Flexshares Morningstar US Market Factors Tilt Index Fund
ALTAR
Score™		 6.6% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 26.0x P/Sales
ratio		 1.4x
P/BV
ratio		 2.0x Div.
yield		 2.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
FlexShares Morningstar US Market Factor Tilt Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the Morningstar US Market Factor Tilt Index.

FUND BASICS
Category US Equities
Fund Sponsor Northern Trust Investments Inc
Website www.flexshares.com
Inception date Sep 16, 2011
Assets (mns) $1,225
Currency USD
Expense ratio 25 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian JPMorgan Chase Bank
Weighting Proprietary
Index replication Optimized
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 2040
Wgt avg mkt cap (mns) $247,818
Large cap (>$10bn) 69.6%
Mid cap ($2-10bn) 21.3%
Small cap (<$2bn) 9.2%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
MICROSOFT CORP 3.6 %
APPLE INC 3.4 %
AMAZON.COM INC 2.8 %
FACEBOOK 1.3 %
BERKSHIRE HATHAWAY INC-CL B 1.2 %
ALPHABET INC. CLASS A 1.0 %
ALPHABET INC. CLASS C 1.0 %
UNITEDHEALTH GROUP INC 1.0 %
JPMORGAN CHASE & CO 1.0 %
INTEL CORP 0.9 %
Total 17.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.8 %
IRELAND 1.2 %
BRITAIN 1.0 %
BERMUDA 0.6 %
SWITZERLAND 0.3 %
PUERTO RICO 0.2 %
SINGAPORE 0.1 %
ARGENTINA 0.1 %
CANADA 0.1 %
NETHERLANDS 0.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-9.8% -1.1% 7.2% -- 12.6%

Market Correlations
versus... Beta R-squared
S&P500 1.15 97%
MSCI EAFE 1.16 86%
MSCI Emg. Mkts. 0.83 70%

Technical Indicators
Recent close $115.58
30d moving avg. $114.04
Annualized volatility 19.7%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.7%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 40
Turnover 0.4%
Bid/Ask (% of price) 0.07%
ADV underlying (mns) $385,785

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Flexshares Morningstar US Market Factors Tilt Index Fund ETF based on the alternatives' overlap in portfolio holdings with TILT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TILT Expense: 25 bp ALTAR Score™: 6.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TILT
Ticker Fund
Name		 Overlap1
vs TILT
(%)		 Expense
ratio
(bp)		 Savings
vs TILT
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs TILT
(%)
SCHB Schwab U.S. Broad Market ETF 78.3 3 22 5.2 -1.4
ITOT iShares Core S&P Total U.S. Stock Market ETF 78.0 3 22 5.1 -1.4
IWV iShares Russell 3000 ETF 77.8 20 5 5.0 -1.5
VTI Vanguard Total Stock Market Index Fund 77.7 3 22 5.1 -1.4
VTHR Vanguard Russell 3000 Index Fund 77.7 10 15 5.1 -1.5
IYY iShares Dow Jones U.S. ETF 75.9 20 5 5.1 -1.4
SCHK Schwab 1000 Index ETF 75.1 5 20 5.2 -1.3
IWB iShares Russell 1000 ETF 74.7 15 10 5.2 -1.4
VONE Vanguard Russell 1000 ETF 74.2 8 17 5.2 -1.3
SPTM SPDR Portfolio Total Stock Market ETF 73.6 3 22 5.5 -1.1
SCHX Schwab U.S. Large-Cap ETF 72.7 3 22 5.3 -1.3
PBUS Invesco PureBeta MSCI USA ETF 70.8 4 21 5.2 -1.3
BBUS JP Morgan Betabuilders U.S. Equity ETF 70.2 2 23 5.3 -1.3
VV Vanguard Large-Cap Index Fund 69.6 4 21 5.2 -1.3
AVUS Avantis U.S. Equity ETF 69.2 15 10 5.7 -0.9
JHML John Hancock Multifactor Large Cap ETF 69.2 29 -4 5.5 -1.0
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 68.0 7 18 5.2 -1.4
SPLG SPDR Portfolio Large Cap ETF 67.5 3 22 5.4 -1.2
PBP Invesco S&P 500 BuyWrite ETF 67.5 49 -24 5.0 -1.6
SPY SPDR S&P 500 ETF Trust 67.5 9 16 5.3 -1.3
IVV iShares Core S&P 500 ETF 67.5 4 21 5.4 -1.2
HSPX Global X S&P 500 Covered Call ETF 67.3 65 -40 4.8 -1.7
VOO VANGUARD S&P 500 ETF 67.3 3 22 5.4 -1.2
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 66.1 20 5 5.3 -1.3
ESGV Vanguard ESG U.S. Stock ETF 65.9 12 13 5.1 -1.4
SPXE ProShares S&P 500 Ex-Energy ETF 65.6 27 -2 5.3 -1.3
FNDB Schwab Fundamental U.S. Broad Market Index ETF 65.5 25 0 6.5 -0.1
PRF Invesco FTSE RAFI US 1000 ETF 65.2 39 -14 6.8 +0.2
SFY SoFi Select 500 ETF 64.9 0 25 5.2 -1.4
TOK iShares MSCI Kokusai ETF 64.7 25 0 5.5 -1.1
KOKU Xtrackers MSCI Kokusai Equity ETF 64.5 9 16 5.7 -0.9
VLU SPDR S&P 1500 Value Tilt ETF 63.0 12 13 7.4 +0.9
URTH iShares MSCI World ETF 62.2 24 1 5.6 -0.9
FNDX Schwab Fundamental U.S. Large Co. Index ETF 61.2 25 0 6.5 -0.1
ESGU iShares MSCI USA ESG Optimized ETF 60.0 15 10 5.1 -1.5
EPS WisdomTree U.S. Earnings 500 Fund 59.5 8 17 6.4 -0.1
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 59.5 9 16 5.5 -1.1
MGC Vanguard Mega Cap Index Fund 59.4 7 18 5.2 -1.4
SPXN ProShares S&P 500 Ex-Financials ETF 57.9 27 -2 4.9 -1.6
CATH Global X S&P 500 Catholic Values Custom ETF 57.8 29 -4 5.2 -1.4
BKLC BNY Mellon US Large Cap Core Equity ETF 57.5 0 25 5.2 -1.4
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 57.5 20 5 4.9 -1.7
MMTM SPDR S&P 1500 Momentum Tilt ETF 57.4 12 13 4.9 -1.7
SPXV ProShares S&P 500 Ex-Health Care ETF 57.2 27 -2 5.0 -1.6
IUS Invesco Strategic US ETF 56.5 19 6 6.7 +0.1
ACWI iShares MSCI ACWI ETF 56.4 32 -7 5.8 -0.8
IWL iShares Russell Top 200 ETF 56.3 15 10 5.0 -1.6
QUS SPDR MSCI USA StrategicFactors ETF 55.1 15 10 5.8 -0.8
VT Vanguard Total World Stock Index Fund 54.9 8 17 6.1 -0.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 54.1 20 5 6.1 -0.5
LOWC SPDR MSCI ACWI Low Carbon Target ETF 53.9 20 5 6.0 -0.6
RWL Invesco S&P 500 Revenue ETF 52.3 39 -14 7.2 +0.6
DTD WisdomTree U.S.Total Dividend Fund 51.6 28 -3 6.6 +0.1
SNPE Xtrackers S&P 500 ESG ETF 51.3 11 14 5.1 -1.5
DIVB iShares U.S. Dividend & Buyback ETF 51.2 25 0 6.6 0.0
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 50.4 29 -4 6.2 -0.3
DYNF BlackRock U.S. Equity Factor Rotation ETF 50.3 30 -5 6.5 -0.1
SPXT ProShares S&P 500 Ex-Technology ETF 50.2 27 -2 5.6 -0.9
IUSG iShares Core S&P US Growth ETF 49.4 4 21 4.3 -2.3
IQSU IQ Candriam ESG US Equity ETF 48.7 9 16 5.0 -1.5
IWD iShares Russell 1000 Value ETF 48.2 19 6 7.2 +0.6
ESG FlexShares STOXX US ESG Impact Index Fund 46.6 32 -7 5.0 -1.5
IUSV iShares Core S&P U.S. Value ETF 46.6 4 21 7.5 +0.9
SPYG SPDR Portfolio S&P 500 Growth ETF 46.5 4 21 4.3 -2.3
IVW iShares S&P 500 Growth ETF 46.5 18 7 4.1 -2.4
VOOG Vanguard S&P 500 Growth ETF 46.4 10 15 4.2 -2.4
DLN WisdomTree U.S. LargeCap Dividend Fund 45.6 28 -3 6.4 -0.2
VONG Vanguard Russell 1000 Growth Index Fund 45.5 8 17 4.2 -2.4
OEF iShares S&P 100 ETF 44.6 20 5 4.7 -1.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 44.5 9 16 5.9 -0.6
EXT WisdomTree U.S. Total Earnings Fund 44.0 28 -3 5.2 -1.4
VOOV Vanguard S&P 500 Value ETF 42.5 15 10 7.3 +0.8
QWLD SPDR MSCI World StrategicFactors ETF 42.5 30 -5 6.1 -0.5
SPYV SPDR Portfolio S&P 500 Value ETF 42.4 4 21 7.4 +0.8
IVE iShares S&P 500 Value ETF 42.4 18 7 7.3 +0.7
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 42.2 15 10 6.2 -0.4
VONV Vanguard Russell 1000 Value Index Fund 42.2 8 17 7.3 +0.7
RSP Invesco S&P 500 Equal Weight ETF 42.0 20 5 6.7 +0.1
XOUT GraniteShares XOUT U.S. Large Cap ETF 42.0 60 -35 4.3 -2.2
DGRO iShares Core Dividend Growth ETF 41.8 8 17 6.6 +0.1
EQAL Invesco Russell 1000 Equal Weight ETF 41.8 20 5 5.7 -0.9
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 41.8 9 16 5.9 -0.7
EUSA iShares MSCI USA Equal Weighted ETF 41.7 15 10 6.3 -0.3
ESGG FlexShares STOXX Global ESG Impact Index Fund 41.5 42 -17 5.4 -1.2
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 41.5 29 -4 6.7 +0.2
IWF iShares Russell 1000 Growth ETF 41.0 19 6 4.1 -2.5
AFLG First Trust Active Factor Large Cap ETF 40.9 55 -30 5.5 -1.0
RECS Columbia Research Enhanced Core ETF 40.7 15 10 5.6 -1.0
SIZE iShares Edge MSCI USA Size Factor ETF 40.6 15 10 6.3 -0.3
ROUS Hartford Multifactor US Equity ETF 39.7 19 6 7.3 +0.7
SCHG Schwab U.S. Large-Cap Growth ETF 39.4 4 21 4.1 -2.5
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 39.1 75 -50 3.8 -2.8
TUSA First Trust Total US Market AlphaDEX ETF 39.1 70 -45 5.9 -0.6
NACP Impact Shares NAACP Minority Empowerment ETF 38.3 75 -50 4.5 -2.1
CFA VictoryShares US 500 Volatility Weighted Index ETF 38.2 35 -10 5.9 -0.7
HIPR Direxion High Growth ETF 38.1 40 -15 2.8 -3.8
RNLC Large Cap US Equity Select ETF 38.1 60 -35 6.2 -0.4
DSI iShares MSCI KLD 400 Social ETF 38.1 25 0 5.1 -1.5
KRMA Global X Conscious Companies ETF 37.8 43 -18 5.2 -1.4
SQEW LeaderShares Equity Skew ETF 37.6 75 -50 3.8 -2.7

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Flexshares Morningstar US Market Factors Tilt Index Fund
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 13.1 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 6.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.48 CATEGORY
AVERAGE		 1.52
 
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.