TLTE vs. CWI ETF Comparison

Comparison of FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE) to SPDR MSCI ACWI ex-US ETF (CWI)

TLTE

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund

TLTE Description

The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar® Emerging Markets Factor Tilt IndexSM. The fund generally will invest under normal circumstances 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. The underlying index reflects the performance of a selection of equity securities designed to provide broad exposure to the global emerging equities markets, with increased exposure (or a "tilt") to small-capitalization stocks and value stocks.

Grade (RS Rating)

Last Trade

$53.46

Average Daily Volume

4,143

Number of Holdings ^*

55

* may have additional holdings in another (foreign) market

CWI

SPDR MSCI ACWI ex-US ETF

CWI Description

The investment seeks investment results that, before fees and expenses, correspond generally to the total return performance of an index. The fund employs a sampling strategy in seeking to track the performance of the MSCI All Country World Index ex USA. It invests substantially all, but at least 80%, of its total assets in the securities comprising the index or in ADRs or GDRs based on securities comprising the index. The index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of developed and emerging market countries excluding the United States. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$28.67

Average Daily Volume

156,410

Number of Holdings ^*

89

* may have additional holdings in another (foreign) market

Performance

Period	TLTE	CWI
30 Days	-4.32%	-3.80%
60 Days	-1.63%	-3.51%
90 Days	-1.73%	-3.73%
12 Months	11.46%	13.36%

36 Overlapping Holdings

	Symbol	Grade	Weight in TLTE	Weight in CWI	Overlap
	ABEV	F	0.07%	0.06%	0.06%
	ATHM	C	0.01%	0.01%	0.01%
	BABA	D	1.98%	0.09%	0.09%
	BABA	D	1.98%	0.6%	0.6%
	BAP	A	0.13%	0.08%	0.08%
	BEKE	D	0.09%	0.05%	0.05%
	BEKE	D	0.03%	0.05%	0.03%
	BGNE	D	0.08%	0.04%	0.04%
	BIDU	F	0.26%	0.1%	0.1%
	BILI	D	0.03%	0.02%	0.02%
	BRFS	C	0.03%	0.02%	0.02%
	CHT	C	0.11%	0.11%	0.11%
	CSAN	F	0.03%	0.03%	0.03%
	GGB	C	0.05%	0.03%	0.03%
	HDB	C	0.83%	0.25%	0.25%
	IBN	C	0.57%	0.27%	0.27%
	IQ	F	0.01%	0.01%	0.01%
	KB	B	0.26%	0.11%	0.11%
	KEP	B	0.04%	0.02%	0.02%
	LI	F	0.1%	0.05%	0.05%
	NIO	F	0.05%	0.03%	0.03%
	PDD	F	0.55%	0.28%	0.28%
	SBSW	D	0.03%	0.01%	0.01%
	SHG	C	0.2%	0.09%	0.09%
	TAL	F	0.03%	0.02%	0.02%
	TCOM	B	0.26%	0.13%	0.13%
	TME	D	0.03%	0.03%	0.03%
	TME	D	0.02%	0.03%	0.02%
	UMC	F	0.18%	0.1%	0.1%
	VALE	F	0.38%	0.01%	0.01%
	VALE	F	0.38%	0.13%	0.13%
	VIPS	F	0.05%	0.03%	0.03%
	WIT	B	0.07%	0.04%	0.04%
	XPEV	C	0.07%	0.02%	0.02%
	XPEV	C	0.07%	0.02%	0.02%
	YUMC	C	0.13%	0.07%	0.07%

TLTE Overweight 22 Positions Relative to CWI

	Symbol	Grade	Weight
	SGRP	D	0.16%
	DQ	F	0.13%
	MOMO	D	0.12%
	FINV	B	0.11%
	WB	D	0.1%
	BCH	C	0.05%
	ERJ	A	0.05%
	ASAI	F	0.05%
	VIST	B	0.04%
	SKM	C	0.04%
	YMM	C	0.04%
	GDS	C	0.03%
	MNSO	D	0.02%
	ATAT	C	0.02%
	LPL	D	0.02%
	IMOS	F	0.01%
	EH	D	0.01%
	RLX	C	0.01%
	IFS	A	0.01%
	CAR	C	0.01%
	AKO.A	F	0.01%
	YY	B	0.01%

TLTE Underweight 55 Positions Relative to CWI

	Symbol	Grade	Weight
	TSM	B	-3.02%
	NVS	F	-0.81%
	TM	F	-0.68%
	HSBH	B	-0.66%
	UL	D	-0.54%
	SHOP	B	-0.52%
	MUFG	B	-0.51%
	SONY	B	-0.47%
	ABBV	F	-0.45%
	TD	D	-0.44%
	INFY	C	-0.33%
	CNI	F	-0.32%
	SMFG	B	-0.27%
	DEO	F	-0.27%
	BCS	A	-0.21%
	HMC	F	-0.16%
	LYG	D	-0.16%
	MFG	A	-0.15%
	ITUB	F	-0.15%
	E	F	-0.15%
	SE	A	-0.14%
	STLA	F	-0.1%
	RDY	F	-0.08%
	BBD	D	-0.07%
	TEVA	C	-0.07%
	NMR	B	-0.07%
	PKX	D	-0.06%
	CHKP	C	-0.06%
	XRX	F	-0.05%
	CIB	B	-0.05%
	CIG	C	-0.04%
	AGCO	D	-0.04%
	RBA	A	-0.04%
	WIX	A	-0.04%
	ENIC	B	-0.04%
	MT	B	-0.04%
	CYBR	A	-0.04%
	HTHT	D	-0.03%
	LOGI	D	-0.03%
	SQM	D	-0.03%
	GRAB	A	-0.03%
	AER	A	-0.03%
	MNDY	C	-0.03%
	OTEX	F	-0.03%
	LEGN	D	-0.02%
	QFIN	A	-0.02%
	FUTU	D	-0.02%
	PHI	D	-0.02%
	GLBE	B	-0.01%
	MBAVU	C	-0.01%
	BVN	D	-0.01%
	BZ	F	-0.01%
	SID	F	-0.01%
	QGEN	D	-0.0%
	SCCO	F	-0.0%

TLTE: Top Represented Industries & Keywords

Industries: Internet Content & Information Banks - Regional - Asia Specialty Retail Auto Manufacturers Banks - Regional - Latin America Aerospace & Defense Semiconductors Telecom Services Beverages - Brewers Beverages - Non-Alcoholic Biotechnology Business Services Consumer Electronics Credit Services Data Storage Education & Training Services Gold Grocery Stores Industrial Metals & Minerals Information Technology Services

Keywords: Bank Banking Investment Banking Transport Advertising Services Currency Games Investment Banking Services Collection Services Commercial Banking Electric Vehicle Electronics Financial Products Nasdaq 100 Online Game Retail Banking Retailing Securitization Social Networking Services Account Management

CWI: Top Represented Industries & Keywords

Industries: Auto Manufacturers Internet Content & Information Banks - Regional - Asia Software - Application Banks - Global Banks - Regional - Latin America Steel Information Technology Services Specialty Retail Biotechnology Capital Markets Drug Manufacturers - Major Drug Manufacturers - Specialty & Generic Industrial Metals & Minerals Semiconductors Telecom Services Utilities - Regulated Electric Airports & Air Services Banks - Regional - Europe Beverages - Brewers

Keywords: Banking Bank Investment Banking Financial Products Investment Banking Services Cash Management Investment Bank Investment Product Telecommunications Transport Asset Management Asset Management Services Cars Commercial Banking Currency Insurance Products Mining Pharmaceutical Structured Finance Cash Management Services