FDEM vs TLTE: Grades, Fees and Holdings Compared

Fidelity Emerging Markets Multifactor ETF

FDEMACboe

Northern Trust Morningstar Emerging Markets Factor Tilt ETF

TLTEDNYSE Arca

Overlap

26.4%by weight

Expense ratio

FDEM −0.32pt a year

FDEM0.25%TLTE0.57%

Avg volume · 30D

FDEM 13.6×the volume

FDEM88.9KTLTE6.52K

5Y return · a year

FDEM +2.6pt

FDEM+9.2%TLTE+6.6%

FDEM vs TLTE Performance

Nov 9, 2021 – Nov 9, 2026

+55.6%FDEM+37.6%TLTE

Expense ratio: FDEM 0.25%, better; TLTE 0.57%
Fund size: FDEM $499M; TLTE $312M
1Y total return: FDEM +13.6%, better; TLTE +13.2%
Yield (12M): FDEM 3.47%; TLTE 3.57%, better
Holdings: FDEM 229; TLTE 2943
Avg volume (30D): FDEM 88.9K sh, better; TLTE 6.52K sh
NAV per share: FDEM $32.97; TLTE $67.89
52W range

ETF.net Grade

Pillar letters and Scores for FDEM, TLTE, with each pillar’s weight
Pillar	FDEM	TLTE
Cost30% weight	A92Higher	F16
Mission25% weight	Not scored	A100
Risk15% weight	B60Higher	C44
Tradability15% weight	B63Higher	D27
Holdings10% weight	C41	B57Higher
Durability5% weight	B65Higher	B63

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. FDEM 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 ›

FDEM ranks 2nd 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 2AFDEMFidelity Emerging Markets Multifactor ETFScore 71
Rank 4BQEMMState Street SPDR MSCI Emerging Markets StrategicFactors ETFScore 65
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

FDEMAFidelity Emerging Markets Multifactor ETF

TLTEDNorthern Trust Morningstar Emerging Markets Factor Tilt 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.

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

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

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

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

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

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%.

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 FDEM profile⁠

Full TLTE profile⁠

FDEM vs TLTE Holdings

How FDEM and TLTE differ

Overlap by weight

26.4%

Shared holdings make up 97.3% of FDEM and 26.8% of TLTE.

Level by level

Holdings196 in both26.4%
Sector11 Sectors77.2%
Countryby domicile87.8%
Asset classStocks100%

Sector

Sector weights in FDEM and TLTE, widest gap first
Sector	Gap	FDEM	TLTE
Technology	FDEM +7.7 points	36.3%	28.6%
Industrials	TLTE +7.0 points	3.1%	10.1%
Financials	TLTE +6.7 points	15.0%	21.7%
Energy	FDEM +4.9 points	8.6%	3.7%
Health Care	FDEM +4.8 points	7.9%	3.0%
Consumer Staples	TLTE +4.1 points	0.0%	4.1%
Utilities	TLTE +2.5 points	0.0%	2.5%
Communication	TLTE +2.4 points	2.2%	4.6%
Consumer Discretionary	FDEM +2.2 points	12.7%	10.5%
Real Estate	FDEM +1.8 points	5.8%	4.0%
Materials	FDEM +1.1 points	8.3%	7.2%

Country, concentration and asset class

Country by domicile

Country weights in FDEM and TLTE, widest gap first
Country	Gap	FDEM	TLTE
South Korea	TLTE +8.3 points	14.0%	22.3%
China	FDEM +4.1 points	22.7%	18.6%
Mexico	FDEM +1.8 points	3.7%	1.9%
Thailand	FDEM +1.7 points	3.4%	1.7%
India	FDEM +1.6 points	13.0%	11.4%
Brazil	TLTE +1.1 points	4.0%	5.1%
Greece	FDEM +0.9 points	1.7%	0.8%
Poland	FDEM +0.9 points	0.9%	0.0%
Other countries (14)	TLTE +1.8 points	36.5%	38.3%

Outside the US: FDEM 1% developed, 99% emerging. TLTE 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

FDEM32.4%
TLTE22.6%

Securities held

FDEM211
TLTE2,918

Asset class

FDEM: Stocks
TLTE: Stocks

Holdings

Only in FDEM15
In both196
Only in TLTE2,722

Only in FDEM

15 securities, 1.9% of FDEM by weight

Asseco Poland SA0.46%
Optima Bank SA0.43%
Powszechny Zalkad Ubezpiec SA0.39%
Abu Dhabi Islamic Bank0.36%
Magyar Telekom Co0.15%
Securities Lending Cf0.09%
Ust Bills 0% 11/12/260.03%
Russian Ruble<0.01%
Malaysian Ringets<0.01%
European Monetary Unit (Euro)<0.01%
Polish Zloty (New)<0.01%
Abu Dhabi Ilmc Bnk Rt 11/24/26<0.01%
Czech Koruna<0.01%
Thailand Thaibaht<0.01%
Inter Rao Jsc0.00%

Only in TLTE

2,722 securities, 70.4% of TLTE by weight

Msci Emgmkt Equity Index 18/DEC/2026 MESZ6 Index1.90%
Tencent Holdings Ltd Common Stock Hkd 0.000021.33%
Alibaba Group Holding Ltd Common Stock Hkd1.03%
Samsung Electronics Co Ltd Preference Krw 1000.63%
Hon Hai Precision Industry Co Ltd Common Stock Twd0.59%
Reliance Industries Ltd Common Stock Inr 100.43%
Hdfc Bank Ltd Common Stock Inr 10.38%
Icici Bank Ltd Common Stock Inr 20.36%
Fubon Financial Holding Co Ltd Common Stock Twd 100.32%
Sk Square Co Ltd Common Stock Krw 5000.32%
Bharti Airtel Ltd Common Stock Inr 50.30%
Ping An Insurance Group Co of China Ltd Common0.30%
Kb Financial Group Inc Common Stock Krw 50000.28%
Itau Unibanco Holding SA Preference Brl 00.28%
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%
Jd.com Inc - Class A0.24%
Firstrand Ltd Common Stock Zar 10.23%
Petroleo Brasileiro SA - Petrobras Common Stock0.23%
Meituan Common Stock Hkd 0.000010.23%
Grupo Financiero Banorte Sab De Cv Common Stock0.22%
Minsur SA Common Stock Pen 10.22%
Cathay Financial Holding Co Ltd Common Stock Twd0.22%
Fortress Real Estate Investments Ltd Common Stock0.22%
Hyundai Marine & Fire Insurance Co Ltd Common0.22%
Hyundai Motor Co Common Stock Krw 50000.21%
Ts Financial Holding Co Ltd Common Stock Twd 100.21%
The Saudi National Bank0.21%
Shinhan Financial Group Co Ltd Common Stock Krw0.21%
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%
Al Rajhi Bank Common Stock Sar 100.20%
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%
Quanta Computer Inc Common Stock Twd 100.18%
Agricultural Bank of China Ltd Common Stock Hkd 10.17%
Feng Tay Enterprise Co Ltd Common Stock Twd 100.17%
Hyprop Investments Ltd Reit Zar0.17%
Korean Reinsurance Co Common Stock Krw 5000.17%

Weight gaps

The 100 widest of 196 Holdings in both funds.

Holding weights in FDEM and TLTE, widest gap first
Holding	Gap	FDEM	TLTE
Taiwan Semiconductor Mfg Co Lt	FDEM +5.23 points	11.66%	6.43%
Emaar Development Pjsc	FDEM +2.10 points	2.13%	0.03%
China Resources Mixc Lifestyle	FDEM +2.09 points	2.11%	0.02%
Fibra Uno Administracion SA	FDEM +1.83 points	1.87%	0.04%
Bumrungrad Hospital PLC Nvdr	FDEM +1.52 points	1.53%	<0.01%
Wuxi Apptec Co Ltd H	FDEM +1.40 points	1.44%	0.04%
Aurobindo Pharmaceuticals Ltd	FDEM +1.32 points	1.34%	0.02%
Sinopharm Group Co Ltd H	FDEM +1.23 points	1.25%	0.02%
Sun Pharma Ind Ltd(Demat)	FDEM +1.18 points	1.27%	0.09%
Petroleo Brasileiro SA - Petro	FDEM +1.15 points	1.42%	0.27%
Samsung Electronics Co Ltd	FDEM +1.09 points	5.65%	4.56%
Petrochina Co Ltd H	FDEM +0.99 points	1.19%	0.20%
Asia Cement Corp	FDEM +0.98 points	1.00%	0.02%
Richter Gedeon Nyrt	FDEM +0.98 points	1.02%	0.04%
Inner Mongolia Yitai Coal Class B	FDEM +0.94 points	0.96%	0.02%
Sasol Ltd	FDEM +0.94 points	1.00%	0.06%
China Shenhua Energy Co H	FDEM +0.93 points	1.01%	0.08%
Vedanta Ltd	FDEM +0.88 points	0.91%	0.03%
H World Group Ltd	FDEM +0.86 points	0.90%	0.04%
Coal India Ltd	FDEM +0.82 points	0.89%	0.07%
United Tractors Pt	FDEM +0.80 points	0.81%	0.01%
Press Metal Aluminium Holdings	FDEM +0.79 points	0.82%	0.03%
Ptt Exploration & Prod Nvdr	FDEM +0.79 points	0.83%	0.04%
Anta Sports Products Ltd	FDEM +0.78 points	0.84%	0.06%
Midea Group Co Ltd H	FDEM +0.77 points	0.82%	0.05%
Nmdc Ltd	FDEM +0.75 points	0.77%	0.02%
Gold Fields Ltd	FDEM +0.75 points	0.99%	0.24%
Exxaro Resources Ltd	FDEM +0.74 points	0.76%	0.02%
Hero Motocorp Ltd	FDEM +0.73 points	0.76%	0.03%
Eicher Motors Ltd	FDEM +0.73 points	0.78%	0.05%
Haier Smart Home Co Ltd	FDEM +0.72 points	0.77%	0.05%
Maruti Suzuki India Ltd (Loc)	FDEM +0.72 points	0.79%	0.07%
Shenzhou Intl Group	FDEM +0.70 points	0.72%	0.02%
Sabic Agri-Nutrients Co	FDEM +0.69 points	0.72%	0.03%
Fuyao Glass Indus Grp Co Ltd H	FDEM +0.69 points	0.71%	0.02%
Tcl Electronics Holdings Ltd	FDEM +0.68 points	0.70%	0.02%
Grupo Mexico Sab De Cv Ser B	FDEM +0.65 points	0.80%	0.15%
Bosideng Internatl Holding Ltd	FDEM +0.65 points	0.67%	0.02%
Media Tek Inc	FDEM +0.64 points	1.29%	0.65%
China Hongqiao Group Ltd	FDEM +0.64 points	0.71%	0.07%
Tongcheng Travel Holdings Ltd	FDEM +0.57 points	0.58%	<0.01%
Jumbo SA	FDEM +0.57 points	0.59%	0.02%
Minth Group Ltd	FDEM +0.57 points	0.58%	0.01%
Pou Chen Corp	FDEM +0.54 points	0.56%	0.02%
Multi Cmdty Ex of Ind Ltd	FDEM +0.52 points	0.54%	0.02%
Cmoc Group Limited H	FDEM +0.52 points	0.54%	0.02%
Hankook Tire and Technology	FDEM +0.47 points	0.49%	0.02%
Vale S.a.	FDEM +0.47 points	0.77%	0.30%
Copec SA (Cia De Petro Chile)	FDEM +0.46 points	0.48%	0.02%
Falabella SA	FDEM +0.46 points	0.50%	0.04%
Gcc Sab De Cv	FDEM +0.46 points	0.47%	<0.01%
Allwyn AG	FDEM +0.45 points	0.46%	<0.01%
Db Insurance Co Ltd	FDEM +0.44 points	0.48%	0.04%
Kia Corp	FDEM +0.42 points	0.55%	0.13%
Hdfc Asset Management Co Ltd	FDEM +0.40 points	0.43%	0.03%
State Bank of India (Demat) De	FDEM +0.40 points	0.49%	0.09%
Woori Financial Group Inc	FDEM +0.39 points	0.49%	0.10%
Federal Bank Ltd	FDEM +0.38 points	0.41%	0.03%
Grupo Cibest SA Pref	FDEM +0.38 points	0.45%	0.07%
Bank of Baroda (Demat)	FDEM +0.38 points	0.40%	0.02%
Momentum Group Limited	FDEM +0.36 points	0.38%	0.02%
Vibra Energia SA	FDEM +0.36 points	0.40%	0.04%
Yuanta Finl Hldg Co Ltd	FDEM +0.36 points	0.47%	0.11%
Riyad Bank	FDEM +0.36 points	0.43%	0.07%
Bnk Financial Group Inc	FDEM +0.36 points	0.38%	0.02%
Canara Bank	FDEM +0.35 points	0.37%	0.02%
Xiaomi Corp B	FDEM +0.34 points	0.61%	0.27%
Chang Hwa Commercial Bank	FDEM +0.34 points	0.39%	0.05%
Standard Bank Group Ltd	FDEM +0.34 points	0.51%	0.17%
Nippon Life India Asset Manage	FDEM +0.34 points	0.35%	<0.01%
Caixa Seguridade Participaco	FDEM +0.33 points	0.34%	0.01%
Far Eastern New Century Corp	FDEM +0.33 points	0.35%	0.02%
Saudi Awwal Bank	FDEM +0.32 points	0.37%	0.05%
Bank of Communications H	FDEM +0.31 points	0.38%	0.07%
Otp Bank (Reg)	FDEM +0.32 points	0.50%	0.18%
Moneta Money Bank	FDEM +0.31 points	0.33%	0.02%
Ctbc Finl Hldg Co Ltd	FDEM +0.30 points	0.61%	0.31%
Banco De Credito E Inversiones	FDEM +0.30 points	0.32%	0.02%
Commercial International Bank	FDEM +0.29 points	0.33%	0.04%
Samsung E&A Co Ltd	FDEM +0.29 points	0.32%	0.03%
Bb Seguridade Participacoes SA	FDEM +0.28 points	0.31%	0.03%
Itausa (Invest Itau) Pfd	FDEM +0.27 points	0.38%	0.11%
Union Bank of Taiwan	FDEM +0.27 points	0.28%	0.01%
Bangkok Bank Public Co Nvdr	FDEM +0.27 points	0.29%	0.02%
Krung Thai Bank (Nvdr)	FDEM +0.27 points	0.30%	0.03%
Chailease Holding Co Ltd	FDEM +0.26 points	0.30%	0.04%
Ase Technology Holding Co Ltd	FDEM +0.25 points	0.48%	0.23%
Delta Electronics Ind Co Ltd	FDEM +0.25 points	0.50%	0.25%
China Merchants Port Holdings	FDEM +0.25 points	0.27%	0.02%
Citic Ltd	FDEM +0.24 points	0.30%	0.06%
Rhb Bank Bhd	FDEM +0.23 points	0.28%	0.05%
Industrial & Com Bk of China H	FDEM +0.22 points	0.77%	0.55%
Hyundai Glovis Co Ltd	FDEM +0.21 points	0.25%	0.04%
Bank of China Ltd H	FDEM +0.20 points	0.65%	0.45%
Lg Corp	FDEM +0.20 points	0.23%	0.03%
Infosys Ltd	FDEM +0.19 points	0.39%	0.20%
Doosan Bobcat Inc	FDEM +0.19 points	0.20%	0.01%
Elite Material Co Ltd	FDEM +0.19 points	0.34%	0.15%
Lg Uplus Corp	FDEM +0.17 points	0.19%	0.02%
Tata Consultancy Services Ltd	FDEM +0.17 points	0.28%	0.11%

All 232 FDEM 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.

FDEM vs TLTE Cost

Overpaying TLTE vs FDEM

$6,112

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

FDEM 0.25%
$5,159
TLTE 0.57%
$11,271

Amount$10,000

Years30 years

Cost over time

FDEM 0.25%
TLTE 0.57%
Overpaying

Year by year

Year	FDEM	TLTE	Overpaying
10	$455	$1,023	$568
20	$1,769	$3,921	$2,152
30	$5,159	$11,271	$6,112

Expense ratio

0.25%FDEM, cheaper
0.57%TLTE

FDEM0.25%TLTE0.57%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

FDEM 2nd cheapest of 20 funds

TLTE 17th cheapest of 20 funds

FDEM vs TLTE Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FDEM 3.47%; TLTE 3.57%, better
Payout (12M): FDEM $1.17; TLTE $2.50
Last payment: FDEM $0.38; TLTE $0.58
Ex-dividend: FDEM Sep 18, 2026; TLTE Sep 18, 2026
Paid on: FDEM Sep 22, 2026; TLTE Sep 24, 2026
Frequency: FDEM Quarterly; TLTE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FDEMQuarterly · 32 paymentsAll FDEM payments⁠

TLTEQuarterly · 34 paymentsAll TLTE payments⁠

FDEM vs TLTE Risk

Fall from peak · 5 years

FDEM
TLTE

Risk facts

VolatilityStd dev, 3 years: FDEM 13.8%, betterTLTE 15.3%
Return per unit of riskSharpe ratio, 3 years: FDEM 1.08, betterTLTE 0.93
Worst fallMax drawdown, 5 years: FDEM −24.2%, betterTLTE −29.5%
Market sensitivityBeta, 5 years: FDEM 0.98TLTE 1.05; Market = 1

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