and quality scores and to maintain a similar effective duration profile relative to the Underlying Index’s eligible universe. In addition, the optimization process also includes security level, sector, issuer level, low value and quality, duration band, and turnover constraints to seek to manage systematic risk.
As of December 31, 2023, there were 1,463 issues in the Underlying Index. The Underlying Index is reconstituted monthly. 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 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.
The Fund generally will invest under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of its 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, 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).
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 approximately the same extent that the Underlying Index is concentrated.
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LKOR - Performance

Return Ranking - Trailing

Period LKOR Return Category Return Low Category Return High Rank in Category (%)
YTD 0.6% -2.0% 8.5% 95.95%
1 Yr 9.2% 2.9% 13.0% 13.87%
3 Yr -5.2%* -7.8% 41.0% 95.93%
5 Yr -0.7%* -7.1% 25.4% 96.25%
10 Yr N/A* -0.2% 14.4% 20.83%

* Annualized

Return Ranking - Calendar

Period LKOR Return Category Return Low Category Return High Rank in Category (%)
2023 6.1% -5.6% 6.3% 1.16%
2022 -28.7% -28.7% 142.1% 100.00%
2021 -6.0% -12.3% 4.9% 87.57%
2020 8.6% -8.0% 10.6% 3.03%
2019 N/A 4.3% 13.4% 2.65%

Total Return Ranking - Trailing

Period LKOR Return Category Return Low Category Return High Rank in Category (%)
YTD 0.6% -2.0% 8.5% 95.95%
1 Yr 9.2% 2.9% 13.0% 13.87%
3 Yr -5.2%* -7.8% 41.0% 95.93%
5 Yr -0.7%* -7.1% 25.4% 96.25%
10 Yr N/A* -0.2% 14.4% N/A

* Annualized

Total Return Ranking - Calendar

Period LKOR Return Category Return Low Category Return High Rank in Category (%)
2023 11.6% -5.6% 12.9% 1.16%
2022 -25.6% -25.6% 151.8% 100.00%
2021 -1.5% -5.1% 7.5% 83.43%
2020 16.0% -8.0% 116.0% 3.64%
2019 N/A 6.7% 17.4% 2.65%

LKOR - Holdings

Concentration Analysis

LKOR Category Low Category High LKOR % Rank
Net Assets 31.9 M 17.6 M 47.3 B 91.91%
Number of Holdings 935 4 10364 19.08%
Net Assets in Top 10 2.32 M -29.6 M 3.03 B 99.42%
Weighting of Top 10 5.59% 1.7% 143.7% 95.38%

Top 10 Holdings

  1. U.S. Treasury Notes 0.66%
  2. Meta Platforms, Inc. 0.65%
  3. Visa, Inc. 0.65%
  4. Cisco Systems, Inc. 0.55%
  5. Altria Group, Inc. 0.55%
  6. Meta Platforms, Inc. 0.53%
  7. Wells Fargo Co. 0.52%
  8. Cisco Systems, Inc. 0.51%
  9. Wells Fargo Co. 0.49%
  10. Lloyds Banking Group plc 0.48%

Asset Allocation

Weighting Return Low Return High LKOR % Rank
Bonds 		98.44% 0.00% 136.47% 20.23%
Cash 		1.56% -43.80% 45.89% 64.16%
Stocks 		0.00% 0.00% 99.98% 71.10%
Preferred Stocks 		0.00% 0.00% 9.18% 72.25%
Other 		0.00% -4.61% 9.86% 84.97%
Convertible Bonds 		0.00% 0.00% 78.47% 98.27%

Bond Sector Breakdown

Weighting Return Low Return High LKOR % Rank
Corporate 		98.75% 41.80% 99.52% 5.78%
Derivative 		0.00% -2.67% 2.14% 71.10%
Cash & Equivalents 		0.00% 0.00% 45.89% 93.64%
Securitized 		0.00% 0.00% 23.18% 95.38%
Municipal 		0.00% 0.00% 3.37% 87.28%
Government 		0.00% 0.00% 25.63% 98.27%

Bond Geographic Breakdown

Weighting Return Low Return High LKOR % Rank
US 		98.44% 0.00% 110.12% 18.50%
Non US 		0.00% 0.00% 47.05% 75.14%

LKOR - Expenses

Operational Fees

LKOR Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.16% 0.03% 3.33% 90.59%
Management Fee 0.15% 0.00% 1.35% 11.56%
12b-1 Fee 0.00% 0.00% 1.00% 9.33%
Administrative Fee N/A 0.02% 0.45% N/A

Sales Fees

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

Trading Fees

LKOR 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.

LKOR Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 74.00% 0.00% 259.00% 56.14%

LKOR - Distributions

Dividend Yield Analysis

LKOR Category Low Category High LKOR % Rank
Dividend Yield 5.20% 0.00% 6.00% 4.62%

Dividend Distribution Analysis

LKOR Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

LKOR Category Low Category High LKOR % Rank
Net Income Ratio N/A 0.38% 5.93% 6.55%

Capital Gain Distribution Analysis

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

Distributions History

View More +

LKOR - Fund Manager Analysis

Managers

Eric Williams

Start Date

Tenure

Tenure Rank

Sep 29, 2020

1.67

1.7%

Mr. Williams joined NTI in January 2010 and has assisted in the management of various fixed income funds

Chaitany Mandavakuriti

Start Date

Tenure

Tenure Rank

Mar 25, 2021

1.18

1.2%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 24.76 6.81 4.41

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