FDEM vs JPEM: Grades, Fees and Holdings Compared

Fidelity Emerging Markets Multifactor ETF

FDEMACboe

JPMorgan Diversified Return Emerging Markets Equity ETF

JPEMBNYSE Arca

Overlap

17.5%by weight

Expense ratio

FDEM −0.19pt a year

FDEM0.25%JPEM0.44%

Avg volume · 30D

FDEM 5.0×the volume

FDEM87.5KJPEM17.4K

5Y return · a year

FDEM +3.0pt

FDEM+9.4%JPEM+6.4%

FDEM vs JPEM Performance

Nov 2, 2021 – Nov 2, 2026

+56.9%FDEM+36.6%JPEM

Expense ratio: FDEM 0.25%, better; JPEM 0.44%
Fund size: FDEM $591M; JPEM $362M
1Y total return: FDEM +12.6%, better; JPEM +7.6%
Yield (12M): FDEM 3.48%; JPEM 4.68%, better
Holdings: FDEM 229; JPEM 562
Avg volume (30D): FDEM 87.5K sh, better; JPEM 17.4K sh
NAV per share: FDEM $33.73; JPEM $61.28
52W range

ETF.net Grade

Pillar letters and Scores for FDEM, JPEM, with each pillar’s weight
Pillar	FDEM	JPEM
Cost30% weight	A92Higher	C53
Mission25% weight	Not scored	Not scored
Risk15% weight	B57	A74Higher
Tradability15% weight	B65	B68Higher
Holdings10% weight	C42	B63Higher
Durability5% weight	B65	A72Higher

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. FDEM and JPEM 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 ›

FDEM ranks 3rd and JPEM 6th of 20 funds in the Emerging Markets Multifactor Category.

Rank 1AEMGFiShares Emerging Markets Equity Factor ETFScore 75
Rank 2AAVESAvantis Emerging Markets Value ETFScore 71
Rank 3AFDEMFidelity Emerging Markets Multifactor ETFScore 70
Rank 4BQEMMState Street SPDR MSCI Emerging Markets StrategicFactors ETFScore 64
Rank 5BDFEVDimensional Emerging Markets Value ETFScore 63
Rank 6BJPEMJPMorgan Diversified Return Emerging Markets Equity ETFScore 62
Rank 7BQLVENorthern Trust Emerging Markets Quality Low Volatility ETFScore 61

Our read on each fund

ETF.net Research

FDEMAFidelity Emerging Markets Multifactor ETF

JPEMBJPMorgan Diversified Return Emerging Markets Equity ETF

In short

FDEM Value, quality, momentum and low-volatility screens run across emerging markets stocks, plus an unusual extra filter: a tilt toward names less correlated with US equities. Fidelity's in-house index, priced under the category median.

JPEM A 2015-vintage multifactor read on emerging markets: JPMorgan spreads roughly 600 names across value, quality and momentum rather than letting the biggest companies set the weights.

Stated mandate

FDEM The fund seeks to track, before fees and expenses, the Fidelity Emerging Markets Multifactor Index.

JPEM The fund is designed to provide emerging-markets equity exposure with potentially improved risk-adjusted returns versus a market-cap-weighted index.

Why people hold it

FDEM Four factor screens (value, quality, momentum, lower volatility) and then a twist most multifactor rivals skip: the index also leans toward stocks with lower correlation to the US market.sec.gov
At 0.25% a year, it undercuts the typical fund in the international multifactor group, where the median sits at 0.38%.
Rules over hunches: normally at least 80% of assets sit in index securities, so the screens drive the portfolio. Live since 2019, with distributions paid quarterly.sec.gov

JPEM Blends three factors at once (value, quality, momentum) instead of betting on one, tracking JPMorgan's own Diversified Factor Emerging Markets index.
The 0.44% expense ratio sits under the typical multifactor EM fund's fee.
Roughly 600 holdings spread the bet wide, and the fund pays quarterly.
Rates as one of the stronger builds in a crowded multifactor EM field on our review.

Worth knowing

FDEM Selective by design: a couple hundred large- and mid-cap names, not the full emerging markets universe, so results diverge from plain market-cap EM index funds.sec.gov
Emerging markets carry currency, political and regulatory risk. A low-volatility screen aims to soften the ride relative to the broad EM market, not to remove the risk.sec.gov
Volume is moderate rather than heavy for the category, so spreads deserve a look on larger orders. The developed-market sibling FDEV runs cheaper at 0.18%.

JPEM Thinly traded, so bid-ask spreads can run wider than the giant cap-weighted EM index funds.
Cheaper factor routes exist: EMGF charges 0.26% and QEMM 0.30%.
Factor weighting means the portfolio can look nothing like a market-cap EM benchmark, and diverge from it for long stretches.

Full FDEM profile⁠

Full JPEM profile⁠

FDEM vs JPEM Holdings

How FDEM and JPEM differ

Overlap by weight

17.5%

Shared holdings make up 39.4% of FDEM and 21.4% of JPEM.

Level by level

Holdings54 in both17.5%
Sector11 Sectors56.5%
Countryby domicile62.1%
Asset classEquity100%

Sector

Sector weights in FDEM and JPEM, widest gap first
Sector	More in FDEMMore in JPEM	FDEM	JPEM
Technology	FDEM +31.5 points	39.0%	7.5%
Industrials	JPEM +10.3 points	3.1%	13.4%
Utilities	JPEM +9.9 points	0.0%	9.9%
Financials	JPEM +8.8 points	14.4%	23.2%
Consumer Staples	JPEM +6.9 points	0.0%	6.9%
Communication	JPEM +5.1 points	2.1%	7.2%
Consumer Discretionary	FDEM +4.8 points	12.2%	7.4%
Real Estate	FDEM +3.2 points	5.3%	2.1%
Health Care	FDEM +3.1 points	7.5%	4.4%
Materials	JPEM +2.5 points	8.2%	10.7%
Energy	FDEM +0.9 points	8.2%	7.3%

Country, concentration and asset class

Country by domicile

Country weights in FDEM and JPEM, widest gap first
Country	More in FDEMMore in JPEM	FDEM	JPEM
South Korea	FDEM +16.5 points	16.5%	0.0%
Taiwan	FDEM +14.9 points	28.0%	13.1%
South Africa	JPEM +12.5 points	5.9%	18.4%
Brazil	JPEM +7.7 points	4.1%	11.8%
Mexico	JPEM +4.6 points	3.3%	7.9%
China	JPEM +3.4 points	20.0%	23.4%
India	FDEM +3.3 points	11.5%	8.2%
Thailand	JPEM +2.7 points	3.3%	6.0%
Other countries (10)	JPEM +3.8 points	7.5%	11.3%

Outside the US: FDEM 1% developed, 99% emerging. JPEM 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

FDEM34.4%
JPEM11.5%

Securities held

FDEM211
JPEM555

Asset class

FDEM: Equity
JPEM: Equity

Holdings

Only in FDEM157
In both54
Only in JPEM501

Only in FDEM

157 securities, 59.9% of FDEM by weight

Samsung Electronics Co Ltd6.60%
Sk Hynix Inc4.04%
China Resources Mixc Lifestyle1.95%
Fibra Uno Administracion SA1.70%
Emaar Development Pjsc1.70%
Bumrungrad Hospital PLC Nvdr1.53%
Wuxi Apptec Co Ltd H1.33%
Aurobindo Pharmaceuticals Ltd1.19%
Petrochina Co Ltd H1.19%
Sun Pharma Ind Ltd(Demat)1.16%
Asia Cement Corp1.01%
Richter Gedeon Nyrt0.98%
Ptt Exploration & Prod Nvdr0.92%
Coal India Ltd0.83%
Press Metal Aluminium Holdings0.81%
Grupo Mexico Sab De Cv Ser B0.79%
Anta Sports Products Ltd0.76%
Eicher Motors Ltd0.70%
Haier Smart Home Co Ltd0.70%
Sabic Agri-Nutrients Co0.69%
Hero Motocorp Ltd0.68%
Maruti Suzuki India Ltd (Loc)0.67%
Fuyao Glass Indus Grp Co Ltd H0.64%
Shenzhou Intl Group0.63%
Tcl Electronics Holdings Ltd0.63%
Delta Electronics Ind Co Ltd0.62%
Ase Technology Holding Co Ltd0.59%
Jumbo SA0.56%
Cmoc Group Limited H0.53%
Minth Group Ltd0.52%
Xiaomi Corp B0.51%
Kia Corp0.51%
Db Insurance Co Ltd0.50%
Tongcheng Travel Holdings Ltd0.49%
Asseco Poland SA0.48%
Woori Financial Group Inc0.47%
Multi Cmdty Ex of Ind Ltd0.46%
Falabella SA0.46%
Allwyn AG0.45%
Hankook Tire and Technology0.44%
Gcc Sab De Cv0.44%
Elite Material Co Ltd0.40%
Riyad Bank0.39%
Optima Bank SA0.39%
Federal Bank Ltd0.39%
Bnk Financial Group Inc0.38%
Powszechny Zalkad Ubezpiec SA0.37%
Bank of Communications H0.36%
Bank of Baroda (Demat)0.36%
Hdfc Asset Management Co Ltd0.36%

Only in JPEM

501 securities, 78.5% of JPEM by weight

Anglogold Ashanti PLC0.89%
Itau Unibanco Holding SA0.84%
Grupo Mexico Sab De Cv0.81%
Naspers Ltd Common Stock0.74%
Grupo Financiero Banorte0.72%
Grupo Aeroportuario Del0.64%
Saudi Telecom Co Common0.59%
Sinopac Financial0.57%
Emaar Properties Pjsc0.55%
America Movil Sab De Cv0.54%
Mtn Group Ltd Common0.53%
Firstrand Ltd Common0.53%
Chunghwa Telecom Co Ltd0.52%
Ptt Pcl Nvdr Thb 10.50%
Hindustan Unilever Ltd0.49%
Emirates0.49%
Abu Dhabi Commercial0.48%
Cemex Sab De Cv Unit Mxn0.47%
Kasikornbank Pcl Nvdr0.45%
Embraer SA Common Stock0.45%
Valterra Platinum Ltd0.45%
Wal-Mart De Mexico Sab De0.42%
Uni-President0.39%
China Petroleum &0.38%
Banco Bradesco SA0.38%
Cathay Financial Holding0.38%
China Citic Bank Corp0.38%
Ambev SA Common Stock0.37%
Yangzijiang Shipbuilding0.37%
Advanced Info Service0.36%
Malayan Banking Bhd0.36%
Fubon Financial Holding0.36%
Arca Continental Sab De0.36%
Cia De Saneamento Basico0.35%
Saudi Arabian Oil Co0.35%
Krung Thai Bank Pcl0.35%
Ptt Exploration &0.34%
Reliance Industries Ltd0.34%
Bid Corp Ltd Common0.34%
Nedbank Group Ltd Common0.34%
Banco De Chile Common0.34%
Axia Energia SA Common0.34%
Aselsan Elektronik Sanayi0.34%
Scb X Pcl Nvdr Thb 100.34%
Fomento Economico0.34%
Adani Power Ltd Common0.33%
Mol Hungarian Oil & Gas0.33%
Bajaj Auto Ltd Common0.32%
Richter Gedeon Nyrt0.31%
Shoprite Holdings Ltd0.31%

Weight gaps

All 54 Holdings in both funds, largest gap first.

Holding weights in FDEM and JPEM, widest gap first
Holding	More in FDEMMore in JPEM	FDEM	JPEM
Taiwan Semiconductor Mfg Co Lt	FDEM +10.35 points	12.52%	2.17%
Sinopharm Group Co Ltd H	FDEM +1.06 points	1.14%	0.08%
China Construction Bank Corp H	JPEM +1.00 points	1.01%	2.01%
Sasol Ltd	FDEM +0.80 points	1.11%	0.31%
United Tractors Pt	FDEM +0.69 points	0.82%	0.13%
Vedanta Ltd	FDEM +0.64 points	0.79%	0.15%
Media Tek Inc	FDEM +0.63 points	1.44%	0.81%
China Hongqiao Group Ltd	FDEM +0.61 points	0.68%	0.07%
Petroleo Brasileiro SA - Petro	FDEM +0.61 points	1.61%	1.00%
Inner Mongolia Yitai Coal Class B	FDEM +0.60 points	0.84%	0.24%
H World Group Ltd	FDEM +0.59 points	0.83%	0.24%
Nmdc Ltd	FDEM +0.59 points	0.70%	0.11%
Exxaro Resources Ltd	FDEM +0.56 points	0.78%	0.22%
Bank of China Ltd H	JPEM +0.54 points	0.63%	1.17%
Midea Group Co Ltd H	FDEM +0.52 points	0.76%	0.24%
China Shenhua Energy Co H	FDEM +0.47 points	0.98%	0.51%
Bosideng Internatl Holding Ltd	FDEM +0.45 points	0.60%	0.15%
Pou Chen Corp	FDEM +0.39 points	0.54%	0.15%
State Bank of India (Demat) De	FDEM +0.39 points	0.44%	0.05%
Copec SA (Cia De Petro Chile)	FDEM +0.37 points	0.46%	0.09%
Ctbc Finl Hldg Co Ltd	JPEM +0.31 points	0.61%	0.92%
Gold Fields Ltd	FDEM +0.30 points	0.83%	0.53%
Accton Technology Corp	JPEM +0.28 points	0.23%	0.51%
Otp Bank (Reg)	JPEM +0.24 points	0.48%	0.72%
King Slide Works Co Ltd	JPEM +0.22 points	0.18%	0.40%
Infosys Ltd	JPEM +0.22 points	0.38%	0.60%
Caixa Seguridade Participaco	FDEM +0.19 points	0.34%	0.15%
Chang Hwa Commercial Bank	FDEM +0.17 points	0.41%	0.24%
Promotora Y Op De Infrashs	JPEM +0.18 points	0.10%	0.28%
Moneta Money Bank	FDEM +0.17 points	0.32%	0.15%
Grupo Cibest SA Pref	FDEM +0.16 points	0.44%	0.28%
Yuanta Finl Hldg Co Ltd	JPEM +0.15 points	0.50%	0.65%
Bb Seguridade Participacoes SA	FDEM +0.15 points	0.33%	0.18%
Vibra Energia SA	FDEM +0.14 points	0.40%	0.26%
Astra Intl Tbk Pt (Demat)	JPEM +0.14 points	0.08%	0.22%
Vale S.a.	JPEM +0.14 points	0.72%	0.86%
Banco De Credito E Inversiones	FDEM +0.12 points	0.30%	0.18%
China Merchants Port Holdings	FDEM +0.08 points	0.26%	0.18%
Far Eastone Telecom Co Ltd	JPEM +0.08 points	0.18%	0.26%
Salik Co Pjsc	JPEM +0.08 points	0.13%	0.21%
Enka Insaat Ve Sanayi As	JPEM +0.08 points	0.11%	0.19%
Commercial International Bank	FDEM +0.08 points	0.29%	0.21%
Tim SA	JPEM +0.07 points	0.12%	0.19%
Telkom Indonesia Perse (Demat)	JPEM +0.06 points	0.12%	0.18%
Itausa (Invest Itau) Pfd	JPEM +0.05 points	0.36%	0.41%
International Games Sys Co Ltd	JPEM +0.05 points	0.17%	0.22%
Industrial & Com Bk of China H	FDEM +0.03 points	0.74%	0.71%
Standard Bank Group Ltd	JPEM +0.01 points	0.47%	0.48%
Tata Consultancy Services Ltd	FDEM +0.01 points	0.26%	0.25%
Abu Dhabi Islamic Bank	JPEM +0.01 points	0.32%	0.33%
Kuwaiti Dinar	JPEM +0.01 points	0.00%	<0.01%
Rhb Bank Bhd	Same weight	0.26%	0.26%
Citic Ltd	JPEM +0.01 points	0.27%	0.28%
Qatari Rial	Same weight	0.00%	0.00%

All 232 FDEM holdings⁠All 558 JPEM 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.

FDEM vs JPEM Cost

Overpaying JPEM vs FDEM

$3,693

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

FDEM 0.25%
$5,159
JPEM 0.44%
$8,852

Amount$10,000

Years30 years

Cost over time

FDEM 0.25%
JPEM 0.44%
Overpaying

Year by year

Year	FDEM	JPEM	Overpaying
10	$455	$794	$339
20	$1,769	$3,061	$1,292
30	$5,159	$8,852	$3,693

Expense ratio

0.25%FDEM, cheaper
0.44%JPEM

FDEM0.25%JPEM0.44%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

FDEM 2nd cheapest of 20 funds

JPEM 10th cheapest of 20 funds

FDEM vs JPEM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FDEM 3.48%; JPEM 4.68%, better
Payout (12M): FDEM $1.17; JPEM $2.88
Last payment: FDEM $0.38; JPEM $0.80
Ex-dividend: FDEM Sep 18, 2026; JPEM Sep 22, 2026
Paid on: FDEM Sep 22, 2026; JPEM Sep 24, 2026
Frequency: FDEM Quarterly; JPEM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FDEMQuarterly · 32 paymentsAll FDEM payments⁠

JPEMQuarterly · 36 paymentsAll JPEM payments⁠

FDEM vs JPEM Risk

Fall from peak · 5 years

FDEM
JPEM

Risk facts

VolatilityStd dev, 3 years: FDEM 13.8%JPEM 10.1%, better
Return per unit of riskSharpe ratio, 3 years: FDEM 1.08, betterJPEM 0.88
Worst fallMax drawdown, 5 years: FDEM −24.2%JPEM −21.6%, better
Market sensitivityBeta, 5 years: FDEM 0.98JPEM 0.64; Market = 1

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