ETF Evaluator:
FlexShares Mstar DevMks exUS FctTilt ETF (TLTD)
Follow This ETF
(as of Jul 31)
Best Performing in Foreign Large Value Over the Last Year
| 41.3% | First Trust Dev Mkts Ex-US AlphaDEX® ETF (FDT) |
| 38.0% | Vident International Equity Strategy ETF (VIDI) |
| 36.9% | JPMorgan International Value ETF (JIVE) |
| 36.8% | Invesco RAFI Developed Markets ex-US ETF (PXF) |
| 36.7% | Cambria Global Value ETF (GVAL) |
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ETF Details
FlexShares Mstar DevMks exUS FctTilt ETF Overview
FlexShares Mstar DevMks exUS FctTilt ETF (TLTD) is a passively managed International Equity Foreign Large Value exchange-traded fund (ETF). Flexshares Trust launched the ETF in 2012.
The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar® Developed Markets ex-US Factor Tilt IndexSM.
The underlying index is designed to reflect the performance of developed equity markets excluding the U.S. with increased exposure to size and value factors relative to the parent index a float-adjusted market-capitalization weighted index of companies incorporated in developed market countries, excluding the U.S. The fund will invest at least 80% of its total assets in the securities of the index and in ADRs and GDRs based on the securities in the underlying index.
About FlexShares Mstar DevMks exUS FctTilt ETF (TLTD)
There are 3 members of the management team with an average tenure of 8.34 years: Robert Anstine (2013), Brendan Sullivan (2016) and Volter Bagriy (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI World ex USA NR USD index with a weighting of 100% and MSCI World Ex USA IMI NR USD index with a weighting of 100%. FlexShares Mstar DevMks exUS FctTilt ETF has 2294 securities in its portfolio. The top 10 holdings constitute 7.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
FlexShares Mstar DevMks exUS FctTilt ETF is part of the Equity global asset class and is within the International Equity ETF group. FlexShares Mstar DevMks exUS FctTilt ETF has 97.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.9% There is 97.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). FlexShares Mstar DevMks exUS FctTilt ETF has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $646 million in total assets, which is below the $2 billion average for the Foreign Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TLTD Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The FlexShares Mstar DevMks exUS FctTilt ETF expense ratio is below average compared to funds in the Foreign Large Value category. FlexShares Mstar DevMks exUS FctTilt ETF has an expense ratio of 0.39%, which is 15% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. FlexShares Mstar DevMks exUS FctTilt ETF has a portfolio turnover rate of 13%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 46% for the Foreign Large Value category.
Recently, in the month of June 2026, FlexShares Mstar DevMks exUS FctTilt ETF returned -2.2%, which earned it a grade of D, as the Foreign Large Value category had an average return of -1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
FlexShares Mstar DevMks exUS FctTilt ETF has a trailing yield of 3.41%, which is above the 3.40% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
FlexShares Mstar DevMks exUS FctTilt ETF Grades
Year to date, the ETF has returned 7.6%, 2.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 22.4% over the past year (grade of D), 19.0% over the past three years (grade of D) and 10.0% per year over the past five years (grade of D) and 9.9% per year over the past 10 years (grade of C).
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TLTD Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TLTD Return (NAV) | -2.2% | 7.4% | 22.4% | 19.0% | 10.0% | 9.9% |
| TLTD Return (Price) | -2.0% | 5.8% | 21.7% | 19.0% | 9.9% | 9.9% |
| NAV +/- Price Return | -0.228% | 1.583% | 0.637% | 0.012% | 0.112% | 0.002% |
| Foreign Large Value Avg | -1.7% | 6.2% | 25.4% | 19.8% | 11.2% | 9.9% |
| TLTD Grade (NAV) | D | B | D | D | D | C |
| +/- Category (NAV) | -0.6% | 1.2% | -3.1% | -0.8% | -1.2% | -0.0% |
| TLTD Tax-Cost Ratio | na | na | 1.4% | 1.5% | 1.4% | 1.3% |
TLTD Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TLTD Return (NAV) | 7.6% | 38.6% | 5.1% | 17.5% | -13.7% | 12.3% | 4.4% | 21.5% | -17.2% | 25.9% | 5.4% |
| TLTD Return (Price) | 7.4% | 39.7% | 4.8% | 17.2% | -13.7% | 12.9% | 4.2% | 21.3% | -17.5% | 26.3% | 5.3% |
| NAV +/- Price Ret | -0.015% | 0.029% | -0.060% | -0.019% | 0.000% | 0.050% | -0.030% | -1.1% | 1.8% | 1.3% | -1.4% |
| Foreign Large Value Avg | 10.2% | 38.6% | 4.7% | 16.7% | -8.9% | 12.3% | -0.7% | 18.8% | -13.7% | 23.2% | 6.9% |
| TLTD Grade (NAV) | D | C | C | C | F | B | A | A | D | B | C |
| +/- Category | -2.7% | 0.0% | 0.4% | 0.8% | -4.8% | -0.0% | 5.1% | 2.7% | -3.6% | 2.7% | -1.5% |
| Risk Measures | |
| Beta: | 0.93 |
| R-Squared: | 91% |
| Standard Deviation: | 13.5% |
| Category Risk Index: | 1.08 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.11 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 3.4% |
| Total Assets: | $ 647 Mil |
| Share Class Assets: | $ 647 Mil |
| Turnover: | 13.0% |
| Expense Ratio: | 0.39% |
| Index Fund: | Yes |
| Index Tracked: | MSCI World ex USA NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.7 years | |||
| Average Tenure: 8.3 years | |||
| Managers (Year): Anstine Robert (2013), Sullivan Brendan (2016), Bagriy Volter (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 2294 |
| % in Top 10 Holdings: | 7.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 97.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.9% |
| Foreign Stock: | 97.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | 1.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Flexshares Trust |
| Phone Number: | 855-353-9383 |
| Website: | www.flexshares.com |
| Inception Date: | September 25, 2012 |
Expenses and Fees
| Expense Ratio (%): | 0.39% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.46% |
