RAVI Fees and Costs — FlexShares Ultra-Short Income Fund
Data updated: 2026-09-25
The net expense ratio is 0.25%: a 0.25% management fee plus 0.01% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 68%.
RAVI Fees and Expenses
Annual operating expenses and sales charges of RAVI. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.26% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.25% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
RAVI Costs Over Time
On $10,000 invested in RAVI, assuming 5% a year before costs, total costs come to $159 over 5 years, cutting the return by 0.26% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.25%) | $26 | $83 | $144 |
| Lost growth on money paid in costs | $0 | $4 | $14 |
| Total costs | $26 | $87 | $159 |
| Value after costs | $10,474 | $11,490 | $12,604 |
| Impact on return, per year | 0.26% | 0.26% | 0.26% |
RAVI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $7.9B
- Portfolio turnover (prospectus): 68%
- Securities lending: none during the year
RAVI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Loop Capital Markets LLC | $5.0B | 72.84% |
| BofA Securities, Inc. | $410.0M | 5.96% |
| Nomura Securities International, Inc. | $400.0M | 5.81% |
| Barclays Capital, Inc. | $207.6M | 3.02% |
| Mizuho Securities USA LLC | $178.8M | 2.60% |
| Bank of New York Mellon Corp. | $149.1M | 2.17% |
| Goldman Sachs & Co. LLC | $142.9M | 2.08% |
| J.P. Morgan Securities LLC | $138.6M | 2.01% |
| RBC Capital Markets, LLC | $124.5M | 1.81% |
| Citigroup Global Markets Inc. | $117.1M | 1.70% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.