FTHF vs QLVE: Grades, Fees and Holdings Compared

First Trust Emerging Markets Human Flourishing ETF

FTHFDNYSE Arca

Northern Trust Emerging Markets Quality Low Volatility ETF

QLVEBNYSE Arca

Overlap

24.5%by weight

Expense ratio

QLVE −0.57pt a year

FTHF0.75%QLVE0.18%

Avg volume · 30D

FTHF 43.9×the volume

FTHF17.7KQLVE404

3Y return · a year

FTHF +15.7pt

FTHF+33.1%QLVE+17.4%

FTHF vs QLVE Performance

Oct 31, 2025 – Oct 30, 2026

+41.5%FTHF+11.2%QLVE

Expense ratio: FTHF 0.75%; QLVE 0.18%, better
Fund size: FTHF $135M; QLVE $16M
1Y total return: FTHF +41.5%, better; QLVE +11.2%
Yield (12M): FTHF 3.55%, better; QLVE 3.17%
Holdings: FTHF 105; QLVE 155
Avg volume (30D): FTHF 17.7K sh, better; QLVE 404 sh
NAV per share: FTHF $42.80; QLVE $32.48
52W range

ETF.net Grade

Pillar letters and Scores for FTHF, QLVE, with each pillar’s weight
Pillar	FTHF	QLVE
Cost30% weight	F11	A100Higher
Mission25% weight	A85	A93Higher
Risk15% weight	D34	B66Higher
Tradability15% weight	C43Higher	F11
Holdings10% weight	D30	D32Higher
Durability5% weight	C45Higher	D33

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. FTHF 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 FTHF 19th 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 18DTLTENorthern Trust Morningstar Emerging Markets Factor Tilt ETFScore 31
Rank 19DFTHFFirst Trust Emerging Markets Human Flourishing ETFScore 26
VEEMNot yet graded

Our read on each fund

ETF.net Research

FTHFDFirst Trust Emerging Markets Human Flourishing ETF

QLVEBNorthern Trust Emerging Markets Quality Low Volatility ETF

In short

FTHF First Trust's emerging markets fund tracks a "human flourishing" index, layering profitability and quality screens onto roughly 100 EM stocks. No other fund in its peer group follows the same benchmark.

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

FTHF The fund seeks to track the Emerging Markets Human Flourishing Index before fees and expenses and normally invests at least 80% of net assets in securities comprising that 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

FTHF A mandate nobody else runs: it is the only fund in its emerging markets multifactor peer group tracking the Emerging Markets Human Flourishing Index.ftportfolios.com
The index screen is advertised on profitability and quality, so the basket leans toward EM companies that earn their keep rather than whoever has the biggest market cap.ftportfolios.com
Rules-based and readable: roughly 100 stocks, with at least 80% of net assets normally in index constituents. You can see what you own and why.ftportfolios.com
Distributions run on a quarterly schedule, the standard cadence for a diversified equity index fund.

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

FTHF The specialty index carries a specialty price: 0.75% a year, versus 0.26% at EMGF and 0.36% at AVES. You are paying up for the screen.
Launched in 2023 and thinly traded, so the record is short and spreads can run wider than in the category's household-name funds.
It is emerging markets equity, full stop: currency swings, local politics and single-country concentration ride along with the factor screen.

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 FTHF profile⁠

Full QLVE profile⁠

FTHF vs QLVE Holdings

How FTHF and QLVE differ

Overlap by weight

24.5%

Shared holdings make up 41.8% of FTHF and 36.1% of QLVE.

Level by level

Holdings20 in both24.5%
Countryby domicile51.6%
Sector11 Sectors75.1%
Asset classEquity100%

Sector

Sector weights in FTHF and QLVE, widest gap first
Sector	More in FTHFMore in QLVE	FTHF	QLVE
Financials	FTHF +10.0 points	27.1%	17.1%
Communication	QLVE +9.4 points	0.9%	10.3%
Technology	FTHF +6.8 points	46.6%	39.8%
Materials	FTHF +5.5 points	8.2%	2.7%
Consumer Discretionary	QLVE +3.6 points	0.7%	4.3%
Health Care	QLVE +3.3 points	0.6%	3.9%
Consumer Staples	QLVE +3.2 points	2.8%	6.0%
Utilities	QLVE +2.6 points	1.7%	4.3%
Industrials	FTHF +2.6 points	5.4%	2.8%
Energy	QLVE +2.2 points	6.0%	8.2%
Real Estate	QLVE +0.5 points	0.0%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in FTHF and QLVE, widest gap first
Country	More in FTHFMore in QLVE	FTHF	QLVE
South Africa	FTHF +17.4 points	20.2%	2.8%
India	QLVE +16.8 points	0.0%	16.8%
China	QLVE +14.6 points	0.0%	14.6%
Mexico	FTHF +9.3 points	10.7%	1.4%
Taiwan	QLVE +8.2 points	19.6%	27.8%
Brazil	FTHF +7.5 points	14.2%	6.7%
Poland	FTHF +6.2 points	6.4%	0.2%
Malaysia	QLVE +5.4 points	0.0%	5.4%
Other countries (7)	FTHF +4.6 points	28.9%	24.3%

Outside the US: FTHF 0% developed, 100% emerging. QLVE 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

FTHF45.8%
QLVE37.9%

Securities held

FTHF101
QLVE137

Asset class

FTHF: Equity
QLVE: Equity

Holdings

Only in FTHF81
In both20
Only in QLVE117

Only in FTHF

81 securities, 57.6% of FTHF by weight

Weg S.a.3.40%
Falabella SA2.85%
Valterra Platinum Limited2.65%
Industrias Penoles, S.A.B. de C.V.2.56%
CEMEX, S.A.B. de C.V. (Unit)2.54%
Walmart de Mexico, S.A.B. de C.V.2.54%
Grupo Financiero Banorte, S.A.B. de C.V.2.31%
FirstRand Limited2.05%
Powszechna Kasa Oszczednosci Bank Polski S.A.1.84%
Capitec Limited1.80%
Standard Bank Group Limited1.68%
KGHM Polska Miedz S.A.1.55%
Impala Platinum Holdings Limited1.37%
Grupo Cibest S.A. (Preference)1.23%
Coca-Cola FEMSA, S.A.B. de C.V.1.11%
National Bank of Greece S.A.1.09%
Vodacom Group Limited1.08%
Itausa S.A. (Preference Shares)1.05%
Bank Pekao S.A.1.03%
ASE Technology Holding Co., Ltd.0.92%
Compania de Minas Buenaventura S.A.A. (ADR)0.92%
B3 S.A. - Brasil, Bolsa, Balcao0.91%
Eurobank S.A.0.90%
Piraeus Bank S.A.0.86%
Northam Platinum Holdings Limited0.83%
Gerdau S.A. (Preferred Shares)0.82%
Absa Group Limited0.79%
Powszechny Zaklad Ubezpieczen S.A.0.77%
Erste Bank Polska S.A.0.76%
Discovery Limited0.71%
Banco de Chile0.69%
Sanlam Limited0.67%
Alpha Bank S.A.0.59%
Nedbank Group Limited0.58%
Elite Material Co., Ltd.0.52%
SK Square Co., Ltd.0.50%
CTBC Financial Holding Co., Ltd.0.50%
Samsung Electro-Mechanics Co., Ltd.0.45%
Banco de Credito e Inversiones0.42%
mBank S.A.0.40%
Cathay Financial Holding Co., Ltd.0.40%
KB Financial Group, Inc.0.36%
Yuanta Financial Holding Co., Ltd.0.36%
Banco Santander Chile0.35%
Asia Vital Components Co., Ltd.0.34%
Shinhan Financial Group Co., Ltd.0.29%
Accton Technology Corp.0.28%
E.SUN Financial Holding Co., Ltd.0.28%
Nanya Technology Corporation0.27%
Global Unichip Corporation0.24%

Only in QLVE

117 securities, 62.8% of QLVE by weight

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%
Hdfc Bank Ltd Common Stock Inr 11.28%
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%
Tata Consultancy Services Ltd Common Stock Inr 11.03%
Petrochina Co Ltd Common Stock Hkd 11.01%
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%
Hindustan Unilever Ltd Common Stock Inr 10.76%
Eicher Motors Ltd Common Stock Inr 10.75%
Guangdong Investment Ltd Common Stock Hkd 00.75%
Marico Ltd Common Stock Inr 10.73%
Ecopetrol SA Common Stock Cop 2500.72%
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%
China Shenhua Energy Co Ltd Common Stock Hkd 10.58%
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%

Weight gaps

All 20 Holdings in both funds, largest gap first.

Holding weights in FTHF and QLVE, widest gap first
Holding	More in FTHFMore in QLVE	FTHF	QLVE
Taiwan Semiconductor Manufacturing Company Ltd.	QLVE +7.08 points	8.10%	15.18%
Gold Fields Limited	FTHF +3.97 points	3.99%	0.02%
Itau Unibanco Holding S.A. (Preference Shares)	FTHF +3.57 points	3.66%	0.09%
Petroleo Brasileiro S.A. (Petrobras) (Preference Shares)	FTHF +3.17 points	4.50%	1.33%
SK Hynix Inc.	FTHF +2.44 points	6.85%	4.41%
Bid Corporation Limited	FTHF +1.45 points	1.73%	0.28%
Novatek Microelectronics Corporation	QLVE +0.89 points	0.12%	1.01%
First Financial Holding Co., Ltd.	QLVE +0.85 points	0.19%	1.04%
MediaTek Inc.	FTHF +0.83 points	2.05%	1.22%
Samsung Electronics Co., Ltd.	FTHF +0.74 points	7.28%	6.54%
Samsung SDS Co., Ltd.	QLVE +0.69 points	0.05%	0.74%
Largan Precision Co. Ltd.	QLVE +0.61 points	0.16%	0.77%
United Microelectronics Corporation	QLVE +0.56 points	0.47%	1.03%
Mega Financial Holding Co., Ltd.	QLVE +0.47 points	0.23%	0.70%
Realtek Semiconductor Corp.	QLVE +0.42 points	0.14%	0.56%
Delta Electronics Inc.	FTHF +0.42 points	0.91%	0.49%
Unimicron Technology Corporation	FTHF +0.37 points	0.49%	0.12%
Taiwan Cooperative Financial Holding Co., Ltd.	FTHF +0.07 points	0.12%	0.05%
BDO Unibank, Inc.BDOUF	QLVE +0.05 points	0.36%	0.41%
NAVER Corporation	FTHF +0.05 points	0.18%	0.13%

All 101 FTHF 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.

FTHF vs QLVE Cost

Overpaying FTHF vs QLVE

$10,733

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

FTHF 0.75%
$14,482
QLVE 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FTHF 0.75%
QLVE 0.18%
Overpaying

Year by year

Year	FTHF	QLVE	Overpaying
10	$1,336	$328	$1,008
20	$5,078	$1,281	$3,797
30	$14,482	$3,749	$10,733

Expense ratio

0.75%FTHF
0.18%QLVE, cheaper

QLVE0.18%FTHF0.75%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QLVE cheapest of 20 funds

FTHF 18th cheapest of 20 funds

FTHF vs QLVE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FTHF 3.55%, better; QLVE 3.17%
Payout (12M): FTHF $1.52; QLVE $1.02
Last payment: FTHF $0.23; QLVE $0.34
Ex-dividend: FTHF Sep 24, 2026; QLVE Sep 18, 2026
Paid on: FTHF Sep 30, 2026; QLVE Sep 24, 2026
Frequency: FTHF Quarterly; QLVE Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

FTHFQuarterly · 12 paymentsAll FTHF payments⁠

QLVEQuarterly · 26 paymentsAll QLVE payments⁠

FTHF vs QLVE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FTHF 24.2%QLVE 11.0%, better
Return per unit of riskSharpe ratio, 3 years: FTHF 1.13, betterQLVE 1.11
Worst fallMax drawdown, 5 years: FTHF −21.1%since Oct 2023QLVE −23.6%
Market sensitivityBeta, 5 years: FTHF 1.01QLVE 0.83; Market = 1

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