Open shaft current?

I am assuming that open shaft or magnetizing current refers to current drawn by motor to rotate rotor shaft with no-load applied. Although no real work is being done, power is still being expended to spin the shaft and the weight of the rotor, correct?

Aren't we trying to determine the portion of the current that creates excess magnetic flux in the coils that does no work? And is still present when the motor is under fully loaded condition?

;p;