At a glance
TILT charges 0.25% a year, above the 0.08% average of the 8 funds most like it (the most expensive of 9). It has $2.19B in assets, the 9th largest of that group; it paid 1.06% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.7% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +23.8% a year. At its worst it fell 38.4% in the 2020 crash (S&P 500: 33.7%) and 24.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 15 months after the lows. Its ten largest positions make up 27.1% of the fund, out of 1,935 in all.
The short version
FlexShares Morningstar US Market Factor Tilt Index Fund (TILT), from Northern Trust, is an index ETF that held 1,935 US stocks of all sizes as of July 31, 2026. It gives slightly more weight to smaller and lower-priced (value) companies than a plain market-weighted fund does. Its 0.25% expense ratio is well above the 0.08% average of similar broad-market funds. Over the 10 years to December 31, 2025, it trailed the Russell 3000 by about one percentage point a year.
Price history
The interactive chart needs JavaScript.
TILT +14.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TILT official prospectus, to Dec 31, 2025 | — | +16.41% | — | +12.95% | +13.25% | — |
| Russell3000Index index, same period | — | +17.15% | — | +13.15% | +14.28% | — |
| Morningstar US Market Factor Tilt Index index, same period | — | +16.75% | — | +13.19% | +13.42% | — |
| TILT price data to Oct 27, 2026 | +14.2% | +14.7% | +23.8% | +11.3% | +14.0% | +14.4% |
- Over the year to Oct 27, 2026, TILT returned +14.7%, 1st of 9 among similar funds.
- Its 5-year annualized return was +11.3% and its 10-year +14.0%.
- In the 2020 COVID crash it fell 38.4% and regained its old high 5.4 months after the low.
- Its worst full calendar year was 2022 (-17.2%); its best was 2013 (+35.8%).
- The deepest fall in its price history was 38.4% (Feb 19, 2020 to Mar 23, 2020), recovered by Sep 2, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.2% | — |
| 2025 | +16.6% | +16.41% |
| 2024 | +19.9% | +19.93% |
| 2023 | +24.7% | +24.65% |
| 2022 | -17.2% | -17.15% |
| 2021 | +27.6% | +27.49% |
| 2020 | +16.1% | +16.10% |
| 2019 | +29.0% | +29.00% |
| 2018 | -8.9% | -8.52% |
| 2017 | +18.3% | +17.83% |
| 2016 | +16.8% | +16.99% |
| 2015 | -2.5% | — |
| 2014 | +10.5% | — |
| 2013 | +35.8% | — |
| 2012 | +15.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.4% over that stretch · deepest drop along the way 38.4%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.3% over that stretch · deepest drop along the way 24.1%, back to its old high 14.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.0200 | |
| 2025 | $2.8700 | +8.3% |
| 2024 | $2.6500 | +1.1% |
| 2023 | $2.6200 | +9.6% |
| 2022 | $2.3900 | +12.7% |
| 2021 | $2.1200 | -1.4% |
| 2020 | $2.1500 | +9.7% |
| 2019 | $1.9600 | -0.5% |
| 2018 | $1.9700 | +12.6% |
| 2017 | $1.7500 | +14.4% |
| 2016 | $1.5300 | -7.8% |
| 2015 | $1.6600 | +41.9% |
| 2014 | $1.1700 | +48.1% |
| 2013 | $0.7900 | +19.7% |
| 2012 | $0.6600 |
What's inside
As of Jul 31, 2026, the fund held 1,935 securities; the ten largest made up 27.09% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 4.86% | |
| Apple, Inc. | 4.67% | |
| Microsoft Corp. | 3.56% | |
| Amazon.com, Inc. | 2.75% | |
| METROPOLITAN LIFE INSURANCE COMPANY RA | 2.75% | |
| Alphabet, Inc. Class A | 2.14% | |
| Broadcom, Inc. | 1.87% | |
| Alphabet, Inc. Class C | 1.73% | |
| Meta Platforms, Inc. | 1.56% | |
| JPMorgan Chase & Co. | 1.22% | |
| Berkshire Hathaway, Inc. | 1.21% | |
| Micron Technology, Inc. | 1.18% | |
| THE BANK OF NOVA SCOTIA, TORONTO RA | 1.14% | |
| Eli Lilly & Co. | 0.95% | |
| NATIONAL BK OF CANADA FINANCIAL INC RA | 0.92% |
By country
United States 102.54%Canada 2.69%Japan 0.2%Puerto Rico 0.19%Singapore 0.15%By asset type
Stocks 99.3%RA 6.21%Bonds and notes 1.28%Preferred stock 0%Other 0%By sector
Sectors of the companies held, for the 63.7% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $51.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.12%, +0.59%, +0.25%.
How it works
TILT tracks the Morningstar US Market Factor Tilt Index. That index starts from the Morningstar US Market Extended Index, which covers large, mid-size and small US companies. The starting index weights each company by its float-adjusted market value, meaning only the shares available for public trading count. Morningstar then shifts some weight toward companies that are smaller or have lower valuations. These are the "size" and "value" factors. As of December 31, 2025, the index held 2,101 stocks, ranging from $120.8 million to $4.548 trillion in market value. The shift is modest. As of July 31, 2026, the largest holdings were NVIDIA (4.9%), Apple (4.7%), Microsoft (3.6%) and Amazon (2.7%).
The index is reconstituted (its member list is reset) twice a year and rebalanced quarterly. Northern Trust Investments uses representative sampling, which means it holds a group of stocks that behaves like the index rather than every single stock. The fund must keep at least 80% of its assets in index stocks. It can hold up to 20% in cash, money market funds and futures. As of July 31, 2026, it held small positions in S&P 500, Russell 2000 and S&P MidCap 400 futures. It is fully passive and does not try to dodge market declines. Portfolio turnover was 13%.
The fund may lend up to one-third of its assets to other institutions. This brings a small risk that a borrower fails to return the shares. As of December 31, 2025, the index was concentrated in information technology.
What it really costs
- TILT charges 0.25% a year, versus an average of 0.08% for the similar funds below (9th of 9, cheapest first).
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $330 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TILT | $26 | $83 | $145 | $330 |
In a retirement portfolio
TILT owns US stocks of every size and adds only a mild lean toward small and value companies, so it can serve as a main US stock holding.
TILT launched in September 2011, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 38.4% from February 19 to March 23, 2020, then got back to its old high by September 2, 2020. In the 2022 bear market it dropped 24.1% between January 4 and September 30, 2022, and only recovered on December 14, 2023. Its worst calendar year was 2022, when it lost 17.2%. Anyone who had to sell shares during those stretches would have locked in losses. Income is small: the trailing yield was 1.06% as of October 27, 2026, paid quarterly. In the SEC's $10,000 example, costs come to $26 after one year and $330 after 10 years. That is more than most similar funds charge. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund covering 1,935 US stocks of all sizes, with a mild extra lean toward smaller and value companies.
- Long-term holders who can sit through stock swings like the fund's 38.4% drop in early 2020 and its 17.2% loss in 2022.
- Those who expect small and value stocks to do well over time and want a gentle tilt rather than a concentrated small-value fund.
Look elsewhere if
- Cost-focused investors: TILT charges 0.25%, against 0.03% for Schwab U.S. Broad Market ETF (SCHB) and 0.07% for Vanguard Russell 3000 ETF (VTHR).
- Anyone who needs meaningful income: the trailing yield was 1.06% as of October 27, 2026, paid quarterly.
- Investors wanting a strong small-cap or value bet: NVIDIA, Apple and Microsoft were still the top three holdings as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TILT this fund | — | 0.25% | $2.19B | +14.7% | +23.8% |
| SCHK Schwab 1000 Index ETF | 69% | 0.05% | $5.86B | +13.2% | +24.8% |
| SCHB Schwab U.S. Broad Market ETF | 69% | 0.03% | $44.61B | +11.4% | +21.7% |
| IYY iShares Dow Jones U.S. ETF | 69% | 0.2% | $2.95B | +13.0% | +24.5% |
| GUSA Goldman Sachs MarketBeta U.S. 1000 Equity E… | 69% | 0.11% | $2.40B | +13.0% | +24.7% |
| SCHX Schwab U.S. Large-Cap ETF | 69% | 0.03% | $74.17B | +10.9% | +21.9% |
| VONE Vanguard Russell 1000 ETF | 69% | 0.07% | $11.91B | +13.0% | +24.6% |
| VTHR Vanguard Russell 3000 ETF | 69% | 0.07% | $6.41B | +13.1% | +24.5% |
Questions investors ask
Is TILT a small-cap value ETF?
No. TILT holds the whole US stock market, from large to small companies, and only nudges its weights toward smaller and lower-valued stocks. As of July 31, 2026, its biggest holdings were NVIDIA (4.9%), Apple (4.7%), Microsoft (3.6%) and Amazon (2.7%). Those are the same giants that lead plain market-weighted funds. About 69% of its holdings overlap with Schwab U.S. Broad Market ETF. Investors wanting a strong small-cap or value bet would need a more focused fund.
TILT vs SCHB: what's the difference?
The main differences are cost and the tilt. Schwab U.S. Broad Market ETF (SCHB) weights US stocks by market value and charges 0.03% a year. TILT charges 0.25% and leans slightly toward smaller and value companies. About 69% of their holdings overlap. Over three years, SCHB returned 24.6% a year as of October 29, 2026, while TILT returned 23.8% a year as of October 27, 2026. Over one year TILT was ahead, 14.7% to 13.2%.
Does TILT pay a dividend?
Yes. TILT pays dividends quarterly, passing along what its stocks pay after fund expenses. Its trailing 12-month yield was 1.06% as of October 27, 2026, or about $3 per share. The yield is modest because its largest holdings, such as NVIDIA, Apple and Microsoft, pay small dividends compared with their share prices. TILT is built for broad stock-market growth, not for income.
What is TILT's expense ratio?
TILT's expense ratio is 0.25%, according to its prospectus filed February 25, 2026. In the SEC's standard example, $10,000 earning 5% a year would cost about $26 after one year and $330 after 10 years. That makes TILT the most expensive of nine similar broad US stock funds compared here, where the average is 0.08%. Schwab U.S. Broad Market ETF and Schwab U.S. Large-Cap ETF each charge 0.03%.
Has TILT beaten the Russell 3000?
No, not over the periods in its prospectus. As of December 31, 2025, TILT returned 13.25% a year over 10 years, against 14.28% for the Russell 3000 Index. Over five years it returned 12.95% against 13.15%, and over one year 16.41% against 17.15%. Part of the gap is the fund's 0.25% fee. Its own index also lagged, returning 13.42% a year over 10 years. That means the tilt toward smaller and value companies did not add return over these periods.