EMGF vs QLVE: Grades, Fees and Holdings Compared

iShares Emerging Markets Equity Factor ETF

EMGFACboe

Northern Trust Emerging Markets Quality Low Volatility ETF

QLVEBNYSE Arca

Overlap

35.1%by weight

Expense ratio

QLVE −0.08pt a year

EMGF0.26%QLVE0.18%

Avg volume · 30D

EMGF 385.2×the volume

EMGF156KQLVE404

5Y return · a year

EMGF +2.0pt

EMGF+9.0%QLVE+7.0%

EMGF vs QLVE Performance

Oct 29, 2021 – Oct 30, 2026

+53.9%EMGF+40.2%QLVE

Expense ratio: EMGF 0.26%; QLVE 0.18%, better
Fund size: EMGF $1.79B; QLVE $16M
1Y total return: EMGF +14.5%, better; QLVE +11.2%
Yield (12M): EMGF 2.19%; QLVE 3.17%, better
Holdings: EMGF 740; QLVE 155
Avg volume (30D): EMGF 156K sh, better; QLVE 404 sh
NAV per share: EMGF $65.41; QLVE $32.48
52W range

ETF.net Grade

Pillar letters and Scores for EMGF, QLVE, with each pillar’s weight
Pillar	EMGF	QLVE
Cost30% weight	A92	A100Higher
Mission25% weight	Not scored	A93
Risk15% weight	C43	B66Higher
Tradability15% weight	A94Higher	F11
Holdings10% weight	C48Higher	D32
Durability5% weight	A89Higher	D33

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. EMGF and QLVE are both graded against the same 20 Emerging Markets Multifactor funds, so their Grades compare head to head.

Emerging Markets Multifactor⁠

Category · 20 funds

See all 20 ›

EMGF ranks 1st and QLVE 7th of 20 funds in the Emerging Markets Multifactor Category.

Rank 1AEMGFiShares Emerging Markets Equity Factor ETFScore 76
Rank 2AAVESAvantis Emerging Markets Value ETFScore 71
Rank 6BJPEMJPMorgan Diversified Return Emerging Markets Equity ETFScore 62
Rank 7BQLVENorthern Trust Emerging Markets Quality Low Volatility ETFScore 61
Rank 8BROAMHartford Multifactor Emerging Markets ETFScore 60

Our read on each fund

ETF.net Research

EMGFAiShares Emerging Markets Equity Factor ETF

QLVEBNorthern Trust Emerging Markets Quality Low Volatility ETF

In short

EMGF Emerging markets, sorted by factor screen instead of straight market cap. EMGF holds roughly 700 large- and mid-cap EM stocks picked for style-factor exposure, and charges 0.26% doing it, about half the multifactor EM norm.

QLVE Most emerging-markets factor funds chase value. QLVE goes the other way: cut the weakest fifth on quality, then optimize what is left toward lower volatility. Cost is 0.18% net of a waiver through March 1, 2027.

Stated mandate

EMGF EMGF seeks to follow an index of large- and mid-capitalization emerging-market stocks selected for favorable exposure to specified style factors, subject to constraints.

QLVE The Fund is designed for investors seeking emerging-markets exposure with an emphasis on quality and low volatility. It seeks to match, before fees and expenses, the performance of the Northern Trust Emerging Markets Quality Low Volatility Index.

Why people hold it

EMGF 0.26% a year, versus a 0.48% median across multifactor EM funds. It undercuts AVES, JPEM, ROAM and QEMM on fee.
Roughly 700 large- and mid-cap names, so the factor tilts sit on a broad base rather than a handful of concentrated bets.
Running since 2015 as a billion-dollar-plus iShares fund, with steady enough volume for routine retail orders.
On cost and ease of trading, one of the stronger builds in the multifactor emerging-markets group.

QLVE At 0.18% net of a waiver through March 1, 2027, it undercuts every top-scoring fund in its peer group, including EMGF at 0.26% and FDEM at 0.25%.
The index cuts the lowest-quality fifth of emerging-markets large and mid caps on profitability, cash flow and capital deployment, then optimizes the rest for lower volatility.flexshares.com northerntrust.com
Sector, industry and country weights are held within set bands of the parent benchmark and turnover is capped near 12% a rebalance, curbing the sector drift low-vol screens invite.northerntrust.com sec.gov
Sits in the upper half of its emerging-markets factor peer group and has stayed close to its stated index.

Worth knowing

EMGF Factor tilts mean the portfolio can drift well away from a plain cap-weighted EM index, in either direction, for long stretches.ishares.com
Emerging-market equity carries currency swings and country-level political risk on top of normal stock risk. Volatility here sits at the rougher end of its peer group.ishares.com
Distributions land annually or semiannually, not monthly, so it is not built as an income drip.

QLVE Thinly traded with a small asset base, so spreads can run wider than the category heavyweights and limit orders matter more.
Roughly 160 holdings with meaningful weight in the largest names, so it is more top-heavy than a broad emerging-markets index fund.
Lower volatility is the design goal, not an outcome the fund controls: the index aims to be calmer than its parent, and the fund tracks it either way.sec.gov flexshares.com

Full EMGF profile⁠

Full QLVE profile⁠

EMGF vs QLVE Holdings

How EMGF and QLVE differ

Overlap by weight

35.1%

Shared holdings make up 65.8% of QLVE and 38.7% of EMGF.

Level by level

Holdings66 in both35.1%
Countryby domicile84.2%
Sector11 Sectors85.6%
Asset classEquity100%

Sector

Sector weights in EMGF and QLVE, widest gap first
Sector	More in EMGFMore in QLVE	EMGF	QLVE
Energy	QLVE +4.6 points	3.6%	8.2%
Consumer Discretionary	EMGF +4.1 points	8.4%	4.3%
Communication	QLVE +3.9 points	6.4%	10.3%
Industrials	EMGF +3.8 points	6.6%	2.8%
Financials	EMGF +3.0 points	20.1%	17.1%
Materials	EMGF +2.8 points	5.5%	2.7%
Consumer Staples	QLVE +2.6 points	3.4%	6.0%
Utilities	QLVE +2.2 points	2.1%	4.3%
Health Care	QLVE +1.0 points	2.9%	3.9%
Real Estate	EMGF +0.3 points	0.8%	0.5%
Technology	EMGF +0.3 points	40.1%	39.8%

Country, concentration and asset class

Country by domicile

Country weights in EMGF and QLVE, widest gap first
Country	More in EMGFMore in QLVE	EMGF	QLVE
China	EMGF +8.2 points	22.8%	14.6%
Malaysia	QLVE +5.4 points	0.0%	5.4%
South Africa	EMGF +3.3 points	6.1%	2.8%
Brazil	QLVE +3.1 points	3.6%	6.7%
India	QLVE +3.1 points	13.7%	16.8%
Taiwan	EMGF +2.5 points	30.3%	27.8%
Philippines	QLVE +1.5 points	0.0%	1.5%
Poland	EMGF +1.1 points	1.3%	0.2%
Other countries (6)	QLVE +2.0 points	22.3%	24.3%

Outside the US: EMGF 0% developed, 100% emerging. QLVE 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EMGF30.5%
QLVE37.9%

Securities held

EMGF718
QLVE137

Asset class

EMGF: Equity
QLVE: Equity

Holdings

Only in EMGF652
In both66
Only in QLVE71

Only in EMGF

652 securities, 60.9% of EMGF by weight

Alibaba Group Holding1.82%
Ase Technology Holding0.67%
Icici Bank0.64%
Fubon Financial Holding0.63%
Sk Square0.53%
Reliance Industries Ltd0.53%
Ctbc Financial Holding0.51%
Yuanta Financial Holding0.47%
Infosys0.46%
Hdfc Bank0.45%
Netease0.45%
Tata Consultancy Services Ltd0.44%
Nan Ya Plastics Corp0.43%
Samsung Electro Mechanics Ltd0.43%
Elite Material0.40%
Kb Financial Group0.39%
Cathay Financial Holding0.36%
Ping An Insurance (Group) Co of Ch0.36%
Nu Holdings Class A0.35%
Shinhan Financial Group0.35%
Bharti Airtel Ltd0.35%
Mahindra and Mahindra Ltd0.34%
Xiaomi0.34%
E.sun Financial Holding0.34%
Saudi Arabian Oil0.34%
Global Unichip0.32%
Hyundai Motor0.32%
Boc Hong Kong Holdings Ltd0.32%
Accton Technology0.32%
Hana Financial Group0.32%
Asia Vital Components0.32%
Meituan0.31%
Ts Financial Holding0.31%
International Games System Ltd0.30%
Larsen and Toubro Ltd0.28%
Emirates Nbd0.28%
Ge Vernova T&D India Ltd0.28%
Aspeed Technology0.27%
Anglogold Ashanti PLC0.27%
Coca-Cola Femsa Class Ubl Units0.27%
Delta Electronics (Thailand) Non-V0.27%
Indian Railway Finance Corp Ltd0.27%
B3 Brasil Bolsa Balcao SA0.27%
Wiwynn Corporation0.26%
Asustek Computer Inc0.25%
Lupin0.25%
Chroma Ate0.25%
Nanya Technology Corp0.24%
Ooredoo0.24%
America Movil B0.24%

Only in QLVE

71 securities, 33.1% of QLVE by weight

Hdfc Bank Ltd Common Stock Inr 11.28%
Infosys Ltd Common Stock Inr 51.10%
Tata Consultancy Services Ltd Common Stock Inr 11.03%
Caixa Seguridade Participacoes S/A Common Stock0.88%
Sun Pharmaceutical Industries Ltd Common Stock Inr0.86%
Bharti Airtel Ltd Common Stock Inr 50.84%
Promotora Y Operadora De Infraestructura Sab De Cv0.84%
Bangkok Dusit Medical Services Pcl Nvdr Thb 0.10.83%
Hcl Technologies Ltd Common Stock Inr 20.78%
Asian Paints Ltd Common Stock Inr 10.77%
Hindustan Unilever Ltd Common Stock Inr 10.76%
Eicher Motors Ltd Common Stock Inr 10.75%
Samsung Sds Co Ltd Common Stock Krw 5000.74%
Marico Ltd Common Stock Inr 10.73%
Ecopetrol SA Common Stock Cop 2500.72%
Saudi Basic Industries Corp Common Stock Sar 100.68%
Saudi Investment Bank/The Common Stock Sar 100.68%
Pidilite Industries Ltd Common Stock Inr 10.64%
Cipla Ltd/India Common Stock Inr 20.63%
Britannia Industries Ltd Common Stock Inr 10.62%
Fertiglobe PLC Common Stock0.60%
Tupras-Turkiye Petrol Rafine0.57%
Petronas Gas Bhd Common Stock Myr 00.56%
Malayan Banking Bhd Common Stock Myr 00.54%
Metropolitan Bank & Trust Co Common Stock Php 200.54%
Kunlun Energy Co Ltd Common Stock Hkd 0.010.53%
Misc Bhd Common Stock Myr 00.52%
Abu Dhabi National Oil Co For Distribution Pjsc0.51%
Telekom Malaysia Bhd Common Stock Myr 00.50%
Telefonica Brasil SA Common Stock Brl 00.50%
Mobile Telecommunications Co Kscp Common Stock Kwd0.50%
Itc Ltd Common Stock Inr 10.49%
Divi's Laboratories Ltd Common Stock Inr 20.49%
Msci Emgmkt Equity Index 18/DEC/2026 MESZ6 Index0.48%
Dr Sulaiman Al Habib Medical Services Group Co0.47%
Rhb Bank Bhd Common Stock Myr 10.47%
Dar Al Arkan Real Estate Development Co Common0.46%
Ihh Healthcare Bhd Common Stock Myr 00.45%
Muthoot Finance Ltd Common Stock Inr 100.44%
Want Want China Holdings Ltd Common Stock Hkd 0.020.44%
China Tower Corp Ltd Common Stock Hkd 10.44%
Huaneng Power International Inc Common Stock Hkd 10.43%
Qatar International Islamic Bank Qsc Common Stock0.42%
Krafton Inc Common Stock Krw 1000.42%
Bdo Unibank Inc Common Stock Php 100.41%
Maruti Suzuki India Ltd Common Stock Inr 50.41%
Nestle India Ltd Common Stock Inr 10.41%
Posco International Corp Common Stock Krw 50000.40%
Icici Bank Ltd Common Stock Inr 20.37%
Koc Holding As Common Stock Try 10.34%

Weight gaps

All 66 Holdings in both funds, largest gap first.

Holding weights in EMGF and QLVE, widest gap first
Holding	More in EMGFMore in QLVE	EMGF	QLVE
Taiwan Semiconductor Manufacturing	QLVE +4.85 points	10.33%	15.18%
Industrial and Commercial Bank of	QLVE +1.53 points	0.87%	2.40%
Samsung Electronics Non Voting Pre	QLVE +1.36 points	0.66%	2.02%
Petroleo Brasileiro Pref SA	QLVE +1.24 points	0.09%	1.33%
Chunghwa Telecom Ltd	QLVE +0.91 points	0.14%	1.05%
Petrochina H	QLVE +0.87 points	0.14%	1.01%
Far Eastone Telecommunications Ltd	QLVE +0.84 points	0.07%	0.91%
Bb Seguridade SA	QLVE +0.82 points	0.11%	0.93%
Jarir Marketing	QLVE +0.81 points	0.06%	0.87%
First Financial Holding Ltd	QLVE +0.77 points	0.27%	1.04%
Ptt Exploration and Production Non	QLVE +0.73 points	0.17%	0.90%
Guangdong Investment Ltd	QLVE +0.71 points	0.04%	0.75%
Hon Hai Precision Industry	EMGF +0.71 points	0.80%	0.09%
United Micro Electronics Corp	QLVE +0.67 points	0.36%	1.03%
Chongqing Rural Commercial Bank Lt	QLVE +0.66 points	0.16%	0.82%
Public Bank	QLVE +0.63 points	0.04%	0.67%
Largan Precision Ltd	QLVE +0.63 points	0.14%	0.77%
Novatek Microelectronics	QLVE +0.61 points	0.40%	1.01%
Emirates Integrated Telecommunicat	QLVE +0.60 points	0.29%	0.89%
China Citic Bank Corp Ltd H	QLVE +0.60 points	0.03%	0.63%
Saudi Aramco Base Oil Company	QLVE +0.60 points	0.06%	0.66%
Tingyi (Cayman Islands) Holdings	QLVE +0.59 points	0.10%	0.69%
Korea Electric Power	QLVE +0.56 points	0.07%	0.63%
KT&G Corp	QLVE +0.56 points	0.23%	0.79%
Manila ElectricMERVF	QLVE +0.53 points	0.08%	0.61%
Taiwan Mobile	QLVE +0.52 points	0.06%	0.58%
China Shenhua Energy Ltd H	QLVE +0.49 points	0.09%	0.58%
Petroleo Brasileiro SA Petrobras	QLVE +0.48 points	0.47%	0.95%
Aselsan Elektronik Sanayi Ve Ticar	QLVE +0.47 points	0.04%	0.51%
Bank of China Ltd H	QLVE +0.46 points	0.71%	1.17%
Mega Financial Holding Ltd	QLVE +0.44 points	0.26%	0.70%
Petronas Dagangan	QLVE +0.43 points	0.11%	0.54%
Cez	QLVE +0.39 points	0.13%	0.52%
Samsung Electronics Ltd	QLVE +0.38 points	6.16%	6.54%
Mediatek	EMGF +0.37 points	1.59%	1.22%
Quinenco SA	QLVE +0.37 points	0.07%	0.44%
Taiwan Cooperative Financial Holdi	EMGF +0.36 points	0.41%	0.05%
Cia Vale Do Rio Doce Sh	EMGF +0.35 points	0.45%	0.10%
Falabella Saci	QLVE +0.34 points	0.14%	0.48%
China Construction Bank Corp H	EMGF +0.33 points	1.21%	0.88%
Pdd Holdings AdsPDD	EMGF +0.33 points	0.56%	0.23%
Gruma	QLVE +0.32 points	0.06%	0.38%
Waaree Energies Ltd	QLVE +0.31 points	0.08%	0.39%
President Chain Store Corp	QLVE +0.30 points	0.01%	0.31%
Cpfl Energia	QLVE +0.29 points	0.11%	0.40%
Vishal Mega Mart	QLVE +0.27 points	0.11%	0.38%
Grupo Mexico B	EMGF +0.25 points	0.30%	0.05%
Realtek Semiconductor	QLVE +0.25 points	0.31%	0.56%
Delta Electronics	EMGF +0.24 points	0.73%	0.49%
Meritz Financial Group Inc	QLVE +0.23 points	0.02%	0.25%
Bid Corporation	QLVE +0.23 points	0.05%	0.28%
Advanced Info Service Non-Voting D	QLVE +0.22 points	0.18%	0.40%
Tim	QLVE +0.21 points	0.16%	0.37%
Unimicron Technology	EMGF +0.20 points	0.32%	0.12%
Al Rajhi Bank	QLVE +0.20 points	0.14%	0.34%
Posco	QLVE +0.19 points	0.05%	0.24%
Gold Fields	EMGF +0.15 points	0.17%	0.02%
Tencent Holdings	EMGF +0.12 points	2.51%	2.39%
Allegro SA	QLVE +0.11 points	0.05%	0.16%
Itau Unibanco Holding Pref SA	EMGF +0.09 points	0.18%	0.09%
Arabian Internet and Communication	QLVE +0.09 points	0.03%	0.12%
Al-Elm Information Security Compan	EMGF +0.06 points	0.11%	0.05%
Ambev SA	QLVE +0.03 points	0.22%	0.25%
Sk Hynix	EMGF +0.02 points	4.43%	4.41%
Naver	EMGF +0.01 points	0.14%	0.13%
Picc Property and Casualty Ltd H	QLVE +0.01 points	0.09%	0.10%

All 715 EMGF holdings⁠All 166 QLVE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EMGF vs QLVE Cost

Overpaying EMGF vs QLVE

$1,609

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EMGF 0.26%
$5,358
QLVE 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

EMGF 0.26%
QLVE 0.18%
Overpaying

Year by year

Year	EMGF	QLVE	Overpaying
10	$473	$328	$145
20	$1,838	$1,281	$557
30	$5,358	$3,749	$1,609

Expense ratio

0.26%EMGF
0.18%QLVE, cheaper

QLVE0.18%EMGF0.26%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QLVE cheapest of 20 funds

EMGF 3rd cheapest of 20 funds

EMGF vs QLVE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EMGF 2.19%; QLVE 3.17%, better
Payout (12M): EMGF $1.44; QLVE $1.02
Last payment: EMGF $0.61; QLVE $0.34
Ex-dividend: EMGF Jun 15, 2026; QLVE Sep 18, 2026
Paid on: EMGF Jun 18, 2026; QLVE Sep 24, 2026
Frequency: EMGF Twice a year; QLVE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EMGFTwice a year · 21 paymentsAll EMGF payments⁠

QLVEQuarterly · 26 paymentsAll QLVE payments⁠

EMGF vs QLVE Risk

Fall from peak · 5 years

EMGF
QLVE

Risk facts

VolatilityStd dev, 3 years: EMGF 16.3%QLVE 11.0%, better
Return per unit of riskSharpe ratio, 3 years: EMGF 1.09QLVE 1.11, better
Worst fallMax drawdown, 5 years: EMGF −27.1%QLVE −23.6%, better
Market sensitivityBeta, 5 years: EMGF 1.02QLVE 0.83; Market = 1

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