EFAV vs TLTD: Grades, Fees and Holdings Compared

iShares MSCI EAFE Min Vol Factor ETF

EFAVACboe

Northern Trust Morningstar Developed Markets ex-US Factor Tilt ETF

TLTDBNYSE Arca

Overlap

22.9%by weight

Expense ratio

EFAV −0.19pt a year

EFAV0.20%TLTD0.39%

Avg volume · 30D

EFAV 86.0×the volume

EFAV510KTLTD5.93K

10Y return · a year

TLTD +2.3pt

EFAV+7.3%TLTD+9.6%

EFAV vs TLTD Performance

Nov 2, 2021 – Nov 2, 2026

+44.6%EFAV+60.9%TLTD

Expense ratio: EFAV 0.20%, better; TLTD 0.39%
Fund size: EFAV $5.53B; TLTD $661M
1Y total return: EFAV +17.8%, better; TLTD +16.2%
Yield (12M): EFAV 2.97%; TLTD 3.32%, better
Holdings: EFAV 283; TLTD 2276
Avg volume (30D): EFAV 510K sh, better; TLTD 5.93K sh
NAV per share: EFAV $96.22; TLTD $100.18
52W range

ETF.net Grade

Pillar letters and Scores for EFAV, TLTD, with each pillar’s weight
Pillar	EFAV	TLTD
Cost30% weight	A89Higher	C43
Mission25% weight	B56	A100Higher
Risk15% weight	A75Higher	C46
Tradability15% weight	A84Higher	F24
Holdings10% weight	B69	A88Higher
Durability5% weight	A83Higher	B56

Rank among International Factor Index funds

How we build Categories ›

Same Category. EFAV 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 ›

EFAV ranks 1st 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 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

EFAVAiShares MSCI EAFE Min Vol Factor ETF

TLTDBNorthern Trust Morningstar Developed Markets ex-US Factor Tilt ETF

In short

EFAV The 2011 original for overseas min vol: roughly 300 developed-market stocks outside the US and Canada, picked for lower-volatility traits, at 0.20% a year. One of the strongest builds in its international factor group.

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

EFAV The fund seeks to track an index of developed-market equities outside the United States and Canada that have lower-volatility characteristics.

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

EFAV Charges 0.20% a year, less than half the typical fee among international factor funds.
Running since 2011 and now a multi-billion-dollar fund that trades actively, one of the longer records in the international factor aisle.
Spreads across about 300 names and follows the MSCI EAFE Minimum Volatility Index, so the low-vol call is rules-based rather than a manager's hand-picked list.ishares.com
Stands among the strongest implementations in its 18-fund 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

EFAV The min-vol screen reshapes the lineup, so sector and country weights can sit well away from a plain EAFE index fund and results diverge from it.
QLVD runs a developed ex-US low-volatility mandate for 0.15%, so cheaper shelf-mates exist in the same aisle.
Coverage stops at developed markets outside the US and Canada, leaving emerging markets and Canadian stocks to other holdings.ishares.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 EFAV profile⁠

Full TLTD profile⁠

EFAV vs TLTD Holdings

How EFAV and TLTD differ

Overlap by weight

22.9%

Shared holdings make up 97.0% of EFAV and 27.4% of TLTD.

Level by level

Holdings257 in both22.9%
Countryby domicile73.9%
Sector11 Sectors74.7%
Asset classEquity100%

Sector

Sector weights in EFAV and TLTD, widest gap first
Sector	More in EFAVMore in TLTD	EFAV	TLTD
Materials	TLTD +8.9 points	1.6%	10.5%
Consumer Staples	EFAV +6.5 points	11.7%	5.2%
Utilities	EFAV +5.8 points	8.8%	3.0%
Financials	TLTD +5.7 points	20.1%	25.8%
Health Care	EFAV +5.0 points	11.2%	6.2%
Consumer Discretionary	TLTD +4.7 points	5.9%	10.6%
Communication	EFAV +4.4 points	8.5%	4.0%
Industrials	TLTD +3.9 points	14.2%	18.1%
Energy	EFAV +3.4 points	9.3%	5.8%
Technology	TLTD +1.1 points	6.2%	7.3%
Real Estate	TLTD +0.9 points	2.6%	3.5%

Country, concentration and asset class

Country by domicile

Country weights in EFAV and TLTD, widest gap first
Country	More in EFAVMore in TLTD	EFAV	TLTD
Canada	TLTD +10.7 points	0.0%	10.7%
Switzerland	EFAV +5.5 points	11.0%	5.5%
Hong Kong	EFAV +4.0 points	5.4%	1.4%
Singapore	EFAV +3.9 points	5.2%	1.3%
United Kingdom	TLTD +3.8 points	10.0%	13.8%
Sweden	TLTD +3.3 points	0.0%	3.3%
Germany	TLTD +2.3 points	4.0%	6.3%
Finland	EFAV +2.2 points	2.8%	0.6%
Other countries (22)	EFAV +4.4 points	61.5%	57.1%

Outside the US: EFAV 97% developed, 3% emerging. TLTD 97% developed, 3% emerging.

Concentration

Weight in the 10 largest Holdings

EFAV15.2%
TLTD9.2%

Securities held

EFAV265
TLTD2,258

Asset class

EFAV: Equity
TLTD: Equity

Holdings

Only in EFAV8
In both257
Only in TLTD2,001

Only in EFAV

8 securities, 2.1% of EFAV by weight

Boc Hong Kong Holdings Ltd0.94%
Ferrari0.27%
Check Point Software Technologies0.22%
Coca Cola Europacific Partners PLC0.20%
Ryanair Holdings PLC0.17%
Jeronimo Martins SA0.14%
Jardine Matheson Holdings0.12%
Opc Energy Ltd0.09%

Only in TLTD

2,001 securities, 70.4% of TLTD by weight

Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index1.38%
Hsbc Holdings PLC Common Stock Gbp 0.50.94%
Banco Santander SA Common Stock Eur 0.50.53%
Royal Bank of Canada Common Stock Cad 00.52%
Banco Bilbao Vizcaya Argentaria SA Common Stock0.43%
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%
Wpp PLC Common Stock Gbp 100.33%
Bnp Paribas SA Common Stock Eur 20.31%
Intesa Sanpaolo Spa Common Stock Eur 00.31%
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%
Teleperformance SE Common Stock Eur 2.50.27%
Schneider Electric SE Common Stock Eur 40.26%
Axa SA Common Stock Eur 2.290.25%
Airbus SE Common Stock Eur 10.25%
Rolls-Royce Holdings PLC Common Stock Gbp 200.25%
Barclays PLC Common Stock Gbp 250.25%
Manulife Financial Corp Common Stock Cad 00.24%
Bank of Montreal Common Stock Cad 00.24%
Berkeley Group Holdings Plc/The Common Stock Gbp0.24%
Torex Gold Resources Inc Common Stock Cad 00.23%
Lloyds Banking Group PLC Common Stock Gbp 100.23%
Centerra Gold Inc Common Stock Cad 00.22%
Taylor Wimpey PLC Common Stock Gbp 10.22%
Siemens Energy AG Common Stock Eur0.21%
Canadian Imperial Bank of Commerce Common Stock0.21%
Drax Group PLC Common Stock Gbp 11.551720.21%
Lvmh Moet Hennessy Louis Vuitton SE Common Stock0.20%
Dhl AG Common Stock Eur 00.20%
Peyto Exploration & Development Corp Common Stock0.20%
Glencore PLC Common Stock Gbp 0.010.20%
Tui AG Common Stock Eur 00.20%
Koninklijke Bam Groep NV Common Stock Eur 0.10.20%
Easyjet PLC Common Stock Gbp 27.285710.20%
Bellway PLC Common Stock Gbp 12.50.20%
B&M European Value Retail SA Common Stock Gbp 100.20%
Barrick Mining Corp Common Stock Cad0.20%
Safran SA Common Stock Eur 0.20.20%
Deutsche Bank AG Common Stock Eur 00.19%

Weight gaps

The 100 widest of 257 Holdings in both funds.

Holding weights in EFAV and TLTD, widest gap first
Holding	More in EFAVMore in TLTD	EFAV	TLTD
Takeda Pharmaceutical	EFAV +1.56 points	1.68%	0.12%
Equinor	EFAV +1.53 points	1.64%	0.11%
Secom	EFAV +1.45 points	1.49%	0.04%
Eni	EFAV +1.36 points	1.54%	0.18%
Swisscom AG	EFAV +1.29 points	1.34%	0.05%
Iberdrola	EFAV +1.26 points	1.54%	0.28%
Dbs Group Holdings Ltd	EFAV +1.17 points	1.39%	0.22%
Zurich Insurance Group AG	EFAV +1.11 points	1.32%	0.21%
Obic Ltd	EFAV +1.07 points	1.09%	0.02%
Sampo Class A	EFAV +1.06 points	1.11%	0.05%
Softbank	EFAV +0.98 points	1.07%	0.09%
Oversea-Chinese Banking	EFAV +0.98 points	1.22%	0.24%
Japan Tobacco	EFAV +0.97 points	1.06%	0.09%
Clp Holdings	EFAV +0.96 points	0.99%	0.03%
Unilever PLCULVR.L	EFAV +0.92 points	1.17%	0.25%
Ntt	EFAV +0.91 points	0.99%	0.08%
Swiss Prime Site AG	EFAV +0.90 points	0.92%	0.02%
Power Assets Holdings	EFAV +0.90 points	0.92%	0.02%
Asml Holding	TLTD +0.89 points	0.26%	1.15%
Kddi	EFAV +0.83 points	1.01%	0.18%
Novartis AG	EFAV +0.82 points	1.41%	0.59%
Totalenergies	EFAV +0.81 points	1.45%	0.64%
Bank Hapoalim Bm	EFAV +0.77 points	0.86%	0.09%
Orange SA	EFAV +0.75 points	0.87%	0.12%
East Japan Railway	EFAV +0.74 points	0.82%	0.08%
Kao	EFAV +0.70 points	0.73%	0.03%
Koninklijke Kpn NV	EFAV +0.70 points	0.74%	0.04%
ShellSHEL.L	EFAV +0.69 points	1.69%	1.00%
Poste Italiane	EFAV +0.67 points	0.71%	0.04%
Bridgestone	EFAV +0.65 points	0.75%	0.10%
Singapore Exchange	EFAV +0.64 points	0.67%	0.03%
Shionogi	EFAV +0.64 points	0.66%	0.02%
Transurban Group Stapled Units	EFAV +0.64 points	0.70%	0.06%
Danone SA	EFAV +0.62 points	0.71%	0.09%
Helvetia Baloise Holding N AG	EFAV +0.60 points	0.67%	0.07%
Tryg	EFAV +0.60 points	0.62%	0.01%
Medibank Private	EFAV +0.61 points	0.63%	0.02%
Schindler Holding AG	EFAV +0.60 points	0.62%	0.02%
Koninklijke Ahold Delhaize	EFAV +0.60 points	0.71%	0.11%
Omv	EFAV +0.58 points	0.62%	0.04%
Central Japan Railway	EFAV +0.58 points	0.65%	0.07%
Nestle SA	EFAV +0.55 points	1.02%	0.47%
Otsuka Corp	EFAV +0.54 points	0.55%	0.01%
United Overseas Bank	EFAV +0.54 points	0.68%	0.14%
Haleon PLCHLN.L	EFAV +0.51 points	0.57%	0.06%
Deutsche Boerse AG	EFAV +0.51 points	0.64%	0.13%
Toyota Motor	TLTD +0.51 points	0.14%	0.65%
Aena Sme SA	EFAV +0.49 points	0.53%	0.04%
Nippon Building Fund Reit	EFAV +0.50 points	0.50%	<0.01%
Industria De Diseno Textil SA	EFAV +0.49 points	0.62%	0.13%
Daito Trust Construction Ltd	EFAV +0.49 points	0.51%	0.02%
Oriental Land	EFAV +0.49 points	0.53%	0.04%
Lair Liquide Societe Anonyme Pour	EFAV +0.48 points	0.72%	0.24%
Bank Leumi Le Israel	EFAV +0.48 points	0.60%	0.12%
Canon	EFAV +0.48 points	0.55%	0.07%
Telstra Group	EFAV +0.47 points	0.50%	0.03%
Cheung Kong Infrastructure Holding	EFAV +0.47 points	0.48%	0.01%
Kone	EFAV +0.46 points	0.50%	0.04%
Groupe Bruxelles Lambert NV	EFAV +0.45 points	0.46%	<0.01%
Verbund AG	EFAV +0.45 points	0.46%	<0.01%
Fast Retailing	EFAV +0.45 points	0.61%	0.16%
Hkt Trust and Hkt Units	EFAV +0.45 points	0.46%	0.01%
Snam	EFAV +0.44 points	0.47%	0.03%
Loreal SA	EFAV +0.43 points	0.64%	0.21%
Coles Group Ltd	EFAV +0.41 points	0.45%	0.04%
Anheuser-Busch Inbev SA	EFAV +0.41 points	0.54%	0.13%
Compass Group PLCCPG.L	EFAV +0.40 points	0.52%	0.12%
Nomura Research Institute	EFAV +0.41 points	0.44%	0.03%
Kyocera	EFAV +0.40 points	0.44%	0.04%
Singapore Telecommunications Ltd	EFAV +0.40 points	0.45%	0.05%
Tesco PLCTSCO.L	EFAV +0.39 points	0.49%	0.10%
Bc Vaud N	EFAV +0.38 points	0.39%	<0.01%
Pearson PLCPSON.L	EFAV +0.38 points	0.41%	0.03%
Hong Kong and China Gas Ltd	EFAV +0.38 points	0.39%	<0.01%
Mizrahi Tefahot Bank Ltd	EFAV +0.37 points	0.40%	0.03%
Astellas Pharma	EFAV +0.37 points	0.47%	0.10%
Elisa	EFAV +0.36 points	0.37%	<0.01%
Otsuka Holdings	EFAV +0.36 points	0.44%	0.08%
Roche Holding AG	EFAV +0.37 points	0.40%	0.03%
Galp Energia Sgps SA Class B	EFAV +0.36 points	0.39%	0.03%
Sanofi SA	EFAV +0.35 points	0.66%	0.31%
Osaka Gas	EFAV +0.36 points	0.40%	0.04%
Swire Pacific Ltd A	EFAV +0.35 points	0.37%	0.02%
The Sage GroupSGE.L	EFAV +0.35 points	0.38%	0.03%
Itochu	EFAV +0.35 points	0.68%	0.33%
Mtr Corporation	EFAV +0.35 points	0.37%	0.02%
Pan Pacific International Holdings	EFAV +0.35 points	0.37%	0.02%
Singapore Technologies Engineering	EFAV +0.34 points	0.36%	0.02%
Endesa SA	EFAV +0.33 points	0.37%	0.04%
Elbit Systems	EFAV +0.33 points	0.36%	0.03%
National Grid PLCNG.L	EFAV +0.32 points	0.48%	0.16%
Japan Post Bank Ltd	EFAV +0.31 points	0.39%	0.08%
Allianz	TLTD +0.31 points	0.29%	0.60%
Bp PLCBP.L	EFAV +0.30 points	0.71%	0.41%
Roche Ps Par AG	TLTD +0.30 points	0.32%	0.62%
West Japan Railway	EFAV +0.30 points	0.32%	0.02%
Bae Systems PLCBA.L	EFAV +0.30 points	0.45%	0.15%
Redeia Corporacion SA	EFAV +0.30 points	0.30%	<0.01%
Chocoladefabriken Lindt & Spruengl	EFAV +0.30 points	0.33%	0.03%
Kerry Group PLC	EFAV +0.30 points	0.34%	0.04%

All 265 EFAV 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.

EFAV vs TLTD Cost

Overpaying TLTD vs EFAV

$3,743

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

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

Amount$10,000

Years30 years

Cost over time

EFAV 0.20%
TLTD 0.39%
Overpaying

Year by year

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

Expense ratio

0.20%EFAV, cheaper
0.39%TLTD

EFAV0.20%TLTD0.39%

0.08%0.65%

Middle half of International Factor Index funds
Median 0.34%

EFAV 2nd cheapest of 15 funds

TLTD 9th cheapest of 15 funds

EFAV vs TLTD Dividends

Last 12 months to Nov 2, 2026

Yield (12M): EFAV 2.97%; TLTD 3.32%, better
Payout (12M): EFAV $2.86; TLTD $3.32
Last payment: EFAV $1.68; TLTD $0.42
Ex-dividend: EFAV Jun 15, 2026; TLTD Sep 18, 2026
Paid on: EFAV Jun 18, 2026; TLTD Sep 24, 2026
Frequency: EFAV Twice a year; TLTD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EFAVTwice a year · 18 paymentsAll EFAV payments⁠

TLTDQuarterly · 39 paymentsAll TLTD payments⁠

EFAV vs TLTD Risk

Fall from peak · 5 years

EFAV
TLTD

Risk facts

VolatilityStd dev, 3 years: EFAV 10.5%, betterTLTD 12.1%
Return per unit of riskSharpe ratio, 3 years: EFAV 1.24TLTD 1.37, better
Worst fallMax drawdown, 5 years: EFAV −26.0%, betterTLTD −28.4%
Market sensitivityBeta, 5 years: EFAV 0.48TLTD 0.93; Market = 1

EFAV and TLTD in the news

All news⁠

ETF Filings
First Trust to liquidate HDMV, a $15 million international low-volatility ETF
Sep 14, 2026EFAV

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EFAV vs TLTD

In short

Stated mandate

Why people hold it

Worth knowing

How EFAV and TLTD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EFAV

Only in TLTD

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

First Trust to liquidate HDMV, a $15 million international low-volatility ETF

How EFAV and TLTD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EFAV

Only in TLTD

Weight gaps