0001193125-12-413763.txt : 20121003 0001193125-12-413763.hdr.sgml : 20121003 20121003151357 ACCESSION NUMBER: 0001193125-12-413763 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121003 DATE AS OF CHANGE: 20121003 EFFECTIVENESS DATE: 20121003 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FlexShares Trust CENTRAL INDEX KEY: 0001491978 IRS NUMBER: 272560399 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22555 FILM NUMBER: 121126482 BUSINESS ADDRESS: STREET 1: 50 S. LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: (800) 595-9111 MAIL ADDRESS: STREET 1: 50 S. LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 FORMER COMPANY: FORMER CONFORMED NAME: NT ETF Trust DATE OF NAME CHANGE: 20100513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FlexShares Trust CENTRAL INDEX KEY: 0001491978 IRS NUMBER: 272560399 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-173967 FILM NUMBER: 121126483 BUSINESS ADDRESS: STREET 1: 50 S. LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: (800) 595-9111 MAIL ADDRESS: STREET 1: 50 S. LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 FORMER COMPANY: FORMER CONFORMED NAME: NT ETF Trust DATE OF NAME CHANGE: 20100513 0001491978 S000035596 FlexShares Ready Access Variable Income Fund C000109007 FlexShares Ready Access Variable Income Fund 485BPOS 1 d408776d485bpos.htm FLEXSHARES TRUST FlexShares Trust

As filed with the Securities and Exchange Commission on October 3, 2012

Securities Act of 1933 File No. 333-173967

Investment Company Act of 1940 File No. 811-22555

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933                x

Pre-Effective Amendment No.             ¨

Post-Effective Amendment No. 25  x

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940  x

Amendment No. 27  x

(Check Appropriate Box or Boxes)

 

 

FLEXSHARES TRUST

(Exact Name of Registrant as Specified in Charter)

50 South LaSalle Street

Chicago, Illinois 60603

(Address of Principal Executive Offices)

800-595-9111

(Registrant’s Telephone Number, including Area Code)

 

Name and Address of Agent for Service:   with a copy to:
Diana E. McCarthy, Esq.   Peter K. Ewing
Drinker Biddle & Reath LLP   Craig R. Carberry, Esq.
One Logan Square, Ste. 2000   Northern Trust Investments, Inc.
Philadelphia, Pennsylvania 19103-6996   50 South LaSalle Street
  Chicago, Illinois 60603

 

 

It is proposed that this filing will become effective (check appropriate box)

 

  x immediately upon filing pursuant to paragraph (b)
  ¨ on (date) pursuant to paragraph (b)
  ¨ 60 days after filing pursuant to paragraph (a)(1)
  ¨ on (date) pursuant to paragraph (a)(1)
  ¨ 75 days after filing pursuant to paragraph (a)(2)
  ¨ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

 

  ¨ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for effectiveness of this Post-Effective Amendment No. 25 pursuant to Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 25 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago and State of Illinois on the 3rd day of October 2012.

 

 

FLEXSHARES TRUST

 

By:

 

/s/ Shundrawn A. Thomas

    Shundrawn A. Thomas
    Trustee and President

 

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 25 to Registrant’s Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

 

Name

              

Title

  Date              

* Sarah N. Garvey

         Trustee   October 3, 2012   
Sarah N. Garvey              

* Philip G. Hubbard

         Trustee   October 3, 2012   
Philip G. Hubbard              

* Eric T. McKissack

         Trustee   October 3, 2012   
Eric T. McKissack              

/s/ Shundrawn A. Thomas

         Trustee and President   October 3, 2012   
Shundrawn A. Thomas          (Principal Executive Officer)     

/s/ Randal Rein

         Treasurer   October 3, 2012   
Randal Rein         

(Principal Financial Officer

and Principal Accounting

Officer)

    

 

* By:

  /s/ Diana E. McCarthy
  Diana E. McCarthy
  Attorney-In-Fact, pursuant to power of attorney


EXHIBIT INDEX

EX-101.INS        XBRL Instance Document

EX-101.SCH       XBRL Taxonomy Extension Schema Document

EX-101.CAL       XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF       XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB       XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE       XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 fst-20120911.xml XBRL INSTANCE DOCUMENT 0001491978 fst:S000035596Member 2011-09-13 2012-09-12 0001491978 2011-09-13 2012-09-12 0001491978 fst:S000035596Member fst:C000109007Member 2011-09-13 2012-09-12 pure iso4217:USD <div style="display:none">~ http://www.flexshares.com/role/ScheduleShareholderFeesFlexSharesReadyAccessVariableIncomeFund column period compact * ~</div> <font style="FONT-FAMILY: Arial" size="1"><b>EXAMPLE </b></font> <font style="FONT-FAMILY: Arial" size="2"><b>FUND SUMMARY </b></font><br /><font style="FONT-FAMILY: Times New Roman" size="2">FlexShares</font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174; </sup></font><font style="FONT-FAMILY: Times New Roman" size="2">Ready Access Variable Income Fund </font> <font style="FONT-FAMILY: Times New Roman" size="2"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. Portfolio turnover may vary from year to year, as well as within a year. </font> <div style="display:none">~ http://www.flexshares.com/role/ScheduleAnnualFundOperatingExpensesFlexSharesReadyAccessVariableIncomeFund column period compact * ~</div> <font style="FONT-FAMILY: ARIAL" size="1"><i>Other Expenses for the current fiscal year are estimated as the Fund had not commenced operations as of the date of this Prospectus.</i></font> 485BPOS FlexShares Trust -0.0002 26 <font style="FONT-FAMILY: Times New Roman" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You will also incur usual and customary brokerage commissions when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows: </font> <font style="FONT-FAMILY: Times New Roman" size="2">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Shareholder Fees</b> (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Annual Fund Operating Expenses </b>(expenses that you pay each year as a</font><br /><font style="FONT-FAMILY: Times New Roman" size="1">percentage of the value of your investment)</font> 0001491978 0.0027 85 <font style="FONT-FAMILY: Arial" size="1"><b>INVESTMENT OBJECTIVE </b></font> <font style="FONT-FAMILY: Arial" size="1"><b>FEES AND EXPENSES OF THE FUND </b></font> <font style="FONT-FAMILY: Arial" size="1"><b>PORTFOLIO TURNOVER.</b></font> <font style="FONT-FAMILY: Arial" size="1"><b>PRINCIPAL INVESTMENT STRATEGIES </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Fund seeks to achieve the investment objective by investing under normal circumstances at least 65% of its total assets in a non-diversified portfolio of fixed income instruments, including bonds, debt securities and other similar instruments issued by U.S. and non-U.S. public and private sector entities. Such issuers include, without limitation, U.S. and non-U.S. governments and their agencies, instrumentalities or sponsored enterprises, U.S. state and local governments and U.S. and non-U.S. private-sector entities, such as corporations and banks. The average portfolio duration of this Fund will vary based on The Northern Trust Company Investment Policy Committee&#8217;s forecast for interest rates and will normally not exceed one year. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. The dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed two years. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The Fund invests in investment grade debt securities (i.e., securities that are, at the time of investment, rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (&#8220;NRSRO&#8221;) or of comparable quality as determined by NTI). The Fund may invest, without limitation, in fixed income securities and instruments of foreign issuers in developed and emerging markets, including debt securities of foreign governments, and may invest more than 25% of its total assets in securities and instruments of issuers in a single developed market country. The Fund may invest up to 20% of its total assets in fixed income securities and instruments of issuers in emerging markets. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The Fund may invest, without limitation, in mortgage- or asset-backed securities, including to-be-announced transactions, and purchase and sell securities on a when-issued, delayed delivery or forward commitment basis. However, the Fund will not invest more than 10% of its total assets in non-agency mortgage or asset-backed securities. The Fund also may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts (such as buy backs or mortgage dollar rolls). The Fund may engage in forward foreign currency transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, to facilitate local settlements or to protect against currency exposure in connection with its distributions to shareholders. The Fund, however, does not expect to engage in currency transactions for speculative purposes (e.g., for potential income or capital gain). </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2">The Fund is &#8220;non-diversified&#8221; under the Investment Company Act of 1940, as amended, and may invest more of its assets in fewer issuers than &#8220;diversified&#8221; funds. </font> <font style="FONT-FAMILY: Times New Roman" size="2"><i>September 12, 2013</i></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>It is possible to lose money on an investment in the Fund.</b></font> 2012-09-11 <font style="FONT-FAMILY: Times New Roman" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s net asset value (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>CREDIT (OR DEFAULT) RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund&#8217;s investments and its returns. Changes in the credit rating of a debt security held by the Fund could have a similar effect. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>CURRENCY RISK </b> </font><font style="FONT-FAMILY: Times New Roman" size="2">is the risk that foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Fund&#8217;s investments and its returns. Because the Fund&#8217;s NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Fund&#8217;s holdings appreciates. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>DEBT EXTENSION RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>DERIVATIVES RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk of investing in derivative instruments. The Fund may enter into forward foreign currency contracts, which subjects the Fund to additional Liquidity Risk, Interest Rate Risk, Market Risk, Credit (or Default) Risk, Leveraging Risk and Management Risk, as well as the risk of mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>EMERGING MARKETS RISK </b> </font><font style="FONT-FAMILY: Times New Roman" size="2">is the risk that markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, political, regulatory and other uncertainties than more developed markets. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>FINANCIAL SECTOR RISK </b> </font><font style="FONT-FAMILY: Times New Roman" size="2">is the risk that the Fund will be impacted by events affecting the U.S. and non-U.S. financial sectors if it invests a relatively large percentage of its assets in those sectors, adversely affecting the Fund&#8217;s performance. The U.S. and non-U.S. financial sectors can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, the availability and cost of capital funds and fallout from the housing and sub-prime mortgage crisis. In 2008 and 2009, the U.S. financial sector was significantly impacted by bankruptcies and consolidations of major financial firms. Events affecting the U.S. and non-U.S. financial sectors have had, and may continue to have, a significant negative impact on the valuations and stock prices of companies in this sector and have increased the volatility of investments in those sectors. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>FOREIGN SECURITIES RISK </b> </font><font style="FONT-FAMILY: Times New Roman" size="2">is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in U.S. securities, due to less liquid markets, and adverse economic, political, diplomatic, financial and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. To the extent that the Fund&#8217;s assets may be concentrated in a single country or countries located in the same geographic region, the Fund will be subject to risks associated with that particular country or region, such as general and local economic, political and social conditions. Any of these events could cause the value of the Fund&#8217;s investments to decline. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>INTEREST RATE/MATURITY RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk that the value of the Fund&#8217;s fixed-income assets will decline because of rising interest rates. The magnitude of this decline will often be greater for longer-term fixed-income securities than shorter-term fixed-income securities. Duration is a measure used to determine the sensitivity of a security&#8217;s price to changes in interest rates. The longer a security&#8217;s duration, the more sensitive it will be to changes in interest rates. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>ISSUER RISK </b> </font><font style="FONT-FAMILY: Times New Roman" size="2">is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security&#8217;s or instrument&#8217;s credit quality or value. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>LEVERAGING RISK </b> </font><font style="FONT-FAMILY: Times New Roman" size="2">is the risk that risk that certain transactions of the Fund, such as the use of when-issued, delayed delivery or forward commitment transactions and investments in forward foreign currency contracts, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>LIQUIDITY RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk that certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund&#8217;s investments and its returns. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>MANAGEMENT RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk that a strategy used by NTI may fail to produce the intended results. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>MARKET RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk that the Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>MARKET TRADING RISKS </b> </font><font style="FONT-FAMILY: Times New Roman" size="2">are the risks that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>MORTGAGE-RELATED AND OTHER ASSET-BACKED RISKS </b> </font><font style="FONT-FAMILY: Times New Roman" size="2">are the risks of investing in mortgage-related and other asset-backed securities, including Interest Rate/Maturity Risk, Debt Extension Risk and Prepayment (or Call) Risk. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>MUNICIPAL MARKET VOLATILITY RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk that the Fund may be adversely affected by the volatile municipal market. The municipal market can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>NEW FUND RISKS</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> are the risks that the Fund faces because it is a new fund. As a new fund, there can be no assurance that it will grow to or maintain an economically viable size or it could ultimately liquidate. The Fund&#8217;s Distributor does not maintain a secondary market in the shares. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>NON-DIVERSIFICATION RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk that Fund performance may depend on the performance of a small number of issuers because the Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>PREPAYMENT (OR CALL) RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk that prepayment of the underlying mortgages or other collateral of some fixed-income securities may result in a decreased rate of return and a decline in value of those securities. </font><br /><br /><font style="FONT-FAMILY: Arial" size="1"><b>U.S. GOVERNMENT SECURITIES RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities that may be purchased by the Fund are not backed by the full faith and credit of the United States. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="2"><b>It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </b></font> <font style="FONT-FAMILY: Arial" size="1"><b>NON-DIVERSIFICATION RISK</b> </font><font style="FONT-FAMILY: Times New Roman" size="2"> is the risk that Fund performance may depend on the performance of a small number of issuers because the Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers.</font> 2012-09-11 0 <font style="FONT-FAMILY: Times New Roman" size="2"> You will also incur usual and customary brokerage commissions when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows: </font> false 2012-09-12 2012-09-12 0.0025 0 0.0002 0.0025 <font style="FONT-FAMILY: Times New Roman" size="2">The Fund seeks maximum current income consistent with the preservation of capital and liquidity. </font> <font style="FONT-FAMILY: Arial" size="1"><b>PRINCIPAL RISKS </b></font> <font style="FONT-FAMILY: Arial" size="1"><b>FUND PERFORMANCE </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">As of the date of this Prospectus, the Fund has not yet commenced investment operations. </font> <div style="display:none">~ http://www.flexshares.com/role/ScheduleExpenseExampleTransposedFlexSharesReadyAccessVariableIncomeFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b>An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">As of the date of this Prospectus, the Fund has not yet commenced investment operations. </font> Under the Fund's Investment Advisory Agreement, Northern Trust Investments, Inc. ("NTI" or "Investment Adviser") is responsible for most of the operating expenses of the Fund. However, the Investment Adviser is not responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. Other Expenses for the current fiscal year are estimated as the Fund had not commenced operations as of the date of this Prospectus. NTI has contractually agreed to reimburse the fees and expenses of the Trust's independent trustees and their independent legal counsel until September 12, 2013. After this date, NTI and the Fund may mutually agree to extend the contractual arrangement. 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} ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } EXCEL 9 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\X83'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O6QE#I!8W1I=F53:&5E=#X-"B`@/'@Z4')O M=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF72TM/@T*/"]H96%D M/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U;&0@8F4@;W!E;F5D M('=I=&@@36EC'1087)T7SAA-S-C,3EE7S$V M.31?-#$T,%\Y,#!B7V)A,F4T-F8V8V4W-@T*0V]N=&5N="U,;V-A=&EO;CH@ M9FEL93HO+R]#.B\X83'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,#`P,30Y,3DW M.#QS<&%N/CPO'0^4V5P(#$R+`T*"0DR,#$R/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D M>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\X83'0O M:'1M;#L@8VAA6QE M/3-$)T9/3E0M1D%-24Q9.B!!%-H87)E6QE/3-$)U!/4TE424]..B!R96QA=&EV93L@ M0D]45$]-.B`P+CAE>#L@5D525$E#04PM04Q)1TXZ(&)A6QE/3-$)T9/3E0M1D%-24Q9.B!4 M:6UEF4],T0R/E)E861Y($%C8V5S'0^/&9O;G0@6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R M/E1H92!&=6YD('-E96MS(&UA>&EM=6T@8W5R'0^/&9O;G0@6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4] M,T0R/E1H:7,@=&%B;&4@9&5S8W)I8F5S('1H92!F965S(&%N9"!E>'!E;G-E M6]U6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0Q/CQB/D%N;G5A;"!&=6YD($]P97)A=&EN9R!%>'!E;G-E6]U('!A>2!E86-H('EE87(@87,@83PO9F]N=#X\ M8G(@+SX\9F]N="!S='EL93TS1"=&3TY4+49!34E,63H@5&EM97,@3F5W(%)O M;6%N)R!S:7IE/3-$,3YP97)C96YT86=E(&]F('1H92!V86QU92!O9B!Y;W5R M(&EN=F5S=&UE;G0I/"]F;VYT/CQS<&%N/CPO'!E;G-E%-H87)E2!!8V-E2!!9W)E96UE;G0L($YO2!M=71U86QL>2!A9W)E92!T;R!E M>'1E;F0@=&AE(&-O;G1R86-T=6%L(&%R2!T97)M:6YA=&4@=&AE(&-O;G1R86-T M=6%L(&%R2!T:6UE(&EF(&ET(&1E=&5R;6EN97,@ M=&AA="!I="!I6QE/3-$)T9/3E0M1D%-24Q9.B!!6QE/3-$)T9/3E0M1D%- M24Q9.B!4:6UEF4],T0R/E1H92!F;VQL;W=I;F<@ M17AA;7!L92!I65A2!B92!H:6=H97(@;W(@;&]W97(L(&)A'!E;G-E($5X86UP;&4-"@T*#0H-"BA54T0@)"D\8G(^/"]S=')O;F<^/"]T M:#X-"B`@("`@("`@("`@("`@/'1H(&-L87-S/3-$=&@^,2!996%R/&)R/CPO M=&@^#0H@("`@("`@("`@("`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M97AT4&%R=%\X83 XML 10 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
FlexShares Ready Access Variable Income Fund
FUND SUMMARY
FlexShares® Ready Access Variable Income Fund
INVESTMENT OBJECTIVE
The Fund seeks maximum current income consistent with the preservation of capital and liquidity.
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You will also incur usual and customary brokerage commissions when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (USD $)
FlexShares Ready Access Variable Income Fund
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment)
Annual Fund Operating Expenses
FlexShares Ready Access Variable Income Fund
Management Fees 0.25%
Distribution (12b-1) Fees none
Other Expenses [1] 0.02%
Total Annual Fund Operating Expenses 0.27%
Expense Reimbursement [2] (0.02%)
Total Annual Fund Operating Expenses After Expense Reimbursement 0.25%
[1] Under the Fund's Investment Advisory Agreement, Northern Trust Investments, Inc. ("NTI" or "Investment Adviser") is responsible for most of the operating expenses of the Fund. However, the Investment Adviser is not responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. Other Expenses for the current fiscal year are estimated as the Fund had not commenced operations as of the date of this Prospectus.
[2] NTI has contractually agreed to reimburse the fees and expenses of the Trust's independent trustees and their independent legal counsel until September 12, 2013. After this date, NTI and the Fund may mutually agree to extend the contractual arrangement. The Fund's Board of Trustees may terminate the contractual arrangement at any time if it determines that it is in the best interest of the Fund and its shareholders.
EXAMPLE
The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example (USD $)
1 Year
3 Years
FlexShares Ready Access Variable Income Fund
26 85
PORTFOLIO TURNOVER.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year.
PRINCIPAL INVESTMENT STRATEGIES
The Fund seeks to achieve the investment objective by investing under normal circumstances at least 65% of its total assets in a non-diversified portfolio of fixed income instruments, including bonds, debt securities and other similar instruments issued by U.S. and non-U.S. public and private sector entities. Such issuers include, without limitation, U.S. and non-U.S. governments and their agencies, instrumentalities or sponsored enterprises, U.S. state and local governments and U.S. and non-U.S. private-sector entities, such as corporations and banks. The average portfolio duration of this Fund will vary based on The Northern Trust Company Investment Policy Committee’s forecast for interest rates and will normally not exceed one year. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. The dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed two years.

The Fund invests in investment grade debt securities (i.e., securities that are, at the time of investment, rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). The Fund may invest, without limitation, in fixed income securities and instruments of foreign issuers in developed and emerging markets, including debt securities of foreign governments, and may invest more than 25% of its total assets in securities and instruments of issuers in a single developed market country. The Fund may invest up to 20% of its total assets in fixed income securities and instruments of issuers in emerging markets.

The Fund may invest, without limitation, in mortgage- or asset-backed securities, including to-be-announced transactions, and purchase and sell securities on a when-issued, delayed delivery or forward commitment basis. However, the Fund will not invest more than 10% of its total assets in non-agency mortgage or asset-backed securities. The Fund also may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts (such as buy backs or mortgage dollar rolls). The Fund may engage in forward foreign currency transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, to facilitate local settlements or to protect against currency exposure in connection with its distributions to shareholders. The Fund, however, does not expect to engage in currency transactions for speculative purposes (e.g., for potential income or capital gain).

The Fund is “non-diversified” under the Investment Company Act of 1940, as amended, and may invest more of its assets in fewer issuers than “diversified” funds.
PRINCIPAL RISKS
As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective.

CREDIT (OR DEFAULT) RISK is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. Changes in the credit rating of a debt security held by the Fund could have a similar effect.

CURRENCY RISK is the risk that foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Fund’s investments and its returns. Because the Fund’s NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Fund’s holdings appreciates.

DEBT EXTENSION RISK is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.

DERIVATIVES RISK is the risk of investing in derivative instruments. The Fund may enter into forward foreign currency contracts, which subjects the Fund to additional Liquidity Risk, Interest Rate Risk, Market Risk, Credit (or Default) Risk, Leveraging Risk and Management Risk, as well as the risk of mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.

EMERGING MARKETS RISK is the risk that markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, political, regulatory and other uncertainties than more developed markets.

FINANCIAL SECTOR RISK is the risk that the Fund will be impacted by events affecting the U.S. and non-U.S. financial sectors if it invests a relatively large percentage of its assets in those sectors, adversely affecting the Fund’s performance. The U.S. and non-U.S. financial sectors can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, the availability and cost of capital funds and fallout from the housing and sub-prime mortgage crisis. In 2008 and 2009, the U.S. financial sector was significantly impacted by bankruptcies and consolidations of major financial firms. Events affecting the U.S. and non-U.S. financial sectors have had, and may continue to have, a significant negative impact on the valuations and stock prices of companies in this sector and have increased the volatility of investments in those sectors.

FOREIGN SECURITIES RISK is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in U.S. securities, due to less liquid markets, and adverse economic, political, diplomatic, financial and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. To the extent that the Fund’s assets may be concentrated in a single country or countries located in the same geographic region, the Fund will be subject to risks associated with that particular country or region, such as general and local economic, political and social conditions. Any of these events could cause the value of the Fund’s investments to decline.

INTEREST RATE/MATURITY RISK is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. The magnitude of this decline will often be greater for longer-term fixed-income securities than shorter-term fixed-income securities. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.

ISSUER RISK is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security’s or instrument’s credit quality or value.

LEVERAGING RISK is the risk that risk that certain transactions of the Fund, such as the use of when-issued, delayed delivery or forward commitment transactions and investments in forward foreign currency contracts, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged.

LIQUIDITY RISK is the risk that certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns.

MANAGEMENT RISK is the risk that a strategy used by NTI may fail to produce the intended results.

MARKET RISK is the risk that the Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.

MARKET TRADING RISKS are the risks that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.

MORTGAGE-RELATED AND OTHER ASSET-BACKED RISKS are the risks of investing in mortgage-related and other asset-backed securities, including Interest Rate/Maturity Risk, Debt Extension Risk and Prepayment (or Call) Risk.

MUNICIPAL MARKET VOLATILITY RISK is the risk that the Fund may be adversely affected by the volatile municipal market. The municipal market can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.

NEW FUND RISKS are the risks that the Fund faces because it is a new fund. As a new fund, there can be no assurance that it will grow to or maintain an economically viable size or it could ultimately liquidate. The Fund’s Distributor does not maintain a secondary market in the shares.

NON-DIVERSIFICATION RISK is the risk that Fund performance may depend on the performance of a small number of issuers because the Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers.

PREPAYMENT (OR CALL) RISK is the risk that prepayment of the underlying mortgages or other collateral of some fixed-income securities may result in a decreased rate of return and a decline in value of those securities.

U.S. GOVERNMENT SECURITIES RISK is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities that may be purchased by the Fund are not backed by the full faith and credit of the United States. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.

It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.
FUND PERFORMANCE
As of the date of this Prospectus, the Fund has not yet commenced investment operations.
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Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName FlexShares Trust
Prospectus Date rr_ProspectusDate Sep. 12, 2012
FlexShares Ready Access Variable Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading FUND SUMMARY
FlexShares® Ready Access Variable Income Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks maximum current income consistent with the preservation of capital and liquidity.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You will also incur usual and customary brokerage commissions when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination September 12, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year.
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions You will also incur usual and customary brokerage commissions when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses for the current fiscal year are estimated as the Fund had not commenced operations as of the date of this Prospectus.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve the investment objective by investing under normal circumstances at least 65% of its total assets in a non-diversified portfolio of fixed income instruments, including bonds, debt securities and other similar instruments issued by U.S. and non-U.S. public and private sector entities. Such issuers include, without limitation, U.S. and non-U.S. governments and their agencies, instrumentalities or sponsored enterprises, U.S. state and local governments and U.S. and non-U.S. private-sector entities, such as corporations and banks. The average portfolio duration of this Fund will vary based on The Northern Trust Company Investment Policy Committee’s forecast for interest rates and will normally not exceed one year. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. The dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed two years.

The Fund invests in investment grade debt securities (i.e., securities that are, at the time of investment, rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). The Fund may invest, without limitation, in fixed income securities and instruments of foreign issuers in developed and emerging markets, including debt securities of foreign governments, and may invest more than 25% of its total assets in securities and instruments of issuers in a single developed market country. The Fund may invest up to 20% of its total assets in fixed income securities and instruments of issuers in emerging markets.

The Fund may invest, without limitation, in mortgage- or asset-backed securities, including to-be-announced transactions, and purchase and sell securities on a when-issued, delayed delivery or forward commitment basis. However, the Fund will not invest more than 10% of its total assets in non-agency mortgage or asset-backed securities. The Fund also may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts (such as buy backs or mortgage dollar rolls). The Fund may engage in forward foreign currency transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, to facilitate local settlements or to protect against currency exposure in connection with its distributions to shareholders. The Fund, however, does not expect to engage in currency transactions for speculative purposes (e.g., for potential income or capital gain).

The Fund is “non-diversified” under the Investment Company Act of 1940, as amended, and may invest more of its assets in fewer issuers than “diversified” funds.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective.

CREDIT (OR DEFAULT) RISK is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. Changes in the credit rating of a debt security held by the Fund could have a similar effect.

CURRENCY RISK is the risk that foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Fund’s investments and its returns. Because the Fund’s NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Fund’s holdings appreciates.

DEBT EXTENSION RISK is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.

DERIVATIVES RISK is the risk of investing in derivative instruments. The Fund may enter into forward foreign currency contracts, which subjects the Fund to additional Liquidity Risk, Interest Rate Risk, Market Risk, Credit (or Default) Risk, Leveraging Risk and Management Risk, as well as the risk of mispricing or improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.

EMERGING MARKETS RISK is the risk that markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, political, regulatory and other uncertainties than more developed markets.

FINANCIAL SECTOR RISK is the risk that the Fund will be impacted by events affecting the U.S. and non-U.S. financial sectors if it invests a relatively large percentage of its assets in those sectors, adversely affecting the Fund’s performance. The U.S. and non-U.S. financial sectors can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, the availability and cost of capital funds and fallout from the housing and sub-prime mortgage crisis. In 2008 and 2009, the U.S. financial sector was significantly impacted by bankruptcies and consolidations of major financial firms. Events affecting the U.S. and non-U.S. financial sectors have had, and may continue to have, a significant negative impact on the valuations and stock prices of companies in this sector and have increased the volatility of investments in those sectors.

FOREIGN SECURITIES RISK is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in U.S. securities, due to less liquid markets, and adverse economic, political, diplomatic, financial and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. To the extent that the Fund’s assets may be concentrated in a single country or countries located in the same geographic region, the Fund will be subject to risks associated with that particular country or region, such as general and local economic, political and social conditions. Any of these events could cause the value of the Fund’s investments to decline.

INTEREST RATE/MATURITY RISK is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. The magnitude of this decline will often be greater for longer-term fixed-income securities than shorter-term fixed-income securities. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.

ISSUER RISK is the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security’s or instrument’s credit quality or value.

LEVERAGING RISK is the risk that risk that certain transactions of the Fund, such as the use of when-issued, delayed delivery or forward commitment transactions and investments in forward foreign currency contracts, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged.

LIQUIDITY RISK is the risk that certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns.

MANAGEMENT RISK is the risk that a strategy used by NTI may fail to produce the intended results.

MARKET RISK is the risk that the Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.

MARKET TRADING RISKS are the risks that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.

MORTGAGE-RELATED AND OTHER ASSET-BACKED RISKS are the risks of investing in mortgage-related and other asset-backed securities, including Interest Rate/Maturity Risk, Debt Extension Risk and Prepayment (or Call) Risk.

MUNICIPAL MARKET VOLATILITY RISK is the risk that the Fund may be adversely affected by the volatile municipal market. The municipal market can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.

NEW FUND RISKS are the risks that the Fund faces because it is a new fund. As a new fund, there can be no assurance that it will grow to or maintain an economically viable size or it could ultimately liquidate. The Fund’s Distributor does not maintain a secondary market in the shares.

NON-DIVERSIFICATION RISK is the risk that Fund performance may depend on the performance of a small number of issuers because the Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers.

PREPAYMENT (OR CALL) RISK is the risk that prepayment of the underlying mortgages or other collateral of some fixed-income securities may result in a decreased rate of return and a decline in value of those securities.

U.S. GOVERNMENT SECURITIES RISK is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities that may be purchased by the Fund are not backed by the full faith and credit of the United States. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.

It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus NON-DIVERSIFICATION RISK is the risk that Fund performance may depend on the performance of a small number of issuers because the Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock As of the date of this Prospectus, the Fund has not yet commenced investment operations.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess As of the date of this Prospectus, the Fund has not yet commenced investment operations.
FlexShares Ready Access Variable Income Fund | FlexShares Ready Access Variable Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.27%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [2]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.25%
1 Year rr_ExpenseExampleYear01 26
3 Years rr_ExpenseExampleYear03 85
[1] Under the Fund's Investment Advisory Agreement, Northern Trust Investments, Inc. ("NTI" or "Investment Adviser") is responsible for most of the operating expenses of the Fund. However, the Investment Adviser is not responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. Other Expenses for the current fiscal year are estimated as the Fund had not commenced operations as of the date of this Prospectus.
[2] NTI has contractually agreed to reimburse the fees and expenses of the Trust's independent trustees and their independent legal counsel until September 12, 2013. After this date, NTI and the Fund may mutually agree to extend the contractual arrangement. The Fund's Board of Trustees may terminate the contractual arrangement at any time if it determines that it is in the best interest of the Fund and its shareholders.
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Prospectus Date Sep. 12, 2012
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