In Issuers

45 FlexShares ETFs

FlexShares runs 45 US-listed ETFs, from TILT in 2011 to 7 launched this year. The median FlexShares ETF charges 0.18% a year, and 3 charge 0.05%.

Funds45in 25 categories

Assets$28.5BAcross all 45 funds

Weighted expense ratio0.34%

ETFs since2011

Launched in 202677 in the last 12 months

Grades

A13B18C5D3F0—6not graded

About FlexShares

FlexShares is the ETF brand of Northern Trust Asset Management. Its parent, Northern Trust Corporation, was founded by Byron Smith in 1889 and is based in Chicago, Illinois. The parent is a public company traded on Nasdaq as NTRS. The funds are advised by Northern Trust Investments, Inc., an indirect subsidiary. As of February 24, 2026, Michael G. O'Grady is Chairman, President and Chief Executive Officer of Northern Trust Corporation.sec.gov northerntrust.com sec.gov 2

FlexShares entered US-listed ETFs in 2011. Its first funds, the Morningstar US Market Factor Tilt Index Fund and the Morningstar Global Upstream Natural Resources Index Fund, began operating on September 16, 2011. FlexShares iBoxx TIPS funds followed on September 19, 2011.sec.gov

Most FlexShares ETFs track indexes, many of them factor-tilted or custom. Northern Trust Investments builds some of these indexes itself. Other index providers include Morningstar, STOXX, S&P Dow Jones Indices and ICE Data Indices.sec.gov

Every FlexShares ETF

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Every FlexShares ETF. Select a column heading to sort.
Grade
B	Northern Trust Morningstar Global Upstream Natural ResourcesGUNR · Natural ResourcesGUNR	Natural Resources	Cost 0.46%	$6.86B	1Y +25.2%	5Y +10.0%	Yield 2.32%
A	Northern Trust STOXX Global Broad InfrastructureNFRA · InfrastructureNFRA	Infrastructure	Cost 0.47%	$3.03B	1Y +10.9%	5Y +5.8%	Yield 5.67%
B	Northern Trust iBoxx 3-Year Target Duration TIPSTDTT · TIPSTDTT	TIPS	Cost 0.18%	$2.48B	1Y +1.3%	5Y +2.2%	Yield 4.81%
A	Northern Trust Morningstar US Market Factor TiltTILT · US MultifactorTILT	US Multifactor	Cost 0.25%	$2.14B	1Y +15.9%	5Y +10.2%	Yield 1.07%
C	Northern Trust Quality DividendQDF · US Dividend IndexQDF	US Dividend Index	Cost 0.39%	$2.12B	1Y +15.6%	5Y +10.9%	Yield 1.52%
B	Northern Trust Ultra-Short Fixed IncomeRAVI · Cash & Ultra-Short IncomeRAVI	Cash & Ultra-Short Income	Cost 0.25%	$1.62B	1Y +3.9%	5Y +3.8%	Yield 4.21%
B	Northern Trust iBoxx 5-Year Target Duration TIPSTDTF · TIPSTDTF	TIPS	Cost 0.18%	$1.16B	1Y 0.0%	5Y +0.7%	Yield 5.04%
B	Northern Trust International Quality DividendIQDF · International Dividend IndexIQDF	International Dividend Index	Cost 0.47%	$1.1B	1Y +19.9%	5Y +10.9%	Yield 3.51%
B	Northern Trust US Quality Large CapQLC · US MultifactorQLC	US Multifactor	Cost 0.25%	$1.09B	1Y +13.8%	5Y +13.0%	Yield 0.98%
A	Northern Trust Credit-Scored US Corporate BondSKOR · Investment Grade CorporateSKOR	Investment Grade Corporate	Cost 0.15%	$1.07B	1Y +1.1%	5Y +1.7%	Yield 4.77%
A	Northern Trust High Yield Value-Scored BondHYGV · US High YieldHYGV	US High Yield	Cost 0.37%	$1.01B	1Y +2.4%	5Y +2.9%	Yield 7.73%
A	Northern Trust US EquityNOEQ · US Active EquityNOEQ	US Active Equity	Cost 0.12%	$852M	1Y No data	5Y No data	Yield No data
B	Northern Trust Morningstar Developed Markets ex-US Factor TiltTLTD · International Factor IndexTLTD	International Factor Index	Cost 0.39%	$651M	1Y +17.9%	5Y +10.0%	Yield 3.28%
C	Northern Trust Quality Dividend DefensiveQDEF · US Dividend IndexQDEF	US Dividend Index	Cost 0.39%	$537M	1Y +15.3%	5Y +11.9%	Yield 1.58%
B	Northern Trust Global Quality Real EstateGQRE · Global & International Real EstateGQRE	Global & International Real Estate	Cost 0.45%	$434M	1Y +10.1%	5Y +0.8%	Yield 4.20%
A	Northern Trust Intermediate Tax-Exempt BondTAXI · Intermediate Municipal BondsTAXI	Intermediate Municipal Bonds	Cost 0.05%	$358M	1Y +3.0%	5Y No data	Yield 2.56%
D	Northern Trust Morningstar Emerging Markets Factor TiltTLTE · Emerging Markets MultifactorTLTE	Emerging Markets Multifactor	Cost 0.57%	$312M	1Y +13.2%	5Y +6.6%	Yield 3.57%
A	Northern Trust Short-Term Tax-Exempt BondTAXS · Short-Duration Municipal BondsTAXS	Short-Duration Municipal Bonds	Cost 0.05%	$201M	1Y +3.0%	5Y No data	Yield 2.38%
A	Northern Trust Tax-Exempt BondTAXT · Other Municipal BondTAXT	Other Municipal Bond	Cost 0.05%	$198M	1Y +3.4%	5Y No data	Yield 3.15%
A	Northern Trust US Quality Low VolatilityQLV · US Low Volatility IndexQLV	US Low Volatility Index	Cost 0.08%	$190M	1Y +17.2%	5Y +10.1%	Yield 1.43%
B	Northern Trust Core BondBNDC · US Aggregate BondBNDC	US Aggregate Bond	Cost 0.35%	$183M	1Y −0.2%	5Y −0.6%	Yield 4.26%
B	Northern Trust STOXX US ESG SelectESG · US ESG & Values IndexESG	US ESG & Values Index	Cost 0.32%	$133M	1Y +18.3%	5Y +10.9%	Yield 0.83%
A	Northern Trust ESG & Climate US Large Cap CoreFEUS · US ESG & Values IndexFEUS	US ESG & Values Index	Cost 0.09%	$123M	1Y +14.3%	5Y +10.1%	Yield 1.01%
B	Northern Trust STOXX Global ESG SelectESGG · International ESG & Values IndexESGG	International ESG & Values Index	Cost 0.42%	$115M	1Y +19.7%	5Y +11.1%	Yield 1.27%
C	Northern Trust International Quality Dividend DynamicIQDY · International Dividend IndexIQDY	International Dividend Index	Cost 0.47%	$102M	1Y +18.5%	5Y +11.4%	Yield 3.45%
B	Northern Trust Disciplined Duration MBSMBSD · Mortgage-Backed SecuritiesMBSD	Mortgage-Backed Securities	Cost 0.20%	$89M	1Y +0.9%	5Y +0.6%	Yield 4.13%
A	Northern Trust ESG & Climate Developed Markets ex-US CoreFEDM · International ESG & Values IndexFEDM	International ESG & Values Index	Cost 0.12%	$85M	1Y +17.1%	5Y +7.7%	Yield 2.84%
A	Northern Trust Developed Markets ex-US Quality Low VolatilityQLVD · International Quality IndexQLVD	International Quality Index	Cost 0.12%	$54M	1Y +17.4%	5Y +7.5%	Yield 2.93%
A	Northern Trust ESG & Climate Investment Grade Corporate CoreFEIG · Investment Grade CorporateFEIG	Investment Grade Corporate	Cost 0.12%	$49M	1Y −0.3%	5Y −0.5%	Yield 4.95%
B	Northern Trust Credit-Scored US Long Corporate BondLKOR · Investment Grade Corporate (10+ Year)LKOR	Investment Grade Corporate (10+ Year)	Cost 0.15%	$26M	1Y −2.5%	5Y −3.4%	Yield 6.23%
B	Northern Trust 2030 Inflation-Linked Distributing LadderTIPA · TIPSTIPA	TIPS	Cost 0.10%	$21M	1Y +2.3%	5Y No data	Yield 4.07%
B	Northern Trust Emerging Markets Quality Low VolatilityQLVE · Emerging Markets MultifactorQLVE	Emerging Markets Multifactor	Cost 0.18%	$16M	1Y +11.4%	5Y +6.7%	Yield 3.19%
—	Northern Trust New York Intermediate Tax-Exempt BondTXNYTXNY	No data	Cost 0.09%	$16M	1Y No data	5Y No data	Yield No data
D	Northern Trust 2035 Tax-Exempt Distributing LadderMUNB · Defined-Maturity MunicipalMUNB	Defined-Maturity Municipal	Cost 0.18%	$14M	1Y +1.4%	5Y No data	Yield 2.36%
B	Northern Trust 2035 Inflation-Linked Distributing LadderTIPB · TIPSTIPB	TIPS	Cost 0.10%	$11M	1Y +0.9%	5Y No data	Yield 4.88%
C	Northern Trust 2055 Tax-Exempt Distributing LadderMUND · Defined-Maturity MunicipalMUND	Defined-Maturity Municipal	Cost 0.18%	$10M	1Y +2.2%	5Y No data	Yield 3.61%
—	Northern Trust 2046 Tax-Exempt Distributing LadderMUNG · Defined-Maturity MunicipalMUNG	Defined-Maturity Municipal	Cost 0.18%	$10M	1Y No data	5Y No data	Yield No data
—	Northern Trust 2056 Tax-Exempt Distributing LadderMUNH · Defined-Maturity MunicipalMUNH	Defined-Maturity Municipal	Cost 0.18%	$10M	1Y No data	5Y No data	Yield No data
B	Northern Trust 2030 Tax-Exempt Distributing LadderMUNA · Defined-Maturity MunicipalMUNA	Defined-Maturity Municipal	Cost 0.18%	$8M	1Y +2.5%	5Y No data	Yield 2.28%
D	Northern Trust 2045 Tax-Exempt Distributing LadderMUNC · Defined-Maturity MunicipalMUNC	Defined-Maturity Municipal	Cost 0.18%	$8M	1Y +1.0%	5Y No data	Yield 3.28%
—	Northern Trust California Intermediate Tax-Exempt BondTXCATXCA	No data	Cost 0.06%	$8M	1Y No data	5Y No data	Yield No data
B	Northern Trust 2045 Inflation-Linked Distributing LadderTIPC · TIPSTIPC	TIPS	Cost 0.10%	$6M	1Y −1.4%	5Y No data	Yield 5.99%
—	Northern Trust 2036 Tax-Exempt Distributing LadderMUNF · Defined-Maturity MunicipalMUNF	Defined-Maturity Municipal	Cost 0.18%	$5M	1Y No data	5Y No data	Yield No data
C	Northern Trust 2055 Inflation-Linked Distributing LadderTIPD · TIPSTIPD	TIPS	Cost 0.10%	$4M	1Y −2.6%	5Y No data	Yield 7.00%
—	Northern Trust 2036 Inflation-Linked Distributing LadderTIPF · Defined-Maturity TreasuryTIPF	Defined-Maturity Treasury	Cost 0.10%	$2M	1Y No data	5Y No data	Yield No data

Launches

7funds launched in the last 12 months

September 2026

—TXCANorthern Trust California Intermediate Tax-Exempt BondSep 22 —TXNYNorthern Trust New York Intermediate Tax-Exempt BondSep 22

August 2026

—MUNFNorthern Trust 2036 Tax-Exempt Distributing LadderAug 25 —MUNGNorthern Trust 2046 Tax-Exempt Distributing LadderAug 25 —MUNHNorthern Trust 2056 Tax-Exempt Distributing LadderAug 25 —TIPFNorthern Trust 2036 Inflation-Linked Distributing LadderAug 25

March 2026

ANOEQNorthern Trust US EquityMar 20

Questions

How many ETFs does FlexShares run?: FlexShares runs 45 US-listed ETFs: 26 fixed income funds and 19 equity funds, across 25 categories.
What is the largest FlexShares ETF?: Northern Trust Morningstar Global Upstream Natural Resources ETF (GUNR) is the largest, with $6.86B in assets. Northern Trust STOXX Global Broad Infrastructure ETF (NFRA) is second.
What is the cheapest FlexShares ETF?: 3 FlexShares ETFs charge 0.05% a year, the lowest in the lineup. They include TAXI, TAXS and TAXT. The median FlexShares ETF charges 0.18%.
What does the Grade on each fund mean?: Each A–F Grade compares a fund with the other funds in its own category, on cost, mission, risk, tradability, holdings and durability. It does not rate FlexShares, and Grades in different categories do not compare.
When did FlexShares launch its first ETF?: Northern Trust Morningstar US Market Factor Tilt ETF (TILT) launched on Sep 16, 2011. FlexShares has launched 7 ETFs so far in 2026.