EQLT vs QLVE: Grades, Fees and Holdings Compared

iShares MSCI Emerging Markets Quality Factor ETF

EQLTCCboe

Northern Trust Emerging Markets Quality Low Volatility ETF

QLVEBNYSE Arca

Overlap

11.7%by weight

Expense ratio

QLVE −0.17pt a year

EQLT0.35%QLVE0.18%

Avg volume · 30D

EQLT 3.6×the volume

EQLT1.46KQLVE408

EQLT vs QLVE Performance

Nov 7, 2025 – Nov 9, 2026

+15.3%EQLT+11.4%QLVE

Expense ratio: EQLT 0.35%; QLVE 0.18%, better
Fund size: EQLT $11M; QLVE $16M
1Y total return: EQLT +15.3%, better; QLVE +11.4%
Yield (12M): EQLT 2.65%; QLVE 3.19%, better
Holdings: EQLT 313; QLVE 156
Avg volume (30D): EQLT 1.46K sh, better; QLVE 408 sh
NAV per share: EQLT $33.32; QLVE $31.25
52W range

ETF.net Grade

Pillar letters and Scores for EQLT, QLVE, with each pillar’s weight
Pillar	EQLT	QLVE
Cost30% weight	B68	A100Higher
Mission25% weight	Not scored	A93
Risk15% weight	F23	A71Higher
Tradability15% weight	D38Higher	F13
Holdings10% weight	C49Higher	D32
Durability5% weight	D27	D33Higher

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. EQLT 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 ›

QLVE ranks 5th and EQLT 11th of 20 funds in the Emerging Markets Multifactor Category.

Rank 5BJPEMJPMorgan Diversified Return Emerging Markets Equity ETFScore 63
Rank 5BQLVENorthern Trust Emerging Markets Quality Low Volatility ETFScore 63
Rank 8BROAMHartford Multifactor Emerging Markets ETFScore 61
Rank 10CUEVMVictoryShares Emerging Markets Value Momentum ETFScore 51
Rank 11CEQLTiShares MSCI Emerging Markets Quality Factor ETFScore 47
Rank 12CJHEMJohn Hancock Multifactor Emerging Markets ETFScore 42

Our read on each fund

ETF.net Research

EQLTCiShares MSCI Emerging Markets Quality Factor ETF

QLVEBNorthern Trust Emerging Markets Quality Low Volatility ETF

In short

EQLT Most emerging-market factor funds blend several signals together. EQLT picks one and commits: quality. It tracks an MSCI index of roughly 300 large- and mid-cap EM companies screened for high profitability, low debt and steady earnings, for 0.35% a year.

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

EQLT The fund seeks to track an index of large- and mid-cap emerging-market stocks selected for high profitability, low leverage, and earnings consistency.

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

EQLT Charges 0.35% a year, under the median expense ratio for emerging-market factor funds in its peer group.
One factor, clearly defined: the MSCI Emerging Markets Quality Factor Select Index screens for high profitability, low leverage and earnings consistency. No black-box blending of competing signals.ishares.com
Roughly 300 holdings across emerging markets, so the quality screen still leaves a broad spread of names rather than a concentrated bet.
Priced below multifactor EM rivals like JPMorgan's JPEM and Hartford's ROAM, both at 0.44%.

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

EQLT Small asset base and thin trading volume. Spreads can run wider than in the giants of the emerging-market shelf, which matters most on larger orders.
Launched in 2024, so there is no long live record to judge how the screen holds up across a full emerging-market cycle.
A quality tilt is a deliberate deviation from the broad EM index. Rallies led by cheap, cyclical or heavily levered companies are the ones this screen filters out.

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 EQLT profile⁠

Full QLVE profile⁠

EQLT vs QLVE Holdings

How EQLT and QLVE differ

Overlap by weight

11.7%

Shared holdings make up 22.3% of QLVE and 18.3% of EQLT.

Level by level

Holdings33 in both11.7%
Countryby domicile71.4%
Sector11 Sectors82.7%
Asset classStocks100%

Sector

Sector weights in EQLT and QLVE, widest gap first
Sector	Gap	EQLT	QLVE
Energy	QLVE +5.4 points	3.9%	9.3%
Financials	EQLT +5.2 points	21.8%	16.6%
Technology	QLVE +4.3 points	34.2%	38.5%
Communication	QLVE +4.0 points	6.4%	10.4%
Consumer Discretionary	EQLT +4.0 points	9.2%	5.2%
Materials	EQLT +3.9 points	7.2%	3.3%
Industrials	EQLT +3.3 points	6.1%	2.8%
Consumer Staples	QLVE +2.0 points	4.0%	6.0%
Utilities	QLVE +1.5 points	2.1%	3.6%
Real Estate	EQLT +0.9 points	1.4%	0.5%
Health Care	QLVE +0.1 points	3.8%	3.9%

Country, concentration and asset class

Country by domicile

Country weights in EQLT and QLVE, widest gap first
Country	Gap	EQLT	QLVE
Taiwan	QLVE +18.1 points	8.5%	26.6%
South Africa	EQLT +11.2 points	13.7%	2.5%
China	EQLT +10.2 points	25.7%	15.5%
Malaysia	QLVE +3.9 points	1.4%	5.3%
South Korea	QLVE +2.9 points	15.3%	18.2%
India	EQLT +1.9 points	20.0%	18.1%
Philippines	QLVE +1.8 points	0.0%	1.8%
Poland	EQLT +1.7 points	1.9%	0.2%
Other countries (7)	EQLT +1.7 points	13.6%	11.9%

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

Concentration

Weight in the 10 largest Holdings

EQLT31.6%
QLVE35.3%

Securities held

EQLT292
QLVE137

Asset class

EQLT: Stocks
QLVE: Stocks

Holdings

Only in EQLT259
In both33
Only in QLVE104

Only in EQLT

259 securities, 81.5% of EQLT by weight

Infosys4.63%
Lenovo Group3.43%
Alibaba Group Holding3.15%
Tata Consultancy Services Ltd3.14%
Accton Technology2.95%
King Slide Works2.56%
Aspeed Technology2.24%
Delta Electronics (Thailand) Non-V1.74%
Samsung Biologics1.52%
Nu Holdings Class A1.47%
Anglogold Ashanti PLC1.37%
Saudi Arabian Oil1.35%
Capitec Shs1.29%
Hcl Technologies Ltd1.28%
Samsung Fire & Marine Insurance Lt1.03%
Firstrand Ltd0.98%
Icici Bank0.94%
Netease0.91%
Zhongji Innolight A0.89%
Hanmi Semiconductor0.86%
Powszechna Kasa Oszczednosci Bank0.83%
Foxconn Industrial Internet Ltd A0.76%
Emaar Properties0.76%
Standard Bank Group0.75%
Itausa Investimentos Itau Pref SA0.73%
Kia Corporation0.73%
Gpo Finance Banorte0.70%
Bank Central Asia0.68%
Hyundai Mobis Ltd0.64%
Kweichow Moutai A0.62%
Saudi Telecom0.61%
China Life Insurance Ltd H0.60%
Persistent Systems Ltd0.60%
Reliance Industries Ltd0.59%
Samsung C&T Corp0.59%
Samsung Life Ltd0.57%
B3 Brasil Bolsa Balcao SA0.52%
Companhia De Saneamento Basico De0.50%
Southern Copper Corp0.49%
Zijin Mining Group Ltd H0.49%
Weg0.47%
Db Insurance Ltd0.47%
Emirates Nbd0.47%
Hd Hyundai Electric0.44%
National Bank of Greece0.42%
China Merchants Bank H0.42%
Apr Ltd0.42%
Eoptolink Technology Inc A0.41%
National Bank of Kuwait0.40%
Kotak Mahindra Bank Ltd0.40%

Only in QLVE

104 securities, 76.8% of QLVE by weight

Taiwan Semiconductor Manufacturing Co Ltd Common14.11%
Samsung Electronics Co Ltd Common Stock Krw 1005.58%
Industrial & Commercial Bank of China Ltd Common2.50%
Samsung Electronics Co Ltd Preference Krw 1001.77%
Hdfc Bank Ltd Common Stock Inr 11.52%
Bank of China Ltd Common Stock Hkd 11.21%
Infosys Ltd Common Stock Inr 51.15%
Chunghwa Telecom Co Ltd Common Stock Twd 101.11%
Mediatek Inc Common Stock Twd 101.09%
Tata Consultancy Services Ltd Common Stock Inr 11.07%
Petrochina Co Ltd Common Stock Hkd 11.00%
First Financial Holding Co Ltd Common Stock Twd 100.99%
Msci Emgmkt Equity Index 18/DEC/2026 MESZ6 Index0.96%
Emirates Integrated Telecommunications Co Pjsc0.95%
Bharti Airtel Ltd Common Stock Inr 50.94%
Sun Pharmaceutical Industries Ltd Common Stock Inr0.94%
China Construction Bank Corp Common Stock Hkd 10.93%
Far Eastone Telecommunications Co Ltd Common Stock0.92%
Novatek Microelectronics Corp Common Stock Twd 100.90%
Asian Paints Ltd Common Stock Inr 10.89%
United Microelectronics Corp Common Stock Twd 100.87%
Marico Ltd Common Stock Inr 10.86%
Caixa Seguridade Participacoes S/A Common Stock0.86%
Hindustan Unilever Ltd Common Stock Inr 10.86%
Eicher Motors Ltd Common Stock Inr 10.84%
Petroleo Brasileiro SA - Petrobras Common Stock0.82%
Chongqing Rural Commercial Bank Co Ltd Common0.82%
Hcl Technologies Ltd Common Stock Inr 20.82%
Ptt Exploration & Production Pcl Nvdr Thb 10.81%
Saudi Investment Bank/The Common Stock Sar 100.80%
KT&G Corp Common Stock Krw 50000.77%
Tingyi Cayman Islands Holding Corp Common Stock0.75%
Pidilite Industries Ltd Common Stock Inr 10.72%
Mega Financial Holding Co Ltd Common Stock Twd 100.71%
Ecopetrol SA Common Stock Cop 2500.69%
Korea Electric Power Corp Common Stock Krw 50000.68%
Cipla Ltd/India Common Stock Inr 20.68%
Britannia Industries Ltd Common Stock Inr 10.67%
Saudi Aramco Base Oil Co Common Stock Sar 100.67%
Largan Precision Co Ltd Common Stock Twd 100.65%
China Citic Bank Corp Ltd Common Stock Hkd 10.64%
Fertiglobe PLC Common Stock0.61%
Taiwan Mobile Co Ltd Common Stock Twd 100.60%
Tupras-Turkiye Petrol Rafine0.58%
Saudi Basic Industries Corp Common Stock Sar 100.57%
Metropolitan Bank & Trust Co Common Stock Php 200.57%
Petronas Dagangan Bhd Common Stock Myr 00.55%
Itc Ltd Common Stock Inr 10.55%
Muthoot Finance Ltd Common Stock Inr 100.55%
Divi's Laboratories Ltd Common Stock Inr 20.54%

Weight gaps

All 33 Holdings in both funds, largest gap first.

Holding weights in EQLT and QLVE, widest gap first
Holding	Gap	EQLT	QLVE
Al Rajhi Bank	EQLT +1.07 points	1.23%	0.16%
Gold Fields	EQLT +1.00 points	1.02%	0.02%
Tencent Holdings	EQLT +0.97 points	3.68%	2.71%
Cia Vale Do Rio Doce Sh	EQLT +0.91 points	1.02%	0.11%
Jarir Marketing	QLVE +0.79 points	0.09%	0.88%
Promotora Y Operadora De Infraestr	QLVE +0.78 points	0.10%	0.88%
Bangkok Dusit Medical Services Non	QLVE +0.76 points	0.11%	0.87%
Guangdong Investment Ltd	QLVE +0.73 points	0.06%	0.79%
Pdd Holdings AdsPDD	EQLT +0.71 points	0.96%	0.25%
Bb Seguridade SA	QLVE +0.71 points	0.17%	0.88%
Samsung Sds	QLVE +0.70 points	0.11%	0.81%
Grupo Mexico B	EQLT +0.69 points	0.74%	0.05%
Manila ElectricMERVF	QLVE +0.58 points	0.09%	0.67%
Sk Hynix	EQLT +0.51 points	4.10%	3.58%
Misc	QLVE +0.48 points	0.04%	0.52%
Kunlun Energy Ltd	QLVE +0.48 points	0.07%	0.55%
Al-Elm Information Security Compan	EQLT +0.47 points	0.73%	0.26%
Telefonica Brasil SA	QLVE +0.47 points	0.06%	0.53%
Petronas Gas	QLVE +0.46 points	0.12%	0.58%
Want Want China Holdings	QLVE +0.42 points	0.06%	0.48%
Malayan Banking	QLVE +0.42 points	0.15%	0.57%
Dr Sulaiman Al Habib Medical Grp	QLVE +0.42 points	0.15%	0.57%
Falabella Saci	QLVE +0.42 points	0.10%	0.52%
Aselsan Elektronik Sanayi Ve Ticar	QLVE +0.40 points	0.10%	0.50%
Bdo UnibankBDOUF	QLVE +0.36 points	0.10%	0.46%
Advanced Info Service Non-Voting D	QLVE +0.26 points	0.15%	0.41%
Picc Property and Casualty Ltd H	EQLT +0.26 points	0.37%	0.11%
China Shenhua Energy Ltd H	QLVE +0.22 points	0.38%	0.60%
Petronas Chemicals Group	QLVE +0.21 points	0.05%	0.26%
Krafton	QLVE +0.21 points	0.31%	0.52%
Public Bank	QLVE +0.18 points	0.53%	0.71%
Ambev SA	QLVE +0.09 points	0.18%	0.27%
Petroleo Brasileiro Pref SA	QLVE +0.01 points	1.16%	1.17%

All 291 EQLT 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.

EQLT vs QLVE Cost

Overpaying EQLT vs QLVE

$3,377

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

EQLT 0.35%
$7,126
QLVE 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

EQLT 0.35%
QLVE 0.18%
Overpaying

Year by year

Year	EQLT	QLVE	Overpaying
10	$634	$328	$306
20	$2,454	$1,281	$1,173
30	$7,126	$3,749	$3,377

Expense ratio

0.35%EQLT
0.18%QLVE, cheaper

QLVE0.18%EQLT0.35%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QLVE cheapest of 20 funds

EQLT 6th cheapest of 20 funds

EQLT vs QLVE Dividends

Last 12 months to Nov 9, 2026

Yield (12M): EQLT 2.65%; QLVE 3.19%, better
Payout (12M): EQLT $0.90; QLVE $1.02
Last payment: EQLT $0.28; QLVE $0.34
Ex-dividend: EQLT Jun 15, 2026; QLVE Sep 18, 2026
Paid on: EQLT Jun 18, 2026; QLVE Sep 24, 2026
Frequency: EQLT Twice a year; QLVE Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

EQLTTwice a year · 4 paymentsAll EQLT payments⁠

QLVEQuarterly · 26 paymentsAll QLVE payments⁠

EQLT vs QLVE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EQLT 19.6%since Oct 2024QLVE 11.0%
Return per unit of riskSharpe ratio, 3 years: EQLT 0.67since Oct 2024QLVE 1.11
Worst fallMax drawdown, 5 years: EQLT −40.9%since Sep 2024QLVE −23.6%
Market sensitivityBeta, 5 years: EQLT 1.03QLVE 0.83; Market = 1

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