APIE vs. TLTE ETF Comparison

Comparison of Trust for Professional Managers ActivePassive International Equity ETF (APIE) to FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE)

APIE

Trust for Professional Managers ActivePassive International Equity ETF

APIE Description

The fund is an actively-managed exchange-traded fund ("ETF") that blends active and passive investment strategies to optimize costs, tracking and potential return over the fund"s benchmark index, the S&P Classic ADR Composite Index. Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of non-U.S. companies with varying market capitalizations.

Grade (RS Rating)

Last Trade

$28.98

Average Daily Volume

48,340

Number of Holdings ^*

212

* 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

$53.62

Average Daily Volume

4,149

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	APIE	TLTE
30 Days	-2.88%	-3.60%
60 Days	-2.78%	-2.31%
90 Days	-2.72%	-1.68%
12 Months	12.60%	11.52%

47 Overlapping Holdings

Symbol	Grade	Weight in APIE	Weight in TLTE	Overlap
ABEV	F	0.11%	0.07%	0.07%
AKO.A	F	0.06%	0.01%	0.01%
AKO.A	F	0.05%	0.01%	0.01%
ASAI	F	0.02%	0.05%	0.02%
ATAT	C	0.02%	0.02%	0.02%
ATHM	D	0.03%	0.01%	0.01%
BABA	D	1.14%	1.98%	1.14%
BCH	F	0.07%	0.05%	0.05%
BEKE	D	0.07%	0.03%	0.03%
BEKE	D	0.07%	0.09%	0.07%
BGNE	D	0.1%	0.08%	0.08%
BIDU	F	0.06%	0.26%	0.06%
BILI	D	0.03%	0.03%	0.03%
BRFS	D	0.02%	0.03%	0.02%
CHT	D	0.08%	0.11%	0.08%
EH	F	0.0%	0.01%	0.0%
ERJ	B	0.13%	0.05%	0.05%
FINV	B	0.12%	0.11%	0.11%
GDS	C	0.02%	0.03%	0.02%
GGB	C	0.03%	0.05%	0.03%
HDB	C	0.98%	0.83%	0.83%
IBN	C	0.51%	0.57%	0.51%
IMOS	F	0.04%	0.01%	0.01%
IQ	F	0.0%	0.01%	0.0%
KB	B	0.23%	0.26%	0.23%
LI	F	0.09%	0.1%	0.09%
LPL	F	0.02%	0.02%	0.02%
MNSO	F	0.01%	0.02%	0.01%
MOMO	D	0.02%	0.12%	0.02%
NIO	F	0.04%	0.05%	0.04%
PDD	F	0.52%	0.55%	0.52%
RLX	C	0.0%	0.01%	0.0%
SBSW	D	0.0%	0.03%	0.0%
SHG	D	0.28%	0.2%	0.2%
SKM	D	0.3%	0.04%	0.04%
TAL	F	0.02%	0.03%	0.02%
TCOM	B	0.31%	0.26%	0.26%
TME	D	0.04%	0.03%	0.03%
TME	D	0.04%	0.02%	0.02%
UMC	F	0.13%	0.18%	0.13%
VALE	F	0.23%	0.38%	0.23%
VIPS	F	0.06%	0.05%	0.05%
VIST	A	0.03%	0.04%	0.03%
WIT	A	0.14%	0.07%	0.07%
XPEV	C	0.05%	0.07%	0.05%
YMM	C	0.04%	0.04%	0.04%
YY	C	0.06%	0.01%	0.01%

APIE Overweight 167 Positions Relative to TLTE

Symbol	Grade	Weight
TSM	B	5.95%
SAP	B	2.01%
RELX	C	1.51%
NVO	D	1.45%
NVS	D	1.33%
UL	D	1.28%
AZN	D	1.23%
HSBC	B	1.21%
TM	D	1.19%
ASML	F	1.16%
BTI	B	0.91%
BCS	C	0.83%
SNY	F	0.76%
TAK	F	0.76%
BHP	F	0.75%
DEO	F	0.72%
RIO	D	0.71%
BP	D	0.69%
IX	F	0.65%
GSK	F	0.65%
BUD	F	0.64%
TTE	F	0.6%
SMFG	B	0.57%
MUFG	B	0.56%
INFY	B	0.54%
SAN	F	0.54%
HMC	F	0.54%
NGG	D	0.53%
BBVA	F	0.5%
ING	F	0.48%
PHG	D	0.47%
LYG	F	0.44%
NWG	C	0.43%
MFG	B	0.42%
JD	D	0.41%
IHG	A	0.4%
TEF	D	0.39%
ABBV	D	0.36%
MT	B	0.35%
ERIC	B	0.34%
AON	A	0.34%
PSO	B	0.33%
ACN	C	0.31%
VOD	F	0.31%
NMR	B	0.31%
CHKP	D	0.31%
E	F	0.3%
NOK	D	0.3%
HLN	D	0.29%
RTO	C	0.27%
RDY	F	0.27%
SNN	D	0.26%
KT	A	0.26%
LOGI	D	0.25%
JHX	C	0.22%
EQNR	D	0.2%
FMS	A	0.19%
GLPG	D	0.18%
ASX	D	0.17%
PBR	C	0.17%
SE	B	0.17%
ITUB	F	0.16%
WPP	B	0.15%
TEVA	D	0.14%
DOOO	F	0.13%
WF	C	0.13%
CRTO	C	0.12%
NTES	D	0.12%
CUK	B	0.12%
ZTO	F	0.1%
ARGX	A	0.1%
BBD	D	0.1%
SBS	B	0.09%
SW	A	0.09%
PKX	F	0.09%
CIB	B	0.08%
TS	B	0.08%
FUTU	D	0.08%
WDS	D	0.08%
QFIN	B	0.08%
CIG	C	0.08%
HMY	D	0.07%
GRFS	C	0.07%
NICE	C	0.07%
GFI	D	0.07%
NNDM	F	0.06%
CCU	D	0.06%
PAC	B	0.06%
KOF	F	0.06%
ASR	D	0.06%
PHI	D	0.05%
ARM	D	0.05%
FMX	F	0.05%
SOHU	F	0.05%
MTLS	B	0.05%
GGAL	C	0.05%
GOLD	D	0.05%
GMAB	F	0.05%
PAM	A	0.05%
BNTX	D	0.05%
CX	D	0.05%
HTHT	D	0.04%
DRD	D	0.04%
TKC	C	0.04%
STM	F	0.04%
BWAY	B	0.04%
OPRA	A	0.04%
BLTE	C	0.03%
VLRS	C	0.03%
CANG	B	0.03%
MYTE	B	0.03%
TLK	D	0.03%
EBR	F	0.03%
TX	F	0.03%
CRESY	B	0.03%
OMAB	D	0.03%
DAVA	C	0.03%
YPF	B	0.03%
ELP	F	0.02%
BMA	B	0.02%
BZ	F	0.02%
UGP	F	0.02%
HIMX	F	0.02%
ASND	D	0.02%
SUPV	B	0.02%
SUZ	C	0.02%
XYF	D	0.02%
IMMP	F	0.02%
ENIC	D	0.02%
EDAP	F	0.01%
JMIA	F	0.01%
YALA	D	0.01%
KC	A	0.01%
DOYU	C	0.01%
BZUN	F	0.01%
DAO	B	0.01%
HUYA	F	0.01%
CLLS	F	0.01%
CEPU	B	0.01%
TV	F	0.01%
JFIN	F	0.01%
LEGN	F	0.01%
GRVY	C	0.01%
JKS	F	0.01%
TEO	B	0.01%
OTLY	F	0.01%
BVN	F	0.01%
RERE	B	0.01%
MREO	F	0.01%
IPHA	F	0.01%
SQM	F	0.01%
VIV	F	0.01%
GNFT	F	0.01%
ZLAB	C	0.01%
ADAP	F	0.0%
EVO	D	0.0%
HCM	D	0.0%
CNF	F	0.0%
SSL	F	0.0%
ORAN	F	0.0%
HEPS	C	0.0%
AZUL	F	0.0%
DADA	F	0.0%
TOUR	D	0.0%
SIMO	D	0.0%
YRD	F	0.0%
DDL	C	0.0%

APIE Underweight 9 Positions Relative to TLTE

Symbol	Grade	Weight
SGRP	D	-0.16%
YUMC	C	-0.13%
BAP	B	-0.13%
DQ	F	-0.13%
WB	D	-0.1%
KEP	B	-0.04%
CSAN	F	-0.03%
IFS	B	-0.01%
CAR	C	-0.01%