ACWV vs TLTD: Grades, Fees and Holdings Compared

iShares MSCI Global Min Vol Factor ETF

ACWVBCboe

Northern Trust Morningstar Developed Markets ex-US Factor Tilt ETF

TLTDBNYSE Arca

Overlap

5.9%by weight

Expense ratio

ACWV −0.19pt a year

ACWV0.20%TLTD0.39%

Avg volume · 30D

ACWV 15.8×the volume

ACWV93.5KTLTD5.93K

10Y return · a year

TLTD +1.4pt

ACWV+8.2%TLTD+9.6%

ACWV vs TLTD Performance

Nov 2, 2021 – Nov 2, 2026

+36.2%ACWV+60.9%TLTD

Expense ratio: ACWV 0.20%, better; TLTD 0.39%
Fund size: ACWV $3.44B; TLTD $661M
1Y total return: ACWV +11.7%; TLTD +16.2%, better
Yield (12M): ACWV 1.83%; TLTD 3.32%, better
Holdings: ACWV 406; TLTD 2276
Avg volume (30D): ACWV 93.5K sh, better; TLTD 5.93K sh
NAV per share: ACWV $129.38; TLTD $100.18
52W range

ETF.net Grade

Pillar letters and Scores for ACWV, TLTD, with each pillar’s weight
Pillar	ACWV	TLTD
Cost30% weight	A89Higher	C43
Mission25% weight	D25	A100Higher
Risk15% weight	A77Higher	C46
Tradability15% weight	A83Higher	F24
Holdings10% weight	A76	A88Higher
Durability5% weight	A76Higher	B56

Rank among International Factor Index funds

How we build Categories ›

Same Category. ACWV and TLTD are both graded against the same 15 International Factor Index funds, so their Grades compare head to head.

International Factor Index⁠

Category · 15 funds

See all 15 ›

ACWV ranks 2nd and TLTD 6th of 15 funds in the International Factor Index Category.

Rank 1AEFAViShares MSCI EAFE Min Vol Factor ETFScore 75
Rank 2BACWViShares MSCI Global Min Vol Factor ETFScore 68
Rank 3BEFGiShares MSCI EAFE Growth ETFScore 66
Rank 5BIDMOInvesco S&P International Developed Momentum ETFScore 61
Rank 6BTLTDNorthern Trust Morningstar Developed Markets ex-US Factor Tilt ETFScore 59
Rank 7BIMTMiShares MSCI Intl Momentum Factor ETFScore 58

Our read on each fund

ETF.net Research

ACWVBiShares MSCI Global Min Vol Factor ETF

TLTDBNorthern Trust Morningstar Developed Markets ex-US Factor Tilt ETF

In short

ACWV Global min vol in one ticker: an optimizer sifts the MSCI ACWI universe, developed and emerging, for the lowest-risk mix of roughly 400 stocks. Same playbook since 2011, at 0.20% a year.

TLTD Most 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

ACWV The fund seeks to track an index of developed and emerging market equities that collectively exhibit lower volatility than the broader developed and emerging equity markets.

TLTD 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

ACWV 0.20% a year for a globally optimized factor build, well under the 0.41% median for international factor ETFs.
Not a simple low-vol screen. The index optimizes the MSCI ACWI for the lowest absolute risk within a set of constraints, so how stocks move together shapes the weights.msci.com
One ticker for the whole map. The developed-only sibling EFAV charges the same 0.20%; ACWV folds emerging markets into the same wrapper.
Running since 2011 with billions in assets, it sits among the stronger implementations in its international factor peer group.

TLTD 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

ACWV Minimum volatility is the aim, not a floor. iShares states the fund may experience more than minimum volatility, with no guarantee the index strategy lowers it.ishares.com
Emerging markets ride along inside this defensive build, bringing the political and economic swings iShares flags as heightened in those markets.ishares.com
By design it leans away from the cap-weighted world index, so its country and sector mix can look quite different and its path can diverge in either direction.msci.com

TLTD 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.

Full ACWV profile⁠

Full TLTD profile⁠

ACWV vs TLTD Holdings

How ACWV and TLTD differ

Overlap by weight

5.9%

Shared holdings make up 21.3% of ACWV and 7.6% of TLTD.

Level by level

Holdings84 in both5.9%
Countryby domicile18.5%
Sector11 Sectors57.9%
Asset classEquity100%

Sector

Sector weights in ACWV and TLTD, widest gap first
Sector	More in ACWVMore in TLTD	ACWV	TLTD
Technology	ACWV +19.2 points	26.5%	7.3%
Financials	TLTD +11.3 points	14.5%	25.8%
Industrials	TLTD +11.1 points	7.0%	18.1%
Materials	TLTD +9.6 points	0.9%	10.5%
Health Care	ACWV +7.5 points	13.7%	6.2%
Communication	ACWV +6.3 points	10.4%	4.0%
Consumer Discretionary	TLTD +5.8 points	4.8%	10.6%
Consumer Staples	ACWV +4.6 points	9.8%	5.2%
Utilities	ACWV +4.4 points	7.4%	3.0%
Real Estate	TLTD +2.8 points	0.7%	3.5%
Energy	TLTD +1.4 points	4.5%	5.8%

Country, concentration and asset class

Country by domicile

Country weights in ACWV and TLTD, widest gap first
Country	More in ACWVMore in TLTD	ACWV	TLTD
United States	ACWV +65.5 points	66.6%	1.1%
Japan	TLTD +15.6 points	11.5%	27.1%
United Kingdom	TLTD +13.8 points	0.0%	13.8%
Canada	TLTD +9.2 points	1.5%	10.7%
France	TLTD +7.3 points	0.0%	7.3%
China	ACWV +6.7 points	6.8%	0.1%
Germany	TLTD +6.3 points	0.0%	6.3%
Australia	TLTD +5.3 points	0.0%	5.3%
Other countries (23)	TLTD +14.7 points	13.6%	28.3%

Outside the US: ACWV 51% developed, 49% emerging. TLTD 97% developed, 3% emerging.

Concentration

Weight in the 10 largest Holdings

ACWV12.0%
TLTD9.2%

Securities held

ACWV377
TLTD2,258

Asset class

ACWV: Equity
TLTD: Equity

Holdings

Only in ACWV293
In both84
Only in TLTD2,174

Only in ACWV

293 securities, 78.2% of ACWV by weight

Johnson & Johnson1.46%
Motorola Solutions Inc1.34%
Microsoft1.33%
Cisco Systems Inc1.28%
Duke Energy Corp1.19%
Taiwan Semiconductor Manufacturing1.14%
Berkshire Hathaway Inc Class B1.12%
Exxonmobil Holdings Corp1.08%
Southern1.05%
Waste Management Inc1.02%
Cencora1.02%
Chubb0.99%
Mckesson Corp0.95%
Republic Services Inc0.93%
NVIDIA0.90%
Coca-Cola0.85%
Procter & Gamble0.84%
Consolidated Edison0.81%
Bank of China Ltd H0.81%
Pepsico0.81%
Roper Technologies0.81%
Mcdonalds Corp0.80%
Wec Energy Group0.72%
AT&T0.70%
Kroger0.70%
Verizon Communications Inc0.70%
Visa Class A0.67%
Tjx0.65%
Autodesk0.63%
Monster Beverage0.63%
T Mobile Us Inc0.62%
Bharti Airtel Ltd0.62%
Walmart0.62%
Cme Group Class A0.60%
Oreilly Automotive Inc0.60%
Mondelez International Class A0.60%
Merck & Co Inc0.59%
Marsh0.58%
Teledyne Technologies0.58%
Vertex Pharmaceuticals0.58%
Welltower0.56%
AbbVie0.53%
Progressive0.51%
Verisign0.49%
Church and Dwight Inc0.48%
Arch Capital Group0.48%
Colgate-Palmolive0.47%
Apple0.47%
Yum Brands0.46%
Chevron0.46%

Only in TLTD

2,174 securities, 90.3% of TLTD by weight

Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index1.38%
Shell PLC1.00%
Hsbc Holdings PLC Common Stock Gbp 0.50.94%
Toyota Motor Corp Common Stock Jpy0.65%
Totalenergies SE Common Stock Eur 2.50.64%
Roche Holding AG Common Stock Chf 0.0010.62%
Allianz SE Common Stock Eur 00.60%
Astrazeneca PLC Common Stock Gbp 0.250.55%
Banco Santander SA Common Stock Eur 0.50.53%
Royal Bank of Canada Common Stock Cad 00.52%
Sumitomo Mitsui Financial Group Inc Common Stock0.50%
Mitsubishi Ufj Financial Group Inc Common Stock0.46%
Banco Bilbao Vizcaya Argentaria SA Common Stock0.43%
British American Tobacco PLC Common Stock Gbp 250.42%
Bp PLC Common Stock Gbp 0.250.41%
Unicredit Spa Common Stock Eur 00.40%
Siemens AG Common Stock Eur 00.39%
Mizuho Financial Group Inc Common Stock Jpy0.39%
Toronto-Dominion Bank/The Common Stock0.38%
Bhp Group Ltd Common Stock Aud 00.38%
Bank of Nova Scotia/The Common Stock Cad 00.38%
Shopify Inc Common Stock Cad0.38%
Canadian Natural Resources Ltd Common Stock Cad 00.36%
Commonwealth Bank of Australia Common Stock Aud 00.36%
Tokio Marine Holdings Inc Common Stock Jpy0.35%
Wpp PLC Common Stock Gbp 100.33%
Gsk PLC Common Stock Gbp 31.250.33%
Itochu Corp Common Stock Jpy0.33%
Bnp Paribas SA Common Stock Eur 20.31%
Intesa Sanpaolo Spa Common Stock Eur 00.31%
Recruit Holdings Co Ltd Common Stock Jpy0.31%
Advantest Corp Common Stock Jpy0.31%
Sanofi SA Common Stock Eur 20.31%
Suncor Energy Inc Common Stock Cad 00.30%
Ing Groep NV Common Stock Eur 0.010.30%
Man Group Plc/Jersey Common Stock Gbp 0.034285710.28%
Rio Tinto PLC Common Stock Gbp 100.28%
Ubs Group AG Common Stock Chf 0.10.27%
Adecco Group AG Common Stock Chf 0.10.27%
Sony Group Corp Common Stock Jpy0.27%
Teleperformance SE Common Stock Eur 2.50.27%
Hitachi Ltd Common Stock Jpy0.27%
Schneider Electric SE Common Stock Eur 40.26%
Unilever PLC Common Stock Gbp 0.0311110.25%
Axa SA Common Stock Eur 2.290.25%
Airbus SE Common Stock Eur 10.25%
Investor Ab Common Stock Sek 6.250.25%
Rolls-Royce Holdings PLC Common Stock Gbp 200.25%
Muenchener Rueckversicherungs-Gesellschaft AG In0.25%
Tokyo Electron Ltd Common Stock Jpy0.25%

Weight gaps

All 84 Holdings in both funds, largest gap first.

Holding weights in ACWV and TLTD, widest gap first
Holding	More in ACWVMore in TLTD	ACWV	TLTD
Takeda Pharmaceutical	ACWV +0.87 points	0.99%	0.12%
Kddi	ACWV +0.81 points	0.99%	0.18%
Asml Holding	TLTD +0.76 points	0.39%	1.15%
Softbank	ACWV +0.72 points	0.81%	0.09%
Ntt	ACWV +0.55 points	0.63%	0.08%
Constellation Software	ACWV +0.48 points	0.59%	0.11%
Orange SA	ACWV +0.45 points	0.57%	0.12%
Kyocera	ACWV +0.44 points	0.48%	0.04%
Singapore Telecommunications Ltd	ACWV +0.40 points	0.45%	0.05%
Canon	ACWV +0.39 points	0.46%	0.07%
Swisscom AG	ACWV +0.36 points	0.41%	0.05%
Otsuka Holdings	ACWV +0.34 points	0.42%	0.08%
Nestle SA	TLTD +0.35 points	0.12%	0.47%
East Japan Railway	ACWV +0.34 points	0.42%	0.08%
Argenx	ACWV +0.32 points	0.42%	0.10%
Koninklijke Kpn NV	ACWV +0.32 points	0.36%	0.04%
Fujitsu	ACWV +0.31 points	0.38%	0.07%
Novartis AG	ACWV +0.30 points	0.89%	0.59%
Secom	ACWV +0.29 points	0.33%	0.04%
Oriental Land	ACWV +0.29 points	0.33%	0.04%
Eni	ACWV +0.29 points	0.47%	0.18%
Central Japan Railway	ACWV +0.29 points	0.36%	0.07%
Halma PLCHLMA.L	ACWV +0.28 points	0.32%	0.04%
Loblaw Companies Ltd	ACWV +0.27 points	0.33%	0.06%
Fujifilm Holdings	ACWV +0.26 points	0.35%	0.09%
Clp Holdings	ACWV +0.26 points	0.29%	0.03%
Nomura Research Institute	ACWV +0.25 points	0.28%	0.03%
Keyence	ACWV +0.24 points	0.41%	0.17%
Aena Sme SA	ACWV +0.24 points	0.28%	0.04%
Cgi Inc Class A	ACWV +0.24 points	0.30%	0.06%
Bank Hapoalim Bm	ACWV +0.22 points	0.31%	0.09%
Singapore Technologies Engineering	ACWV +0.21 points	0.23%	0.02%
Iberdrola	TLTD +0.20 points	0.08%	0.28%
Transurban Group Stapled Units	ACWV +0.21 points	0.27%	0.06%
Osaka Gas	ACWV +0.19 points	0.23%	0.04%
Shionogi	ACWV +0.18 points	0.20%	0.02%
Neste	ACWV +0.17 points	0.19%	0.02%
Power Assets Holdings	ACWV +0.17 points	0.19%	0.02%
Chocoladefabriken Lindt & Spruengl	ACWV +0.15 points	0.18%	0.03%
Inpex	ACWV +0.15 points	0.22%	0.07%
Obic Ltd	ACWV +0.15 points	0.17%	0.02%
Nec	ACWV +0.14 points	0.22%	0.08%
West Japan Railway	ACWV +0.14 points	0.16%	0.02%
Nokia	ACWV +0.13 points	0.21%	0.08%
Apa Group Units	ACWV +0.13 points	0.14%	0.01%
Otsuka Corp	ACWV +0.13 points	0.14%	0.01%
Japan Tobacco	ACWV +0.12 points	0.21%	0.09%
Chubu Electric Power Inc	ACWV +0.12 points	0.16%	0.04%
Sap	TLTD +0.12 points	0.32%	0.44%
Hong Kong and China Gas Ltd	ACWV +0.11 points	0.12%	<0.01%
Deutsche Telekom N AG	ACWV +0.11 points	0.44%	0.33%
Yokogawa Electric	ACWV +0.11 points	0.12%	0.01%
Mtr Corporation	ACWV +0.10 points	0.12%	0.02%
Elisa	ACWV +0.10 points	0.11%	<0.01%
Toho (Tokyo)	ACWV +0.10 points	0.11%	<0.01%
Tokyo Gas Ltd	ACWV +0.09 points	0.13%	0.04%
The Sage GroupSGE.L	ACWV +0.09 points	0.12%	0.03%
Hkt Trust and Hkt Units	ACWV +0.09 points	0.10%	0.01%
Getlink	ACWV +0.09 points	0.11%	0.02%
Hankyu Hanshin Holdings	ACWV +0.08 points	0.11%	0.03%
Indra Sistemas SA	ACWV +0.08 points	0.10%	0.02%
Sompo Holdings	TLTD +0.08 points	0.05%	0.13%
Pan Pacific International Holdings	ACWV +0.08 points	0.10%	0.02%
Sampo Class A	ACWV +0.08 points	0.13%	0.05%
Infratil Ltd	ACWV +0.07 points	0.08%	0.01%
Mizrahi Tefahot Bank Ltd	ACWV +0.06 points	0.09%	0.03%
Dbs Group Holdings Ltd	ACWV +0.07 points	0.29%	0.22%
Verbund AG	ACWV +0.06 points	0.07%	<0.01%
Telia Company	ACWV +0.06 points	0.08%	0.02%
Enlight Renewable Energy	ACWV +0.06 points	0.07%	0.01%
Kirin Holdings	ACWV +0.06 points	0.11%	0.05%
Swire Pacific Ltd A	ACWV +0.05 points	0.07%	0.02%
Ana Holdings	ACWV +0.05 points	0.06%	<0.01%
Dassault Systemes	ACWV +0.05 points	0.10%	0.05%
Koninklijke Ahold Delhaize	ACWV +0.04 points	0.15%	0.11%
Singapore Exchange	ACWV +0.04 points	0.07%	0.03%
Compass Group PLCCPG.L	TLTD +0.04 points	0.08%	0.12%
Danone SA	TLTD +0.03 points	0.06%	0.09%
Cellnex Telecom	ACWV +0.03 points	0.05%	0.02%
Dollarama	ACWV +0.03 points	0.10%	0.07%
Aeon	TLTD +0.02 points	0.02%	0.04%
Screen Holdings Ltd	ACWV +0.01 points	0.04%	0.03%
Honda Motor	TLTD +0.01 points	0.06%	0.07%
Suntory Beverage & Food Ltd	ACWV +0.01 points	0.02%	<0.01%

All 378 ACWV holdings⁠All 2,300 TLTD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ACWV vs TLTD Cost

Overpaying TLTD vs ACWV

$3,743

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

ACWV 0.20%
$4,155
TLTD 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

ACWV 0.20%
TLTD 0.39%
Overpaying

Year by year

Year	ACWV	TLTD	Overpaying
10	$365	$705	$340
20	$1,421	$2,725	$1,304
30	$4,155	$7,898	$3,743

Expense ratio

0.20%ACWV, cheaper
0.39%TLTD

ACWV0.20%TLTD0.39%

0.08%0.65%

Middle half of International Factor Index funds
Median 0.34%

ACWV 2nd cheapest of 15 funds

TLTD 9th cheapest of 15 funds

ACWV vs TLTD Dividends

Last 12 months to Nov 2, 2026

Yield (12M): ACWV 1.83%; TLTD 3.32%, better
Payout (12M): ACWV $2.36; TLTD $3.32
Last payment: ACWV $1.07; TLTD $0.42
Ex-dividend: ACWV Jun 15, 2026; TLTD Sep 18, 2026
Paid on: ACWV Jun 18, 2026; TLTD Sep 24, 2026
Frequency: ACWV Twice a year; TLTD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ACWVTwice a year · 19 paymentsAll ACWV payments⁠

TLTDQuarterly · 39 paymentsAll TLTD payments⁠

ACWV vs TLTD Risk

Fall from peak · 5 years

ACWV
TLTD

Risk facts

VolatilityStd dev, 3 years: ACWV 8.7%, betterTLTD 12.1%
Return per unit of riskSharpe ratio, 3 years: ACWV 1.03TLTD 1.37, better
Worst fallMax drawdown, 5 years: ACWV −18.1%, betterTLTD −28.4%
Market sensitivityBeta, 5 years: ACWV 0.53TLTD 0.93; Market = 1

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