ETF Evaluator:
FlexShares ESG&Clmt Dev Mkts ex-US Cr ()
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(as of Aug 25)
Best Performing in Foreign Large Blend Over the Last Year
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ETF Details
FlexShares ESG&Clmt Dev Mkts ex-US Cr Overview
FlexShares ESG&Clmt Dev Mkts ex-US Cr (FEDM) is a passively managed International Equity Foreign Large Blend exchange-traded fund (ETF). Flexshares Trust launched the ETF in 2021.
The investment seeks results that correspond generally to the price and yield performance of the Northern Trust® ESG & Climate Developed Markets ex‑US Core IndexSM.
The underlying index is designed to reflect the performance of a selection of companies that exhibit certain ESG characteristics in the aggregate, while also seeking to provide broad-market, core exposure to publicly traded equity securities issued by companies domiciled in developed market countries, excluding the U.S. The fund will invest at least 80% of its total assets in the securities of the index and in ADRs and GDRs based on the securities in the index.
About FlexShares ESG&Clmt Dev Mkts ex-US Cr (FEDM)
There are 3 members of the management team with an average tenure of 4.86 years: Steven Santiccioli (2021), Robert Anstine (2021) and Alan Aung (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI World ex USA NR USD index with a weighting of 100% and Northern Trust ESG&Clmt DvMkt xUS Cr USD index with a weighting of 100%. FlexShares ESG&Clmt Dev Mkts ex-US Cr has 235 securities in its portfolio. The top 10 holdings constitute 16.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
FlexShares ESG&Clmt Dev Mkts ex-US Cr is part of the Equity global asset class and is within the International Equity ETF group. FlexShares ESG&Clmt Dev Mkts ex-US Cr has 98.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.3% There is 98.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). FlexShares ESG&Clmt Dev Mkts ex-US Cr has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $79 million in total assets, which is below the $9 billion average for the Foreign Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FEDM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The FlexShares ESG&Clmt Dev Mkts ex-US Cr expense ratio is low compared to funds in the Foreign Large Blend category. FlexShares ESG&Clmt Dev Mkts ex-US Cr has an expense ratio of 0.12%, which is 70% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. FlexShares ESG&Clmt Dev Mkts ex-US Cr has a portfolio turnover rate of 20%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 38% for the Foreign Large Blend category.
Recently, in the month of July 2026, FlexShares ESG&Clmt Dev Mkts ex-US Cr returned 3.7%, which earned it a grade of A, as the Foreign Large Blend category had an average return of 1.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
FlexShares ESG&Clmt Dev Mkts ex-US Cr has a trailing yield of 2.87%, which is above the 2.56% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
FlexShares ESG&Clmt Dev Mkts ex-US Cr Grades
Year to date, the ETF has returned 10.5%, 1.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 22.6% over the past year (grade of D) and 14.4% over the past three years (grade of D).
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FEDM Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FEDM Return (NAV) | 3.7% | 6.1% | 22.6% | 14.4% | na | na |
| FEDM Return (Price) | 4.8% | 7.0% | 23.8% | 14.6% | na | na |
| NAV +/- Price Return | -1.128% | -0.856% | -1.142% | -0.200% | na | na |
| Foreign Large Blend Avg | 1.1% | 4.4% | 25.0% | 16.4% | 9.2% | 9.3% |
| FEDM Grade (NAV) | A | A | D | D | na | na |
| +/- Category (NAV) | 2.6% | 1.8% | -2.4% | -1.9% | na | na |
| FEDM Tax-Cost Ratio | na | na | 1.1% | 1.1% | na | na |
FEDM Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FEDM Return (NAV) | 10.5% | 27.3% | 3.2% | 17.9% | -15.6% | na | na | na | na | na | na |
| FEDM Return (Price) | 11.1% | 28.0% | 2.7% | 17.4% | -15.2% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.054% | 0.027% | -0.139% | -0.027% | -0.022% | na | na | na | na | na | na |
| Foreign Large Blend Avg | 12.1% | 31.2% | 5.2% | 16.9% | -14.7% | 10.3% | 8.8% | 22.0% | -13.2% | 24.6% | 1.9% |
| FEDM Grade (NAV) | D | D | D | B | D | na | na | na | na | na | na |
| +/- Category | -1.6% | -3.9% | -2.1% | 1.0% | -0.9% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.91 |
| R-Squared: | 90% |
| Standard Deviation: | 13.3% |
| Category Risk Index: | 1.01 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.09 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 2.9% |
| Total Assets: | $ 79 Mil |
| Share Class Assets: | $ 79 Mil |
| Turnover: | 20.0% |
| Expense Ratio: | 0.12% |
| Index Fund: | Yes |
| Index Tracked: | MSCI World ex USA NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.9 years | |||
| Average Tenure: 4.9 years | |||
| Managers (Year): Santiccioli Steven (2021), Anstine Robert (2021), Aung Alan (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 235 |
| % in Top 10 Holdings: | 16.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 98.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.3% |
| Foreign Stock: | 98.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.6% |
| Cash: | 0.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Flexshares Trust |
| Phone Number: | 855-353-9383 |
| Website: | www.flexshares.com |
| Inception Date: | September 20, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.12% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.40% |
