EMGF vs TLTE: Grades, Fees and Holdings Compared

iShares Emerging Markets Equity Factor ETF

EMGFACboe

Northern Trust Morningstar Emerging Markets Factor Tilt ETF

TLTEDNYSE Arca

Overlap

41.0%by weight

Expense ratio

EMGF −0.31pt a year

EMGF0.26%TLTE0.57%

Avg volume · 30D

EMGF 25.6×the volume

EMGF167KTLTE6.52K

10Y return · a year

EMGF +1.7pt

EMGF+9.0%TLTE+7.3%

EMGF vs TLTE Performance

Nov 9, 2021 – Nov 9, 2026

+52.4%EMGF+37.6%TLTE

Expense ratio: EMGF 0.26%, better; TLTE 0.57%
Fund size: EMGF $1.84B; TLTE $312M
1Y total return: EMGF +16.3%, better; TLTE +13.2%
Yield (12M): EMGF 2.20%; TLTE 3.57%, better
Holdings: EMGF 737; TLTE 2943
Avg volume (30D): EMGF 167K sh, better; TLTE 6.52K sh
NAV per share: EMGF $63.72; TLTE $67.89
52W range

ETF.net Grade

Pillar letters and Scores for EMGF, TLTE, with each pillar’s weight
Pillar	EMGF	TLTE
Cost30% weight	A92Higher	F16
Mission25% weight	Not scored	A100
Risk15% weight	C41	C44Higher
Tradability15% weight	A94Higher	D27
Holdings10% weight	C52	B57Higher
Durability5% weight	A90Higher	B63

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. EMGF and TLTE 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 TLTE 17th 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 17DFEMSFirst Trust Emerging Markets Small Cap AlphaDEX FundScore 32
Rank 17DTLTENorthern Trust Morningstar Emerging Markets Factor Tilt ETFScore 32
Rank 19DFTHFFirst Trust Emerging Markets Human Flourishing ETFScore 26
VEEMNot yet graded

Our read on each fund

ETF.net Research

EMGFAiShares Emerging Markets Equity Factor ETF

TLTEDNorthern Trust Morningstar Emerging Markets Factor Tilt 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.

TLTE Most emerging-market factor funds cut the universe down to a few hundred names. TLTE keeps roughly 3,000 stocks and simply leans the weights toward small-cap and value. A tilt, not a screen.

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.

TLTE The Fund seeks to track the price and yield performance of the Morningstar Emerging Markets Factor Tilt Index, providing exposure to emerging-market stocks with an emphasis on small-capitalization and value characteristics.

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.

TLTE A tilt, not a screen: it holds roughly 3,000 emerging-market stocks and overweights the small-cap and value ones rather than cutting names out of the portfolio.sec.gov
Morningstar sorts each stock into one of 12 size-and-style boxes, then tilts the weights. Published rules, semi-annual reconstitution, no manager hunches.sec.gov flexshares.com
Label and portfolio line up: broad emerging-market equity with the advertised small-cap and value lean, and it pays quarterly.
Live since 2012, which makes it one of the longer-running factor-tilt options in emerging markets.flexshares.com

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.

TLTE Cost is the trade-off: 0.57% net of a waiver through March 1, 2027 (0.58% gross), above the category median. EMGF charges 0.26% and FDEM 0.25%.
Thinly traded, so spreads can run wider than at the category's headline names and size orders can nudge the price.
Leaning into small and micro caps stacks extra volatility and liquidity risk on top of the usual currency and single-country swings, as the prospectus spells out.sec.gov

Full EMGF profile⁠

Full TLTE profile⁠

EMGF vs TLTE Holdings

How EMGF and TLTE differ

Overlap by weight

41.0%

Shared holdings make up 78.0% of EMGF and 43.1% of TLTE.

Level by level

Holdings455 in both41.0%
Countryby domicile86.7%
Sector11 Sectors89.8%
Asset classStocks100%

Sector

Sector weights in EMGF and TLTE, widest gap first
Sector	Gap	EMGF	TLTE
Technology	EMGF +7.4 points	36.0%	28.6%
Industrials	TLTE +3.3 points	6.8%	10.1%
Real Estate	TLTE +3.1 points	0.9%	4.0%
Communication	EMGF +2.5 points	7.1%	4.6%
Materials	TLTE +1.5 points	5.7%	7.2%
Consumer Discretionary	TLTE +1.1 points	9.4%	10.5%
Financials	TLTE +0.4 points	21.3%	21.7%
Consumer Staples	TLTE +0.4 points	3.7%	4.1%
Utilities	TLTE +0.3 points	2.2%	2.5%
Health Care	EMGF +0.2 points	3.3%	3.0%
Energy	Same weight	3.7%	3.7%

Country, concentration and asset class

Country by domicile

Country weights in EMGF and TLTE, widest gap first
Country	Gap	EMGF	TLTE
China	EMGF +5.3 points	23.9%	18.6%
South Korea	TLTE +3.6 points	18.7%	22.3%
Taiwan	EMGF +3.2 points	28.5%	25.3%
India	EMGF +3.2 points	14.6%	11.4%
Malaysia	TLTE +2.1 points	0.0%	2.1%
Brazil	TLTE +1.5 points	3.6%	5.1%
Poland	EMGF +1.3 points	1.3%	0.0%
Indonesia	TLTE +1.1 points	0.0%	1.1%
Other countries (14)	TLTE +4.7 points	9.4%	14.1%

Outside the US: EMGF 0% developed, 100% emerging. TLTE 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

EMGF28.7%
TLTE22.6%

Securities held

EMGF714
TLTE2,918

Asset class

EMGF: Stocks
TLTE: Stocks

Holdings

Only in EMGF259
In both455
Only in TLTE2,463

Only in EMGF

259 securities, 21.7% of EMGF by weight

Icici Bank0.76%
Reliance Industries Ltd0.63%
Pdd Holdings Ads0.61%
Hdfc Bank0.54%
Infosys0.48%
Tata Consultancy Services Ltd0.46%
Bharti Airtel Ltd0.39%
Nu Holdings Class A0.38%
Anglogold Ashanti PLC0.32%
Larsen and Toubro Ltd0.31%
Indian Railway Finance Corp Ltd0.31%
Titan Company Ltd0.28%
Coca-Cola Femsa Class Ubl Units0.27%
Fomento Economico Mexicano0.26%
Lupin0.26%
Bharat Electronics Ltd0.25%
Hindustan Zinc Ltd0.23%
Hcl Technologies Ltd0.22%
Lpp SA0.22%
Hindalco Industries Ltd0.22%
Hindustan Aeronautics Ltd0.21%
Glenmark Pharmaceuticals0.20%
Cummins India Ltd0.20%
Bajaj Auto0.20%
Sun Pharmaceutical Industries0.20%
Mesaieed Petrochemical Holding0.20%
Wipro0.19%
Tvs Motor Company0.19%
Nmdc Ltd0.19%
Warbabank0.19%
Dr Reddys Laboratories0.19%
Atour Lifestyle Holdings American0.19%
Ntpc Ltd0.18%
Lenskart Solutions Ltd0.18%
Bharat Petroleum0.18%
Nestle India Ltd0.18%
Axis Bank0.18%
Pidilite Industries Ltd0.17%
Tauron Polska Energia0.17%
Bank of Maharashtra Ltd0.16%
National Aluminium Co Ltd0.16%
Interglobe Aviation Ltd0.16%
Cemex Adr Representing Participat0.15%
Coal India0.15%
Power Grid Corporation of India0.15%
Mbank SA0.14%
Wuxi Biologics Cayman0.14%
Vipshop Holdings Sponsored Ads Rep0.14%
Hitachi Energy India Ltd0.14%
First Abu Dhabi Bank0.13%

Only in TLTE

2,463 securities, 54.2% of TLTE by weight

Msci Emgmkt Equity Index 18/DEC/2026 MESZ6 Index1.90%
Reliance Industries Ltd Common Stock Inr 100.43%
Hdfc Bank Ltd Common Stock Inr 10.38%
Icici Bank Ltd Common Stock Inr 20.36%
Bharti Airtel Ltd Common Stock Inr 50.30%
Vukile Property Fund Ltd Reit Zar 00.26%
International Holding Co Pjsc Common Stock Aed 10.26%
Fibra Mty Sapi De Cv Reit Mxn 00.25%
Redington Ltd Common Stock Inr 20.24%
Capital Securities Corp Common Stock Twd 100.24%
Foxconn Technology Co Ltd Common Stock Twd 100.23%
Minsur SA Common Stock Pen 10.22%
Fortress Real Estate Investments Ltd Common Stock0.22%
Hyundai Marine & Fire Insurance Co Ltd Common0.22%
Simplo Technology Co Ltd Common Stock Twd 100.22%
The Saudi National Bank0.21%
Im Financial Group Co Ltd Common Stock Krw 50000.21%
Iifl Finance Ltd Common Stock Inr 20.21%
Elite Semiconductor Microelectronics Technology0.20%
Doha Bank Qpsc Common Stock Qar 10.20%
Infosys Ltd Common Stock Inr 50.20%
Metalurgica Gerdau SA Preference Brl 00.19%
Ruentex Development Co Ltd Common Stock Twd 100.19%
President Securities Corp Common Stock Twd 100.19%
Alsea Sab De Cv Common Stock Mxn 00.18%
Qatar Insurance Co Saq Common Stock Qar 10.18%
Gs Engineering & Construction Corp Common Stock0.18%
Getac Holdings Corp Common Stock Twd 100.18%
Smartfit Escola De Ginastica E Danca SA Common0.18%
Feng Tay Enterprise Co Ltd Common Stock Twd 100.17%
Hyprop Investments Ltd Reit Zar0.17%
Korean Reinsurance Co Common Stock Krw 5000.17%
Credicorp Ltd Common Stock USD 50.17%
Cia De Saneamento Do Parana Sanepar Unit Brl0.17%
First Abu Dhabi Bank Pjsc Common Stock Aed 10.17%
Wisdom Marine Lines Co Ltd Common Stock Twd 100.16%
Ruentex Industries Ltd Common Stock Twd 100.16%
Netcare Ltd Common Stock Zar 10.16%
Brava Energia Common Stock Brl0.16%
Sanyang Motor Co Ltd Common Stock Twd 100.16%
Tung Ho Steel Enterprise Corp Common Stock Twd 100.15%
Dana Gas Pjsc Common Stock Aed 10.15%
Emirates Telecommunications Group Co Pjsc Common0.14%
Travelsky Technology Ltd Common Stock Hkd 10.14%
Supreme Electronics Co Ltd Common Stock Twd 100.14%
Byd Co Ltd Common Stock Hkd 10.14%
Great Wall Enterprise Co Ltd Common Stock Twd 100.14%
Grupo Televisa Sab Unit Mxn 00.14%
Omnia Holdings Ltd Common Stock Zar 00.14%
Tong Yang Industry Co Ltd Common Stock Twd 100.14%

Weight gaps

The 100 widest of 455 Holdings in both funds.

Holding weights in EMGF and TLTE, widest gap first
Holding	Gap	EMGF	TLTE
Taiwan Semiconductor Manufacturing	EMGF +3.24 points	9.67%	6.43%
Tencent Holdings	EMGF +1.54 points	2.87%	1.33%
Alibaba Group Holding	EMGF +1.02 points	2.05%	1.03%
Mediatek	EMGF +0.79 points	1.44%	0.65%
Samsung Electronics Ltd	EMGF +0.73 points	5.29%	4.56%
Taiwan Cooperative Financial Holdi	EMGF +0.38 points	0.41%	0.03%
Industrial and Commercial Bank of	EMGF +0.36 points	0.91%	0.55%
China Construction Bank Corp H	EMGF +0.35 points	1.29%	0.94%
Delta Electronics	EMGF +0.35 points	0.60%	0.25%
Netease	EMGF +0.35 points	0.53%	0.18%
Yuanta Financial Holding	EMGF +0.34 points	0.45%	0.11%
Novatek Microelectronics	EMGF +0.33 points	0.36%	0.03%
Ase Technology Holding	EMGF +0.32 points	0.55%	0.23%
Sk Hynix	EMGF +0.32 points	3.63%	3.31%
Bank of China Ltd H	EMGF +0.29 points	0.74%	0.45%
Emirates Integrated Telecommunicat	EMGF +0.29 points	0.31%	0.02%
Mahindra and Mahindra Ltd	EMGF +0.28 points	0.42%	0.14%
Fubon Financial Holding	EMGF +0.28 points	0.60%	0.32%
Ge Vernova T&D India Ltd	EMGF +0.27 points	0.29%	0.02%
International Games System Ltd	EMGF +0.25 points	0.28%	0.03%
E.sun Financial Holding	EMGF +0.25 points	0.34%	0.09%
Ooredoo	EMGF +0.25 points	0.28%	0.03%
B3 Brasil Bolsa Balcao SA	EMGF +0.23 points	0.29%	0.06%
Sal Saudi Logistics Service Co	EMGF +0.24 points	0.24%	<0.01%
Realtek Semiconductor	EMGF +0.23 points	0.28%	0.05%
Emaar Development	EMGF +0.23 points	0.26%	0.03%
Saudi Energy	EMGF +0.21 points	0.23%	0.02%
Nongfu Spring Ltd H	EMGF +0.20 points	0.25%	0.05%
First Financial Holding Ltd	EMGF +0.21 points	0.26%	0.05%
Saudi Arabian Oil	EMGF +0.20 points	0.36%	0.16%
Ctbc Financial Holding	EMGF +0.20 points	0.51%	0.31%
Nan Ya Plastics Corp	EMGF +0.19 points	0.36%	0.17%
Global Unichip	EMGF +0.20 points	0.28%	0.08%
Komercni Bank	EMGF +0.20 points	0.22%	0.02%
Mega Financial Holding Ltd	EMGF +0.19 points	0.26%	0.07%
Elite Material	EMGF +0.19 points	0.34%	0.15%
Petroleo Brasileiro Pref SA	TLTE +0.19 points	0.08%	0.27%
Petroleo Brasileiro SA Petrobras	EMGF +0.18 points	0.41%	0.23%
Accton Technology	EMGF +0.19 points	0.27%	0.08%
Sd Guthrie	EMGF +0.18 points	0.19%	0.01%
Krung Thai Bank Public Non-Voting	EMGF +0.18 points	0.21%	0.03%
Cia Vale Do Rio Doce Sh	EMGF +0.17 points	0.47%	0.30%
Samsung Electro Mechanics	EMGF +0.17 points	0.32%	0.15%
Huatai Securities H	EMGF +0.17 points	0.19%	0.02%
Naspers Limited Class N	EMGF +0.17 points	0.28%	0.11%
America Movil B	EMGF +0.18 points	0.27%	0.09%
Hon Hai Precision Industry	EMGF +0.18 points	0.77%	0.59%
Exxaro Resources	EMGF +0.17 points	0.19%	0.02%
United PlantationsUPBMF	EMGF +0.16 points	0.17%	<0.01%
International Container Terminal’sICTEF	EMGF +0.17 points	0.21%	0.04%
United Micro Electronics Corp	EMGF +0.16 points	0.30%	0.14%
Riyadh Cables	EMGF +0.16 points	0.17%	<0.01%
KT&G Corp	EMGF +0.17 points	0.23%	0.06%
Emirates Nbd	EMGF +0.16 points	0.31%	0.15%
Boc Hong Kong Holdings Ltd	EMGF +0.16 points	0.33%	0.17%
Grupo Mexico B	EMGF +0.16 points	0.31%	0.15%
Asia Vital Components	EMGF +0.16 points	0.25%	0.09%
National Bank of Greece	EMGF +0.15 points	0.26%	0.11%
Wiwynn Corporation	EMGF +0.15 points	0.22%	0.07%
Vitrox Corporation	EMGF +0.15 points	0.16%	<0.01%
Hana Financial Group	EMGF +0.15 points	0.32%	0.17%
Advanced Info Service Non-Voting D	EMGF +0.15 points	0.19%	0.04%
Grupo Cibest SA	EMGF +0.15 points	0.20%	0.05%
Tim	EMGF +0.15 points	0.17%	0.02%
Postal Savings Bank of China Ltd H	EMGF +0.15 points	0.21%	0.06%
Ambev SA	EMGF +0.15 points	0.23%	0.09%
Chongqing Rural Commercial Bank Lt	EMGF +0.15 points	0.16%	0.01%
Xiaomi	EMGF +0.14 points	0.41%	0.27%
Delta Electronics (Thailand) Non-V	EMGF +0.14 points	0.24%	0.10%
United Integrated Services	EMGF +0.14 points	0.16%	0.02%
Aspeed Technology	EMGF +0.14 points	0.19%	0.05%
Shinhan Financial Group	EMGF +0.14 points	0.35%	0.21%
Enel Chile SA	EMGF +0.13 points	0.15%	0.02%
Kweichow Moutai A	EMGF +0.14 points	0.22%	0.08%
Sinopac Financial Holdings	EMGF +0.14 points	0.22%	0.08%
Nanya Technology Corp	EMGF +0.14 points	0.19%	0.05%
Meituan	EMGF +0.13 points	0.36%	0.23%
Piraeus Bank	EMGF +0.13 points	0.19%	0.06%
Siemens Energy India Ltd	EMGF +0.13 points	0.14%	<0.01%
Cathay Financial Holding	EMGF +0.12 points	0.34%	0.22%
Citic Securities Company H	EMGF +0.12 points	0.14%	0.02%
Firstrand Ltd	TLTE +0.12 points	0.11%	0.23%
Gerdau Pref SA	EMGF +0.12 points	0.16%	0.04%
Vishal Mega Mart	EMGF +0.12 points	0.13%	0.01%
Falabella Saci	EMGF +0.12 points	0.16%	0.04%
Sk Square	EMGF +0.12 points	0.44%	0.32%
Unimicron Technology	EMGF +0.12 points	0.24%	0.12%
Contemporary Amperex Technology Class	EMGF +0.12 points	0.16%	0.04%
Asustek Computer Inc	EMGF +0.12 points	0.26%	0.14%
Petrochina A	EMGF +0.12 points	0.15%	0.03%
Sabic Agri-Nutrients	EMGF +0.12 points	0.15%	0.03%
Qatar National Bank	TLTE +0.12 points	0.03%	0.15%
Lite On Technology	EMGF +0.12 points	0.17%	0.05%
China Molybdenum H	EMGF +0.12 points	0.14%	0.02%
Wuxi Apptec H	EMGF +0.12 points	0.16%	0.04%
China Merchants Securities Ltd H	EMGF +0.12 points	0.12%	<0.01%
H World Group	EMGF +0.11 points	0.15%	0.04%
Beone Medicines AG	EMGF +0.12 points	0.24%	0.12%
Hua Nan Financial Holdings	EMGF +0.11 points	0.18%	0.07%
Remegen H	EMGF +0.11 points	0.12%	<0.01%

All 712 EMGF holdings⁠All 3,037 TLTE 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 TLTE Cost

Overpaying TLTE vs EMGF

$5,913

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

EMGF 0.26%
$5,358
TLTE 0.57%
$11,271

Amount$10,000

Years30 years

Cost over time

EMGF 0.26%
TLTE 0.57%
Overpaying

Year by year

Year	EMGF	TLTE	Overpaying
10	$473	$1,023	$550
20	$1,838	$3,921	$2,083
30	$5,358	$11,271	$5,913

Expense ratio

0.26%EMGF, cheaper
0.57%TLTE

EMGF0.26%TLTE0.57%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

EMGF 3rd cheapest of 20 funds

TLTE 17th cheapest of 20 funds

EMGF vs TLTE Dividends

Last 12 months to Nov 9, 2026

Yield (12M): EMGF 2.20%; TLTE 3.57%, better
Payout (12M): EMGF $1.44; TLTE $2.50
Last payment: EMGF $0.61; TLTE $0.58
Ex-dividend: EMGF Jun 15, 2026; TLTE Sep 18, 2026
Paid on: EMGF Jun 18, 2026; TLTE Sep 24, 2026
Frequency: EMGF Twice a year; TLTE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EMGFTwice a year · 21 paymentsAll EMGF payments⁠

TLTEQuarterly · 34 paymentsAll TLTE payments⁠

EMGF vs TLTE Risk

Fall from peak · 5 years

EMGF
TLTE

Risk facts

VolatilityStd dev, 3 years: EMGF 16.3%TLTE 15.3%, better
Return per unit of riskSharpe ratio, 3 years: EMGF 1.09, betterTLTE 0.93
Worst fallMax drawdown, 5 years: EMGF −27.1%, betterTLTE −29.5%
Market sensitivityBeta, 5 years: EMGF 1.02TLTE 1.05; Market = 1

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