TLTD vs VDG: Grades, Fees and Holdings Compared

Northern Trust Morningstar Developed Markets ex-US Factor Tilt ETF

TLTDBNYSE Arca

Vanguard Developed Markets ex US Growth Index ETF

VDGBCboe

Overlap

36.4%by weight

Expense ratio

VDG −0.31pt a year

TLTD0.39%VDG0.08%

Avg volume · 30D

VDG 1.1×the volume

TLTD5.93KVDG6.6K

TLTD vs VDG Performance

Jul 31, 2026 – Oct 30, 2026

−1.3%TLTD−3.5%VDG

Expense ratio: TLTD 0.39%; VDG 0.08%, better
Fund size: TLTD $661M; VDG $47M
1Y total return: TLTD +15.5%; VDG No data
Yield (12M): TLTD 3.34%; VDG No data
Holdings: TLTD 2276; VDG 593
Avg volume (30D): TLTD 5.93K sh; VDG 6.6K sh, better
NAV per share: TLTD $100.18; VDG $75.96
52W range

ETF.net Grade

Pillar letters and Scores for TLTD, VDG, with each pillar’s weight
Pillar	TLTD	VDG
Cost30% weight	C43	A100Higher
Mission25% weight	A100	Not scored
Risk15% weight	C46Higher	D33
Tradability15% weight	F24Higher	F6
Holdings10% weight	A88Higher	B63
Durability5% weight	B56Higher	D27

Rank among International Factor Index funds

How we build Categories ›

Same Category. TLTD and VDG 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 ›

TLTD ranks 6th and VDG 7th of 15 funds in the International Factor Index Category.

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
Rank 7BVDGVanguard Developed Markets ex US Growth Index ETFScore 58
Rank 9CGMOIGMO International Value ETFScore 52

Our read on each fund

ETF.net Research

TLTDBNorthern Trust Morningstar Developed Markets ex-US Factor Tilt ETF

VDGBVanguard Developed Markets ex US Growth Index ETF

In short

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.

VDG No data

Stated mandate

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.

VDG No data

Why people hold it

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.

VDG No data

Worth knowing

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.

VDG No data

Full TLTD profile⁠

Full VDG profile⁠

TLTD vs VDG Holdings

How TLTD and VDG differ

Overlap by weight

36.4%

Shared holdings make up 86.2% of VDG and 37.4% of TLTD.

Level by level

Holdings464 in both36.4%
Countryby domicile85.4%
Asset classEquity100%

Sector

No Sector split for VDG.

Country, concentration and asset class

Country by domicile

Country weights in TLTD and VDG, widest gap first
Country	More in TLTDMore in VDG	TLTD	VDG
South Korea	VDG +9.1 points	0.0%	9.1%
Japan	TLTD +5.9 points	27.1%	21.2%
United Kingdom	TLTD +2.3 points	13.8%	11.5%
Netherlands	VDG +1.6 points	3.5%	5.1%
United States	TLTD +1.1 points	1.1%	0.0%
Switzerland	VDG +1.1 points	5.5%	6.6%
Canada	TLTD +1.0 points	10.7%	9.7%
France	TLTD +1.0 points	7.3%	6.3%
Other countries (24)	TLTD +0.6 points	31.0%	30.4%

Outside the US: TLTD 97% developed, 3% emerging. VDG 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

TLTD9.2%
VDG22.4%

Securities held

TLTD2,258
VDG578

Asset class

TLTD: Equity
VDG: Equity

Holdings

Only in TLTD1,794
In both464
Only in VDG114

Only in TLTD

1,794 securities, 60.6% of TLTD by weight

Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index1.38%
Toyota Motor Corp Common Stock Jpy0.65%
Totalenergies SE Common Stock Eur 2.50.64%
Allianz SE Common Stock Eur 00.60%
Nestle SA Common Stock Chf 0.10.47%
British American Tobacco PLC Common Stock Gbp 250.42%
Bp PLC Common Stock Gbp 0.250.41%
Bank of Nova Scotia/The Common Stock Cad 00.38%
Canadian Natural Resources Ltd Common Stock Cad 00.36%
Wpp PLC Common Stock Gbp 100.33%
Deutsche Telekom AG Common Stock Eur 00.33%
Bnp Paribas SA Common Stock Eur 20.31%
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%
Adecco Group AG Common Stock Chf 0.10.27%
Teleperformance SE Common Stock Eur 2.50.27%
Axa SA Common Stock Eur 2.290.25%
Muenchener Rueckversicherungs-Gesellschaft AG In0.25%
Enel Spa Common Stock Eur 10.24%
Manulife Financial Corp Common Stock Cad 00.24%
Berkeley Group Holdings Plc/The Common Stock Gbp0.24%
Torex Gold Resources Inc Common Stock Cad 00.23%
Centerra Gold Inc Common Stock Cad 00.22%
Taylor Wimpey PLC Common Stock Gbp 10.22%
Zurich Insurance Group AG Common Stock Chf 0.10.21%
Mitsubishi Corp Common Stock Jpy0.21%
Drax Group PLC Common Stock Gbp 11.551720.21%
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%
Enbridge Inc Common Stock Cad 00.19%
Sunrise Communications AG Common Stock Chf 0.10.19%
Eni Spa0.18%
Tp Icap Group PLC Common Stock Gbp 250.18%
Nordea Bank Abp Common Stock Eur 10.18%
Kddi Corp Common Stock Jpy0.18%
Itv PLC Common Stock Gbp 100.17%
Rubis Sca Common Stock Eur 1.250.17%
Ero Copper Corp Common Stock Cad0.17%
Keller Group PLC Common Stock Gbp 100.16%
National Grid PLC Common Stock Gbp 12.431290.16%
Pan African Resources PLC Common Stock Gbp 10.16%
Tate & Lyle PLC0.16%

Only in VDG

114 securities, 13.8% of VDG by weight

SK hynix Inc4.84%
Samsung Electronics Co Ltd2.34%
Spotify Technology SA0.49%
SK Square Co Ltd0.48%
Argenx SE0.39%
Ferrari NV0.30%
Arm Holdings Plc-Adr0.26%
Sea Ltd-Adr0.24%
Nordea Bank Abp0.21%
adidas AG0.19%
Samsung Electro-Mechanics Co Ltd0.19%
AIB Group PLC0.17%
Ferrovial NV0.16%
Hanwha Aerospace Co Ltd0.16%
BOC Hong Kong Holdings Ltd0.15%
STMicroelectronics NV0.15%
Coca-Cola Europacific Partners PLC0.13%
Bombardier Inc0.12%
Teva Pharmaceutical Industries Ltd0.11%
National Bank of Greece SA0.10%
Ryanair Holdings PLC0.09%
Eurobank SA0.09%
Icon PLC0.09%
ArcelorMittal SA0.08%
Samsung Biologics Co Ltd0.08%
NAVER Corp0.08%
Coca-Cola HBC AG0.07%
HD Hyundai Electric Co Ltd0.07%
Hyosung Heavy Industries Corp0.07%
JFrog Ltd0.07%
HD Hyundai Heavy Industries Co Ltd0.07%
Alteogen Inc0.06%
Celltrion Inc0.06%
Kerry Group PLC0.06%
Banco Comercial Portugues SA0.05%
Biontech Se-Adr0.05%
IREN Ltd0.05%
International Consolidated Airlines Group SA0.05%
Ascendis Pharma A/S0.05%
Hanmi Semiconductor Co Ltd0.05%
LS Electric Co Ltd0.05%
LIG Defense&Aerospace Co Ltd0.04%
Futu Holdings Ltd-Adr0.04%
Xero Ltd0.04%
APR Corp/Korea0.04%
Z AI Co Ltd0.04%
Henkel AG & Co Kgaa Vor-Pref0.04%
HD Korea Shipbuilding & Offshore Engineering Co Ltd0.04%
Hyundai Rotem Co Ltd0.04%
Technoprobe SpA0.04%

Weight gaps

The 100 widest of 464 Holdings in both funds.

Holding weights in TLTD and VDG, widest gap first
Holding	More in TLTDMore in VDG	TLTD	VDG
Asml Holding NV Common Stock Eur 0.09	VDG +3.29 points	1.15%	4.44%
Mitsubishi Ufj Financial Group Inc Common Stock	VDG +1.31 points	0.46%	1.77%
Hsbc Holdings PLC Common Stock Gbp 0.5HSBA.L	VDG +1.24 points	0.94%	2.18%
Royal Bank of Canada Common Stock Cad 0	VDG +1.23 points	0.52%	1.75%
Siemens AG Common Stock Eur 0	VDG +1.04 points	0.39%	1.43%
Sap SE Common Stock Eur 0	VDG +0.93 points	0.44%	1.37%
Tokyo Electron Ltd Common Stock Jpy	VDG +0.88 points	0.25%	1.13%
Schneider Electric SE Common Stock Eur 4	VDG +0.88 points	0.26%	1.14%
Softbank Group Corp Common Stock Jpy	VDG +0.80 points	0.19%	0.99%
Rolls-Royce Holdings PLC Common Stock Gbp 20RR.L	VDG +0.78 points	0.25%	1.03%
Shopify Inc Common Stock Cad	VDG +0.77 points	0.38%	1.15%
Commonwealth Bank of Australia Common Stock Aud 0	VDG +0.76 points	0.36%	1.12%
Advantest Corp Common Stock Jpy	VDG +0.73 points	0.31%	1.04%
Abb Ltd Common Stock Chf 0.12	VDG +0.69 points	0.24%	0.93%
Kioxia Holdings Corp Common Stock Jpy	VDG +0.67 points	0.16%	0.83%
Ubs Group AG Common Stock Chf 0.1	VDG +0.66 points	0.27%	0.93%
Recruit Holdings Co Ltd Common Stock Jpy	VDG +0.64 points	0.31%	0.95%
Safran SA Common Stock Eur 0.2	VDG +0.63 points	0.20%	0.83%
Airbus SE Common Stock Eur 1	VDG +0.60 points	0.25%	0.85%
Sumitomo Mitsui Financial Group Inc Common Stock	VDG +0.58 points	0.50%	1.08%
Dbs Group Holdings Ltd Common Stock Sgd 0	VDG +0.57 points	0.22%	0.79%
Banco Bilbao Vizcaya Argentaria SA Common Stock	VDG +0.57 points	0.43%	1.00%
Novo Nordisk A/S Common Stock Dkk 0.1	VDG +0.54 points	0.23%	0.77%
Cie Financiere Richemont SA Common Stock Chf 1	VDG +0.55 points	0.19%	0.74%
Lvmh Moet Hennessy Louis Vuitton SE Common Stock	VDG +0.50 points	0.20%	0.71%
Unicredit Spa Common Stock Eur 0	VDG +0.50 points	0.40%	0.90%
Keyence Corp Common Stock Jpy	VDG +0.48 points	0.17%	0.65%
Mizuho Financial Group Inc Common Stock Jpy	VDG +0.48 points	0.39%	0.87%
Roche Holding AG Common Stock Chf 0.001	VDG +0.48 points	0.62%	1.10%
Fast Retailing Co Ltd Common Stock Jpy	VDG +0.45 points	0.16%	0.61%
Novartis AG Common Stock Chf 0.49	VDG +0.44 points	0.59%	1.03%
Agnico Eagle Mines Ltd Common Stock Cad 0	VDG +0.44 points	0.16%	0.59%
Infineon Technologies AG Common Stock Eur 0	VDG +0.42 points	0.14%	0.56%
L'oreal SA Common Stock Eur 0.2	VDG +0.42 points	0.21%	0.63%
National Australia Bank Ltd Common Stock Aud 0	VDG +0.38 points	0.16%	0.54%
Bae Systems PLCBA.L	VDG +0.35 points	0.15%	0.50%
Industria De Diseno Textil SA Common Stock Eur	VDG +0.31 points	0.13%	0.44%
Wheaton Precious Metals Corp	VDG +0.30 points	0.09%	0.39%
Lloyds Banking Group PLC Common Stock Gbp 10LLOY.L	VDG +0.29 points	0.23%	0.52%
Tokio Marine Holdings Inc Common Stock Jpy	VDG +0.28 points	0.35%	0.63%
Barclays PLC Common Stock Gbp 25BARC.L	VDG +0.27 points	0.25%	0.52%
Fujikura Ltd Common Stock Jpy	VDG +0.28 points	0.07%	0.35%
Banco Santander SA Common Stock Eur 0.5	VDG +0.28 points	0.53%	0.81%
Unilever PLC Common Stock Gbp 0.031111ULVR.L	VDG +0.28 points	0.25%	0.53%
Natwest Group PLC Common Stock Gbp 107.69NWG.L	VDG +0.27 points	0.19%	0.46%
Hong Kong Exchanges & Clearing Ltd Common Stock	VDG +0.27 points	0.10%	0.37%
Toronto-Dominion Bank/The Common Stock	VDG +0.27 points	0.38%	0.65%
Atlas Copco Ab Common Stock Sek 0.16	VDG +0.26 points	0.09%	0.35%
Deutsche Boerse AG Common Stock Eur 0	VDG +0.26 points	0.13%	0.39%
Air Liquide SA Common Stock Eur 5.5	VDG +0.25 points	0.24%	0.49%
Hermes International Sca Common Stock Eur 0	VDG +0.26 points	0.08%	0.34%
National Bank of Canada Common Stock	VDG +0.25 points	0.10%	0.35%
Macquarie Group Ltd Common Stock Aud 0	VDG +0.24 points	0.13%	0.37%
Hitachi Ltd Common Stock Jpy	VDG +0.23 points	0.27%	0.50%
Celestica Inc Common Stock Cad 0	VDG +0.23 points	0.06%	0.29%
Relx PLC Common Stock Gbp 0.144397REL.L	VDG +0.23 points	0.14%	0.37%
Prosus NV Common Stock Eur 0.05	VDG +0.23 points	0.08%	0.31%
Hoya Corp Common Stock Jpy	VDG +0.22 points	0.10%	0.32%
Bhp Group Ltd Common Stock Aud 0	VDG +0.23 points	0.38%	0.61%
Rheinmetall AG Common Stock Eur 0	VDG +0.21 points	0.11%	0.32%
Prysmian Spa Common Stock Eur 0.1	VDG +0.21 points	0.06%	0.27%
Compass Group PLC Common Stock USD 11.05CPG.L	VDG +0.20 points	0.12%	0.32%
London Stock Exchange Group PLC Common Stock GbpLSEG.L	VDG +0.20 points	0.10%	0.30%
Legrand SA Common Stock Eur 4	VDG +0.20 points	0.07%	0.27%
Mitsubishi Heavy Industries Ltd Common Stock Jpy	VDG +0.19 points	0.13%	0.32%
Asm International NV Common Stock Eur 0.04	VDG +0.19 points	0.06%	0.25%
Siemens Energy AG Common Stock Eur	VDG +0.19 points	0.21%	0.40%
Cameco Corp Common Stock Cad 0	VDG +0.18 points	0.06%	0.24%
Disco Corp Common Stock Jpy	VDG +0.18 points	0.06%	0.24%
Erste Group Bank AG Common Stock Eur 0	VDG +0.17 points	0.11%	0.28%
Waste Connections Inc Common Stock	VDG +0.17 points	0.08%	0.25%
Sika AG Common Stock Chf 0.01	VDG +0.18 points	0.05%	0.23%
Constellation Software Inc/Canada Common Stock Cad	VDG +0.17 points	0.11%	0.28%
Wesfarmers Ltd Common Stock Aud 0	VDG +0.17 points	0.11%	0.28%
Standard Chartered PLC USDSTAN.L	VDG +0.17 points	0.17%	0.34%
Galderma Group AG Common Stock Chf 0.01	VDG +0.15 points	0.08%	0.23%
Canadian Pacific Kansas City Ltd Common Stock Cad	VDG +0.15 points	0.14%	0.29%
Dollarama Inc Common Stock Cad 0	VDG +0.15 points	0.07%	0.22%
Iberdrola SA Common Stock Eur 0.75	VDG +0.15 points	0.28%	0.43%
Astrazeneca PLC Common Stock Gbp 0.25AZN.L	VDG +0.15 points	0.55%	0.70%
Givaudan SA Common Stock Chf 10	VDG +0.14 points	0.07%	0.21%
Alcon AG Common Stock Chf 0.04	VDG +0.14 points	0.06%	0.20%
Daiichi Sankyo Co Ltd Common Stock Jpy	VDG +0.14 points	0.07%	0.21%
Skandinaviska Enskilda Banken Ab Common Stock Sek	VDG +0.14 points	0.09%	0.23%
Sony Group Corp Common Stock Jpy	VDG +0.13 points	0.27%	0.40%
Murata Manufacturing Co Ltd Common Stock Jpy	VDG +0.13 points	0.14%	0.27%
Canadian Imperial Bank of Commerce Common Stock	VDG +0.13 points	0.21%	0.34%
Experian PLC Common Stock Gbp 0.1EXPN.L	VDG +0.12 points	0.06%	0.18%
Amadeus It Group SA Common Stock Eur 0.01	VDG +0.12 points	0.04%	0.16%
Anheuser-Busch Inbev Sa/Nv Common Stock Eur	VDG +0.13 points	0.13%	0.26%
Lonza Group AG Common Stock Chf 1	VDG +0.12 points	0.10%	0.22%
3I Group PLC Common Stock Gbp 73.8636III.L	VDG +0.12 points	0.09%	0.21%
Transurban Group Stapled Security Aud 0	VDG +0.12 points	0.06%	0.18%
Franco-Nevada Corp Common Stock	VDG +0.12 points	0.08%	0.20%
Atlas Copco Ab Common Stock Sek 0.639	VDG +0.12 points	0.04%	0.16%
Kbc Group NV Common Stock Eur 0	VDG +0.11 points	0.10%	0.21%
Sumitomo Electric Industries Ltd Common Stock Jpy	VDG +0.11 points	0.07%	0.18%
Bank Leumi Le-Israel Bm Common Stock Ils 0.1	VDG +0.11 points	0.12%	0.23%
Geberit AG Common Stock Chf 0.1	VDG +0.11 points	0.03%	0.14%
Canadian National Railway Co Common Stock Cad 0	VDG +0.11 points	0.14%	0.25%

All 2,300 TLTD holdings⁠All VDG 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.

TLTD vs VDG Cost

Overpaying TLTD vs VDG

$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%
$1,689

Amount$10,000

Years30 years

Cost over time

TLTD 0.39%
VDG 0.08%
Overpaying

Year by year

Year	TLTD	VDG	Overpaying
10	$705	$147	$558
20	$2,725	$575	$2,150
30	$7,898	$1,689	$6,209

Expense ratio

0.39%TLTD
0.08%VDG, cheaper

VDG0.08%TLTD0.39%

0.08%0.65%

Middle half of International Factor Index funds
Median 0.34%

VDG cheapest of 15 funds

TLTD 9th cheapest of 15 funds

TLTD vs VDG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TLTD 3.34%; VDG No data
Payout (12M): TLTD $3.32; VDG No data
Last payment: TLTD $0.42; VDG $0.27
Ex-dividend: TLTD Sep 18, 2026; VDG Sep 18, 2026
Paid on: TLTD Sep 24, 2026; VDG Sep 22, 2026
Frequency: TLTD Quarterly; VDG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

TLTDQuarterly · 39 paymentsAll TLTD payments⁠

VDGQuarterly · 2 paymentsAll VDG payments⁠

TLTD vs VDG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TLTD 12.1%VDG No data
Return per unit of riskSharpe ratio, 3 years: TLTD 1.37VDG No data
Worst fallMax drawdown, 5 years: TLTD −28.4%VDG No data
Market sensitivityBeta, 5 years: TLTD 0.93VDG 0.94; Market = 1

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