GEM vs. TLTE ETF Comparison

Comparison of Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) to FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE)

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

$33.14

Average Daily Volume

67,722

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

$53.48

Average Daily Volume

4,143

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	GEM	TLTE
30 Days	-4.28%	-4.32%
60 Days	-0.55%	-1.63%
90 Days	-1.04%	-1.73%
12 Months	12.25%	11.46%

34 Overlapping Holdings

Symbol	Grade	Weight in GEM	Weight in TLTE	Overlap
ABEV	F	0.07%	0.07%	0.07%
ASAI	F	0.04%	0.05%	0.04%
ATHM	C	0.07%	0.01%	0.01%
BABA	D	1.93%	1.98%	1.93%
BAP	A	0.08%	0.13%	0.08%
BCH	C	0.09%	0.05%	0.05%
BEKE	D	0.05%	0.03%	0.03%
BEKE	D	0.05%	0.09%	0.05%
BGNE	D	0.11%	0.08%	0.08%
BIDU	F	0.15%	0.26%	0.15%
BRFS	C	0.04%	0.03%	0.03%
CHT	C	0.06%	0.11%	0.06%
CSAN	F	0.04%	0.03%	0.03%
ERJ	A	0.05%	0.05%	0.05%
GGB	C	0.09%	0.05%	0.05%
HDB	C	0.46%	0.83%	0.46%
IBN	C	0.8%	0.57%	0.57%
IQ	F	0.03%	0.01%	0.01%
KB	B	0.27%	0.26%	0.26%
KEP	B	0.04%	0.04%	0.04%
LI	F	0.06%	0.1%	0.06%
LPL	D	0.04%	0.02%	0.02%
PDD	F	0.75%	0.55%	0.55%
SHG	C	0.2%	0.2%	0.2%
SKM	C	0.22%	0.04%	0.04%
TAL	F	0.06%	0.03%	0.03%
TCOM	B	0.18%	0.26%	0.18%
TME	D	0.1%	0.02%	0.02%
TME	D	0.1%	0.03%	0.03%
UMC	F	0.18%	0.18%	0.18%
VALE	F	0.41%	0.38%	0.38%
VIPS	F	0.2%	0.05%	0.05%
WIT	B	0.21%	0.07%	0.07%
YUMC	C	0.24%	0.13%	0.13%

GEM Overweight 8 Positions Relative to TLTE

Symbol	Grade	Weight
QFIN	A	0.2%
NU	C	0.14%
SCCO	F	0.09%
KT	A	0.09%
XP	F	0.05%
BVN	D	0.03%
PAGS	F	0.03%
BZ	F	0.03%

GEM Underweight 21 Positions Relative to TLTE

Symbol	Grade	Weight
SGRP	D	-0.16%
DQ	F	-0.13%
MOMO	D	-0.12%
FINV	B	-0.11%
WB	D	-0.1%
XPEV	C	-0.07%
NIO	F	-0.05%
VIST	B	-0.04%
YMM	C	-0.04%
SBSW	D	-0.03%
GDS	C	-0.03%
BILI	D	-0.03%
MNSO	D	-0.02%
ATAT	C	-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%