FlexShares Morningstar Developed Markets ex-US Factor Tilt
ALTAR
Score™
9.1% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
18.3x P/Sales
ratio
0.8x
P/BV
ratio
1.0x Div.
yield
3.2%


  • 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 28, 2012
Assets (mns) $610
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 2691
Wgt avg mkt cap (mns) $34,022
Large cap (>$10bn) 53.1%
Mid cap ($2-10bn) 18.6%
Small cap (<$2bn) 28.2%
Developed mkts 99.8%
Emerging mkts 0.2%

TOP TEN HOLDINGS
NESTLE SA-REG 1.1 %
TOYOTA MOTOR CORP 1.0 %
ROCHE HOLDING AG-GENUSSCHEIN 0.8 %
NOVARTIS AG-REG 0.7 %
TOTAL SA 0.6 %
HSBC HOLDINGS PLC 0.6 %
BRITISH AMERICAN TOBACCO PLC 0.5 %
ASML HOLDING NV 0.5 %
ASTRAZENECA PLC 0.5 %
SAP AG 0.5 %
Total 6.7 %

TOP COUNTRY EXPOSURE
JAPAN 28.7 %
BRITAIN 12.3 %
CANADA 7.7 %
FRANCE 6.4 %
GERMANY 6.3 %
SWITZERLAND 5.8 %
AUSTRALIA 4.3 %
NETHERLANDS 2.7 %
HONG KONG 2.5 %
SWEDEN 2.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-18.3% -6.5% -0.3% -- 3.6%

Market Correlations
versus... Beta R-squared
S&P500 0.94 83%
MSCI EAFE 1.11 98%
MSCI Emg. Mkts. 0.83 85%

Technical Indicators
Recent close $55.47
30d moving avg. $50.65
Annualized volatility 17.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 65
Turnover 0.6%
Bid/Ask (% of price) 0.18%
ADV underlying (mns) $76,695

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 9.1%


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 7.4 -1.7
IDEV iShares Core MSCI International Developed Markets ETF 63.8 5 34 7.3 -1.8
IEFA iShares Core MSCI EAFE ETF 61.3 7 32 7.3 -1.8
SCHF Schwab International Equity ETF 60.8 6 33 7.4 -1.7
SPDW SPDR Portfolio Developed World ex-US ETF 60.7 4 35 7.2 -1.8
IXUS ishares Core MSCI Total International Stock ETF 58.4 9 30 7.6 -1.5
VXUS Vanguard Total International Stock Index Fund 57.6 8 31 7.7 -1.4
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 56.6 7 32 7.6 -1.5
VEU Vanguard FTSE All-World ex-US Index Fund 55.7 8 31 7.7 -1.3
ACWX iShares MSCI ACWI ex U.S. ETF 54.2 32 7 7.5 -1.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 53.3 40 -1 7.4 -1.7
EFA iShares MSCI EAFE ETF 53.3 32 7 7.2 -1.9
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 53.1 35 4 7.0 -2.0
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 53.0 45 -6 8.8 -0.2
FNDF Schwab Fundamental International Large Co. Index ETF 51.5 25 14 8.7 -0.4
HFXI IQ 50 Percent Hedged FTSE International ETF 51.1 20 19 7.5 -1.5
JHMD John Hancock Multifactor Developed International ETF 48.2 45 -6 7.4 -1.6
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 48.1 20 19 7.3 -1.8
GSIE Goldman Sachs ActiveBeta International Equity ETF 46.6 25 14 6.8 -2.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 46.1 39 0 6.7 -2.4
CWI SPDR MSCI ACWI ex-US ETF 45.4 30 9 7.6 -1.5
VSGX Vanguard ESG International Stock ETF 43.2 17 22 7.4 -1.7
PDEV Principal International Multi-Factor Core Index ETF 42.5 25 14 7.9 -1.2
AVDE Avantis International Equity ETF 42.2 23 16 7.9 -1.2
DWM WisdomTree International Equity Fund 42.2 48 -9 8.2 -0.8
QEFA SPDR MSCI EAFE Quality Mix ETF 41.0 30 9 6.8 -2.3
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 40.4 35 4 8.6 -0.5
ESGD iShares MSCI EAFE ESG Optimized ETF 38.0 20 19 7.2 -1.9
ISZE iShares Edge MSCI Intl Size Factor ETF 38.0 30 9 6.9 -2.1
IQSI IQ Candriam ESG International Equity ETF 37.5 15 24 7.3 -1.8
VGK Vanguard FTSE Europe ETF 37.3 8 31 7.3 -1.8
IQIN IQ 500 International ETF 37.3 25 14 9.0 -0.1
FEU SPDR Portfolio Europe ETF 37.1 9 30 7.3 -1.8
IEUR iShares Core MSCI Europe ETF 37.0 9 30 7.3 -1.8
ISDX Invesco Strategic Developed ex-US ETF 36.4 23 16 7.4 -1.7
CIL VictoryShares International Volatility Weighted Index ETF 34.9 45 -6 6.7 -2.4
FLEE Franklin FTSE Europe ETF 33.8 9 30 7.0 -2.1
FLEH Franklin FTSE Europe Hedged ETF 33.7 9 30 7.2 -1.9
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 33.7 30 9 6.8 -2.2
DOL WisdomTree International LargeCap Dividend Fund 33.3 48 -9 8.5 -0.5
BBEU JPMorgan BetaBuilders Europe ETF 32.7 9 30 7.3 -1.8
URTH iShares MSCI World ETF 32.3 24 15 5.8 -3.3
DBEU Xtrackers MSCI Europe Hedged Equity ETF 32.1 45 -6 6.8 -2.3
IEV iShares Europe ETF 31.0 59 -20 6.8 -2.3
EFV iShares MSCI EAFE Value ETF 30.8 39 0 10.0 +0.9
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 30.5 25 14 6.7 -2.4
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 30.2 24 15 7.2 -1.9
ESGG FlexShares STOXX Global ESG Impact Index Fund 30.1 42 -3 5.6 -3.5
VT Vanguard Total World Stock Index Fund 29.2 8 31 6.3 -2.8
ACWI iShares MSCI ACWI ETF 29.1 32 7 6.0 -3.0
VYMI Vanguard International High Dividend Yield ETF 29.0 32 7 10.1 +1.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 28.5 16 23 7.1 -2.0
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 28.0 45 -6 6.9 -2.2
IDY Pacific Global International Equity Income ETF 27.9 39 0 8.0 -1.0
EFG iShares MSCI EAFE Growth ETF 27.8 40 -1 4.7 -4.3
QWLD SPDR MSCI World StrategicFactors ETF 27.0 30 9 6.0 -3.0
TOK iShares MSCI Kokusai ETF 26.9 25 14 5.7 -3.3
LOWC SPDR MSCI ACWI Low Carbon Target ETF 26.9 20 19 6.4 -2.7
VPL Vanguard FTSE Pacific ETF 26.4 8 31 7.8 -1.3
RFDI First Trust Riverfront Dynamic Developed International ETF 26.0 83 -44 6.3 -2.7
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 25.9 14 25 7.0 -2.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 25.8 20 19 6.3 -2.8
RNDM Developed International Equity Select ETF 25.1 65 -26 6.4 -2.7
IPAC iShares Core MSCI Pacific ETF 24.3 9 30 7.5 -1.6
PQIN PGIM QMA Strategic Alpha International Equity ETF 24.2 29 10 8.1 -1.0
IDLB Invesco FTSE International Low Beta Equal Weight ETF 23.6 45 -6 7.2 -1.9
SCID Global X Scientific Beta Europe ETF 23.5 38 1 6.9 -2.2
FNDC Schwab Fundamental International Small Co. Index ETF 23.0 39 0 7.1 -2.0
JPEU JPMorgan Diversified Return Europe Equity ETF 22.8 37 2 6.8 -2.3
RODM Hartford Multifactor Developed Markets (ex-US) ETF 22.7 29 10 8.6 -0.5
SPGM SPDR Portfolio MSCI Global Stock Market ETF 22.2 9 30 6.2 -2.9
QINT American Century Quality Diversified International ETF 22.1 39 0 5.9 -3.2
TPIF Timothy Plan International ETF 21.7 62 -23 7.0 -2.1
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 21.5 48 -9 0.0 -9.1
IVLU iShares Edge MSCI Intl Value Factor ETF 21.4 30 9 11.3 +2.2
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 20.8 49 -10 6.9 -2.2
IQLT iShares Edge MSCI Intl Quality Factor ETF 20.8 30 9 6.2 -2.9
JPGE JPMorgan Diversified Return Global Equity ETF 20.6 29 10 7.3 -1.8
IGRO iShares International Dividend Growth ETF 20.5 22 17 8.0 -1.1
UIVM VictoryShares USAA MSCI International Value Momentum ETF 20.3 35 4 8.6 -0.5
IMTM iShares Edge MSCI Intl Momentum Factor ETF 20.2 30 9 5.0 -4.1
DTH WisdomTree DEFA Equity Income Fund 19.7 58 -19 9.6 +0.5
JPIN JPMorgan Diversified Return International Equity ETF 19.6 38 1 8.0 -1.1
EFAV iShares Edge MSCI Min Vol EAFE ETF 19.2 20 19 5.9 -3.2
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 18.8 45 -6 6.8 -2.3
RBIN Nationwide Risk-Based International Equity ETF 18.8 42 -3 6.5 -2.6
FDEV Fidelity Targeted International Factor ETF 18.1 39 0 6.5 -2.6
DEW WisdomTree Global High Dividend Fund 18.1 58 -19 9.0 -0.0
SCHC Schwab International Small-Cap Equity ETF 17.7 12 27 6.9 -2.2
FLJP Franklin FTSE Japan ETF 17.5 9 30 7.8 -1.2
HFXJ IQ 50 Percent Hedged FTSE Japan ETF 17.5 30 9 7.6 -1.5
FLJH Franklin FTSE Japan Hedged ETF 17.5 9 30 7.7 -1.3
GWX SPDR S&P International Small Cap ETF 17.4 40 -1 5.8 -3.3
SCZ iShares MSCI Eafe Small-Cap ETF 17.2 40 -1 6.5 -2.5
RFEU First Trust Riverfront Dynamic Europe ETF 17.2 83 -44 5.0 -4.1
EUMV iShares Edge MSCI Min Vol Europe ETF 17.1 25 14 5.5 -3.6
FIVA Fidelity International Value Factor ETF 16.7 39 0 10.2 +1.1
EURZ Xtrackers Eurozone Equity ETF 16.5 9 30 7.0 -2.0
BBJP JPMorgan BetaBuilders Japan ETF 16.4 19 20 7.7 -1.4

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 8.9 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 9.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 CATEGORY
AVERAGE
1.59
 
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.