CEFS vs. TLTD ETF Comparison

Comparison of Exchange Listed Funds Trust ETF (CEFS) to FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund (TLTD)

CEFS

Exchange Listed Funds Trust ETF

CEFS Description

The investment seeks to provide capital appreciation and dividend income. The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities issued by closed-end funds (the "underlying funds"). The advisor expects to invest in underlying funds operated by a diversified group of closed-end fund managers ("underlying fund managers"). The fund normally invests in underlying funds that primarily pursue high yield opportunities.

Grade (RS Rating)

Last Trade

$22.37

Average Daily Volume

61,280

Number of Holdings ^*

105

* may have additional holdings in another (foreign) market

TLTD

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund

TLTD Description

The investment seeks investment results that correspond generally to the price and yield performance of the MorningstarÂ® Developed Markets ex-US Factor Tilt IndexSM. The fund generally will invest under normal circumstances at least 80% of total assets in the securities of the underlying index and in ADRs and GDRs based on the securities in the underlying index. The underlying index reflects the performance of a selection of equity securities designed to provide broad exposure to the global developed equities markets, excluding the U.S., with increased exposure to small-capitalization stocks and value stocks.

Grade (RS Rating)

Last Trade

$74.27

Average Daily Volume

11,586

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CEFS	TLTD
30 Days	3.17%	0.47%
60 Days	5.66%	7.70%
90 Days	5.00%	5.09%
12 Months	40.49%	26.82%

0 Overlapping Holdings

	Symbol	Grade	Weight in CEFS	Weight in TLTD	Overlap

CEFS Overweight 105 Positions Relative to TLTD

Symbol	Grade	Weight
BIGZ	A	12.12%
ASA	A	8.22%
BCAT	A	5.82%
ADX	C	5.52%
BFZ	A	5.03%
ASGI	A	4.03%
ENX	A	3.8%
PDX	A	3.35%
NQP	A	3.12%
GDV	B	3.0%
NXJ	A	3.0%
HQL	D	2.89%
EVM	A	2.23%
BSTZ	B	2.22%
BMEZ	C	2.16%
HQH	C	2.13%
GRX	C	1.86%
AFB	A	1.8%
VTN	B	1.76%
MHI	A	1.68%
TEAF	A	1.66%
LGI	B	1.56%
EDD	A	1.35%
VPV	A	1.25%
NFJ	A	1.2%
ECF	A	1.16%
FMN	A	1.1%
KSM	A	1.09%
NTG	A	1.07%
EMO	A	1.04%
LEO	A	1.03%
AOD	A	1.02%
VGM	A	1.0%
PGZ	B	0.85%
JRI	C	0.84%
MAV	C	0.84%
NPFD	A	0.83%
NBH	A	0.76%
DMF	B	0.66%
IHD	A	0.65%
CEV	D	0.64%
GAM	B	0.58%
DSM	A	0.56%
CXE	A	0.47%
HYB	A	0.46%
VKQ	A	0.41%
BOE	A	0.39%
VCV	B	0.39%
IDE	A	0.32%
NDP	A	0.32%
DMB	A	0.3%
PCK	A	0.26%
VMO	A	0.23%
TWN	C	0.22%
PEO	A	0.22%
CPZ	A	0.22%
RA	A	0.21%
EOD	A	0.19%
GNT	C	0.18%
TTP	A	0.15%
FGB	C	0.13%
AGD	A	0.13%
MPA	A	0.11%
CMU	A	0.1%
CXH	A	0.09%
ERH	A	0.09%
MFD	C	0.08%
TYG	A	0.06%
GLO	A	0.05%
NML	A	0.05%
HEQ	A	0.03%
PNI	B	0.03%
IGA	B	0.03%
GLV	A	0.03%
MFM	A	0.02%
MUJ	A	0.02%
DIAX	A	0.02%
KYN	A	0.02%
SBI	A	0.02%
GLQ	B	0.01%
MVT	B	0.01%
GF	A	0.01%
MUC	A	0.01%
BTT	A	0.01%
MYN	A	0.01%
NAC	A	0.01%
MXE	D	0.01%
BCV	A	0.01%
PFO	A	0.01%
ETW	A	0.0%
NAN	A	0.0%
NMT	A	0.0%
MUE	A	0.0%
MIY	A	0.0%
BNY	A	0.0%
BHV	A	0.0%
NOM	B	0.0%
RMT	C	0.0%
VFL	A	0.0%
IIF	C	0.0%
NAZ	A	0.0%
BGY	A	0.0%
SWZ	B	0.0%
MHN	A	0.0%
PYN	A	0.0%

CEFS Underweight 48 Positions Relative to TLTD

Symbol	Grade	Weight
TM	D	-0.8%
NVS	D	-0.6%
UL	C	-0.44%
TD	C	-0.42%
MUFG	D	-0.33%
SONY	C	-0.31%
SHOP	C	-0.26%
ABBV	A	-0.25%
SMFG	D	-0.23%
DEO	B	-0.2%
LYG	C	-0.19%
HMC	D	-0.19%
MFG	D	-0.19%
CNI	D	-0.17%
BCS	C	-0.17%
DOOO	F	-0.14%
E	B	-0.13%
WCN	D	-0.12%
STLA	F	-0.11%
FLUT	C	-0.1%
GOLD	C	-0.09%
PDS	F	-0.06%
BBUC	B	-0.04%
PRMW	C	-0.04%
RBA	D	-0.04%
LOGI	D	-0.04%
NMR	F	-0.04%
CCEP	C	-0.04%
ECO	A	-0.03%
IAG	C	-0.03%
TAC	A	-0.03%
AGCO	D	-0.03%
QGEN	D	-0.03%
OTEX	D	-0.03%
AEI	B	-0.02%
LSPD	B	-0.02%
DNN	B	-0.02%
WFG	A	-0.02%
TRMD	D	-0.01%
ELBM	C	-0.01%
FLNG	C	-0.01%
HAFN	B	-0.01%
GOGL	B	-0.01%
MNTX	D	-0.01%
ORLA	C	-0.01%
TIGO	C	-0.01%
MBAVU	C	-0.01%
RENB	F	-0.0%

CEFS: Top Represented Industries & Keywords

Industries: Asset Management Other