FlexShares Currency Hedged Morningstar EM Factor Tilt Index Fund
TLEH
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- FlexShares Currency Hedged Morningstar EM Factor Tilt Index Fund (TLEH) is an exchange-traded fund that seeks investment results corresponding to the Morningstar Emerging Markets Factor Tilt Hedged Index. The fund provides exposure to emerging markets equities through a factor-based strategy emphasizing quality, value, momentum, low volatility, and size factors; it employs currency hedging to mitigate foreign exchange risk associated with non-USD denominated securities. TLEH offers investors a diversified portfolio of emerging market stocks selected and weighted by Morningstar's proprietary methodology, focusing on developed and developing economies outside the US and Canada, including major markets in Asia, Latin America, Europe, the Middle East, and Africa. Operated by Northern Trust Investments, Inc., under the FlexShares brand launched in 2011 with headquarters in Chicago, Illinois, the fund targets institutional and retail investors seeking enhanced returns from emerging markets with reduced currency volatility. Its holdings span multiple sectors such as financials, information technology, consumer discretionary, materials, and industrials; representative positions include leading companies from Taiwan, India, South Korea, China, Brazil, and South Africa. The fund maintains a market-cap blend approach with tilts toward small- and mid-cap stocks to capture factor premiums while hedging approximately 100% of non-USD currency exposure using forward contracts. In recent developments, FlexShares announced enhancements to its currency-hedged ETF suite in 2024, including TLEH, amid rising investor interest in hedged emerging markets strategies following global rate divergences. The fund benefited from a strategic rebalancing of the underlying index in mid-2025 to incorporate updated Morningstar factor models, improving resilience to geopolitical tensions in key EM regions. No major acquisitions, partnerships, or name changes have occurred for TLEH within the last two years, though parent Northern Trust expanded its ETF distribution through new alliances with international platforms in Europe and Asia.