At a glance
ASET charges 0.51% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $7.2M in assets, the 8th largest of that group. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +10.3% a year. At its worst it fell 36.3% in the 2020 crash (S&P 500: 33.7%) and 23.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 32 months after the lows.
The short version
FlexShares Real Assets Allocation Index Fund (ASET) is a fund of funds that tracks the Northern Trust Real Assets Allocation Index by holding three FlexShares ETFs of global infrastructure, real estate and natural resources stocks. Its index weights them to minimize overall price swings, putting about half in infrastructure. It is tiny, with about $7.2 million in net assets as of July 31, 2025, and costs 0.51% a year after a fee waiver.
Price history
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ASET 0.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ASET price data to Oct 27, 2026 | 0.0% | 0.0% | +10.3% | +2.9% | +5.6% | +5.7% |
- Over the year to Oct 27, 2026, ASET returned 0.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was +2.9% and its 10-year +5.6%.
- In the 2020 COVID crash it fell 36.3% and regained its old high 10 months after the low.
- Its worst full calendar year was 2022 (-9.9%); its best was 2019 (+24.4%).
- The deepest fall in its price history was 36.5% (Feb 14, 2020 to Mar 23, 2020), recovered by Feb 12, 2021.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +17.3% |
| 2024 | +0.8% |
| 2023 | +5.3% |
| 2022 | -9.9% |
| 2021 | +18.5% |
| 2020 | -0.8% |
| 2019 | +24.4% |
| 2018 | -9.4% |
| 2017 | +15.4% |
| 2016 | +8.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.3% over that stretch · deepest drop along the way 36.3%, back to its old high 10 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.8% over that stretch · deepest drop along the way 23.6%, back to its old high 31.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.6500 | -41.4% |
| 2024 | $1.1100 | +26.1% |
| 2023 | $0.8800 | +8.6% |
| 2022 | $0.8100 | -3.6% |
| 2021 | $0.8400 | +37.7% |
| 2020 | $0.6100 | -35.1% |
| 2019 | $0.9400 | +22.1% |
| 2018 | $0.7700 | +18.5% |
| 2017 | $0.6500 | -22.6% |
| 2016 | $0.8400 |
What's inside
As of Jul 31, 2025, the fund held 3 securities; the ten largest made up 99.92% of assets.
| Fund held | Weight | |
|---|---|---|
| FlexShares STOXX Global Broad Infrastructure Index Fund Other | 49.90% | |
| FlexShares Global Quality Real Estate Index Fund Other | 39.72% | |
| FlexShares Morningstar Global Upstream Natural Resources Index Fund Other | 10.30% |
By country
United States 99.92%By asset type
Other 99.92%What changed recently
- Over the three months to Jul 31, 2025, investors added a net $2K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.12%, +1.99%, -1.59%.
How it works
ASET is a fund of funds: it owns other FlexShares ETFs rather than individual companies, and tracks the Northern Trust Real Assets Allocation Index. Northern Trust's adviser, NTI, builds the index and manages ASET and its underlying funds. The index targets real assets, meaning physical or tangible assets such as commodities, oil and real estate, but the exposure comes through stocks. Each underlying fund owns company shares in developed and emerging markets, which can include real estate investment trusts (REITs).
The index sets weights with a rules-based method meant to minimize overall volatility, or price swings. As of December 31, 2024, its weights were 50.05% in the FlexShares STOXX Global Broad Infrastructure Index Fund, 40.19% in the FlexShares Global Quality Real Estate Index Fund and 9.76% in the FlexShares Morningstar Global Upstream Natural Resources Index Fund. It rebalances at least yearly, and may do so twice a year if volatility crosses a set threshold. The underlying funds' own indexes may rebalance quarterly.
ASET is passive: it does not try to beat the index or turn defensive when markets fall. Normally at least 80% of assets sit in index holdings; up to 20% may go to cash, money market funds, futures and options on futures. It may also lend securities worth up to one-third of total assets.
What it really costs
- ASET charges 0.51% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.49% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.47% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $52 in the first year and $1,159 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ASET | $52 | $265 | $496 | $1,159 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It adds global infrastructure, real estate and natural resources stocks in one fund, but its 36.5% drop in early 2020 shows it is no crisis hedge.
ASET could add global infrastructure, real estate and natural resources stocks to a broader portfolio, but it has not cushioned sell-offs. It launched in November 2015, after the 2008 crisis. Its deepest drop, 36.5%, came between February 14 and March 23, 2020; it recovered by February 2021, about 11 months later. In 2022 it fell 23.6% between April and October and did not recover until June 2025, nearly 32 months later. Its worst calendar year, 2022, lost 9.9%. Anyone who needed cash from it during those stretches would have taken it at depressed prices.
It paid no distributions in the 12 months to October 27, 2026. Its expense ratio is 0.51% a year, and with about $7.2 million in net assets as of July 31, 2025, it is very small. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund blending global infrastructure, real estate and natural resources stocks, with about half in infrastructure as of July 31, 2025.
- Those who prefer a rules-based index that sets weights to limit overall price swings over choosing separate real estate and infrastructure funds themselves.
- Long-term investors who can ride out stock-like drops, such as the 36.5% fall in early 2020, and want a modest real-assets slice.
Look elsewhere if
- Investors seeking physical commodities or gold as an inflation hedge; all three underlying funds hold company stocks, and ASET fell 23.6% in 2022's sell-off.
- Retirees who rely on regular payouts: the fund made no distributions in the 12 months to October 27, 2026.
- Investors wary of tiny funds: net assets were about $7.2 million as of July 31, 2025, which can mean higher trading costs and closure risk.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ASET this fund | 0.51% | $7.2M | 0.0% | +10.3% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does ASET hold?
ASET owns three other FlexShares ETFs rather than individual stocks. As of July 31, 2025, about 49.9% sat in the FlexShares STOXX Global Broad Infrastructure Index Fund, 39.7% in the FlexShares Global Quality Real Estate Index Fund and 10.3% in the FlexShares Morningstar Global Upstream Natural Resources Index Fund. Those funds hold shares of companies in developed and emerging markets, which can include real estate investment trusts (REITs), so ASET's real-asset exposure comes through stocks, not physical commodities.
What is ASET's expense ratio?
ASET's expense ratio is 0.51% a year after a 0.47% fee waiver, according to the prospectus filed February 24, 2025. In the SEC's standard example, a $10,000 investment earning 5% a year and cashed out at the end of each period would cost about $52 after one year, $265 after three, $496 after five and $1,159 after 10. Those later figures grow faster than 0.51% a year alone would explain, which suggests the example does not assume the waiver lasts.
Does ASET pay dividends?
Not in the 12 months to October 27, 2026: ASET made no distributions over that span, so its trailing yield was 0% as of that date. Its underlying funds hold real estate, infrastructure and natural resources companies, but any income reaches ASET shareholders only when the fund itself pays a distribution. On that record, it may not suit investors who need regular cash payments from their holdings.
How has ASET performed over the long term?
Over the 10 years to October 27, 2026, ASET returned about 5.6% a year based on market prices, or about 72% in total. The five-year figure was 2.9% a year and the three-year figure 10.3% a year. Calendar years swung widely: gains of 24.4% in 2019, 18.5% in 2021 and 17.3% in 2025, against a 9.9% loss in 2022. Its worst quarter, the first quarter of 2020, lost 23.5%.
Is ASET a good hedge against inflation?
Not reliably, based on its record. ASET targets real assets such as real estate and natural resources, which investors often link to inflation, but it owns company stocks, not physical commodities, so it also moves with the stock market. In 2022, a year of high inflation, it fell 23.6% between April 20 and October 12 and did not regain its peak until June 10, 2025. Its 9.9% loss in 2022 was its worst calendar year.