FDEM vs QLVE: Grades, Fees and Holdings Compared

Fidelity Emerging Markets Multifactor ETF

FDEMACboe

Northern Trust Emerging Markets Quality Low Volatility ETF

QLVEBNYSE Arca

Overlap

37.7%by weight

Expense ratio

QLVE −0.07pt a year

FDEM0.25%QLVE0.18%

Avg volume · 30D

FDEM 216.6×the volume

FDEM87.5KQLVE404

5Y return · a year

FDEM +2.3pt

FDEM+9.3%QLVE+7.0%

FDEM vs QLVE Performance

Oct 29, 2021 – Oct 30, 2026

+55.9%FDEM+40.2%QLVE

Expense ratio: FDEM 0.25%; QLVE 0.18%, better
Fund size: FDEM $591M; QLVE $16M
1Y total return: FDEM +12.2%, better; QLVE +11.2%
Yield (12M): FDEM 3.49%, better; QLVE 3.17%
Holdings: FDEM 229; QLVE 155
Avg volume (30D): FDEM 87.5K sh, better; QLVE 404 sh
NAV per share: FDEM $33.73; QLVE $32.48
52W range

ETF.net Grade

Pillar letters and Scores for FDEM, QLVE, with each pillar’s weight
Pillar	FDEM	QLVE
Cost30% weight	A92	A100Higher
Mission25% weight	Not scored	A93
Risk15% weight	B56	B66Higher
Tradability15% weight	B65Higher	F11
Holdings10% weight	C42Higher	D32
Durability5% weight	B65Higher	D33

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. FDEM 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 ›

FDEM ranks 3rd 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 3AFDEMFidelity Emerging Markets Multifactor ETFScore 70
Rank 4BQEMMState Street SPDR MSCI Emerging Markets StrategicFactors ETFScore 64
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

FDEMAFidelity Emerging Markets Multifactor ETF

QLVEBNorthern Trust Emerging Markets Quality Low Volatility 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.

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

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

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

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

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

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%.

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 FDEM profile⁠

Full QLVE profile⁠

FDEM vs QLVE Holdings

How FDEM and QLVE differ

Overlap by weight

37.7%

Shared holdings make up 52.1% of QLVE and 42.5% of FDEM.

Level by level

Holdings40 in both37.7%
Sector11 Sectors78.0%
Countryby domicile84.0%
Asset classEquity100%

Sector

Sector weights in FDEM and QLVE, widest gap first
Sector	More in FDEMMore in QLVE	FDEM	QLVE
Communication	QLVE +8.2 points	2.1%	10.3%
Consumer Discretionary	FDEM +7.9 points	12.2%	4.3%
Consumer Staples	QLVE +6.0 points	0.0%	6.0%
Materials	FDEM +5.5 points	8.2%	2.7%
Real Estate	FDEM +4.8 points	5.3%	0.5%
Utilities	QLVE +4.3 points	0.0%	4.3%
Health Care	FDEM +3.6 points	7.5%	3.9%
Financials	QLVE +2.7 points	14.4%	17.1%
Technology	QLVE +0.8 points	39.0%	39.8%
Industrials	FDEM +0.3 points	3.1%	2.8%
Energy	Same weight	8.2%	8.2%

Country, concentration and asset class

Country by domicile

Country weights in FDEM and QLVE, widest gap first
Country	More in FDEMMore in QLVE	FDEM	QLVE
China	FDEM +5.4 points	20.0%	14.6%
India	QLVE +5.3 points	11.5%	16.8%
Malaysia	QLVE +4.0 points	1.4%	5.4%
South Africa	FDEM +3.1 points	5.9%	2.8%
Brazil	QLVE +2.6 points	4.1%	6.7%
South Korea	QLVE +2.2 points	16.5%	18.7%
Mexico	FDEM +1.9 points	3.3%	1.4%
Greece	FDEM +1.6 points	1.6%	0.0%
Other countries (10)	FDEM +2.1 points	35.7%	33.6%

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

Concentration

Weight in the 10 largest Holdings

FDEM34.7%
QLVE37.9%

Securities held

FDEM210
QLVE137

Asset class

FDEM: Equity
QLVE: Equity

Holdings

Only in FDEM170
In both40
Only in QLVE97

Only in FDEM

170 securities, 56.8% of FDEM by weight

China Resources Mixc Lifestyle1.85%
Emaar Development Pjsc1.67%
Fibra Uno Administracion SA1.64%
Bumrungrad Hospital PLC Nvdr1.46%
Wuxi Apptec Co Ltd H1.36%
Aurobindo Pharmaceuticals Ltd1.16%
Sinopharm Group Co Ltd H1.11%
Sasol Ltd1.10%
Asia Cement Corp0.99%
Richter Gedeon Nyrt0.98%
Coal India Ltd0.83%
United Tractors Pt0.82%
Inner Mongolia Yitai Coal Class B0.81%
Press Metal Aluminium Holdings0.79%
H World Group Ltd0.78%
Exxaro Resources Ltd0.77%
Vedanta Ltd0.76%
Midea Group Co Ltd H0.73%
Anta Sports Products Ltd0.72%
Nmdc Ltd0.69%
Sabic Agri-Nutrients Co0.68%
China Hongqiao Group Ltd0.66%
Haier Smart Home Co Ltd0.65%
Fuyao Glass Indus Grp Co Ltd H0.63%
Tcl Electronics Holdings Ltd0.63%
Ase Technology Holding Co Ltd0.60%
Shenzhou Intl Group0.60%
Ctbc Finl Hldg Co Ltd0.60%
Bosideng Internatl Holding Ltd0.58%
Kia Corp0.57%
Jumbo SA0.56%
Cmoc Group Limited H0.53%
Pou Chen Corp0.53%
Minth Group Ltd0.53%
Yuanta Finl Hldg Co Ltd0.50%
Xiaomi Corp B0.49%
Db Insurance Co Ltd0.49%
Otp Bank (Reg)0.49%
Standard Bank Group Ltd0.48%
Asseco Poland SA0.48%
Tongcheng Travel Holdings Ltd0.47%
Woori Financial Group Inc0.47%
Multi Cmdty Ex of Ind Ltd0.46%
Copec SA (Cia De Petro Chile)0.46%
Allwyn AG0.44%
State Bank of India (Demat) De0.44%
Hankook Tire and Technology0.44%
Grupo Cibest SA Pref0.44%
Elite Material Co Ltd0.43%
Gcc Sab De Cv0.43%

Only in QLVE

97 securities, 47.0% of QLVE by weight

Tencent Holdings Ltd Common Stock Hkd 0.000022.39%
Samsung Electronics Co Ltd Preference Krw 1002.02%
Hdfc Bank Ltd Common Stock Inr 11.28%
Chunghwa Telecom Co Ltd Common Stock Twd 101.05%
First Financial Holding Co Ltd Common Stock Twd 101.04%
Petroleo Brasileiro SA - Petrobras Common Stock0.95%
Emirates Integrated Telecommunications Co Pjsc0.89%
Jarir Marketing Co Common Stock Sar 10.87%
Bharti Airtel Ltd Common Stock Inr 50.84%
Bangkok Dusit Medical Services Pcl Nvdr Thb 0.10.83%
Chongqing Rural Commercial Bank Co Ltd Common0.82%
KT&G Corp Common Stock Krw 50000.79%
Asian Paints Ltd Common Stock Inr 10.77%
Hindustan Unilever Ltd Common Stock Inr 10.76%
Guangdong Investment Ltd Common Stock Hkd 00.75%
Marico Ltd Common Stock Inr 10.73%
Ecopetrol SA Common Stock Cop 2500.72%
Mega Financial Holding Co Ltd Common Stock Twd 100.70%
Tingyi Cayman Islands Holding Corp Common Stock0.69%
Saudi Basic Industries Corp Common Stock Sar 100.68%
Saudi Investment Bank/The Common Stock Sar 100.68%
Public Bank Bhd Common Stock Myr 00.67%
Saudi Aramco Base Oil Co Common Stock Sar 100.66%
Pidilite Industries Ltd Common Stock Inr 10.64%
Cipla Ltd/India Common Stock Inr 20.63%
Korea Electric Power Corp Common Stock Krw 50000.63%
China Citic Bank Corp Ltd Common Stock Hkd 10.63%
Britannia Industries Ltd Common Stock Inr 10.62%
Manila Electric Co Common Stock Php 100.61%
Fertiglobe PLC Common Stock0.60%
Taiwan Mobile Co Ltd Common Stock Twd 100.58%
Tupras-Turkiye Petrol Rafine0.57%
Petronas Gas Bhd Common Stock Myr 00.56%
Petronas Dagangan Bhd Common Stock Myr 00.54%
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%
Cez As Common Stock Czk 1000.52%
Aselsan Elektronik Sanayi Ve Ticaret As Common0.51%
Abu Dhabi National Oil Co For Distribution Pjsc0.51%
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%
Dar Al Arkan Real Estate Development Co Common0.46%
Ihh Healthcare Bhd Common Stock Myr 00.45%
Quinenco SA Common Stock Clp 00.44%

Weight gaps

All 40 Holdings in both funds, largest gap first.

Holding weights in FDEM and QLVE, widest gap first
Holding	More in FDEMMore in QLVE	FDEM	QLVE
Taiwan Semiconductor Mfg Co Lt	QLVE +2.54 points	12.64%	15.18%
Industrial & Com Bk of China H	QLVE +1.68 points	0.72%	2.40%
Gold Fields Ltd	FDEM +0.86 points	0.88%	0.02%
Novatek Microelectronics Corp	QLVE +0.86 points	0.15%	1.01%
Tata Consultancy Services Ltd	QLVE +0.77 points	0.26%	1.03%
Grupo Mexico Sab De Cv Ser B	FDEM +0.76 points	0.81%	0.05%
Infosys Ltd	QLVE +0.74 points	0.36%	1.10%
Promotora Y Op De Infrashs	QLVE +0.74 points	0.10%	0.84%
Far Eastone Telecom Co Ltd	QLVE +0.73 points	0.18%	0.91%
Samsung Sds Co Ltd	QLVE +0.70 points	0.04%	0.74%
United Microelectronics Corp	QLVE +0.67 points	0.36%	1.03%
Hcl Technologies Ltd (Demat)	QLVE +0.60 points	0.18%	0.78%
Bb Seguridade Participacoes SA	QLVE +0.59 points	0.34%	0.93%
Vale S.a.	FDEM +0.60 points	0.70%	0.10%
Largan Precision Co Ltd	QLVE +0.56 points	0.21%	0.77%
Bank of China Ltd H	QLVE +0.55 points	0.62%	1.17%
Caixa Seguridade Participaco	QLVE +0.54 points	0.34%	0.88%
Hero Motocorp Ltd	FDEM +0.44 points	0.66%	0.22%
Realtek Semiconductor Corp	QLVE +0.40 points	0.16%	0.56%
China Shenhua Energy Co H	FDEM +0.37 points	0.95%	0.58%
Telekom Malaysia Bhd	QLVE +0.34 points	0.16%	0.50%
China Tower Corp Ltd H	QLVE +0.29 points	0.15%	0.44%
Sun Pharma Ind Ltd(Demat)	FDEM +0.27 points	1.13%	0.86%
Media Tek Inc	FDEM +0.26 points	1.48%	1.22%
Maruti Suzuki India Ltd (Loc)	FDEM +0.26 points	0.67%	0.41%
Petroleo Brasileiro SA - Petro	FDEM +0.26 points	1.59%	1.33%
Tim SA	QLVE +0.24 points	0.13%	0.37%
Advanced Info Service Nvdr	QLVE +0.24 points	0.16%	0.40%
Rhb Bank Bhd	QLVE +0.21 points	0.26%	0.47%
Samsung Electronics Co Ltd	FDEM +0.19 points	6.73%	6.54%
Delta Electronics Ind Co Ltd	FDEM +0.19 points	0.68%	0.49%
Picc Property & Casualty Co Lt	FDEM +0.14 points	0.24%	0.10%
Sk Hynix Inc	QLVE +0.12 points	4.29%	4.41%
China Construction Bank Corp H	FDEM +0.11 points	0.99%	0.88%
Petrochina Co Ltd H	FDEM +0.11 points	1.12%	1.01%
Qatari Rial	QLVE +0.07 points	0.00%	0.07%
Eicher Motors Ltd	QLVE +0.06 points	0.69%	0.75%
Kuwaiti Dinar	QLVE +0.02 points	0.00%	0.02%
Ptt Exploration & Prod Nvdr	Same weight	0.90%	0.90%
Falabella SA	Same weight	0.48%	0.48%

All 232 FDEM 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.

FDEM vs QLVE Cost

Overpaying FDEM vs QLVE

$1,410

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

FDEM 0.25%
$5,159
QLVE 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FDEM 0.25%
QLVE 0.18%
Overpaying

Year by year

Year	FDEM	QLVE	Overpaying
10	$455	$328	$127
20	$1,769	$1,281	$488
30	$5,159	$3,749	$1,410

Expense ratio

0.25%FDEM
0.18%QLVE, cheaper

QLVE0.18%FDEM0.25%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QLVE cheapest of 20 funds

FDEM 2nd cheapest of 20 funds

FDEM vs QLVE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FDEM 3.49%, better; QLVE 3.17%
Payout (12M): FDEM $1.17; QLVE $1.02
Last payment: FDEM $0.38; QLVE $0.34
Ex-dividend: FDEM Sep 18, 2026; QLVE Sep 18, 2026
Paid on: FDEM Sep 22, 2026; QLVE Sep 24, 2026
Frequency: FDEM Quarterly; QLVE Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

FDEMQuarterly · 32 paymentsAll FDEM payments⁠

QLVEQuarterly · 26 paymentsAll QLVE payments⁠

FDEM vs QLVE Risk

Fall from peak · 5 years

FDEM
QLVE

Risk facts

VolatilityStd dev, 3 years: FDEM 13.8%QLVE 11.0%, better
Return per unit of riskSharpe ratio, 3 years: FDEM 1.08QLVE 1.11, better
Worst fallMax drawdown, 5 years: FDEM −24.2%QLVE −23.6%, better
Market sensitivityBeta, 5 years: FDEM 0.98QLVE 0.83; Market = 1

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