FEMS vs QLVE: Grades, Fees and Holdings Compared

First Trust Emerging Markets Small Cap AlphaDEX Fund

FEMSDNasdaq

Northern Trust Emerging Markets Quality Low Volatility ETF

QLVEBNYSE Arca

Overlap

0.0%by weight

Expense ratio

QLVE −0.62pt a year

FEMS0.80%QLVE0.18%

Avg volume · 30D

FEMS 93.7×the volume

FEMS37.9KQLVE404

5Y return · a year

QLVE +3.1pt

FEMS+3.9%QLVE+7.0%

FEMS vs QLVE Performance

Oct 29, 2021 – Oct 30, 2026

+20.9%FEMS+40.2%QLVE

Expense ratio: FEMS 0.80%; QLVE 0.18%, better
Fund size: FEMS $195M; QLVE $16M
1Y total return: FEMS −2.0%; QLVE +11.2%, better
Yield (12M): FEMS 4.52%, better; QLVE 3.17%
Holdings: FEMS 211; QLVE 155
Avg volume (30D): FEMS 37.9K sh, better; QLVE 404 sh
NAV per share: FEMS $39.84; QLVE $32.48
52W range

ETF.net Grade

Pillar letters and Scores for FEMS, QLVE, with each pillar’s weight
Pillar	FEMS	QLVE
Cost30% weight	F3	A100Higher
Mission25% weight	Not scored	A93
Risk15% weight	F24	B66Higher
Tradability15% weight	B65Higher	F11
Holdings10% weight	A74Higher	D32
Durability5% weight	B67Higher	D33

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. FEMS 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 7th and FEMS 17th of 20 funds in the Emerging Markets Multifactor Category.

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
Rank 16DECONColumbia Research Enhanced Emerging Economies ETFScore 36
Rank 17DFEMSFirst Trust Emerging Markets Small Cap AlphaDEX FundScore 33
Rank 18DTLTENorthern Trust Morningstar Emerging Markets Factor Tilt ETFScore 31

Our read on each fund

ETF.net Research

FEMSDFirst Trust Emerging Markets Small Cap AlphaDEX Fund

QLVEBNorthern Trust Emerging Markets Quality Low Volatility ETF

In short

FEMS Emerging market small caps, chosen by First Trust's AlphaDEX growth-and-value rules instead of ranked by size. A narrow, off-the-beaten-path slice of EM that has been running since 2012.

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

FEMS The Fund seeks to track, before fees and expenses, the price and yield performance of the Nasdaq AlphaDEX® Emerging Markets Small CapTM 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

FEMS Goes small in emerging markets: roughly 220 stocks, so no single name or state champion carries the fund.
AlphaDEX picks and weights by growth and value rank, not market cap, so the biggest company in the index isn't automatically the biggest position.ftportfolios.com
Live since 2012, with the same rules-based index mandate through multiple EM cycles. Pays quarterly.
Holdings are spread widely enough that the portfolio reads as a genuine small-cap basket rather than a handful of bets.

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

FEMS Cost is the sore spot: 0.80% a year, well above EM factor peers such as EMGF (0.26%) and AVES (0.36%). That gap compounds against you.
Thinly traded. Spreads can widen, and large orders can move the price more than in the big EM funds.
Small caps plus emerging markets is a bumpy combination, and this has been among the more volatile funds in its peer group.

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 FEMS profile⁠

Full QLVE profile⁠

FEMS vs QLVE Holdings

How FEMS and QLVE differ

Overlap by weight

0.0%

Shared holdings make up 0.1% of QLVE and 0.0% of FEMS.

Level by level

Holdings0 in both0.0%
Countryby domicile53.9%
Sector11 Sectors60.0%
Asset classEquity100%

Sector

Sector weights in FEMS and QLVE, widest gap first
Sector	More in FEMSMore in QLVE	FEMS	QLVE
Technology	QLVE +21.2 points	18.6%	39.8%
Industrials	FEMS +12.2 points	15.0%	2.8%
Financials	QLVE +10.6 points	6.5%	17.1%
Materials	FEMS +8.4 points	11.1%	2.7%
Real Estate	FEMS +7.3 points	7.8%	0.5%
Communication	QLVE +6.9 points	3.4%	10.3%
Consumer Discretionary	FEMS +6.3 points	10.6%	4.3%
Energy	FEMS +2.9 points	11.1%	8.2%
Utilities	FEMS +2.9 points	7.2%	4.3%
Health Care	QLVE +1.1 points	2.8%	3.9%
Consumer Staples	QLVE +0.1 points	5.9%	6.0%

Country, concentration and asset class

Country by domicile

Country weights in FEMS and QLVE, widest gap first
Country	More in FEMSMore in QLVE	FEMS	QLVE
South Korea	QLVE +18.7 points	0.0%	18.7%
Turkey	FEMS +17.2 points	20.0%	2.8%
India	QLVE +13.0 points	3.8%	16.8%
China	QLVE +11.9 points	2.7%	14.6%
Indonesia	FEMS +9.9 points	9.9%	0.0%
Thailand	FEMS +8.3 points	10.5%	2.2%
Brazil	FEMS +6.1 points	12.8%	6.7%
Poland	FEMS +1.8 points	2.0%	0.2%
Other countries (9)	FEMS +0.3 points	38.4%	38.1%

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

Concentration

Weight in the 10 largest Holdings

FEMS9.6%
QLVE37.9%

Securities held

FEMS201
QLVE137

Asset class

FEMS: Equity
QLVE: Equity

Holdings

Only in FEMS201
In both0
Only in QLVE137

Only in FEMS

201 securities, 99.9% of FEMS by weight

Regional Container Lines Pcl1.01%
Vitrox Corporation Bhd1.01%
Cupid Limited0.96%
Reysas Gayrimenkul Yatirim Otakligi AS0.96%
Ahlatci Dogal Gaz Dagitim Enerji ve Yatirim A.S.0.96%
Life Healthcare Group Holdings Limited0.95%
Systex Corporation0.95%
Central Reinsurance Co., Ltd.0.93%
Mi Technovation Berhad0.92%
Aboitiz Equity Ventures, Inc.0.90%
PetroReconcavo SA0.90%
Ruentex Development Co., Ltd.0.88%
Sincere Navigation Corporation0.88%
Ruentex Industries Limited0.88%
TAURON Polska Energia S.A.0.87%
Star Petroleum Refining Pcl0.87%
Genius Electronic Optical Co., Ltd.0.86%
Sok Marketler Ticaret AS0.86%
La Comer, S.A.B. de C.V.0.86%
Thai Oil Pcl0.86%
Bangchak Corporation Pcl0.86%
President Securities Corp.0.85%
Syrma SGS Technology Limited0.84%
Elite Semiconductor Microelectronics Technology Inc.0.84%
Anadolu Anonim Tuerk Sigorta Sirketi0.84%
Aygaz A.S.0.84%
IRPC Pcl0.84%
Grendene SA0.82%
Telkom SA SOC Limited0.81%
Marketech International Corp.0.81%
Truworths International Limited0.79%
Apacer Technology Inc.0.79%
PT Pabrik Kertas Tjiwi Kimia Tbk0.78%
PT Japfa Comfeed Indonesia Tbk0.77%
ASBISc Enterprises Plc0.77%
Marcopolo SA (Preference)0.77%
Megacable Holdings, S.A.B. de C.V. (Unit)0.76%
Ho Tung Chemical Corp.0.75%
HFCL Limited0.75%
Ta Liang Technology Co., Ltd.0.74%
Ratch Group Pcl0.74%
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. (Class D)0.74%
Pou Chen Corporation0.74%
Resilient REIT Ltd.0.74%
AP (Thailand) Pcl0.73%
Enerya Enerji A.S.0.73%
Grupo Argos SA (Preference)0.72%
PT Indah Kiat Pulp & Paper Tbk0.72%
PT Indo Tambangraya Megah Tbk0.71%
PT Alamtri Resources Indonesia Tbk0.71%

Only in QLVE

137 securities, 98.9% of QLVE by weight

Taiwan Semiconductor Manufacturing Co Ltd Common15.18%
Samsung Electronics Co Ltd Common Stock Krw 1006.54%
Sk Hynix Inc Common Stock Krw 50004.41%
Industrial & Commercial Bank of China Ltd Common2.40%
Tencent Holdings Ltd Common Stock Hkd 0.000022.39%
Samsung Electronics Co Ltd Preference Krw 1002.02%
Petroleo Brasileiro SA - Petrobras Preference Brl1.33%
Hdfc Bank Ltd Common Stock Inr 11.28%
Mediatek Inc Common Stock Twd 101.22%
Bank of China Ltd Common Stock Hkd 11.17%
Infosys Ltd Common Stock Inr 51.10%
Chunghwa Telecom Co Ltd Common Stock Twd 101.05%
First Financial Holding Co Ltd Common Stock Twd 101.04%
United Microelectronics Corp Common Stock Twd 101.03%
Tata Consultancy Services Ltd Common Stock Inr 11.03%
Petrochina Co Ltd Common Stock Hkd 11.01%
Novatek Microelectronics Corp Common Stock Twd 101.01%
Petroleo Brasileiro SA - Petrobras Common Stock0.95%
Bb Seguridade Participacoes SA Common Stock Brl0.93%
Far Eastone Telecommunications Co Ltd Common Stock0.91%
Ptt Exploration & Production Pcl Nvdr Thb 10.90%
Emirates Integrated Telecommunications Co Pjsc0.89%
China Construction Bank Corp Common Stock Hkd 10.88%
Caixa Seguridade Participacoes S/A Common Stock0.88%
Jarir Marketing Co Common Stock Sar 10.87%
Sun Pharmaceutical Industries Ltd Common Stock Inr0.86%
Bharti Airtel Ltd Common Stock Inr 50.84%
Promotora Y Operadora De Infraestructura Sab De Cv0.84%
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%
Hcl Technologies Ltd Common Stock Inr 20.78%
Asian Paints Ltd Common Stock Inr 10.77%
Largan Precision Co Ltd Common Stock Twd 100.77%
Hindustan Unilever Ltd Common Stock Inr 10.76%
Eicher Motors Ltd Common Stock Inr 10.75%
Guangdong Investment Ltd Common Stock Hkd 00.75%
Samsung Sds Co Ltd Common Stock Krw 5000.74%
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%

Weight gaps

FEMS and QLVE share no securities.

All 205 FEMS 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.

FEMS vs QLVE Cost

Overpaying FEMS vs QLVE

$11,597

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

FEMS 0.80%
$15,346
QLVE 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FEMS 0.80%
QLVE 0.18%
Overpaying

Year by year

Year	FEMS	QLVE	Overpaying
10	$1,422	$328	$1,094
20	$5,393	$1,281	$4,112
30	$15,346	$3,749	$11,597

Expense ratio

0.80%FEMS
0.18%QLVE, cheaper

QLVE0.18%FEMS0.80%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QLVE cheapest of 20 funds

FEMS 19th cheapest of 20 funds

FEMS vs QLVE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FEMS 4.52%, better; QLVE 3.17%
Payout (12M): FEMS $1.80; QLVE $1.02
Last payment: FEMS $0.40; QLVE $0.34
Ex-dividend: FEMS Sep 24, 2026; QLVE Sep 18, 2026
Paid on: FEMS Sep 30, 2026; QLVE Sep 24, 2026
Frequency: FEMS Quarterly; QLVE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FEMSQuarterly · 37 paymentsAll FEMS payments⁠

QLVEQuarterly · 26 paymentsAll QLVE payments⁠

FEMS vs QLVE Risk

Fall from peak · 5 years

FEMS
QLVE

Risk facts

VolatilityStd dev, 3 years: FEMS 14.2%QLVE 11.0%, better
Return per unit of riskSharpe ratio, 3 years: FEMS 0.29QLVE 1.11, better
Worst fallMax drawdown, 5 years: FEMS −21.2%, betterQLVE −23.6%
Market sensitivityBeta, 5 years: FEMS 0.61QLVE 0.83; Market = 1

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