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Launched · SEC filings

Northern Trust Morningstar Developed Markets ex-US Factor Tilt ETF

TLTDNYSE ArcaFlexSharesB

$100.07+0.65 (+0.65%)

As of Nov 2, 2026, 3:03 PM ET

B59/ 100

Rank 6 of 15 in International Factor Index

B59/100Rank 6 of 15inInternational Factor Index
Intraday session: up, 68 prints from 99.42 to 100.07. Range 100.03 to 100.57. Use the arrow keys to read each point.99.75100.25100.5010 AM12 PM2 PM4 PM
Expense ratio
0.39%*
Fund size
$661M
1Y total return
+15.5%
Yield · Last 12 months
3.34%
Holdings
2276
Avg volume · 30D
5.93K sh
52W range
low $86.59high $105.60
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Mar 1, 2027. Without it: 0.41%.

The ETF.net TLTD Grade

B

Score 59 out of 100

Category
International Factor Index⁠
Rank
6 of 15
Six-pillar profile for TLTD. Scores out of 100: Cost 43, Risk 46, Mission 100, Tradability 24, Holdings 88, Durability 56. Strongest: Mission (100). Weakest: Tradability (24). Leans toward Mission.

Score 59 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C43 out of 100
    Rank 9 of 15

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 9

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C46 out of 100
    Rank 8 of 15

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F24 out of 100
    Rank 13 of 15

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A88 out of 100
    Rank 2 of 15

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B56 out of 100
    Rank 8 of 15

Our read on TLTD

ETF.net Research

In short

BMost international factor funds cut the market down to a few hundred names. TLTD keeps roughly 2,300 developed ex-US stocks and leans the weights toward small caps and value instead. A whole-market tilt, not a screen.

Stated mandate

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

  • Owns the haystack: roughly 2,300 developed ex-US stocks, weights tilted toward small caps and value rather than screened down to a concentrated basket.flexshares.com
  • 0.39% net of a waiver through March 1, 2027 (0.41% gross), near the median for its international factor peer group.
  • Trading since 2012 and one of the tighter index implementations in its peer group, staying close to the Morningstar Developed Markets ex-US Factor Tilt Index.
  • Pays quarterly, with a mandate built for long-term capital appreciation across developed markets outside the US.

Worth knowing

  • Thinly traded next to headline developed-market funds, so bid-ask spreads can run wider and size takes patience.
  • Cheaper peers exist: EFAV at 0.20% and IDLV at 0.25%, neither leaning on a waiver, though both target low volatility rather than a small-and-value tilt.
  • That small and value lean means results can diverge from a plain cap-weighted developed-markets index in either direction.

TLTD Performance

Launched Sep 25, 2012

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TLTD$11,547
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. TLTD $11,547. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for TLTD. Periods over one year show the average yearly return.
PeriodTLTD
Year to date+9.4%
1 month−1.6%
3 months−1.3%
1 year+15.5%
3 yearsper year+22.3%
5 yearsper year+9.9%
10 yearsper year+9.4%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TLTD
YearReturn barTLTD
2026 YTD+9.4%
2025+39.7%
2024+4.8%
2023+17.2%
2022−13.7%
2021+12.9%
2020+4.2%

TLTD in the news

TLTD Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
3.34%Last 12 months
Payout per share
$3.32Last 12 months
Last payment
$0.42 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 20, 2017 $0.12; Jun 19, 2017 $0.77; Sep 18, 2017 $0.24; Dec 21, 2017 $0.74; Mar 19, 2018 $0.15; Jun 18, 2018 $0.93; Sep 24, 2018 $0.31; Dec 21, 2018 $0.36; Mar 15, 2019 $0.18; Jun 21, 2019 $0.99; Sep 20, 2019 $0.29; Dec 20, 2019 $0.78; Mar 20, 2020 $0.23; Jun 19, 2020 $0.57; Sep 18, 2020 $0.27; Dec 18, 2020 $0.27; Mar 19, 2021 $0.19; Jun 18, 2021 $0.72; Sep 17, 2021 $0.34; Dec 17, 2021 $1.24; Mar 18, 2022 $0.13; Jun 17, 2022 $1.05; Sep 16, 2022 $0.31; Dec 16, 2022 $0.17; Mar 17, 2023 $0.12; Jun 16, 2023 $1.01; Sep 15, 2023 $0.31; Dec 15, 2023 $0.87; Mar 15, 2024 $0.13; Jun 21, 2024 $1.15; Sep 20, 2024 $0.36; Dec 20, 2024 $1.02; Mar 21, 2025 $0.23; Jun 20, 2025 $1.18; Sep 19, 2025 $0.44; Dec 19, 2025 $1.34; Mar 20, 2026 $0.13; Jun 18, 2026 $1.42; Sep 18, 2026 $0.42. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 18, 2026Sep 24, 2026$0.42
Jun 18, 2026Jun 25, 2026$1.42
Mar 20, 2026Mar 26, 2026$0.13
Dec 19, 2025Dec 26, 2025$1.34
Sep 19, 2025Sep 25, 2025$0.44
Jun 20, 2025Jun 26, 2025$1.18
Mar 21, 2025Mar 27, 2025$0.23
Dec 20, 2024Dec 27, 2024$1.02
Sep 20, 2024Sep 26, 2024$0.36
Jun 21, 2024Jun 27, 2024$1.15
Mar 15, 2024Mar 21, 2024$0.13
Dec 15, 2023Dec 21, 2023$0.87

See all 47 payments⁠

$10,000 in TLTD 10 years ago paid $4,021 in dividends.⁠

TLTD Risk

Risk pillarC46 out of 100Rank 8 of 15 in International Factor Index
How much the fund’s monthly returns vary, scaled to a year.
12.1%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
1.37
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−28.4%
Trough Oct 2022
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.

How strongly the fund’s returns move with its asset-class index.
0.93
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

TLTD Cost

Compare TLTD and VDG

Overpaying vs VDG, cheapest in International Factor Index

$6,209

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TLTD 0.39%

    $7,898

  • VDG 0.08% Cheapest

    $1,689

$10,000
30 years

Cost over time

  • TLTD 0.39%
  • VDG 0.08%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530TLTD $7,898VDG $1,689

Year by year

YearTLTDVDGOverpaying
10$705$147$558
20$2,725$575$2,150
30$7,898$1,689$6,209
How the 0.39% is worked out

Full fee 0.41%− waiver 0.02%= you pay 0.39%

The waiver ends Mar 1, 2027. After that the fee is 0.41% unless FlexShares renews it. Source: prospectus, Aug 2026.

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