VWO vs. TLTE ETF Comparison

Comparison of Vanguard FTSE Emerging Markets ETF (VWO) to FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE)

VWO

Vanguard FTSE Emerging Markets ETF

VWO Description

The investment seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries. The fund employs an indexing investment approach by investing substantially all (approximately 95%) of its assets in the common stocks included in the FTSE Emerging Index, while employing a form of sampling to reduce risk. The FTSE Emerging Index includes approximately 851 common stocks of companies located in emerging markets around the world. As of May 31, 2013, the largest markets covered in the index were China, Brazil, Taiwan, and India.

Grade (RS Rating)

Last Trade

$45.40

Average Daily Volume

8,187,984

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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 MorningstarÂ® 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

$53.59

Average Daily Volume

4,143

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	VWO	TLTE
30 Days	-4.28%	-4.32%
60 Days	0.24%	-1.63%
90 Days	1.03%	-1.73%
12 Months	15.49%	11.46%

53 Overlapping Holdings

Symbol	Grade	Weight in VWO	Weight in TLTE	Overlap
ABEV	F	0.11%	0.07%	0.07%
AKO.A	F	0.01%	0.01%	0.01%
ASAI	F	0.07%	0.05%	0.05%
ASAI	F	0.0%	0.05%	0.0%
ATAT	C	0.02%	0.02%	0.02%
ATHM	C	0.02%	0.01%	0.01%
ATHM	C	0.0%	0.01%	0.0%
BABA	D	2.32%	1.98%	1.98%
BCH	C	0.06%	0.05%	0.05%
BEKE	D	0.15%	0.09%	0.09%
BEKE	D	0.15%	0.03%	0.03%
BGNE	D	0.14%	0.08%	0.08%
BIDU	F	0.28%	0.26%	0.26%
BILI	D	0.07%	0.03%	0.03%
BRFS	C	0.03%	0.03%	0.03%
CAR	C	0.02%	0.01%	0.01%
CHT	C	0.04%	0.11%	0.04%
CHT	C	0.12%	0.11%	0.11%
CSAN	F	0.03%	0.03%	0.03%
DQ	F	0.01%	0.13%	0.01%
EH	D	0.01%	0.01%	0.01%
ERJ	A	0.06%	0.05%	0.05%
ERJ	A	0.01%	0.05%	0.01%
FINV	B	0.01%	0.11%	0.01%
GDS	C	0.02%	0.03%	0.02%
GGB	C	0.0%	0.05%	0.0%
GGB	C	0.04%	0.05%	0.04%
HDB	C	1.29%	0.83%	0.83%
IBN	C	0.66%	0.57%	0.57%
IMOS	F	0.01%	0.01%	0.01%
IQ	F	0.01%	0.01%	0.01%
LI	F	0.15%	0.1%	0.1%
MOMO	D	0.01%	0.12%	0.01%
NIO	F	0.07%	0.05%	0.05%
PDD	F	0.95%	0.55%	0.55%
RLX	C	0.01%	0.01%	0.01%
SBSW	D	0.04%	0.03%	0.03%
SGRP	D	0.02%	0.16%	0.02%
TAL	F	0.05%	0.03%	0.03%
TCOM	B	0.4%	0.26%	0.26%
TME	D	0.09%	0.02%	0.02%
TME	D	0.09%	0.03%	0.03%
UMC	F	0.14%	0.18%	0.14%
UMC	F	0.04%	0.18%	0.04%
VALE	F	0.46%	0.38%	0.38%
VIPS	F	0.05%	0.05%	0.05%
WB	D	0.01%	0.1%	0.01%
WIT	B	0.08%	0.07%	0.07%
WIT	B	0.02%	0.07%	0.02%
XPEV	C	0.08%	0.07%	0.07%
YMM	C	0.07%	0.04%	0.04%
YUMC	C	0.19%	0.13%	0.13%
YY	B	0.01%	0.01%	0.01%

VWO Overweight 30 Positions Relative to TLTE

Symbol	Grade	Weight
ITUB	F	0.06%
BZ	F	0.05%
QFIN	A	0.04%
RDY	F	0.03%
CIB	B	0.03%
SBS	B	0.02%
EC	D	0.01%
DDL	C	0.01%
CIG	C	0.01%
CSIQ	F	0.01%
BSAC	C	0.01%
ELP	F	0.01%
JKS	F	0.01%
BSBR	F	0.01%
BBD	D	0.01%
ENIC	B	0.0%
BAOS	F	0.0%
JEWL	D	0.0%
HUYA	F	0.0%
BAK	F	0.0%
DADA	F	0.0%
EBR	F	0.0%
DAO	B	0.0%
CAN	C	0.0%
AZUL	F	0.0%
SOHU	F	0.0%
SID	F	0.0%
VNET	B	0.0%
SQM	D	0.0%
GOTU	F	0.0%

VWO Underweight 9 Positions Relative to TLTE

Symbol	Grade	Weight
KB	B	-0.26%
SHG	C	-0.2%
BAP	A	-0.13%
KEP	B	-0.04%
VIST	B	-0.04%
SKM	C	-0.04%
MNSO	D	-0.02%
LPL	D	-0.02%
IFS	A	-0.01%