FEDM vs NUDM: Grades, Fees and Holdings Compared

Northern Trust ESG & Climate Developed Markets ex-US Core ETF

FEDMANYSE Arca

Nuveen ESG International Developed Markets Equity

NUDMBCboe

Overlap

30.3%by weight

Expense ratio

FEDM −0.15pt a year

FEDM0.12%NUDM0.27%

Avg volume · 30D

NUDM 51.8×the volume

FEDM2.03KNUDM105K

5Y return · a year

NUDM +0.4pt

FEDM+7.6%NUDM+8.0%

FEDM vs NUDM Performance

Oct 29, 2021 – Oct 30, 2026

+44.1%FEDM+46.9%NUDM

Expense ratio: FEDM 0.12%, better; NUDM 0.27%
Fund size: FEDM $86M; NUDM $889M
1Y total return: FEDM +15.7%, better; NUDM +10.5%
Yield (12M): FEDM 2.88%; NUDM 6.90%, better
Holdings: FEDM 231; NUDM 156
Avg volume (30D): FEDM 2.03K sh; NUDM 105K sh, better
NAV per share: FEDM $64.72; NUDM $39.18
52W range

ETF.net Grade

Pillar letters and Scores for FEDM, NUDM, with each pillar’s weight
Pillar	FEDM	NUDM
Cost30% weight	A88Higher	C41
Mission25% weight	A100	A100
Risk15% weight	C53Higher	C44
Tradability15% weight	D35	B61Higher
Holdings10% weight	B60Higher	D36
Durability5% weight	C40	A74Higher

Rank among International ESG & Values Index funds

How we build Categories ›

Same Category. FEDM and NUDM are both graded against the same 18 International ESG & Values Index funds, so their Grades compare head to head.

International ESG & Values Index⁠

Category · 18 funds

See all 18 ›

FEDM ranks 4th and NUDM 7th of 18 funds in the International ESG & Values Index Category.

Rank 1AVSGXVanguard ESG International Stock ETFScore 82
Rank 2AESGDiShares ESG Aware MSCI EAFE ETFScore 79
Rank 3ADMXFiShares ESG Advanced MSCI EAFE ETFScore 76
Rank 4AFEDMNorthern Trust ESG & Climate Developed Markets ex-US Core ETFScore 72
Rank 5AEFAXState Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETFScore 71
Rank 7BAVSDAvantis Responsible International Equity ETFScore 60
Rank 7BNUDMNuveen ESG International Developed Markets EquityScore 60
Rank 9BCVIECalvert International Responsible Index ETFScore 59

Our read on each fund

ETF.net Research

FEDMANorthern Trust ESG & Climate Developed Markets ex-US Core ETF

NUDMBNuveen ESG International Developed Markets Equity

In short

FEDM Northern Trust writes the index and runs the fund: a developed-ex-US core holding screened on its own ESG and climate scoring, at 0.12% net of a waiver through March 1, 2027.

NUDM Most developed-market index funds own the whole market. NUDM runs the same neighborhood (Europe, Japan, Australia, everything ex-US and ex-Canada) through a TIAA-built ESG screen, landing on roughly 160 names instead of thousands.

Stated mandate

FEDM The Fund seeks to track, before fees and expenses, the performance of the Northern Trust ESG & Climate Developed Markets ex-US Core Index.

NUDM The fund seeks to track, before fees and expenses, the TIAA ESG International Developed Markets Equity Index. That index uses listed equities from developed-market countries outside the United States and Canada and applies ESG criteria.

Why people hold it

FEDM At 0.12% net of a waiver through March 1, 2027, it sits at the low end of its peer group, matching DMXF (0.12%) and undercutting ESGD (0.20%).
Optimized, not just screened: the index limits how far any stock, sector or region can drift from its developed-ex-US parent, so it still behaves like core foreign equity.flexshares.com
Northern Trust scores companies on its own ESG Vector Score instead of licensing a third party ratings index, and manages the fund in-house.flexshares.com
Roughly 300 large and mid-cap names across developed markets outside the US, paid out quarterly.flexshares.com

NUDM ESG is in the contract, not the brochure: the stated mandate is to track a TIAA ESG index of developed-market stocks outside the US and Canada.
A straight index wrapper. No manager discretion and no wandering from the mission: it holds the ESG index it says it holds.
Trading since 2017, so it carries a multi-year record through real markets rather than a backtest.
Roughly 160 stocks, a short enough list that you can read the holdings and see what the screen kept in.

Worth knowing

FEDM Thinly traded next to the category giants, so spreads can widen. Limit orders matter more here than with the household-name alternatives.
The 0.12% is net of a waiver through March 1, 2027; the gross fee is 0.16%, so the discount depends on that waiver being extended.
ESG and climate screens change what it owns versus a plain developed-ex-US index, so results can drift from the broad market in either direction.sec.gov

NUDM The screen carries a price: 0.27% a year, against 0.03% at VEA, SPDW and SCHF and 0.04% at IDEV for unscreened developed-market exposure.
Thinly traded next to the index giants, so spreads can run wider. Limit orders and mid-session trades matter more with a fund like this.
Cutting thousands of developed-market stocks down to about 160 means the mix, and the results, can look different from the plain broad benchmark in either direction.

Full FEDM profile⁠

Full NUDM profile⁠

FEDM vs NUDM Holdings

How FEDM and NUDM differ

Overlap by weight

30.3%

Shared holdings make up 57.4% of NUDM and 36.8% of FEDM.

Level by level

Holdings62 in both30.3%
Countryby domicile84.0%
Sector11 Sectors93.1%
Asset classEquity100%

Sector

Sector weights in FEDM and NUDM, widest gap first
Sector	More in FEDMMore in NUDM	FEDM	NUDM
Energy	FEDM +5.0 points	5.7%	0.7%
Industrials	NUDM +3.9 points	16.5%	20.4%
Technology	NUDM +1.3 points	12.8%	14.1%
Utilities	NUDM +1.0 points	3.0%	4.0%
Consumer Staples	FEDM +0.8 points	6.5%	5.7%
Materials	FEDM +0.7 points	6.2%	5.5%
Consumer Discretionary	FEDM +0.4 points	5.2%	4.8%
Financials	NUDM +0.4 points	28.3%	28.7%
Health Care	NUDM +0.2 points	9.6%	9.8%
Real Estate	FEDM +0.1 points	1.5%	1.4%
Communication	Same weight	4.7%	4.7%

Country, concentration and asset class

Country by domicile

Country weights in FEDM and NUDM, widest gap first
Country	More in FEDMMore in NUDM	FEDM	NUDM
Canada	FEDM +11.8 points	11.8%	0.0%
Switzerland	NUDM +2.7 points	7.3%	10.0%
Norway	NUDM +2.7 points	0.0%	2.7%
Japan	NUDM +1.9 points	21.3%	23.2%
Netherlands	NUDM +1.7 points	5.0%	6.7%
Singapore	NUDM +1.4 points	0.4%	1.8%
Italy	NUDM +1.3 points	2.1%	3.4%
China	NUDM +1.1 points	0.0%	1.1%
Other countries (18)	FEDM +1.0 points	52.1%	51.1%

Outside the US: FEDM 99% developed, 1% emerging. NUDM 97% developed, 3% emerging.

Concentration

Weight in the 10 largest Holdings

FEDM16.6%
NUDM22.8%

Securities held

FEDM215
NUDM154

Asset class

FEDM: Equity
NUDM: Equity

Holdings

Only in FEDM153
In both62
Only in NUDM92

Only in FEDM

153 securities, 61.2% of FEDM by weight

Royal Bank of Canada Common Stock Cad 01.85%
Shell PLC1.79%
Astrazeneca PLC Common Stock Gbp 0.251.43%
Advantest Corp Common Stock Jpy1.37%
Mitsubishi Ufj Financial Group Inc Common Stock1.25%
Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index1.24%
Hitachi Ltd Common Stock Jpy1.23%
Itochu Corp Common Stock Jpy1.21%
Enbridge Inc Common Stock Cad 01.17%
Banco Bilbao Vizcaya Argentaria SA Common Stock1.15%
Canadian Imperial Bank of Commerce Common Stock1.14%
Manulife Financial Corp Common Stock Cad 01.06%
Canadian National Railway Co Common Stock Cad 00.99%
L'oreal SA Common Stock Eur 0.20.99%
Tesco PLC Common Stock Gbp 6.33330.90%
Softbank Corp Common Stock Jpy0.83%
Takeda Pharmaceutical Co Ltd Common Stock Jpy0.83%
Banco Santander SA Common Stock Eur 0.50.80%
Fujitsu Ltd Common Stock Jpy0.79%
Totalenergies SE Common Stock Eur 2.50.79%
Repsol SA Common Stock Eur 10.77%
Wheaton Precious Metals Corp0.77%
Legrand SA Common Stock Eur 40.76%
Siemens Energy AG Common Stock Eur0.73%
Teva Pharmaceutical Industries Ltd Common Stock0.68%
Diageo PLC Common Stock Gbp 28.935180.65%
Cie De Saint-Gobain SA Common Stock Eur 40.64%
Tdk Corp Common Stock Jpy0.63%
Novo Nordisk A/S Common Stock Dkk 0.10.62%
Skandinaviska Enskilda Banken Ab Common Stock Sek0.62%
Pembina Pipeline Corp Common Stock Cad 00.61%
Celestica Inc Common Stock Cad 00.61%
Aviva PLC Common Stock Gbp 32.894740.60%
Woolworths Group Ltd Common Stock Aud 00.59%
Deutsche Telekom AG Common Stock Eur 00.58%
Enel Spa Common Stock Eur 10.58%
Nomura Holdings Inc Common Stock Jpy0.58%
Qbe Insurance Group Ltd Common Stock Aud 00.56%
Macquarie Group Ltd Common Stock Aud 00.56%
Nokia Oyj Common Stock Eur 00.55%
Vodafone Group PLC Common Stock Gbp 0.20952380.54%
Hsbc Holdings PLC Common Stock Gbp 0.50.52%
Anglo American PLC Common Stock Gbp 0.62390.51%
Mitsubishi Estate Co Ltd Common Stock Jpy0.49%
Danske Bank A/S Common Stock Dkk 100.49%
Dollarama Inc Common Stock Cad 00.49%
Natwest Group PLC Common Stock Gbp 107.690.48%
Novonesis Novozymes B Common Stock Dkk 20.48%
Kinross Gold Corp Common Stock Cad 00.47%
Next PLC Common Stock Gbp 100.47%

Only in NUDM

92 securities, 42.5% of NUDM by weight

Sumitomo Mitsui Financial2.00%
Abb Ltd1.64%
Bayer AG1.55%
Unilever PLC1.43%
Generali1.40%
Danone SA1.33%
Dnb Bank Asa1.31%
Mitsubishi Electric Corp1.21%
Boc Hong Kong Holdings Lt1.11%
Bank Hapoalim Bm0.95%
Haleon PLC0.92%
Komatsu Ltd0.91%
Dbs Group Holdings Ltd0.88%
Essilorluxottica SA0.87%
Vat Group AG0.86%
Sgs SA0.78%
Chugai Pharmaceutical Co0.73%
Computershare Ltd0.73%
Legal & General Group PLC0.72%
Atlas0.70%
Boliden Ab0.68%
Acs Actividades De Constr0.66%
Informa PLC0.66%
Neste Oyj0.63%
Telia Co Ab0.55%
Sumitomo Metal Mining Co0.54%
Societe Generale SA0.54%
Kuehne & Nagel Internatio0.52%
Keppel Ltd0.52%
Smiths Group PLC0.51%
Nec Corp0.47%
Nokia Oyj0.47%
Yamaha Motor Co Ltd0.46%
Norsk Hydro Asa0.44%
Orsted A/S0.42%
Telenor Asa0.42%
Mitsubishi Chem Grp Corp0.41%
Daiwa House Industry Co L0.41%
Universal Music Group NV0.41%
Aib Group PLC0.40%
Bouygues SA0.40%
Ebara Corp0.39%
Mowi Asa0.39%
Pearson PLC0.38%
J Sainsbury PLC0.37%
Compass Group PLC0.36%
Eiffage SA0.35%
Sanrio Co Ltd0.35%
Koninklijke Ahold Delhaiz0.34%
Mitsui Kinzoku Co Ltd0.33%

Weight gaps

All 62 Holdings in both funds, largest gap first.

Holding weights in FEDM and NUDM, widest gap first
Holding	More in FEDMMore in NUDM	FEDM	NUDM
National Australia Bank Ltd Common Stock Aud 0	NUDM +1.71 points	0.10%	1.81%
Mizuho Financial Group Inc Common Stock Jpy	NUDM +1.55 points	0.25%	1.80%
London Stock Exchange Group PLC Common Stock GbpLSEG.L	NUDM +1.25 points	0.03%	1.28%
Softbank Group Corp Common Stock Jpy	NUDM +1.24 points	0.23%	1.47%
Asml Holding NV Common Stock Eur 0.09	NUDM +1.24 points	2.79%	4.03%
Tokyo Electron Ltd Common Stock Jpy	NUDM +1.23 points	0.35%	1.58%
Recruit Holdings Co Ltd Common Stock Jpy	FEDM +1.21 points	1.34%	0.13%
Allianz SE Common Stock Eur 0	NUDM +1.09 points	1.02%	2.11%
Ing Groep NV Common Stock Eur 0.01	NUDM +1.08 points	0.05%	1.13%
Novartis AG Common Stock Chf 0.49	NUDM +1.02 points	1.65%	2.67%
Panasonic Holdings Corp Common Stock Jpy	NUDM +1.00 points	0.18%	1.18%
Iberdrola SA Common Stock Eur 0.75	NUDM +0.96 points	0.81%	1.77%
Lloyds Banking Group PLC Common Stock Gbp 10LLOY.L	NUDM +0.90 points	0.11%	1.01%
Gsk PLC Common Stock Gbp 31.25GSK.L	NUDM +0.89 points	0.39%	1.28%
Sony Group Corp Common Stock Jpy	NUDM +0.89 points	0.80%	1.69%
Axa SA Common Stock Eur 2.29	NUDM +0.86 points	0.24%	1.10%
National Grid PLC Common Stock Gbp 12.43129NG.L	NUDM +0.86 points	0.36%	1.22%
Sap SE Common Stock Eur 0	NUDM +0.83 points	1.49%	2.32%
Bnp Paribas SA Common Stock Eur 2	NUDM +0.78 points	0.25%	1.03%
Siemens AG Common Stock Eur 0	NUDM +0.76 points	1.45%	2.21%
Commonwealth Bank of Australia Common Stock Aud 0	NUDM +0.76 points	1.29%	2.05%
3I Group PLC Common Stock Gbp 73.8636III.L	NUDM +0.74 points	0.53%	1.27%
Toyota Motor Corp Common Stock Jpy	NUDM +0.61 points	0.17%	0.78%
Brambles Ltd Common Stock Aud 0	NUDM +0.56 points	0.39%	0.95%
Intesa Sanpaolo Spa Common Stock Eur 0	NUDM +0.52 points	1.00%	1.52%
Relx PLC Common Stock Gbp 0.144397REL.L	FEDM +0.51 points	1.18%	0.67%
Sika AG Common Stock Chf 0.01	FEDM +0.51 points	0.65%	0.14%
Sanofi SA Common Stock Eur 2	FEDM +0.50 points	1.14%	0.64%
Vestas Wind Systems A/S Common Stock Dkk 0.2	NUDM +0.50 points	0.55%	1.05%
Reckitt Benckiser Group PLC Common Stock GbpRKT.L	FEDM +0.48 points	0.57%	0.09%
Kbc Group NV Common Stock Eur 0	FEDM +0.47 points	0.59%	0.12%
Northern Star Resources Ltd Common Stock Aud 0	FEDM +0.46 points	0.49%	0.03%
Westpac Banking Corp Common Stock Aud 0	FEDM +0.44 points	0.70%	0.26%
Dhl AG Common Stock Eur 0	FEDM +0.41 points	0.62%	0.21%
Nitto Denko Corp Common Stock Jpy	NUDM +0.38 points	0.29%	0.67%
Wolters Kluwer NV Common Stock Eur 0.12	NUDM +0.35 points	0.18%	0.53%
Amadeus It Group SA Common Stock Eur 0.01	NUDM +0.33 points	0.54%	0.87%
Asahi Kasei Corp Common Stock Jpy	NUDM +0.33 points	0.20%	0.53%
Bunzl PLC Common Stock Gbp 32.14286BNZL.L	NUDM +0.33 points	0.25%	0.58%
Bridgestone Corp Common Stock Jpy	NUDM +0.32 points	0.55%	0.87%
Zurich Insurance Group AG Common Stock Chf 0.1	FEDM +0.27 points	1.24%	0.97%
Eqt Ab Common Stock Sek 0.1	FEDM +0.24 points	0.27%	0.03%
Sompo Holdings Inc Common Stock Jpy	FEDM +0.24 points	0.68%	0.44%
Astellas Pharma Inc Common Stock Jpy	NUDM +0.22 points	0.49%	0.71%
Givaudan SA Common Stock Chf 10	NUDM +0.20 points	0.88%	1.08%
Mtr Corp Ltd Common Stock Hkd 0	NUDM +0.18 points	0.13%	0.31%
Nestle SA Common Stock Chf 0.1	NUDM +0.16 points	1.10%	1.26%
Hong Kong Exchanges & Clearing Ltd Common Stock	FEDM +0.14 points	0.74%	0.60%
Oriental Land Co Ltd/Japan Common Stock Jpy	NUDM +0.13 points	0.48%	0.61%
Schneider Electric SE Common Stock Eur 4	FEDM +0.12 points	1.14%	1.02%
Unibail-Rodamco-Westfield Reit Eur 5	NUDM +0.10 points	0.23%	0.33%
Tokio Marine Holdings Inc Common Stock Jpy	NUDM +0.09 points	0.22%	0.31%
Rakuten Group Inc Common Stock Jpy	FEDM +0.08 points	0.12%	0.04%
Caixabank SA Common Stock Eur 1	NUDM +0.08 points	0.24%	0.32%
Transurban Group Stapled Security Aud 0	FEDM +0.08 points	0.57%	0.49%
Sekisui House Ltd Common Stock Jpy	FEDM +0.07 points	0.17%	0.10%
Ucb SA Common Stock Eur 0	NUDM +0.07 points	0.74%	0.81%
Symrise AG Common Stock Eur 0	FEDM +0.06 points	0.21%	0.15%
Hermes International Sca Common Stock Eur 0	FEDM +0.05 points	0.12%	0.07%
Antofagasta PLC Common Stock Gbp 5ANTO.L	FEDM +0.02 points	0.04%	0.02%
Edp SA Common Stock Eur 1	FEDM +0.01 points	0.33%	0.32%
Industria De Diseno Textil SA Common Stock Eur	FEDM +0.01 points	0.76%	0.75%

All 255 FEDM holdings⁠All 158 NUDM 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.

FEDM vs NUDM Cost

Overpaying NUDM vs FEDM

$3,037

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

FEDM 0.12%
$2,520
NUDM 0.27%
$5,557

Amount$10,000

Years30 years

Cost over time

FEDM 0.12%
NUDM 0.27%
Overpaying

Year by year

Year	FEDM	NUDM	Overpaying
10	$220	$491	$271
20	$859	$1,907	$1,048
30	$2,520	$5,557	$3,037

Expense ratio

0.12%FEDM, cheaper
0.27%NUDM

FEDM0.12%NUDM0.27%

0.10%0.95%

Middle half of International ESG & Values Index funds
Median 0.23%

FEDM 2nd cheapest of 18 funds

NUDM 11th cheapest of 18 funds

FEDM vs NUDM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FEDM 2.88%; NUDM 6.90%, better
Payout (12M): FEDM $1.86; NUDM $2.70
Last payment: FEDM $0.26; NUDM $2.70
Ex-dividend: FEDM Sep 18, 2026; NUDM Dec 18, 2025
Paid on: FEDM Sep 24, 2026; NUDM Dec 19, 2025
Frequency: FEDM Quarterly; NUDM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

FEDMQuarterly · 20 paymentsAll FEDM payments⁠

NUDMAnnual · 9 paymentsAll NUDM payments⁠

FEDM vs NUDM Risk

Fall from peak · 5 years

FEDM
NUDM

Risk facts

VolatilityStd dev, 3 years: FEDM 11.8%, betterNUDM 12.5%
Return per unit of riskSharpe ratio, 3 years: FEDM 1.14NUDM 1.16, better
Worst fallMax drawdown, 5 years: FEDM −29.4%, betterNUDM −30.1%
Market sensitivityBeta, 5 years: FEDM 0.91NUDM 0.94; Market = 1

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