FlexShares Morningstar Emerging Markets Factor Tilt Index
ALTAR
Score™
10.9% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
11.3x P/Sales
ratio
0.7x
P/BV
ratio
0.8x Div.
yield
3.6%


  • 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 25, 2012
Assets (mns) $226
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 2157
Wgt avg mkt cap (mns) $68,628
Large cap (>$10bn) 46.2%
Mid cap ($2-10bn) 22.6%
Small cap (<$2bn) 30.0%
Developed mkts 11.1%
Emerging mkts 87.4%

TOP TEN HOLDINGS
SAMSUNG ELECTRONICS CO LTD 3.6 %
TENCENT HOLDINGS LTD 2.9 %
ALIBABA GROUP HOLDING LTD. 2.7 %
TAIWAN SEMICONDUCTOR MANUFAC 1.6 %
CHINA CONSTRUCTION BANK-H 1.2 %
PING AN INSURANCE GROUP CO-H 0.9 %
IND & COMM BK OF CHINA - H 0.8 %
MEITUAN DIANPING 0.6 %
CHINA MOBILE LIMITED 0.6 %
NASPERS LTD-N SHS 0.6 %
Total 15.5 %

TOP COUNTRY EXPOSURE
CHINA 24.0 %
SOUTH KOREA 13.0 %
TAIWAN 10.5 %
INDIA 7.6 %
HONG KONG 5.6 %
BRAZIL 5.2 %
SOUTH AFRICA 4.2 %
RUSSIA 3.6 %
MALAYSIA 1.9 %
THAILAND 1.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-15.0% -10.8% 0.2% -- 0.7%

Market Correlations
versus... Beta R-squared
S&P500 0.94 65%
MSCI EAFE 1.12 80%
MSCI Emg. Mkts. 0.98 96%

Technical Indicators
Recent close $47.98
30d moving avg. $44.82
Annualized volatility 19.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 17
Turnover 0.4%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $65,863

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 10.9%


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 58.7 13 46 7.9 -3.0
EEM iShares MSCI Emerging Markets ETF 55.8 68 -9 7.4 -3.5
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 54.6 65 -6 7.4 -3.5
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 53.2 36 23 8.1 -2.8
VWO Vanguard FTSE Emerging Markets ETF 48.3 10 49 8.0 -2.9
SCHE Schwab Emerging Markets Equity ETF 46.3 11 48 7.8 -3.1
FLAX Franklin FTSE Asia Ex Japan ETF 44.7 19 40 7.7 -3.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 44.1 68 -9 7.0 -4.0
JHEM John Hancock Multifactor Emerging Markets ETF 43.5 49 10 8.3 -2.6
BKEM BNY Mellon Emerging Markets Equity ETF 43.4 11 48 8.4 -2.6
EEMA iShares MSCI Emerging Markets Asia ETF 43.1 50 9 7.5 -3.4
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 41.3 45 14 7.9 -3.1
PBEE Invesco PureBeta FTSE Emerging Markets ETF 40.7 15 44 8.6 -2.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 40.3 30 29 7.8 -3.1
AVEM Avantis Emerging Markets Equity ETF 38.8 33 26 8.9 -2.1
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 38.7 30 29 8.6 -2.3
SPEM SPDR Portfolio Emerging Markets ETF 38.5 11 48 7.8 -3.2
ESGE iShares ESG MSCI EM ETF 35.9 25 34 8.6 -2.3
PXH Invesco FTSE RAFI Emerging Markets ETF 34.1 50 9 12.8 +1.9
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 33.0 32 27 6.1 -4.8
GMF SPDR S&P Emerging Asia Pacific ETF 31.8 49 10 7.2 -3.7
EMXC iShares MSCI Emerging Markets ex China ETF 31.3 25 34 8.3 -2.7
BKF iShares MSCI BRIC ETF 30.7 69 -10 7.3 -3.7
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 28.4 49 10 8.6 -2.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 28.1 39 20 12.5 +1.6
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 27.9 49 10 7.9 -3.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 27.1 20 39 6.8 -4.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 25.1 40 19 7.0 -4.0
IXUS ishares Core MSCI Total International Stock ETF 24.4 9 50 7.3 -3.6
ISEM Invesco Strategic Emerging Markets ETF 23.8 35 24 10.0 -0.9
ACWX iShares MSCI ACWI ex U.S. ETF 23.5 32 27 7.2 -3.7
DVEM WisdomTree Emerging Markets Dividend Fund 23.4 32 27 8.2 -2.7
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 23.0 44 15 8.8 -2.1
VXUS Vanguard Total International Stock Index Fund 22.8 8 51 7.5 -3.4
VSGX Vanguard ESG International Stock ETF 22.7 17 42 7.2 -3.8
GXC SPDR S&P China ETF 22.1 59 0 7.7 -3.2
AXJL WisdomTree Asia Pacific ex-Japan Fund 21.9 48 11 9.7 -1.2
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 21.8 50 9 10.1 -0.9
MCHI iShares MSCI China ETF 21.5 59 0 7.5 -3.5
VEU Vanguard FTSE All-World ex-US Index Fund 21.5 8 51 7.5 -3.4
ROAM Hartford Multifactor Emerging Markets ETF 21.3 44 15 14.4 +3.5
FLCH Franklin FTSE China ETF 21.2 19 40 7.9 -3.0
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 21.2 16 43 6.9 -4.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 20.9 32 27 8.8 -2.1
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 20.9 95 -36 9.1 -1.8
FDEM Fidelity Targeted Emerging Markets Factor ETF 20.6 45 14 9.4 -1.5
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 20.1 25 34 7.6 -3.4
EMCG WisdomTree Emerging Markets Consumer Growth Fund 19.6 32 27 7.5 -3.4
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 19.6 64 -5 4.7 -6.3
RNEM Emerging Markets Equity Select ETF 19.2 75 -16 10.2 -0.7
EEMS iShares MSCI Emerging Markets Small Cap ETF 19.2 69 -10 7.8 -3.1
KALL KraneShares FTSE Emerging Markets Plus ETF 18.5 49 10 7.8 -3.2
WCHN WisdomTree ICBCCS S&P China 500 Fund 18.5 55 4 8.7 -2.3
VYMI Vanguard International High Dividend Yield ETF 18.2 32 27 10.0 -0.9
CN Xtrackers MSCI All China Equity ETF 18.1 50 9 7.7 -3.3
NUEM Nuveen ESG Emerging Markets Equity ETF 18.1 45 14 7.2 -3.7
AIA iShares Asia 50 ETF 18.0 50 9 7.9 -3.0
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 17.7 40 19 7.1 -3.8
CWI SPDR MSCI ACWI ex-US ETF 17.4 30 29 7.1 -3.8
EEMO Invesco S&P Emerging Markets Momentum ETF 16.3 29 30 6.6 -4.3
DEM WisdomTree Emerging Markets High Dividend Fund 16.2 63 -4 13.6 +2.7
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 15.3 45 14 13.2 +2.3
EMMF WisdomTree Emerging Markets Multifactor Fund 15.1 48 11 9.3 -1.6
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 14.8 45 14 9.1 -1.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 14.4 63 -4 12.3 +1.3
FXI iShares China Large-Cap ETF 14.1 74 -15 11.8 +0.9
XCEM Columbia EM Core ex-China ETF 13.7 16 43 7.3 -3.6
EELV Invesco S&P Emerging Markets Low Volatility ETF 13.5 29 30 9.6 -1.3
EWX SPDR S&P Emerging Markets Small Cap ETF 13.3 65 -6 6.1 -4.9
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 12.9 20 39 10.9 -0.0
BICK First Trust BICK Index Fund 12.6 64 -5 4.7 -6.3
CHIL Global X MSCI China Large-Cap 50 ETF 12.4 29 30 7.9 -3.0
PIE Invesco DWA Emerging Markets Momentum ETF 11.7 90 -31 5.1 -5.8
CXSE WisdomTree China ex-State-Owned Enterprises Fund 10.6 32 27 6.0 -5.0
CRBN iShares MSCI ACWI Low Carbon Target ETF 10.5 20 39 6.1 -4.9
ACWI iShares MSCI ACWI ETF 10.3 32 27 5.8 -5.1
LOWC SPDR MSCI ACWI Low Carbon Target ETF 10.2 20 39 6.0 -4.9
VPL Vanguard FTSE Pacific ETF 9.8 8 51 7.7 -3.3
FLKR Franklin FTSE South Korea ETF 9.7 9 50 9.4 -1.5
FRDM Freedom 100 Emerging Markets ETF 9.5 49 10 6.8 -4.1
VT Vanguard Total World Stock Index Fund 9.4 8 51 6.1 -4.8
EWY iShares MSCI South Korea ETF 8.7 59 0 8.9 -2.0
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 8.6 80 -21 3.8 -7.1
VIGI Vanguard International Dividend Appreciation ETF 8.1 25 34 5.5 -5.4
DEW WisdomTree Global High Dividend Fund 8.1 58 1 9.3 -1.7
ECON Columbia Emerging Markets Consumer ETF 8.0 59 0 4.4 -6.5
FEM First Trust Emerging Markets AlphaDEX Fund 7.9 80 -21 10.9 0.0
DVYE iShares Emerging Markets Dividend ETF 7.9 49 10 15.8 +4.9
IQDF FlexShares International Quality Dividend Index Fund 7.4 47 12 12.2 +1.3
IQDY FlexShares International Quality Dividend Dynamic Index Fund 7.4 47 12 12.5 +1.6
ACWF iShares FactorSelect MSCI Global ETF 7.4 35 24 7.9 -3.0
FEMS First Trust Emerging Markets Small Cap Alphadex Fund 7.3 80 -21 17.5 +6.6
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 7.2 60 -1 8.2 -2.7
EDIV SPDR S&P Emerging Markets Dividend ETF 7.0 49 10 10.7 -0.2
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 6.9 86 -27 2.1 -8.8
EMFM Global X MSCI Next Emerging & Frontier ETF 6.7 66 -7 8.9 -2.0
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 6.7 58 1 7.7 -3.2
EPI WisdomTree India Earnings Fund 6.7 85 -26 8.7 -2.2
IGRO iShares International Dividend Growth ETF 6.6 22 37 8.0 -3.0

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 9.1 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 10.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.44 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.