FlexShares Morningstar Emerging Markets Factor Tilt Index
ALTAR
Score™
13.5% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
7.6x P/Sales
ratio
0.5x
P/BV
ratio
0.6x Div.
yield
5.2%


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

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Northern Trust Investments Inc
Website www.flexshares.com
Inception date Sep 28, 2012
Assets (mns) $225
Currency USD
Expense ratio 59 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 2123
Wgt avg mkt cap (mns) $66,080
Large cap (>$10bn) 46.9%
Mid cap ($2-10bn) 24.7%
Small cap (<$2bn) 27.5%
Developed mkts 12.3%
Emerging mkts 86.3%

TOP TEN HOLDINGS
SAMSUNG ELECTRONICS CO LTD 4.3 %
ALIBABA GROUP HOLDING LTD. SPONSOR 3.1 %
TENCENT HOLDINGS LTD 2.8 %
CHINA CONSTRUCTION BANK-H 1.7 %
TAIWAN SEMICONDUCTOR MANUFAC 1.7 %
IND & COMM BK OF CHINA - H 1.1 %
PING AN INSURANCE GROUP CO-H 1.1 %
CHINA MOBILE LIMITED 0.9 %
HYNIX SEMICONDUCTOR INC 0.8 %
NASPERS LTD-N SHS 0.6 %
Total 18.1 %

TOP COUNTRY EXPOSURE
CHINA 29.5 %
SOUTH KOREA 13.9 %
TAIWAN 11.5 %
HONG KONG 7.1 %
INDIA 5.4 %
BRAZIL 4.2 %
RUSSIA 3.6 %
SOUTH AFRICA 3.1 %
MEXICO 1.6 %
THAILAND 1.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-28.1% -25.6% -2.9% -- -1.5%

Market Correlations
versus... Beta R-squared
S&P500 0.97 63%
MSCI EAFE 1.10 78%
MSCI Emg. Mkts. 1.01 97%

Technical Indicators
Recent close $36.87
30d moving avg. $42.31
Annualized volatility 18.7%
Short interest (ETF) 0.1%
Relative strength (RSI) 33

Liquidity measures
Avg. volume (thou.) 76
Turnover 1.3%
Bid/Ask (% of price) 0.68%
ADV underlying (mns) $37,534

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the FlexShares Morningstar Emerging Markets Factor Tilt Index ETF based on the alternatives' overlap in portfolio holdings with TLTE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: TLTE Expense: 59 bp ALTAR Score™: 13.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TLTE
Ticker Fund
Name
Overlap1
vs TLTE
(%)
Expense
ratio
(bp)
Savings
vs TLTE
(bp)
ALTAR
Score™
(%)
ALTAR
vs TLTE
(%)
IEMG iShares Core MSCI Emerging Markets ETF 60.4 14 45 10.9 -2.7
EEM iShares MSCI Emerging Markets ETF 58.3 68 -9 10.4 -3.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 56.4 65 -6 10.3 -3.3
VWO Vanguard FTSE Emerging Markets ETF 50.2 10 49 10.8 -2.7
JHEM John Hancock Multifactor Emerging Markets ETF 49.5 55 4 11.3 -2.2
FLAX Franklin FTSE Asia Ex Japan ETF 48.3 19 40 10.3 -3.3
SCHE Schwab Emerging Markets Equity ETF 48.1 13 46 10.7 -2.8
AAXJ iShares MSCI All Country Asia ex Japan ETF 47.6 68 -9 9.8 -3.7
EEMA iShares MSCI Emerging Markets Asia ETF 47.2 50 9 10.3 -3.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 45.4 45 14 10.7 -2.8
PBEE Invesco PureBeta FTSE Emerging Markets ETF 44.8 14 45 11.7 -1.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 44.6 30 29 10.6 -2.9
SPEM SPDR Portfolio Emerging Markets ETF 40.8 11 48 10.5 -3.0
AVEM Avantis Emerging Markets Equity ETF 40.5 33 26 12.1 -1.5
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 38.8 30 29 11.3 -2.3
PXH Invesco FTSE RAFI Emerging Markets ETF 36.6 50 9 16.4 +2.9
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 36.0 32 27 8.7 -4.8
ESGE iShares ESG MSCI EM ETF 35.9 25 34 11.9 -1.6
GMF SPDR S&P Emerging Asia Pacific ETF 34.6 49 10 9.7 -3.8
BKF iShares MSCI BRIC ETF 32.6 69 -10 10.4 -3.2
EMXC iShares MSCI Emerging Markets ex China ETF 32.1 49 10 10.8 -2.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 30.3 39 20 15.7 +2.2
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 29.6 95 -36 12.7 -0.9
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 28.8 49 10 10.6 -2.9
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 28.5 20 39 9.4 -4.2
DVEM WisdomTree Emerging Markets Dividend Fund 28.1 32 27 11.3 -2.2
ISEM Invesco Strategic Emerging Markets ETF 27.9 35 24 12.2 -1.3
AXJL WisdomTree Asia Pacific ex-Japan Fund 25.4 48 11 11.4 -2.1
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 25.3 49 10 11.9 -1.7
GXC SPDR S&P China ETF 25.0 59 0 10.3 -3.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 24.7 40 19 9.2 -4.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 24.1 45 14 10.9 -2.7
MCHI iShares MSCI China ETF 24.1 59 0 10.5 -3.1
CEZ Victory CEMP Emerging Market Volatility Wtd Index ETF 24.0 50 9 13.0 -0.5
VSGX Vanguard ESG International Stock ETF 24.0 17 42 9.3 -4.2
ROAM Hartford Multifactor Emerging Markets ETF 23.9 44 15 18.5 +5.0
FLCH Franklin FTSE China ETF 23.9 19 40 10.6 -2.9
IXUS ishares Core MSCI Total International Stock ETF 23.8 9 50 9.7 -3.8
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 23.6 40 19 9.3 -4.2
CN Xtrackers MSCI All China Equity ETF 23.6 50 9 10.6 -2.9
FDEM Fidelity Targeted Emerging Markets Factor ETF 23.5 45 14 12.1 -1.4
VXUS Vanguard Total International Stock Index Fund 23.4 8 51 9.8 -3.7
EMCG WisdomTree Emerging Markets Consumer Growth Fund 23.0 32 27 9.5 -4.0
ACWX iShares MSCI ACWI ex U.S. ETF 23.0 32 27 9.6 -3.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 22.9 16 43 8.9 -4.6
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 21.9 32 27 11.8 -1.7
VEU Vanguard FTSE All-World ex-US Index Fund 21.8 8 51 9.8 -3.7
KALL KraneShares FTSE Emerging Markets Plus ETF 21.6 49 10 10.3 -3.2
AIA iShares Asia 50 ETF 21.2 50 9 10.4 -3.1
WCHN WisdomTree ICBCCS S&P China 500 Fund 21.2 55 4 10.0 -3.5
NUEM Nuveen ESG Emerging Markets Equity ETF 20.9 45 14 9.6 -4.0
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 20.0 25 34 10.1 -3.5
EMMF WisdomTree Emerging Markets Multifactor Fund 19.4 48 11 12.3 -1.3
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 19.1 45 14 12.2 -1.3
VYMI Vanguard International High Dividend Yield ETF 18.7 32 27 12.6 -1.0
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 18.2 64 -5 8.1 -5.5
DEM WisdomTree Emerging Markets High Dividend Fund 18.1 63 -4 17.3 +3.7
RNEM Emerging Markets Equity Select ETF 17.6 75 -16 11.9 -1.6
CWI SPDR MSCI ACWI ex-US ETF 17.5 30 29 9.5 -4.0
CHIL Global X MSCI China Large-Cap 50 ETF 16.7 29 30 10.8 -2.7
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 16.6 45 14 16.7 +3.2
BICK First Trust BICK Index Fund 16.4 64 -5 6.6 -7.0
XCEM Columbia EM Core ex-China ETF 14.0 16 43 9.8 -3.7
EEMS iShares MSCI Emerging Markets Small Cap ETF 14.0 69 -10 10.6 -2.9
EELV Invesco S&P Emerging Markets Low Volatility ETF 14.0 29 30 12.8 -0.7
FXI iShares China Large-Cap ETF 13.8 74 -15 15.1 +1.6
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 13.2 20 39 12.8 -0.8
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 13.1 63 -4 16.8 +3.3
CXSE WisdomTree China ex-State-Owned Enterprises Fund 12.8 32 27 8.3 -5.2
LVHE Legg Mason Emerging Markets Low Volatility High Dividend ETF 12.6 51 8 13.6 +0.0
EWX SPDR S&P Emerging Markets Small Cap ETF 12.2 65 -6 8.9 -4.6
VIGI Vanguard International Dividend Appreciation ETF 11.3 25 34 7.3 -6.3
DOGS Arrow Dogs of the World ETF 11.1 134 -75 14.7 +1.2
ECON Columbia Emerging Markets Consumer ETF 10.9 59 0 5.9 -7.6
FLKR Franklin FTSE South Korea ETF 10.7 9 50 13.1 -0.4
FEM First Trust Emerging Markets AlphaDEX Fund 10.4 80 -21 15.1 +1.6
FRDM Freedom 100 Emerging Markets ETF 10.4 49 10 9.7 -3.8
CRBN iShares MSCI ACWI Low Carbon Target ETF 10.4 20 39 8.3 -5.2
AIQ Global X Future Analytics Tech ETF 10.2 68 -9 6.0 -7.5
LOWC SPDR MSCI ACWI Low Carbon Target ETF 10.1 20 39 8.3 -5.3
PIE Invesco DWA Emerging Markets Momentum ETF 10.0 90 -31 7.1 -6.4
EWY iShares MSCI South Korea ETF 10.0 59 0 12.6 -1.0
VPL Vanguard FTSE Pacific ETF 9.9 8 51 10.0 -3.5
ACWI iShares MSCI ACWI ETF 9.9 32 27 8.0 -5.6
VT Vanguard Total World Stock Index Fund 9.6 8 51 8.2 -5.3
EEMO Invesco S&P Emerging Markets Momentum ETF 9.6 30 29 12.7 -0.8
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 9.3 86 -27 3.5 -10.0
ACWF iShares FactorSelect MSCI Global ETF 9.1 35 24 10.3 -3.2
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 8.9 80 -21 2.3 -11.2
FDNI First Trust Dow Jones International Internet ETF 8.5 65 -6 4.2 -9.3
DEW WisdomTree Global High Dividend Fund 8.5 58 1 11.7 -1.8
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 8.5 51 8 21.3 +7.7
KWEB KraneShares CSI China Internet ETF 8.5 76 -17 4.5 -9.0
EDIV SPDR S&P Emerging Markets Dividend ETF 8.2 49 10 13.8 +0.3
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 7.9 60 -1 10.4 -3.2
GBUY Goldman Sachs Motif New Age Consumer ETF 7.8 50 9 3.7 -9.8
IQDY FlexShares International Quality Dividend Dynamic Index Fund 7.6 47 12 17.5 +4.0
OGIG O'Shares Global Internet Giants ETF 7.5 48 11 1.1 -12.4
TTTN UP Fintech China-U.S. Internet Titans ETF 7.4 59 0 6.5 -7.1
CHIX Global X China Financials ETF 7.4 65 -6 19.6 +6.1

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 Emerging Markets Factor Tilt Index
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 0.6 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 13.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.41 CATEGORY
AVERAGE
1.45
 
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.