TLTD Fees and Costs — FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund
Data updated: 2026-09-25
The net expense ratio is 0.39%: a 0.39% management fee plus 0.02% other expenses, less a 0.02% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $7K in broker commissions, 0.0013% of average net assets, and portfolio turnover was 25%.
TLTD Fees and Expenses
Annual operating expenses and sales charges of TLTD. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.39% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.41% |
| Fee waiver | −0.02% |
| Net expense ratio | 0.39% |
| 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 |
TLTD Costs Over Time
On $10,000 invested in TLTD, assuming 5% a year before costs, total costs come to $248 over 5 years, cutting the return by 0.41% 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 0.39%) | $41 | $129 | $224 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $135 | $248 |
| Value after costs | $10,459 | $11,441 | $12,515 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
TLTD 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): 0.0013%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): $256.9M
- Portfolio turnover (prospectus): 25%
- Securities on loan, average value: $70.0M
- Net income from securities lending: $327K (0.066% of average net assets)
TLTD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $2K | 38.69% |
| UBS Securities LLC | $1K | 22.55% |
| Virtu Americas LLC | $453 | 7.30% |
| Macquarie Group Limited | $443 | 7.14% |
| Morgan Stanley & Co. LLC | $346 | 5.58% |
| BofA Securities, Inc. | $336 | 5.42% |
| Guzman & Company | $250 | 4.03% |
| HSBC Securities (USA) Inc. | $230 | 3.71% |
| J.P. Morgan Securities LLC | $180 | 2.90% |
| Jefferies LLC | $165 | 2.67% |
TLTD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $97.0M | 37.74% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $80.6M | 31.37% |
| Jefferies LLC | $59.8M | 23.27% |
| Morgan Stanley & Co. LLC | $12.8M | 4.97% |
| BofA Securities, Inc. | $5.3M | 2.05% |
| Barclays Capital, Inc. | $862K | 0.34% |
| UBS Securities LLC | $643K | 0.25% |
| Macquarie Group Limited | $39K | 0.02% |
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.