Flexshares Morningstar US Market Factors Tilt Index Fund
ALTAR
Score™		 4.9% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 30.9x P/Sales
ratio		 1.9x
P/BV
ratio		 2.8x Div.
yield		 1.6%


  • 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) $1,453
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 2102
Wgt avg mkt cap (mns) $314,191
Large cap (>$10bn) 69.1%
Mid cap ($2-10bn) 24.4%
Small cap (<$2bn) 6.1%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
APPLE INC 4.0 %
MICROSOFT CORP 3.1 %
AMAZON.COM INC 2.5 %
FACEBOOK 1.2 %
TESLA MOTORS INC 1.2 %
ALPHABET INC. CLASS A 1.0 %
BERKSHIRE HATHAWAY INC-CL B 1.0 %
ALPHABET INC. CLASS C 1.0 %
JPMORGAN CHASE & CO 0.9 %
JOHNSON & JOHNSON 0.8 %
Total 16.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.2 %
IRELAND 1.2 %
BRITAIN 0.9 %
BERMUDA 0.5 %
SWITZERLAND 0.3 %
ARGENTINA 0.2 %
PUERTO RICO 0.2 %
NETHERLANDS 0.1 %
CANADA 0.1 %
CAYMAN ISLANDS 0.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
16.0% 16.0% 13.5% -- 15.0%

Market Correlations
versus... Beta R-squared
S&P500 1.14 97%
MSCI EAFE 1.09 87%
MSCI Emg. Mkts. 0.88 73%

Technical Indicators
Recent close $151.36
30d moving avg. $145.98
Annualized volatility 21.8%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.7%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 18
Turnover 0.2%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $354,666

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 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™: 4.9%


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 78.0 3 22 4.5 -0.4
ITOT iShares Core S&P Total U.S. Stock Market ETF 78.0 3 22 4.4 -0.5
VTHR Vanguard Russell 3000 Index Fund 77.8 10 15 4.4 -0.5
IWV iShares Russell 3000 ETF 77.4 20 5 4.3 -0.6
VTI Vanguard Total Stock Market Index Fund 77.4 3 22 4.4 -0.5
DFAU Dimensional US Core Equity Market ETF 73.4 12 13 4.7 -0.2
IYY iShares Dow Jones U.S. ETF 73.2 20 5 4.4 -0.5
SCHK Schwab 1000 Index ETF 72.4 5 20 4.6 -0.3
IWB iShares Russell 1000 ETF 72.2 15 10 4.5 -0.4
VONE Vanguard Russell 1000 ETF 71.8 8 17 4.6 -0.3
SPTM SPDR Portfolio Total Stock Market ETF 71.0 3 22 4.8 -0.1
SCHX Schwab U.S. Large-Cap ETF 69.9 3 22 4.6 -0.3
AVUS Avantis U.S. Equity ETF 69.7 15 10 4.8 -0.1
PBUS Invesco PureBeta MSCI USA ETF 67.8 4 21 4.6 -0.3
ESGV Vanguard ESG U.S. Stock ETF 67.8 12 13 4.5 -0.4
JHML John Hancock Multifactor Large Cap ETF 66.9 29 -4 4.9 -0.0
BBUS JP Morgan Betabuilders U.S. Equity ETF 66.8 2 23 4.6 -0.3
VV Vanguard Large-Cap Index Fund 65.9 4 21 4.6 -0.3
TOK iShares MSCI Kokusai ETF 65.2 25 0 4.9 -0.0
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 65.1 7 18 4.5 -0.4
KOKU Xtrackers MSCI Kokusai Equity ETF 65.0 9 16 5.0 +0.1
PBP Invesco S&P 500 BuyWrite ETF 63.6 49 -24 4.3 -0.6
SPLG SPDR Portfolio Large Cap ETF 63.6 3 22 4.7 -0.2
SPY SPDR S&P 500 ETF Trust 63.6 9 16 4.7 -0.2
IVV iShares Core S&P 500 ETF 63.6 3 22 4.7 -0.1
XYLG Global X S&P 500 Covered Call & Growth ETF 63.6 60 -35 4.4 -0.5
VOO VANGUARD S&P 500 ETF 63.5 3 22 4.8 -0.1
SFY SoFi Select 500 ETF 62.9 0 25 4.6 -0.3
URTH iShares MSCI World ETF 62.8 24 1 5.0 +0.1
FNDB Schwab Fundamental U.S. Broad Market Index ETF 62.6 25 0 5.7 +0.8
PRF Invesco FTSE RAFI US 1000 ETF 62.4 39 -14 5.8 +0.9
SPXE ProShares S&P 500 Ex-Energy ETF 61.4 27 -2 4.6 -0.3
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 61.1 20 5 4.8 -0.1
VLU SPDR S&P 1500 Value Tilt ETF 60.9 12 13 6.1 +1.3
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 57.2 9 16 4.8 -0.1
FNDX Schwab Fundamental U.S. Large Co. Index ETF 57.2 25 0 5.8 +0.9
MMTM SPDR S&P 1500 Momentum Tilt ETF 56.9 12 13 4.0 -0.9
ESGU iShares MSCI USA ESG Optimized ETF 56.7 15 10 4.4 -0.5
ACWI iShares MSCI ACWI ETF 56.5 32 -7 5.1 +0.2
XVV iShares ESG Screened S&P 500 ETF 56.3 8 17 4.9 -0.0
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 56.1 20 5 4.6 -0.3
VT Vanguard Total World Stock ETF 55.6 8 17 5.4 +0.5
MGC Vanguard Mega Cap Index Fund 54.6 7 18 4.6 -0.3
SPXN ProShares S&P 500 Ex-Financials ETF 54.5 27 -2 4.4 -0.5
SPXV ProShares S&P 500 Ex-Health Care ETF 54.3 27 -2 4.3 -0.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 54.0 20 5 5.3 +0.4
LOWC SPDR MSCI ACWI Low Carbon Target ETF 53.7 20 5 5.3 +0.4
EPS WisdomTree U.S. Earnings 500 Fund 53.6 8 17 5.9 +1.0
CATH Global X S&P 500 Catholic Values Custom ETF 53.6 29 -4 4.6 -0.3
IUS Invesco Strategic US ETF 53.4 19 6 5.5 +0.6
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 52.9 30 -5 5.0 +0.2
BKLC BNY Mellon US Large Cap Core Equity ETF 52.9 0 25 4.5 -0.4
DYNF BlackRock U.S. Equity Factor Rotation ETF 52.5 30 -5 5.2 +0.4
IWL iShares Russell Top 200 ETF 52.4 15 10 4.4 -0.5
QUS SPDR MSCI USA StrategicFactors ETF 52.2 15 10 5.3 +0.4
JCTR JPMorgan Carbon Transition U.S. Equity ETF 50.1 15 10 4.7 -0.2
RWL Invesco S&P 500 Revenue ETF 49.9 39 -14 6.2 +1.4
DIVB iShares U.S. Dividend & Buyback ETF 48.7 25 0 5.9 +1.0
IUSV iShares Core S&P U.S. Value ETF 48.0 4 21 6.4 +1.6
IQSU IQ Candriam ESG US Equity ETF 46.9 9 16 4.5 -0.4
SPXT ProShares S&P 500 Ex-Technology ETF 46.6 27 -2 4.9 -0.0
SNPE Xtrackers S&P 500 ESG ETF 46.2 10 15 4.6 -0.3
EFIV SPDR S&P 500 ESG ETF 46.2 10 15 4.6 -0.3
VONV Vanguard Russell 1000 Value Index Fund 46.1 8 17 6.1 +1.3
DTD WisdomTree U.S.Total Dividend Fund 45.8 28 -3 6.3 +1.4
IWD iShares Russell 1000 Value ETF 45.7 19 6 6.0 +1.2
ESG FlexShares STOXX US ESG Impact Index Fund 45.2 32 -7 4.5 -0.4
IUSG iShares Core S&P US Growth ETF 44.9 4 21 3.7 -1.2
VOOV Vanguard S&P 500 Value ETF 43.4 10 15 6.6 +1.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 43.3 9 16 5.1 +0.2
SPYV SPDR Portfolio S&P 500 Value ETF 42.9 4 21 6.4 +1.5
IVE iShares S&P 500 Value ETF 42.9 18 7 6.3 +1.4
XOUT GraniteShares XOUT U.S. Large Cap ETF 42.6 60 -35 3.6 -1.3
OEF iShares S&P 100 ETF 42.1 20 5 4.2 -0.7
QWLD SPDR MSCI World StrategicFactors ETF 42.0 30 -5 5.4 +0.5
RESP WisdomTree US ESG Fund of Benef Interest 41.6 28 -3 5.1 +0.2
EQAL Invesco Russell 1000 Equal Weight ETF 41.6 20 5 5.0 +0.2
SPYG SPDR Portfolio S&P 500 Growth ETF 41.4 4 21 3.7 -1.2
IVW iShares S&P 500 Growth ETF 41.4 18 7 3.5 -1.4
VOOG Vanguard S&P 500 Growth ETF 41.3 10 15 3.9 -1.0
IWF iShares Russell 1000 Growth ETF 41.3 19 6 3.4 -1.5
TUSA First Trust Total US Market AlphaDEX ETF 41.1 70 -45 4.8 -0.1
VONG Vanguard Russell 1000 Growth Index Fund 41.1 8 17 3.5 -1.3
EUSA iShares MSCI USA Equal Weighted ETF 40.6 15 10 5.1 +0.2
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 40.4 9 16 5.0 +0.1
RSP Invesco S&P 500 Equal Weight ETF 40.4 20 5 5.6 +0.7
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 40.4 15 10 5.8 +0.9
AFLG First Trust Active Factor Large Cap ETF 39.7 55 -30 4.7 -0.2
SIZE iShares MSCI USA Size Factor ETF 39.6 15 10 5.1 +0.2
SCHV Schwab U.S. Large-Cap Value ETF 39.4 4 21 6.1 +1.2
DLN WisdomTree U.S. LargeCap Dividend Fund 39.4 28 -3 6.2 +1.3
ROUS Hartford Multifactor US Equity ETF 39.3 19 6 5.9 +1.0
ESGG FlexShares STOXX Global ESG Impact Index Fund 38.9 42 -17 4.6 -0.3
KRMA Global X Conscious Companies ETF 38.2 43 -18 4.8 -0.0
HIPR Direxion High Growth ETF 37.5 40 -15 3.8 -1.1
DGRO iShares Core Dividend Growth ETF 37.4 8 17 6.0 +1.1
VFVA Vanguard U.S. Value Factor ETF 37.2 14 11 8.4 +3.5
RECS Columbia Research Enhanced Core ETF 36.9 15 10 5.1 +0.2

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 2.6 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 4.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.46 CATEGORY
AVERAGE		 1.49
 
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.