GEM vs. QLVE ETF Comparison

Comparison of Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) to FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE)

GEM

Goldman Sachs ActiveBeta Emerging Markets Equity ETF

GEM Description

The investment seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Emerging Markets Equity Index. The fund invests at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index. The index is designed to deliver exposure to equity securities of emerging market issuers.

Grade (RS Rating)

Last Trade

$35.73

Average Daily Volume

90,192

Number of Holdings ^*

* may have additional holdings in another (foreign) market

QLVE

FlexShares Emerging Markets Quality Low Volatility Index Fund

QLVE Description

The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Emerging Markets Quality Low Volatility IndexSM. The underlying index is designed to reflect the performance of a selection of companies that, in aggregate, possess lower overall absolute volatility characteristics relative to a broad universe of securities domiciled in emerging market countries. Under normal circumstances, the fund will invest at least 80% of its total assets in the securities of the underlying index and in ADRs and GDRs based on the securities in the underlying index. It is non-diversified.

Grade (RS Rating)

Last Trade

$27.25

Average Daily Volume

1,104

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	GEM	QLVE
30 Days	5.99%	4.66%
60 Days	10.19%	8.93%
90 Days	6.17%	7.83%
12 Months	24.21%	25.13%

12 Overlapping Holdings

Symbol	Grade	Weight in GEM	Weight in QLVE	Overlap
BABA	A	2.04%	2.69%	2.04%
BAP	B	0.07%	0.88%	0.07%
BIDU	C	0.16%	0.03%	0.03%
CHT	C	0.06%	0.92%	0.06%
HDB	C	0.47%	0.45%	0.45%
IBN	C	0.81%	0.67%	0.67%
KT	C	0.09%	0.51%	0.09%
PDD	D	0.8%	0.76%	0.76%
SKM	C	0.22%	0.78%	0.22%
TCOM	B	0.16%	0.02%	0.02%
UMC	D	0.21%	0.19%	0.19%
VALE	C	0.47%	0.19%	0.19%

GEM Overweight 28 Positions Relative to QLVE

Symbol	Grade	Weight
KB	D	0.25%
SHG	D	0.21%
YUMC	C	0.21%
VIPS	C	0.2%
WIT	B	0.19%
QFIN	B	0.17%
BGNE	B	0.12%
NU	D	0.12%
TME	D	0.11%
SCCO	B	0.1%
GGB	C	0.09%
BCH	B	0.09%
ATHM	A	0.08%
ABEV	C	0.07%
TAL	C	0.06%
LI	C	0.06%
XP	F	0.05%
CSAN	D	0.05%
KEP	C	0.04%
BRFS	C	0.04%
ASAI	F	0.04%
ERJ	C	0.04%
BEKE	A	0.04%
LPL	D	0.04%
BVN	D	0.03%
PAGS	F	0.03%
BZ	C	0.03%
IQ	D	0.03%

GEM Underweight 1 Positions Relative to QLVE

	Symbol	Grade	Weight
	NTES	C	-0.43%