0001193125-12-419754.txt : 20121010 0001193125-12-419754.hdr.sgml : 20121010 20121010150537 ACCESSION NUMBER: 0001193125-12-419754 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121010 DATE AS OF CHANGE: 20121010 EFFECTIVENESS DATE: 20121010 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-173967 FILM NUMBER: 121137535 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 S000033313 FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund C000102369 FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund TLTD 497 1 d416500d497.htm FLEXSHARES TRUST FlexShares Trust

Drinker Biddle & Reath LLP

191 North Wacker Drive

Suite 3700

Chicago, IL 60606-1698

312-569-1000 (Phone)

312-569-3000 (Facsimile)

www.drinkerbiddle.com

 

VIA EDGAR TRANSMISSION

October 10, 2012

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

 

Re: FlexShares Trust (the “Trust”)
  Securities Act File No. 333-173967
  Investment Company Act File No. 811-22555

Ladies and Gentlemen:

On behalf of the Trust, I hereby transmit for filing pursuant to Rule 497 under the Securities Act of 1933, as amended (the “1933 Act”), exhibits containing risk/return summary information in the eXtensible Business Reporting Language (XBRL) format that mirrors the risk/return summary information contained in the Prospectus dated September 21, 2012 for the FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund, a series of the Trust, as filed pursuant to Rule 497 under the 1933 Act on September 25, 2012 (0001193125-12-403496).

Questions and comments may be directed to the undersigned at (312) 569-1167.

Very truly yours,

/s/ Veena K. Jain

Veena K. Jain

Enclosures

 

cc: Peter K. Ewing
  Craig Carberry, Esq.
EX-101.INS 2 fst4-20120925.xml XBRL INSTANCE DOCUMENT 0001491978 fst4:S000033313Member 2011-09-22 2012-09-21 0001491978 2011-09-22 2012-09-21 0001491978 fst4:S000033313Member fst4:C000102369Member 2011-09-22 2012-09-21 pure iso4217:USD <div style="display:none">~ http://www.flexshares.com/role/ScheduleShareholderFeesFlexSharesMorningstarDevelopedMarketsexUSFactorTiltIndexFund column period compact * ~</div> <font style="FONT-FAMILY: arial" color="#b04e19" size="3"><b>Example </b></font> <font style="FONT-FAMILY: Times New Roman" size="6"><a name="toc411674_1"></a>FUND SUMMARY </font><p align="right"><font style="FONT-FAMILY: Times New Roman" size="5"><a name="toc411674_2"></a>FlexShares<font style="FONT-FAMILY: Times New Roman" size="3"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> Morningstar Developed Markets ex-US Factor Tilt Index Fund </font></p> 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> <i><font style="FONT-FAMILY: Times New Roman" size="2">Other Expenses are estimated for the current fiscal year as the Fund had not commenced operations as of the date of this Prospectus.</font></i> <div style="display:none">~ http://www.flexshares.com/role/ScheduleAnnualFundOperatingExpensesFlexSharesMorningstarDevelopedMarketsexUSFactorTiltIndexFund column period compact * ~</div> FlexShares Trust Other -0.0002 43 <font style="FONT-FAMILY: arial" size="2">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: arial" size="2">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font> <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> 0001491978 2012-09-24 0.0044 139 0 <font style="FONT-FAMILY: arial" color="#b04e19" size="3"><b>Investment Objective&nbsp;</b></font> <font style="FONT-FAMILY: arial" color="#b04e19" size="3"><b>Fees and Expenses of the Fund </b> <font style="FONT-FAMILY: arial" color="#b04e19" size="3"><b>Principal Investment Strategies </b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio Turnover.</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Underlying Index reflects the performance of a selection of equity securities designed to provide broad exposure to the global developed equities markets, excluding the U.S., with increased exposure (or a &#8220;tilt&#8221;) to small-capitalization stocks and value stocks. Small-capitalization and value stocks in the Underlying Index are weighted slightly more than such stocks would be in an index that is solely market-capitalization weighted, all as determined by Morningstar, Inc. (the &#8220;Index Provider&#8221;) pursuant to its index methodology. In addition to tracking the performance of the Underlying Index, the Investment Adviser seeks to minimize portfolio turnover and tax inefficiencies. As of September 21, 2012, the Underlying Index comprised 3,064 stocks with market capitalizations ranging from $14.56 million to $206.97 billion. As of the same date, the Underlying Index&#8217;s three largest constituents (by weighting) were Nestle SA, HSBC Holdings PLC and Novartis AG, and its three largest industries were Financials, Industrials and Consumer Discretionary. As of September 21, 2012, the top five countries (by weighting) represented in the Underlying Index were Japan, the United Kingdom, Canada, Australia and France and in the aggregate represented 65.31% of the Underlying Index. The Underlying Index is governed by published, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted on a semi-annual basis and is rebalanced quarterly. The Index Provider&#8217;s index methodology and other factors will cause the composition of the Underlying Index to change over time. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">NTI uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; 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. &#8220;Representative sampling&#8221; is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. Securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. Funds that employ a representative sampling strategy may incur tracking error risk to a greater extent than a fund that seeks to replicate an index. &#8220;Replication&#8221; is an indexing strategy in which a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. The Fund reserves the right to use a replication indexing strategy if NTI determines that it is in the best interests of the Fund. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The Fund generally will invest under normal circumstances at least 80% of its total assets in the securities of the Underlying Index and in American Depositary Receipts (&#8220;ADRs&#8221;) and Global Depositary Receipts (&#8220;GDRs&#8221;) (collectively &#8220;Depositary Receipts&#8221;) based on the securities in 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, options on futures contracts, forward currency contracts, options and swaps, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </font> <br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The Underlying Index is sponsored by the Index Provider, an organization that is independent of the Fund and NTI. 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. Additional information regarding the Index Provider is provided in the &#8220;More Information about Underlying Index and Index Provider&#8221; section of the Prospectus.</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> <br/><br/><font style="FONT-FAMILY: Times New Roman" size="2"><b>Industry Concentration Policy</b>. The Fund will concentrate its investments (<i>i.e.</i>, 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. </font> <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: Times New Roman" size="2"><b>Counterparty Risk</b> is the risk that a counterparty to a financial investment instrument may default on its payment obligation to the Fund. Such a default may cause the value of an investment in the Fund to decrease.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2"><b>Currency Risk</b> 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: Times New Roman" size="2"><b>Derivatives Risk</b> is the risk of investing in derivative instruments, including liquidity, interest rate, market, credit, counterparty and management risks, 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: Times New Roman" size="2"><b>Equity Securities Risk</b> is the risk that the values of the equity securities owned by the Fund may be more volatile than other asset classes.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Securities Risk</b> 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. Any of these events could cause the value of the Fund&#8217;s investments to decline. To the extent that the Fund&#8217;s assets are concentrated in a single country or geographic region, the Fund will be subject to the risks associated with that particular country or region. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2"><b>Industry Concentration Risk</b> is the risk that, to the extent the Fund&#8217;s investments are concentrated in the securities of issuers in a particular industry or group of industries, the Fund may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry or group of industries.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2"><b>Issuer Risk</b> 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: Times New Roman" size="2"><b>Management Risk</b> is the risk that the representative sampling strategy used by NTI may fail to produce the intended results.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market Risk</b> 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: Times New Roman" size="2"><b>Market Trading Risks</b> 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: Times New Roman" size="2"><b>Mid Cap Stock Risk</b> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2"><b>New Fund Risks</b> 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, in which case it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels, 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: Times New Roman" size="2"><b>Non-Diversification Risk</b> 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: Times New Roman" size="2"><b>Passive Investment Risk</b> is the risk that the Fund is not actively managed and NTI does not attempt to take defensive positions in any market conditions, including declining markets.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2"><b>Small Cap Stock Risk</b> is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2"><b>Tracking Error Risk</b> is the risk that the Fund&#8217;s performance may vary substantially from the performance of the Underlying Index. The Fund employs a representative sampling strategy, and may incur tracking error risk to a greater extent than a fund that seeks to replicate an index.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2"><b>Value Investing Risk</b> is the risk that the Fund&#8217;s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.</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> <i>September 21, 2013</i> <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> <font style="FONT-FAMILY: Times New Roman" size="2"><b>It is possible to lose money on an investment in the Fund.</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk</b> 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> 2012-09-24 false 0.0042 0 0.0002 0.0042 <font style="FONT-FAMILY: arial" color="#b04e19" size="3"><b>Principal Risks </b></font> <font style="FONT-FAMILY: arial" color="#b04e19" size="3"><b>Fund Performance </b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar<font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> Developed Markets ex-US Factor Tilt Index<b><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">SM</sup></font><font style="FONT-FAMILY: Times New Roman" size="2"></font></b><font style="FONT-FAMILY: Times New Roman" size="2"> (the &#8220;Underlying Index&#8221;).</font></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> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Industry Concentration Policy</b>. The Fund will concentrate its investments (<i>i.e.</i>, 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. </font> <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> 2012-09-24 2012-09-21 <div style="display:none">~ http://www.flexshares.com/role/ScheduleExpenseExampleFlexSharesMorningstarDevelopedMarketsexUSFactorTiltIndexFund column period compact * ~</div> 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 are estimated for the current fiscal year 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 21, 2013. 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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} ..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=%\X964T,68W,E\U,S!C7S1A9C=?839E,E\P,F$S M8C!D864R83`B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!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)T7SAE930Q9C'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^1FQE>%-H87)E"!+ M97D\+W1D/@T*("`@("`@("`\=&0@8VQA'0^4V5P(#(T+`T*"0DR,#$R/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^ M4V5P(#(T+`T*"0DR,#$R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA'0^1FQE M>%-H87)E"U54R!& M86-T;W(@5&EL="!);F1E>"!&=6YD/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/&9O;G0@'0^/&9O;G0@6QE/3-$)T9/3E0M M1D%-24Q9.B!4:6UEF4],T0R/E1H92!&=6YD('-E M96MS(&EN=F5S=&UE;G0@6EE;&0@<&5R9F]R;6%N8V4L(&)E9F]R M92!F965S(&%N9"!E>'!E;G-E6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0Q/CQS=7`@6QE/3-$)T9/3E0M1D%-24Q9.B!4 M:6UEF4],T0R/CPO9F]N=#X\+V(^/&9O;G0@6QE/3-$)T9/3E0M1D%-24Q9.B!AF4],T0S/CQB/D9E97,@86YD($5X<&5N2!I9B!Y;W4@8G5Y(&%N9"!H;VQD('-H87)E M6EN9R!O M'0^/&9O;G0@%-H87)E"U54R!&86-T;W(@5&EL="!);F1E M>"!&=6YD/&)R/CPO=&@^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@ M("`@/'1R(&-L87-S/3-$6QE/3-$)T9/3E0M1D%-24Q9.B!A'!E;G-E M6]U'!E;G-E M'!E;G-E'!E;G-E'!E;G-E(%)E M:6UB=7)S96UE;G0\+W1D/@T*("`@("`@("`@("`@("`\=&0@8VQA'!E;G-E2!C M;W-T'!E;G-E2!T97)M:6YA=&4@=&AE(&-O;G1R86-T=6%L(&%R M2!T:6UE(&EF(&ET(&1E=&5R;6EN97,@=&AA="!I M="!I6QE/3-$)T9/3E0M1D%-24Q9.B!AF4],T0S/CQB/D5X86UP;&4@/"]B/CPO9F]N=#X\6]U65A'!E;G-E'!E;G-E($5X86UP;&4-"@T*#0H-"BA54T0@)"D\8G(^/"]S M=')O;F<^/"]T:#X-"B`@("`@("`@("`@("`@/'1H(&-L87-S/3-$=&@^1FQE M>%-H87)E"U54R!& M86-T;W(@5&EL="!);F1E>"!&=6YD/&)R/CPO=&@^#0H@("`@("`@("`@("`\ M+W1R/@T*("`@("`@("`@("`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`F(S@R,C`[8F5A="8C.#(R,3L@ M=&AE(&EN9&5X(&ET('1R86-K2!O2!A(')E<')E2!I;F-U'1E;G0@=&AA;B!A(&9U;F0@=&AA="!S965K M2!A;&P@;V8@=&AE('-E8W5R:71I M97,@:6X@:71S('5N9&5R;'EI;F<@:6YD97@@:6X@87!P2!T M:&4@6EN9R!I;F1E M>"X@5&AE($9U;F0@6QE/3-$)T9/3E0M1D%-24Q9.B!4 M:6UEF4],T0R/E1H92!&=6YD(&=E;F5R86QL>2!W M:6QL(&EN=F5S="!U;F1E6EN9R!);F1E>"!A;F0@:6X@06UE2!296-E:7!T2`F(S@R,C`[1&5P;W-I=&%R>2!296-E:7!T2!M87)K970@9G5N9',@861V:7-E9"!B>2!. 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FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund
FUND SUMMARY

FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund

Investment Objective 
The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar® Developed Markets ex-US Factor Tilt IndexSM (the “Underlying Index”).
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 Morningstar Developed Markets ex-US Factor Tilt Index 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 Morningstar Developed Markets ex-US Factor Tilt Index Fund
Management Fees 0.42%
Distribution (12b-1) Fees none
Other Expenses [1] 0.02%
Total Annual Fund Operating Expenses 0.44%
Expense Reimbursement [2] (0.02%)
Total Annual Fund Operating Expenses After Expense Reimbursement 0.42%
[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 are estimated for the current fiscal year 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 21, 2013. 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 $)
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund
1 Year 43
3 Years 139
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 Underlying Index reflects the performance of a selection of equity securities designed to provide broad exposure to the global developed equities markets, excluding the U.S., with increased exposure (or a “tilt”) to small-capitalization stocks and value stocks. Small-capitalization and value stocks in the Underlying Index are weighted slightly more than such stocks would be in an index that is solely market-capitalization weighted, all as determined by Morningstar, Inc. (the “Index Provider”) pursuant to its index methodology. In addition to tracking the performance of the Underlying Index, the Investment Adviser seeks to minimize portfolio turnover and tax inefficiencies. As of September 21, 2012, the Underlying Index comprised 3,064 stocks with market capitalizations ranging from $14.56 million to $206.97 billion. As of the same date, the Underlying Index’s three largest constituents (by weighting) were Nestle SA, HSBC Holdings PLC and Novartis AG, and its three largest industries were Financials, Industrials and Consumer Discretionary. As of September 21, 2012, the top five countries (by weighting) represented in the Underlying Index were Japan, the United Kingdom, Canada, Australia and France and in the aggregate represented 65.31% of the Underlying Index. The Underlying Index is governed by published, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted on a semi-annual basis and is rebalanced quarterly. The Index Provider’s index methodology and other factors will cause the composition of the Underlying Index to change over time.

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. Securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. Funds that employ a representative sampling strategy may incur tracking error risk to a greater extent than a fund that seeks to replicate an index. “Replication” is an indexing strategy in which a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. The Fund reserves the right to use a replication indexing strategy if NTI determines that it is in the best interests of the Fund.

The Fund generally will invest under normal circumstances at least 80% of its total assets in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in 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, options on futures contracts, forward currency contracts, options and swaps, 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 sponsored by the Index Provider, an organization that is independent of the Fund and NTI. 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. Additional information regarding the Index Provider is provided in the “More Information about Underlying Index and Index Provider” section of the Prospectus.

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.

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.
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.

Counterparty Risk is the risk that a counterparty to a financial investment instrument may default on its payment obligation to the Fund. Such a default may cause the value of an investment in the Fund to decrease.

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.

Derivatives Risk is the risk of investing in derivative instruments, including liquidity, interest rate, market, credit, counterparty and management risks, 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.

Equity Securities Risk is the risk that the values of the equity securities owned by the Fund may be more volatile than other asset classes.

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. Any of these events could cause the value of the Fund’s investments to decline. To the extent that the Fund’s assets are concentrated in a single country or geographic region, the Fund will be subject to the risks associated with that particular country or region.

Industry Concentration Risk is the risk that, to the extent the Fund’s investments are concentrated in the securities of issuers in a particular industry or group of industries, the Fund may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry or group of industries.

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.

Management Risk is the risk that the representative sampling 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.

Mid Cap Stock Risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

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, in which case it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels, 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.

Passive Investment Risk is the risk that the Fund is not actively managed and NTI does not attempt to take defensive positions in any market conditions, including declining markets.

Small Cap Stock Risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.

Tracking Error Risk is the risk that the Fund’s performance may vary substantially from the performance of the Underlying Index. The Fund employs a representative sampling strategy, and may incur tracking error risk to a greater extent than a fund that seeks to replicate an index.

Value Investing Risk is the risk that the Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.

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.
XML 11 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName FlexShares Trust
Prospectus Date rr_ProspectusDate Sep. 21, 2012
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading FUND SUMMARY

FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund

Objective [Heading] rr_ObjectiveHeading Investment Objective 
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar® Developed Markets ex-US Factor Tilt IndexSM (the “Underlying Index”).
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 21, 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 are estimated for the current fiscal year 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 Underlying Index reflects the performance of a selection of equity securities designed to provide broad exposure to the global developed equities markets, excluding the U.S., with increased exposure (or a “tilt”) to small-capitalization stocks and value stocks. Small-capitalization and value stocks in the Underlying Index are weighted slightly more than such stocks would be in an index that is solely market-capitalization weighted, all as determined by Morningstar, Inc. (the “Index Provider”) pursuant to its index methodology. In addition to tracking the performance of the Underlying Index, the Investment Adviser seeks to minimize portfolio turnover and tax inefficiencies. As of September 21, 2012, the Underlying Index comprised 3,064 stocks with market capitalizations ranging from $14.56 million to $206.97 billion. As of the same date, the Underlying Index’s three largest constituents (by weighting) were Nestle SA, HSBC Holdings PLC and Novartis AG, and its three largest industries were Financials, Industrials and Consumer Discretionary. As of September 21, 2012, the top five countries (by weighting) represented in the Underlying Index were Japan, the United Kingdom, Canada, Australia and France and in the aggregate represented 65.31% of the Underlying Index. The Underlying Index is governed by published, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted on a semi-annual basis and is rebalanced quarterly. The Index Provider’s index methodology and other factors will cause the composition of the Underlying Index to change over time.

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. Securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. Funds that employ a representative sampling strategy may incur tracking error risk to a greater extent than a fund that seeks to replicate an index. “Replication” is an indexing strategy in which a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. The Fund reserves the right to use a replication indexing strategy if NTI determines that it is in the best interests of the Fund.

The Fund generally will invest under normal circumstances at least 80% of its total assets in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in 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, options on futures contracts, forward currency contracts, options and swaps, 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 sponsored by the Index Provider, an organization that is independent of the Fund and NTI. 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. Additional information regarding the Index Provider is provided in the “More Information about Underlying Index and Index Provider” section of the Prospectus.

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.

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.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration 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.
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.

Counterparty Risk is the risk that a counterparty to a financial investment instrument may default on its payment obligation to the Fund. Such a default may cause the value of an investment in the Fund to decrease.

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.

Derivatives Risk is the risk of investing in derivative instruments, including liquidity, interest rate, market, credit, counterparty and management risks, 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.

Equity Securities Risk is the risk that the values of the equity securities owned by the Fund may be more volatile than other asset classes.

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. Any of these events could cause the value of the Fund’s investments to decline. To the extent that the Fund’s assets are concentrated in a single country or geographic region, the Fund will be subject to the risks associated with that particular country or region.

Industry Concentration Risk is the risk that, to the extent the Fund’s investments are concentrated in the securities of issuers in a particular industry or group of industries, the Fund may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that industry or group of industries.

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.

Management Risk is the risk that the representative sampling 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.

Mid Cap Stock Risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

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, in which case it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels, 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.

Passive Investment Risk is the risk that the Fund is not actively managed and NTI does not attempt to take defensive positions in any market conditions, including declining markets.

Small Cap Stock Risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.

Tracking Error Risk is the risk that the Fund’s performance may vary substantially from the performance of the Underlying Index. The Fund employs a representative sampling strategy, and may incur tracking error risk to a greater extent than a fund that seeks to replicate an index.

Value Investing Risk is the risk that the Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.

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 Morningstar Developed Markets ex-US Factor Tilt Index Fund | FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund
 
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_MaximumAccountFee none
Management Fees rr_ManagementFeesOverAssets 0.42%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.44%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [2]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.42%
1 Year rr_ExpenseExampleYear01 43
3 Years rr_ExpenseExampleYear03 139
[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 are estimated for the current fiscal year 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 21, 2013. 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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Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName FlexShares Trust
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Sep. 21, 2012
Risk/Return:  
Document Type Other
Document Period End Date Sep. 24, 2012
Registrant Name FlexShares Trust
Central Index Key 0001491978
Amendment Flag false
Document Creation Date Sep. 24, 2012
Document Effective Date Sep. 24, 2012
Prospectus Date Sep. 21, 2012
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