ETF Evaluator:
Northern Trust Ultra-Short Fixed Inc ETF ()
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(as of Nov 13)
Best Performing in Ultrashort Bond Over the Last Year
| 5.0% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
| 4.8% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 4.6% | American Century® Ultrashort Income ETF (FUSI) |
| 4.6% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 4.5% | VanEck IG Floating Rate ETF (FLTR) |
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ETF Details
Northern Trust Ultra-Short Fixed Inc ETF Overview
Northern Trust Ultra-Short Fixed Inc ETF (RAVI) is an actively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). Northern Trust launched the ETF in 2012.
The investment seeks maximum current income consistent with the preservation of capital and liquidity.
The fund seeks to achieve its investment objective by investing at least 80% of its total assets in a 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. The dollar-weighted average portfolio maturity of the fund is normally not expected to exceed two years. It may invest up to 20% of its total assets in fixed-income securities and instruments of issuers in emerging markets.
About Northern Trust Ultra-Short Fixed Inc ETF (RAVI)
There are 3 members of the management team with an average tenure of 7.00 years: Bilal Memon (2012), Morten Olsen (2022) and Chaitanya (Chaitu) Mandavakuriti (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and Bloomberg US Treasury Bill 1-3 M TR USD index with a weighting of 100%. Northern Trust Ultra-Short Fixed Inc ETF has 285 securities in its portfolio. The top 10 holdings constitute 14.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Northern Trust Ultra-Short Fixed Inc ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Northern Trust Ultra-Short Fixed Inc ETF has 25.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 89.8% (64.4% domestic bond, 25.4% foreign bond and 0.0% convertible bond). Northern Trust Ultra-Short Fixed Inc ETF has 10.0% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $5 billion average for the Ultrashort Bond 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.
RAVI 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 Northern Trust Ultra-Short Fixed Inc ETF expense ratio is below average compared to funds in the Ultrashort Bond category. Northern Trust Ultra-Short Fixed Inc ETF has an expense ratio of 0.25%, which is 13% higher than its category average, making the fund expense ratio grade a D. 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. Northern Trust Ultra-Short Fixed Inc ETF has a portfolio turnover rate of 68%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 59% for the Ultrashort Bond category.
Recently, in the month of October 2026, Northern Trust Ultra-Short Fixed Inc ETF returned 0.4%, which earned it a grade of C, as the Ultrashort Bond category had an average return of 0.4%. 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.
Northern Trust Ultra-Short Fixed Inc ETF has a trailing yield of 4.22%, which is above the 3.96% category average.
The fund normally distributes its income monthly and its capital gains annually.
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.
Northern Trust Ultra-Short Fixed Inc ETF Grades
Year to date, the ETF has returned 3.0%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 3.8% over the past year (grade of C), 5.0% over the past three years (grade of C) and 3.8% per year over the past five years (grade of D) and 2.8% per year over the past 10 years (grade of D).
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RAVI Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RAVI Return (NAV) | 0.4% | 0.9% | 3.8% | 5.0% | 3.8% | 2.8% |
| RAVI Return (Price) | 0.4% | 0.8% | 3.8% | 5.0% | 3.8% | 2.8% |
| NAV +/- Price Return | 0.044% | 0.088% | -0.003% | 0.002% | -0.007% | 0.001% |
| Ultrashort Bond Avg | 0.4% | 0.9% | 3.8% | 5.0% | 4.1% | 3.0% |
| RAVI Grade (NAV) | C | D | C | C | D | D |
| +/- Category (NAV) | -0.0% | -0.0% | -0.0% | -0.1% | -0.3% | -0.3% |
| RAVI Tax-Cost Ratio | na | na | 1.7% | 1.9% | 1.6% | 1.1% |
RAVI Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RAVI Return (NAV) | 3.0% | 5.0% | 5.7% | 5.5% | 0.1% | -0.0% | 2.1% | 3.4% | 1.8% | 1.3% | 1.2% |
| RAVI Return (Price) | 3.0% | 5.0% | 5.7% | 5.6% | 0.2% | -0.0% | 2.1% | 3.5% | 1.7% | 1.2% | 1.5% |
| NAV +/- Price Ret | -0.011% | 0.004% | -0.002% | 0.002% | 0.741% | 0.238% | 0.003% | 2.0% | -9.3% | -5.8% | 19.9% |
| Ultrashort Bond Avg | 3.1% | 4.8% | 5.8% | 6.0% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| RAVI Grade (NAV) | C | C | C | D | D | D | A | B | B | D | D |
| +/- Category | -0.1% | 0.1% | -0.1% | -0.5% | -0.4% | -0.3% | 0.6% | -0.2% | 0.5% | -1.0% | -0.7% |
| Risk Measures | |
| Beta: | 0.04 |
| R-Squared: | 42% |
| Standard Deviation: | 0.4% |
| Category Risk Index: | 0.68 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.03 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.2% |
| Total Assets: | $ 1,620 Mil |
| Share Class Assets: | $ 1,620 Mil |
| Turnover: | 68.0% |
| Expense Ratio: | 0.25% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Global Aggregate TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.1 years | |||
| Average Tenure: 7.0 years | |||
| Managers (Year): Memon Bilal (2012), Olsen Morten (2022), Mandavakuriti Chaitanya (Chaitu) (2024) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 285 |
| % in Top 10 Holdings: | 14.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 25.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 64.4% |
| Foreign Bond: | 25.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 10.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Northern Trust |
| Phone Number: | 855-353-9383 |
| Website: | www.flexshares.com |
| Inception Date: | October 9, 2012 |
Expenses and Fees
| Expense Ratio (%): | 0.25% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.22% |
