FlexShares Developed Mkts ex-US Quality Low Volatility
ALTAR
Score™
6.6% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
16.2x P/Sales
ratio
1.3x
P/BV
ratio
1.8x Div.
yield
3.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The FlexShares Developed Markets ex-US Quality Low Volatility Index ETF tracks a multi-factor selected index of large- and mid-cap equities from developed markets excluding the United States.

FUND BASICS
Category International Equities
Fund Sponsor Northern Trust
Website www.flexshares.com
Inception date Jul 15, 2019
Assets (mns) $11
Currency USD
Expense ratio 32 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 191
Wgt avg mkt cap (mns) $61,782
Large cap (>$10bn) 78.9%
Mid cap ($2-10bn) 20.8%
Small cap (<$2bn) 0.3%
Developed mkts 99.7%
Emerging mkts 0.3%

TOP TEN HOLDINGS
ROCHE HOLDING AG-GENUSSCHEIN 4.3 %
NESTLE SA-REG 3.4 %
TOTAL SA 2.3 %
GLAXOSMITHKLINE PLC 2.2 %
COMMONWEALTH BANK OF AUSTRAL 1.8 %
ROYAL BANK OF CANADA 1.5 %
NOVO NORDISK A/S-B 1.3 %
AIR LIQUIDE SA 1.3 %
BANK OF NOVA SCOTIA 1.2 %
HSBC HOLDINGS PLC 1.2 %
Total 20.5 %

TOP COUNTRY EXPOSURE
JAPAN 22.3 %
BRITAIN 13.5 %
SWITZERLAND 10.9 %
CANADA 10.7 %
FRANCE 8.2 %
AUSTRALIA 6.2 %
GERMANY 5.7 %
HONG KONG 3.8 %
DENMARK 3.7 %
BELGIUM 2.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 01)
Year-to-date 1 year 5 years 10 years Since Incep.
-- -- -- -- 0.0%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $26.65
30d moving avg. $26.25
Annualized volatility 0.0%
Short interest (ETF) 3.8%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 8
Turnover 2.0%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $10,497

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the FlexShares Developed Mkts ex-US Quality Low Volatility ETF based on the alternatives' overlap in portfolio holdings with QLVD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: QLVD Expense: 32 bp ALTAR Score™: 6.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH QLVD
Ticker Fund
Name
Overlap1
vs QLVD
(%)
Expense
ratio
(bp)
Savings
vs QLVD
(bp)
ALTAR
Score™
(%)
ALTAR
vs QLVD
(%)
EFAV iShares MSCI EAFE Minimum Volatility 43.4 20 12 5.5 -1.1
QEFA SPDR MSCI EAFE Quality Mix 34.3 30 2 6.4 -0.2
EUMV iShares MSCI Europe Min Volatility 32.6 25 7 5.1 -1.5
RODM Lattice Developed Markets (Ex-US) Strategy 31.5 29 3 7.5 +0.9
RBIN Nationwide Risk-Based International Equity 31.4 42 -10 7.1 +0.5
HDMV First Trust Horizon Managed Volatility Developed Int'l 30.7 80 -48 5.9 -0.7
IDLV Invesco S&P Int'l Developed Low Volatility 29.5 25 7 6.2 -0.4
MVIN Natixis Seeyond International Minimum Volatility 29.5 55 -23 6.0 -0.6
IMTM iShares MSCI Int'l Developed Momentum 29.3 30 2 4.5 -2.1
RNDM First Trust Developed International Equity Select 28.3 65 -33 6.2 -0.4
FDEV Fidelity Targeted International Factor 27.6 39 -7 6.7 +0.1
IQDE FlexShares Int'l Quality Dividend Defensive 27.3 47 -15 8.9 +2.3
IDMO Invesco S&P Int'l Dev. Momentum 26.4 25 7 4.4 -2.2
GSIE Goldman Sachs ActiveBeta Int'l Equity 25.9 25 7 6.3 -0.3
EASG Xtrackers MSCI EAFE ESG Leaders Equity 25.9 14 18 6.5 -0.1
IQLT iShares MSCI Int'l Developed Quality 25.8 30 2 5.7 -0.9
DWMF WisdomTree International Multifactor Fund 25.7 38 -6 6.0 -0.6
DOL WisdomTree Int'l Large Cap Dividend 25.6 48 -16 7.5 +0.9
OEUR O'Shares FTSE Europe Quality Dividend 25.6 48 -16 6.1 -0.5
CIL Victory CEMP International Volatility Wtd 25.3 45 -13 6.7 +0.1

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
FlexShares Developed Mkts ex-US Quality Low Volatility
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.9 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 32 bp
Equals: ALTAR Score 6.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.75 CATEGORY
AVERAGE
1.63
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.