Northern Trust Morningstar Developed Markets ex-US Factor Tilt ETF
$101.66−1.77 (−1.72%)
- Expense ratio
- 0.41%
- Fund size
- $680M
- 1Y return
- +20.8%
- Yield · Last 12 months
- 3.21%
- Holdings
- 2300
- Volume · 30D
- 0M sh
- NAV per share
- $103.04
- 52W range
The ETF.net TLTD Grade
Score 58 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.DScore 39Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 49Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 17Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 89Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 58Category rank
Our read on TLTD
BMost factor funds cut the market down to a narrow sleeve. TLTD keeps nearly all of developed ex-US, roughly 2,300 stocks, then leans the weights toward small caps and value and away from large growth.
The Fund seeks long-term capital appreciation through broad developed-markets equity exposure outside the United States, with an intentional tilt toward small-capitalization and value stocks.
Why people hold it
- A tilt, not a screen. It holds the broad developed ex-US market and overweights small-cap and value stocks while underweighting large and growth names.flexshares.com
- Roughly 2,300 stocks across developed markets outside the US, so no single name or sector drives the outcome.
- Running since 2012, and the portfolio has stayed closely aligned with its stated small-cap and value tilt, one of the cleaner implementations in its peer group.
- Pays quarterly, and FlexShares runs the same tilt method in US and emerging-market versions for investors who want it across regions.go.flexshares.com
Worth knowing
- At 0.41% it costs the same as the typical fund in its factor peer group, and cheaper options sit right next to it: QLVD at 0.15%, EFAV at 0.20%.
- Thinly traded next to the giant international index funds, so bid-ask spreads can be wider and large orders need more care.
- The small-cap and value lean means stretches where it moves differently from a plain cap-weighted developed-markets index, in both directions.flexshares.com
TLTD Holdings
- Stocks
- 2,300
- 8%
- ASML.AS
Sectors
- Financials25.6%
- Industrials18.1%
- Materials10.8%
- Consumer Discr.10.8%
- Technology6.8%
- Health Care6.2%
- Energy5.8%
- Cons. Staples5.2%
- Communication4.2%
- Real Estate3.6%
- Utilities3.0%
Geography
- Japan27.45%
- United Kingdom13.14%
- Canada10.27%
- France7.60%
- Germany6.24%
- Switzerland5.23%
- Australia5.14%
- Netherlands3.50%
- 21.42%
Developed 96% · Emerging 4%
TLTD Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TLTD |
|---|---|
| Year to date | +13.7% |
| 1 month | −1.0% |
| 3 months | +4.4% |
| 1 year | +20.8% |
| 3 years | +21.9% |
| 5 years | +10.9% |
| 10 years | +9.6% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TLTD |
|---|---|---|
| 2026 YTD | +13.7% | |
| 2025 | +39.7% | |
| 2024 | +4.8% | |
| 2023 | +17.2% | |
| 2022 | −13.7% | |
| 2021 | +12.9% | |
| 2020 | +4.2% |
TLTD in the news
ETF.net Research hasn’t filed on TLTD yet — coverage lands here as it’s written.
TLTD Dividends
- 3.21%
- $3.32
- $0.42 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 18, 2026 | Pays Sep 24, 2026 | $0.42 |
| Jun 18, 2026 | Jun 25, 2026 | $1.42 |
| Mar 20, 2026 | Mar 26, 2026 | $0.13 |
| Dec 19, 2025 | Dec 26, 2025 | $1.34 |
| Sep 19, 2025 | Sep 25, 2025 | $0.44 |
| Jun 20, 2025 | Jun 26, 2025 | $1.18 |
| Mar 21, 2025 | Mar 27, 2025 | $0.23 |
| Dec 20, 2024 | Dec 27, 2024 | $1.02 |
| Sep 20, 2024 | Sep 26, 2024 | $0.36 |
| Jun 21, 2024 | Jun 27, 2024 | $1.15 |
| Mar 15, 2024 | Mar 21, 2024 | $0.13 |
| Dec 15, 2023 | Dec 21, 2023 | $0.87 |
TLTD Risk
- 12.4%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.26
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −28.4%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.93
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TLTD Cost
- The middle half of International Factor Index funds
- Median 0.38%
7 of the 14 International Factor Index funds charge less.