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RAVI

GradeBNew York Stock Exchange Arca

Northern Trust Ultra-Short Fixed Income ETF

Treasury & Government Bond · FlexShares · Inception 2012-10-09 · SEC filings

$75.19−0.02 (−0.03%)

As of Sep 23, 2026, 3:09 PM EDT

Intraday session: down, 46 prints from 75.21 to 75.19. Range 75.18 to 75.22. Use the arrow keys to read each point.$75.18$75.20$75.2110 AM12 PM2 PM4 PM
Expense ratio
0.26%
Fund size
$1.6B
1Y return
+3.8%
Yield · Last 12 months
4.26%
Holdings
274
Volume · 30D
0.1M sh
NAV per share
$75.20
52W range
low $74.36high $75.98

The ETF.net RAVI Grade

B

59/ 100

Rank 41 of 78 in Cash & Ultra-Short Income⁠

Confidence High

Six-pillar profile for RAVI. Scores out of 100: Cost 23, Risk 55, Mission 100, Tradability 51, Holdings 80, Durability 79. Strongest: Mission (100). Weakest: Cost (23). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 59 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 23
    Category rank60/78 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank34/64 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 55
    Category rank21/75 · top 28%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 51
    Category rank35/78 · top 45%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 80
    Category rank13/77 · top 17%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 79
    Category rank17/78 · top 22%

Graded as of Sep 22, 2026

Our read on RAVI

ETF.net Research

BNorthern Trust's hand-steered parking spot for cash you need soon: an active ultra-short bond fund that dials duration between three months and a year and roams into corporates, securitized paper and foreign debt. Running since 2012.

Stated mandate

RAVI seeks maximum current income while preserving capital and liquidity.

Why people hold it

  1. 01Actively run, not index-pinned: the managers set average portfolio duration between 0.25 and one year based on their own rate outlook.flexshares.com
  2. 02Casts a wider net than a T-bill fund: government, corporate and mortgage or asset-backed paper, investment grade at purchase, across roughly 250 positions.flexshares.com
  3. 03A 2012 launch makes it a veteran of this category, and it has grown into a multi-billion-dollar fund that pays monthly.

Worth knowing

  1. 01At 0.26%, it sits toward the pricier end of ultra-short ETFs; index-based rivals like VUSB and SHV charge less. The fee buys the duration and credit calls.
  2. 02Not a money market fund. The share price floats, and holdings can include mortgage or asset-backed and emerging market debt, which add credit and prepayment risk.flexshares.com
  3. 03Non-diversified under the 1940 Act: it can hold more in fewer issuers than a diversified fund, and more than 25% in a single developed market.flexshares.com

RAVI Holdings

As of Sep 20, 2026, 7:06 AM
Asset class
Bonds
Holdings
274
Top-10 weight
16%
Largest holding
WALT DISNEY CO/THE NOTES VARIABLE 14/MAR/2029 USD2.4%

Geography

  • United States71.76%
  • United Kingdom6.53%
  • France5.37%
  • Canada4.15%
  • Australia3.98%
  • Japan3.24%
  • Ireland1.75%
  • Singapore0.92%
  • Other countries (5)2.28%

Developed 99% · Emerging 1% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 19.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—WALT DISNEY CO/THE NOTES VARIABLE 14/MAR/2029 USD2.43%38,900,000$39M6
002—CASH2.26%36,127,869$36M414
003—MERCK &#38; CO INC NOTES VARIABLE 15/MAR/2029 USD 10001.73%27,500,000$28M7
004—BANK OF AMERICA CORP CALLABLE NOTES VARIABLE1.51%24,000,000$24M7
005—ABBOTT LABORATORIES NOTES VARIABLE 09/MAR/2029 USD1.44%23,100,000$23M8
006—AT&#38;T INC CALLABLE NOTES FIXED 3.8% 15/FEB/2027 USD1.43%23,000,000$23M10
007—INGERSOLL RAND INC CALLABLE NOTES FIXED 5.197%1.25%20,000,000$20M10
008—ROYAL BANK OF CANADA CALLABLE MEDIUM TERM NOTE1.25%20,000,000$20M6
009—TRUIST BANK CALLABLE NOTES VARIABLE 27/JAN/20291.13%18,000,000$18M9
010—CHEVRON USA INC NOTES VARIABLE 13/AUG/2028 USD1.08%17,200,000$17M7
011—SANOFI SA NOTES VARIABLE 03/NOV/2028 USD 10001.05%16,700,000$17M7
012—AMAZON.COM INC NOTES VARIABLE 09/JUL/2029 USD 10000.94%15,000,000$15M7
013—RECKITT BENCKISER TREASURY SERVICES PLC CALLABLE0.93%15,000,000$15M1
014—MIZUHO FINANCIAL GROUP INC CALLABLE NOTES VARIABLE0.91%14,500,000$14M6
015—AUSTRALIA &#38; NEW ZEALAND BANKING GROUP LTD MEDIUM0.90%14,380,000$14M7

Showing 1–15 of 275 holdings

RAVI Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

RAVI$10,385
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. RAVI $10,385. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for RAVI. Periods over one year show the average yearly return.
PeriodRAVI
Year to date+2.6%
1 month+0.2%
3 months+0.9%
1 year+3.8%
3 years+5.0%per year
5 years+3.7%per year
10 years+2.7%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for RAVI
YearReturn barRAVI
2026 YTD+2.6%
2025+5.0%
2024+5.7%
2023+5.5%
2022+0.2%
2021−0.0%
2020+2.1%

RAVI in the news

ETF.net Research hasn’t filed on RAVI yet — coverage lands here as it’s written.

RAVI Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
4.26%Last 12 months
Payout per share
$3.20Last 12 months
Last payment
$0.27 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2023–2026

One bar per payment. 44 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.24; Mar 1, 2023 $0.22; Apr 3, 2023 $0.25; May 1, 2023 $0.26; Jun 1, 2023 $0.28; Jul 3, 2023 $0.28; Aug 1, 2023 $0.30; Sep 1, 2023 $0.30; Oct 2, 2023 $0.31; Nov 1, 2023 $0.32; Dec 1, 2023 $0.34; Dec 15, 2023 $0.33; Feb 1, 2024 $0.34; Mar 1, 2024 $0.31; Apr 1, 2024 $0.34; May 1, 2024 $0.33; Jun 3, 2024 $0.35; Jul 1, 2024 $0.33; Aug 1, 2024 $0.36; Sep 3, 2024 $0.35; Oct 1, 2024 $0.32; Nov 1, 2024 $0.32; Dec 2, 2024 $0.34; Dec 20, 2024 $0.32; Feb 3, 2025 $0.30; Mar 3, 2025 $0.28; Apr 1, 2025 $0.30; May 1, 2025 $0.29; Jun 2, 2025 $0.29; Jul 1, 2025 $0.28; Aug 1, 2025 $0.29; Sep 2, 2025 $0.29; Oct 1, 2025 $0.28; Nov 3, 2025 $0.29; Dec 1, 2025 $0.29; Dec 19, 2025 $0.28; Feb 2, 2026 $0.26; Mar 2, 2026 $0.24; Apr 1, 2026 $0.27; May 1, 2026 $0.26; Jun 1, 2026 $0.26; Jul 1, 2026 $0.25; Aug 3, 2026 $0.26; Sep 1, 2026 $0.27. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Sep 1, 2026Sep 8, 2026$0.27
Aug 3, 2026Aug 7, 2026$0.26
Jul 1, 2026Jul 8, 2026$0.25
Jun 1, 2026Jun 5, 2026$0.26
May 1, 2026May 7, 2026$0.26
Apr 1, 2026Apr 7, 2026$0.27
Mar 2, 2026Mar 6, 2026$0.24
Feb 2, 2026Feb 6, 2026$0.26
Dec 19, 2025Dec 26, 2025$0.28
Dec 1, 2025Dec 5, 2025$0.29
Nov 3, 2025Nov 7, 2025$0.29
Oct 1, 2025Oct 7, 2025$0.28

RAVI Risk

How much the fund’s monthly returns vary, scaled to a year.
0.4%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.26
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−3.3%
Trough Apr 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.04
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

RAVI Cost

Expense ratio0.26%
  • The middle half of Cash & Ultra-Short Income funds
  • Median 0.19%

60 of the 77 Cash & Ultra-Short Income funds charge less.

RAVI costs $26.00 a year on $10,000. The median Cash & Ultra-Short Income fund costs $19.00.