TILT Fees and Costs — FlexShares Morningstar US Market Factor Tilt Index Fund
Data updated: 2026-09-25
The net expense ratio is 0.25%: a 0.25% management fee plus 0.01% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $6K in broker commissions, 0.0004% of average net assets, and portfolio turnover was 13%.
TILT Fees and Expenses
Annual operating expenses and sales charges of TILT. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.26% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.25% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
TILT Costs Over Time
On $10,000 invested in TILT, assuming 5% a year before costs, total costs come to $159 over 5 years, cutting the return by 0.26% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.25%) | $26 | $83 | $144 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $4 | $14 |
| Total costs | $26 | $87 | $159 |
| Value after costs | $10,474 | $11,490 | $12,604 |
| Impact on return, per year | 0.26% | 0.26% | 0.26% |
TILT Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0004%
- Total broker commissions: $6K
- Bought from dealers (principal trades, not a cost): $612.7M
- Portfolio turnover (prospectus): 13%
- Securities on loan, average value: $222.4M
- Net income from securities lending: $489K (0.028% of average net assets)
TILT Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Siebert Williams Shank & Co., LLC | $2K | 27.09% |
| Citigroup Global Markets Inc. | $2K | 26.74% |
| Cabrera Capital Markets, LLC | $964 | 15.61% |
| Loop Capital Markets LLC | $889 | 14.39% |
| Virtu Americas LLC | $224 | 3.62% |
| Guzman & Company | $195 | 3.16% |
| J.P. Morgan Securities LLC | $195 | 3.16% |
| NORTH SOUTH CAPITAL, LLC | $154 | 2.49% |
| CastleOak Securities, L.P. | $136 | 2.20% |
| BofA Securities, Inc. | $95 | 1.54% |
TILT Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $199.5M | 32.56% |
| Morgan Stanley & Co. LLC | $179.3M | 29.27% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $109.5M | 17.88% |
| UBS Securities LLC | $79.7M | 13.01% |
| Virtu Americas LLC | $21.6M | 3.52% |
| BofA Securities, Inc. | $20.8M | 3.39% |
| RBC Capital Markets, LLC | $1.5M | 0.24% |
| Barclays Capital, Inc. | $769K | 0.13% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.