Flexshares Morningstar US Market Factor Tilt
ALTAR
Score™
5.8% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
17.2x P/Sales
ratio
1.4x
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 22, 2011
Assets (mns) $1,559
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 2017
Wgt avg mkt cap (mns) $209,493
Large cap (>$10bn) 68.8%
Mid cap ($2-10bn) 22.2%
Small cap (<$2bn) 9.0%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
MICROSOFT CORP 3.0 %
APPLE INC 2.9 %
AMAZON.COM INC 1.9 %
BERKSHIRE HATHAWAY INC-CL B 1.4 %
JPMORGAN CHASE & CO 1.3 %
FACEBOOK 1.1 %
ALPHABET INC. CLASS C 1.0 %
ALPHABET INC. CLASS A 0.9 %
INTEL CORP 0.9 %
UNITEDHEALTH GROUP INC 0.9 %
Total 15.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.0 %
IRELAND 1.5 %
BRITAIN 1.0 %
BERMUDA 0.6 %
SWITZERLAND 0.4 %
PUERTO RICO 0.1 %
ARGENTINA 0.1 %
CAYMAN ISLANDS 0.1 %
CANADA 0.0 %
SINGAPORE 0.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-1.8% 15.7% 10.1% -- 14.4%

Market Correlations
versus... Beta R-squared
S&P500 1.07 96%
MSCI EAFE 0.99 67%
MSCI Emg. Mkts. 0.65 50%

Technical Indicators
Recent close $130.44
30d moving avg. $128.14
Annualized volatility 13.3%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.7%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 19
Turnover 0.2%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $208,011

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Flexshares Morningstar US Market Factor Tilt 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™: 5.8%


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 78.5 3 22 5.4 -0.5
ITOT iShares Core S&P Total US 78.4 3 22 5.3 -0.5
IWV iShares Russell 3000 78.1 20 5 5.2 -0.6
VTI Vanguard Total Market 77.8 3 22 5.3 -0.5
VTHR Vanguard Russell 3000 77.6 15 10 5.2 -0.6
IYY iShares DJ US Total Market 75.8 20 5 5.3 -0.5
SCHK Schwab 1000 Index 74.7 5 20 5.5 -0.4
SPTM SPDR Portfolio Total Stock Market 74.0 3 22 5.6 -0.2
IWB iShares Russell 1000 73.7 15 10 5.4 -0.5
VONE Vanguard Russell 1000 73.4 12 13 5.4 -0.4
SCHX Schwab U.S. Large-Cap 71.7 3 22 5.5 -0.4
AVUS Avantis U.S. Equity 70.5 15 10 5.9 +0.1
PBUS Invesco PureBeta MSCI USA 69.5 4 21 5.6 -0.2
BBUS JP Morgan Betabuilders U.S. Equity 69.4 2 23 5.5 -0.3
VV Vanguard Large-Cap ETF 68.2 4 21 5.5 -0.4
JHML John Hancock Multifactor Large Cap 67.1 34 -9 5.6 -0.2
PBP Invesco S&P 500 Buy/Write 66.8 49 -24 5.2 -0.6
SPLG SPDR Portfolio Large Cap 66.8 3 22 5.6 -0.2
SPY S&P 500 SPDR 66.8 9 16 5.6 -0.3
IVV iShares Core S&P 500 66.8 4 21 5.6 -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

Content on this tab for subscribers only

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 Factor Tilt
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 12.6 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 5.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 CATEGORY
AVERAGE
1.56
 
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.