FlexShares ESG & Climate Emerging Markets Core Index Fund
FEEM
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- FlexShares ESG & Climate Emerging Markets Core Index Fund (FEEM) is an exchange-traded fund that seeks investment results corresponding generally to the price and yield performance, before fees and expenses, of the Northern Trust ESG & Climate Emerging Markets Core Index. The fund invests at least 80% of its total assets in securities of the underlying index, including American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) based on those securities; it employs proprietary exclusionary screening to eliminate companies involved in UN Global Compact violations, tobacco, thermal coal, unconventional oil and gas, for-profit prisons, or weapons, with additional governance and state-owned entity screens for emerging market issuers, followed by optimization using the ESG Vector Score and Institutional Shareholder Services (ISS) carbon risk ratings to target improved ESG scores, a 50% reduction in carbon emissions and reserves versus the benchmark, and minimal tracking error while maintaining sector, country, and region exposures similar to the parent index. FEEM holds approximately 257 large- and mid-capitalization emerging market equities across sectors such as finance (24.32%), electronic technology (19.0%), and technology services (8.0%), with a focus on institutional and retail investors seeking ESG-aligned core exposure to emerging markets including Asia, Latin America, and other developing regions. Sponsored by FlexShares Trust, a Maryland statutory trust formed in 2010 and headquartered at 50 South LaSalle Street, Chicago, Illinois, the fund is managed by Northern Trust Investments, Inc., part of Northern Trust Asset Management, which maintains a global presence with offices across 22 U.S. states, Washington, D.C., and 23 international locations. In a significant recent development, FlexShares announced the liquidation and termination of FEEM on April 5, 2024, ceasing operations of the fund amid a broader evaluation of its ESG and Climate ETF suite; this followed earlier liquidations such as the FlexShares ESG & Climate High Yield Corporate Core Index ETF (FEHY) in June 2023. Concurrently, Northern Trust Asset Management, the sponsor, transitioned its Irish-domiciled FlexShares ICAV platform to Waystone ETFs in 2024 while retaining investment management responsibilities for certain products like the FlexShares Listed Private Equity UCITS ETF, reflecting strategic shifts toward operational efficiency and UCITS-compliant offerings for institutional clients. Additionally, in August 2025, Northern Trust launched new fixed-income ETF suites under the emerging Northern Trust ETFs brand, with plans to rename existing FlexShares ETFs to Northern Trust ETFs in 2026 without altering investment processes, portfolio managers, or shareholder impacts.