FlexShares Morningstar Developed Markets ex-US Factor Tilt
ALTAR
Score™
7.4% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
28.6x P/Sales
ratio
0.9x
P/BV
ratio
1.1x Div.
yield
2.6%


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

FUND BASICS
Category International Equities
Fund Sponsor Northern Trust Investments Inc
Website www.flexshares.com
Inception date Sep 25, 2012
Assets (mns) $596
Currency USD
Expense ratio 39 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 2600
Wgt avg mkt cap (mns) $39,372
Large cap (>$10bn) 54.7%
Mid cap ($2-10bn) 20.2%
Small cap (<$2bn) 24.1%
Developed mkts 99.8%
Emerging mkts 0.2%

TOP TEN HOLDINGS
NESTLE SA-REG 0.9 %
TOYOTA MOTOR CORP 0.7 %
ROCHE HOLDING AG-GENUSSCHEIN 0.7 %
NOVARTIS AG-REG 0.7 %
ASML HOLDING NV 0.7 %
ROYAL BANK OF CANADA 0.5 %
LVMH MOET HENNESSY LOUIS VUI 0.5 %
AIA GROUP LTD 0.4 %
HSBC HOLDINGS PLC 0.4 %
TOTAL SA 0.4 %
Total 6.0 %

TOP COUNTRY EXPOSURE
JAPAN 24.4 %
BRITAIN 12.5 %
CANADA 8.4 %
FRANCE 6.3 %
GERMANY 6.2 %
SWITZERLAND 5.5 %
AUSTRALIA 5.4 %
NETHERLANDS 2.9 %
SWEDEN 2.8 %
HONG KONG 2.5 %

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.
4.2% 4.2% 6.7% -- 6.4%

Market Correlations
versus... Beta R-squared
S&P500 0.99 83%
MSCI EAFE 1.08 98%
MSCI Emg. Mkts. 0.85 77%

Technical Indicators
Recent close $67.68
30d moving avg. $66.48
Annualized volatility 20.4%
Short interest (ETF) 0.0%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 21
Turnover 0.2%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $85,507

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the FlexShares Morningstar Developed Markets ex-US Factor Tilt ETF based on the alternatives' overlap in portfolio holdings with TLTD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TLTD Expense: 39 bp ALTAR Score™: 7.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TLTD
Ticker Fund
Name
Overlap1
vs TLTD
(%)
Expense
ratio
(bp)
Savings
vs TLTD
(bp)
ALTAR
Score™
(%)
ALTAR
vs TLTD
(%)
VEA Vanguard FTSE Developed Markets ETF 64.3 5 34 6.6 -0.9
IDEV iShares Core MSCI International Developed Markets ETF 63.9 5 34 6.5 -1.0
DFAI Dimensional International Core Equity Market ETF 63.6 18 21 6.4 -1.1
IEFA iShares Core MSCI EAFE ETF 60.5 7 32 6.5 -1.0
SPDW SPDR Portfolio Developed World ex-US ETF 60.3 4 35 6.2 -1.2
SCHF Schwab International Equity ETF 59.5 6 33 6.5 -0.9
IXUS ishares Core MSCI Total International Stock ETF 58.2 9 30 6.4 -1.0
VEU Vanguard FTSE All-World ex-US Index Fund 55.9 8 31 6.7 -0.8
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 55.1 7 32 6.5 -0.9
ACWX iShares MSCI ACWI ex U.S. ETF 54.5 32 7 6.3 -1.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 53.4 40 -1 6.1 -1.4
EFA iShares MSCI EAFE ETF 51.6 32 7 6.2 -1.2
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 51.4 35 4 6.1 -1.4
GSID Goldman Sachs MarketBeta International Equity ETF 51.1 20 19 6.3 -1.2
VXUS Vanguard Total International Stock ETF 51.1 8 31 6.6 -0.9
BKIE BNY Mellon International Equity ETF 50.3 4 35 6.5 -0.9
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 50.1 45 -6 7.6 +0.2
HFXI IQ 50 Percent Hedged FTSE International ETF 50.0 20 19 6.4 -1.0
AVDE Avantis International Equity ETF 49.1 23 16 6.9 -0.5
FNDF Schwab Fundamental International Large Co. Index ETF 47.7 25 14 7.7 +0.3
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 47.3 20 19 6.4 -1.1
JHMD John Hancock Multifactor Developed International ETF 46.9 39 0 6.6 -0.9
GSIE Goldman Sachs ActiveBeta International Equity ETF 46.6 25 14 6.0 -1.5
CWI SPDR MSCI ACWI ex-US ETF 46.4 30 9 6.2 -1.3
VSGX Vanguard ESG International Stock ETF 46.0 17 22 6.3 -1.1
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 45.9 39 0 5.6 -1.9
QEFA SPDR MSCI EAFE Quality Mix ETF 41.8 30 9 6.0 -1.5
PDEV Principal International Multi-Factor Core Index ETF 41.2 25 14 7.1 -0.4
ESGD iShares MSCI EAFE ESG Optimized ETF 40.6 20 19 6.2 -1.3
ISZE iShares Edge MSCI Intl Size Factor ETF 38.8 30 9 6.3 -1.2
IQSI IQ Candriam ESG International Equity ETF 38.3 15 24 6.4 -1.1
ISDX Invesco RAFI Strategic Developed ex-US ETF 38.2 23 16 6.3 -1.2
IEUR iShares Core MSCI Europe ETF 37.3 9 30 6.6 -0.9
VGK Vanguard FTSE Europe ETF 37.1 8 31 6.7 -0.7
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 36.9 40 -1 7.2 -0.2
SPEU SPDR Portfolio Europe ETF 36.8 9 30 6.7 -0.7
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 36.6 35 4 5.9 -1.5
DWM WisdomTree International Equity Fund 36.5 48 -9 7.2 -0.3
IQIN IQ 500 International ETF 35.7 25 14 7.6 +0.2
CIL VictoryShares International Volatility Weighted Index ETF 34.9 45 -6 6.4 -1.1
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 34.9 45 -6 6.3 -1.1
FLEE Franklin FTSE Europe ETF 32.6 9 30 6.4 -1.0
FLEH Franklin FTSE Europe Hedged ETF 32.6 9 30 6.5 -1.0
URTH iShares MSCI World ETF 32.5 24 15 5.0 -2.5
BBEU JPMorgan BetaBuilders Europe ETF 31.7 9 30 6.6 -0.8
DBEU Xtrackers MSCI Europe Hedged Equity ETF 31.1 45 -6 6.0 -1.5
ESGG FlexShares STOXX Global ESG Impact Index Fund 30.4 42 -3 4.6 -2.9
EFV iShares MSCI EAFE Value ETF 30.3 39 0 8.4 +0.9
IEV iShares Europe ETF 29.8 59 -20 6.2 -1.2
DOL WisdomTree International LargeCap Dividend Fund 29.8 48 -9 7.2 -0.3
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 29.3 24 15 6.5 -0.9
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 28.7 25 14 5.9 -1.6
QWLD SPDR MSCI World StrategicFactors ETF 28.4 30 9 5.4 -2.1
ACWI iShares MSCI ACWI ETF 28.3 32 7 5.1 -2.4
VT Vanguard Total World Stock ETF 28.1 8 31 5.4 -2.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 27.9 16 23 6.0 -1.5
TOK iShares MSCI Kokusai ETF 27.2 25 14 4.9 -2.6
DMXF iShares ESG Advanced MSCI EAFE ETF 27.1 12 27 6.2 -1.2
KOKU Xtrackers MSCI Kokusai Equity ETF 26.8 9 30 5.0 -2.4
LOWC SPDR MSCI ACWI Low Carbon Target ETF 26.5 20 19 5.3 -2.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 26.3 20 19 5.3 -2.1
VPL Vanguard FTSE Pacific ETF 25.8 8 31 6.4 -1.0
PQIN PGIM QMA Strategic Alpha International Equity ETF 25.7 29 10 7.1 -0.4
EFG iShares MSCI EAFE Growth ETF 25.7 40 -1 4.1 -3.4
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 25.2 14 25 6.1 -1.4
VYMI Vanguard International High Dividend Yield ETF 25.2 27 12 9.0 +1.6
FNDC Schwab Fundamental International Small Co. Index ETF 24.5 39 0 6.2 -1.3
IPAC iShares Core MSCI Pacific ETF 24.0 9 30 6.3 -1.1
RNDM First Trust Developed International Equity Select ETF 23.6 65 -26 5.7 -1.8
TPIF Timothy Plan International ETF 23.4 62 -23 6.1 -1.4
IDLB Invesco FTSE International Low Beta Equal Weight ETF 22.5 45 -6 6.1 -1.3
RESD WisdomTree International ESG Fund 22.1 30 9 6.5 -1.0
SPGM SPDR Portfolio MSCI Global Stock Market ETF 21.8 9 30 5.1 -2.3
IVLU iShares Edge MSCI Intl Value Factor ETF 21.7 30 9 9.9 +2.5
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 21.7 49 -10 5.5 -2.0
RODM Hartford Multifactor Developed Markets (ex-US) ETF 20.9 29 10 7.3 -0.2
RBIN Nationwide Risk-Based International Equity ETF 20.3 42 -3 6.0 -1.4
QINT American Century Quality Diversified International ETF 20.0 39 0 5.7 -1.8
IQLT iShares Edge MSCI Intl Quality Factor ETF 19.9 30 9 5.2 -2.2
JPIN JPMorgan Diversified Return International Equity ETF 19.5 37 2 7.1 -0.4
SCZ iShares MSCI Eafe Small-Cap ETF 19.2 40 -1 6.3 -1.1
IMTM iShares Edge MSCI Intl Momentum Factor ETF 19.1 30 9 4.1 -3.3
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 19.0 45 -6 6.0 -1.5
SCHC Schwab International Small-Cap Equity ETF 19.0 11 28 5.9 -1.6
GWX SPDR S&P International Small Cap ETF 18.2 40 -1 6.3 -1.2
VWID Virtus WMC International Dividend ETF 17.6 49 -10 7.4 -0.1
UIVM VictoryShares USAA MSCI International Value Momentum ETF 17.0 35 4 7.7 +0.3
EFAV iShares Edge MSCI Min Vol EAFE ETF 16.9 20 19 5.0 -2.5
FLJP Franklin FTSE Japan ETF 16.3 9 30 6.6 -0.9
FLJH Franklin FTSE Japan Hedged ETF 16.3 9 30 6.5 -0.9
NUDM Nuveen ESG International Developed Markets Equity ETF 16.2 40 -1 5.9 -1.5
EURZ Xtrackers Eurozone Equity ETF 16.0 9 30 6.5 -1.0
DEW WisdomTree Global High Dividend Fund 16.0 58 -19 8.8 +1.4
EZU iShares MSCI Eurozone ETF 15.8 51 -12 6.0 -1.5
FDEV Fidelity Targeted International Factor ETF 15.4 39 0 6.2 -1.3
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 15.3 11 28 5.8 -1.7
DTH WisdomTree International High Dividend Fund 15.3 58 -19 8.7 +1.2

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 Developed Markets ex-US Factor Tilt
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 8.4 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 7.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 CATEGORY
AVERAGE
1.54
 
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.