Flexshares Morningstar US Market Factors Tilt Index Fund
ALTAR
Score™		 6.6% info Recommen-
dation		 OVERWEIGHT
2020E    2021E
P/E
ratio		 26.2x P/Sales
ratio		 1.5x
P/BV
ratio		 2.1x Div.
yield		 2.0%


  • 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) $1,190
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 2055
Wgt avg mkt cap (mns) $290,813
Large cap (>$10bn) 70.5%
Mid cap ($2-10bn) 20.8%
Small cap (<$2bn) 8.5%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
APPLE INC 3.9 %
MICROSOFT CORP 3.4 %
AMAZON.COM INC 2.9 %
BERKSHIRE HATHAWAY INC-CL B 1.3 %
FACEBOOK 1.3 %
ALPHABET INC. CLASS A 0.9 %
JPMORGAN CHASE & CO 0.9 %
UNITEDHEALTH GROUP INC 0.9 %
ALPHABET INC. CLASS C 0.9 %
JOHNSON & JOHNSON 0.8 %
Total 17.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.7 %
IRELAND 1.2 %
BRITAIN 1.0 %
BERMUDA 0.6 %
SWITZERLAND 0.3 %
PUERTO RICO 0.1 %
SINGAPORE 0.1 %
ARGENTINA 0.1 %
CANADA 0.1 %


HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-2.7% 6.2% 10.8% -- 13.2%

Market Correlations
versus... Beta R-squared
S&P500 1.13 98%
MSCI EAFE 1.18 87%
MSCI Emg. Mkts. 0.85 71%

Technical Indicators
Recent close $122.00
30d moving avg. $123.73
Annualized volatility 20.3%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.7%
Relative strength (RSI) 47

Liquidity measures
Avg. volume (thou.) 28
Turnover 0.3%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $39,355

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 78.6 3 22 5.5 -1.2
VTHR Vanguard Russell 3000 Index Fund 78.6 10 15 5.4 -1.3
ITOT iShares Core S&P Total U.S. Stock Market ETF 78.5 3 22 5.4 -1.2
IWV iShares Russell 3000 ETF 78.3 20 5 5.3 -1.4
VTI Vanguard Total Stock Market Index Fund 77.3 3 22 5.4 -1.2
IYY iShares Dow Jones U.S. ETF 75.9 20 5 5.4 -1.2
SCHK Schwab 1000 Index ETF 75.5 5 20 5.6 -1.1
IWB iShares Russell 1000 ETF 75.1 15 10 5.5 -1.2
VONE Vanguard Russell 1000 ETF 74.9 8 17 5.5 -1.1
SCHX Schwab U.S. Large-Cap ETF 73.6 3 22 5.5 -1.1
SPTM SPDR Portfolio Total Stock Market ETF 73.2 3 22 5.9 -0.8
PBUS Invesco PureBeta MSCI USA ETF 71.3 4 21 5.6 -1.1
BBUS JP Morgan Betabuilders U.S. Equity ETF 70.6 2 23 5.6 -1.0
AVUS Avantis U.S. Equity ETF 70.1 15 10 6.0 -0.7
VV Vanguard Large-Cap Index Fund 70.1 4 21 5.6 -1.1
JHML John Hancock Multifactor Large Cap ETF 69.5 29 -4 5.7 -0.9
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 68.5 7 18 5.6 -1.0
HSPX Global X S&P 500 Covered Call ETF 67.3 60 -35 5.3 -1.4
PBP Invesco S&P 500 BuyWrite ETF 67.3 49 -24 5.3 -1.3
SPLG SPDR Portfolio Large Cap ETF 67.2 3 22 5.8 -0.9
IVV iShares Core S&P 500 ETF 67.2 3 22 5.8 -0.9
SPY SPDR S&P 500 ETF Trust 67.2 9 16 5.7 -0.9
XYLG Global X S&P 500 Covered Call & Growth ETF 67.2 60 -35 5.3 -1.3
VOO VANGUARD S&P 500 ETF 67.2 3 22 5.8 -0.8
ESGV Vanguard ESG U.S. Stock ETF 66.7 12 13 5.5 -1.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 66.2 20 5 5.7 -0.9
FNDB Schwab Fundamental U.S. Broad Market Index ETF 65.6 25 0 7.2 +0.5
PRF Invesco FTSE RAFI US 1000 ETF 65.4 39 -14 7.2 +0.5
TOK iShares MSCI Kokusai ETF 65.4 25 0 5.8 -0.8
SPXE ProShares S&P 500 Ex-Energy ETF 65.3 27 -2 5.7 -1.0
KOKU Xtrackers MSCI Kokusai Equity ETF 65.2 9 16 6.0 -0.7
SFY SoFi Select 500 ETF 65.1 0 25 5.4 -1.3
VLU SPDR S&P 1500 Value Tilt ETF 63.8 12 13 7.6 +1.0
URTH iShares MSCI World ETF 63.0 24 1 5.9 -0.8
FNDX Schwab Fundamental U.S. Large Co. Index ETF 61.0 25 0 7.1 +0.5
ESGU iShares MSCI USA ESG Optimized ETF 59.8 15 10 5.5 -1.2
MGC Vanguard Mega Cap Index Fund 59.3 7 18 5.6 -1.1
EPS WisdomTree U.S. Earnings 500 Fund 59.2 8 17 6.9 +0.3
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 59.1 9 16 5.9 -0.7
ACWI iShares MSCI ACWI ETF 57.5 32 -7 6.0 -0.6
MMTM SPDR S&P 1500 Momentum Tilt ETF 57.5 12 13 5.6 -1.1
SPXN ProShares S&P 500 Ex-Financials ETF 57.4 27 -2 5.4 -1.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 57.3 20 5 5.3 -1.3
CATH Global X S&P 500 Catholic Values Custom ETF 57.2 29 -4 5.5 -1.1
SPXV ProShares S&P 500 Ex-Health Care ETF 57.1 27 -2 5.5 -1.2
IUS Invesco Strategic US ETF 56.8 19 6 6.8 +0.2
IWL iShares Russell Top 200 ETF 56.5 15 10 5.4 -1.2
BKLC BNY Mellon US Large Cap Core Equity ETF 55.5 0 25 5.6 -1.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 55.1 20 5 6.3 -0.4
VT Vanguard Total World Stock Index Fund 55.1 8 17 6.3 -0.3
LOWC SPDR MSCI ACWI Low Carbon Target ETF 55.0 20 5 6.3 -0.4
QUS SPDR MSCI USA StrategicFactors ETF 54.8 15 10 6.0 -0.6
RWL Invesco S&P 500 Revenue ETF 52.2 39 -14 7.5 +0.8
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 52.0 29 -4 6.2 -0.5
DYNF BlackRock U.S. Equity Factor Rotation ETF 51.8 30 -5 6.8 +0.1
DIVB iShares U.S. Dividend & Buyback ETF 51.0 25 0 7.1 +0.5
DTD WisdomTree U.S.Total Dividend Fund 50.8 28 -3 7.0 +0.3
IUSG iShares Core S&P US Growth ETF 50.0 4 21 5.2 -1.4
EFIV SPDR S&P 500 ESG ETF 49.9 10 15 5.6 -1.1
SNPE Xtrackers S&P 500 ESG ETF 49.8 10 15 5.6 -1.0
SPXT ProShares S&P 500 Ex-Technology ETF 49.4 27 -2 5.5 -1.1
IQSU IQ Candriam ESG US Equity ETF 49.2 9 16 5.7 -1.0
IWD iShares Russell 1000 Value ETF 47.6 19 6 7.0 +0.3
VONV Vanguard Russell 1000 Value Index Fund 47.5 8 17 7.1 +0.5
IVW iShares S&P 500 Growth ETF 47.2 18 7 5.1 -1.6
SPYG SPDR Portfolio S&P 500 Growth ETF 47.2 4 21 5.2 -1.4
VOOG Vanguard S&P 500 Growth ETF 47.2 10 15 5.2 -1.5
ESG FlexShares STOXX US ESG Impact Index Fund 47.0 32 -7 5.4 -1.3
IUSV iShares Core S&P U.S. Value ETF 45.7 4 21 7.5 +0.9
DLN WisdomTree U.S. LargeCap Dividend Fund 45.0 28 -3 6.8 +0.2
XOUT GraniteShares XOUT U.S. Large Cap ETF 44.9 60 -35 4.8 -1.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 44.9 9 16 6.1 -0.6
OEF iShares S&P 100 ETF 44.5 20 5 5.4 -1.3
EXT WisdomTree U.S. Total Earnings Fund 44.2 28 -3 5.9 -0.8
AFLG First Trust Active Factor Large Cap ETF 42.6 55 -30 5.9 -0.7
SCHV Schwab U.S. Large-Cap Value ETF 42.5 4 21 6.9 +0.2
EUSA iShares MSCI USA Equal Weighted ETF 42.4 15 10 6.2 -0.4
QWLD SPDR MSCI World StrategicFactors ETF 42.2 30 -5 6.2 -0.4
IWF iShares Russell 1000 Growth ETF 42.2 19 6 4.8 -1.9
VONG Vanguard Russell 1000 Growth Index Fund 42.1 8 17 4.9 -1.8
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 42.0 15 10 6.7 +0.0
VOOV Vanguard S&P 500 Value ETF 41.5 10 15 7.4 +0.7
ROUS Hartford Multifactor US Equity ETF 41.5 19 6 6.5 -0.2
SPYV SPDR Portfolio S&P 500 Value ETF 41.4 4 21 7.4 +0.8
IVE iShares S&P 500 Value ETF 41.4 18 7 7.3 +0.6
RSP Invesco S&P 500 Equal Weight ETF 41.4 20 5 6.7 +0.0
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 41.4 9 16 6.0 -0.6
SIZE iShares Edge MSCI USA Size Factor ETF 41.1 15 10 6.2 -0.5
EQAL Invesco Russell 1000 Equal Weight ETF 41.0 20 5 6.0 -0.6
DGRO iShares Core Dividend Growth ETF 41.0 8 17 6.9 +0.3
ESGG FlexShares STOXX Global ESG Impact Index Fund 40.3 42 -17 5.5 -1.1
TUSA First Trust Total US Market AlphaDEX ETF 38.8 70 -45 6.0 -0.7
RECS Columbia Research Enhanced Core ETF 38.6 15 10 6.1 -0.5
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 38.4 29 -4 7.0 +0.3
KRMA Global X Conscious Companies ETF 38.4 43 -18 5.6 -1.1
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 38.3 35 -10 5.8 -0.8
MXDU Nationwide Maximum Diversification US Core Equity ETF 38.3 34 -9 4.8 -1.9
VUG Vanguard Growth Index Fund 38.2 4 21 4.9 -1.7
RNLC Large Cap US Equity Select ETF 38.2 60 -35 6.2 -0.4
CFA VictoryShares US 500 Volatility Weighted Index ETF 38.1 35 -10 5.8 -0.8

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:

OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.8 %
Divided by: Fwd. P/BV 2.0 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		 1.47 CATEGORY
AVERAGE		 1.51
 
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.