GEM vs QLVE: Grades, Fees and Holdings Compared

Goldman Sachs ActiveBeta Emerging Markets Equity ETF

GEMBNYSE Arca

Northern Trust Emerging Markets Quality Low Volatility ETF

QLVEBNYSE Arca

Overlap

42.6%by weight

Expense ratio

QLVE −0.17pt a year

GEM0.35%QLVE0.18%

Avg volume · 30D

GEM 307.3×the volume

GEM124KQLVE404

5Y return · a year

GEM+7.0%QLVE+7.0%

GEM vs QLVE Performance

Oct 29, 2021 – Oct 30, 2026

+40.2%GEM+40.2%QLVE

Expense ratio: GEM 0.35%; QLVE 0.18%, better
Fund size: GEM $1.68B; QLVE $16M
1Y total return: GEM +13.2%, better; QLVE +11.2%
Yield (12M): GEM 2.06%; QLVE 3.17%, better
Holdings: GEM 734; QLVE 155
Avg volume (30D): GEM 124K sh, better; QLVE 404 sh
NAV per share: GEM $47.78; QLVE $32.48
52W range

ETF.net Grade

Pillar letters and Scores for GEM, QLVE, with each pillar’s weight
Pillar	GEM	QLVE
Cost30% weight	B68	A100Higher
Mission25% weight	Not scored	A93
Risk15% weight	C41	B66Higher
Tradability15% weight	C52Higher	F11
Holdings10% weight	D37Higher	D32
Durability5% weight	A76Higher	D33

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. GEM 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 GEM 9th 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 9BGEMGoldman Sachs ActiveBeta Emerging Markets Equity ETFScore 56
Rank 10CUEVMVictoryShares Emerging Markets Value Momentum ETFScore 50

Our read on each fund

ETF.net Research

GEMBGoldman Sachs ActiveBeta Emerging Markets Equity ETF

QLVEBNorthern Trust Emerging Markets Quality Low Volatility ETF

In short

GEM Goldman's 2015 ETF debut class included this one: emerging markets screened through four factors (value, momentum, quality, low volatility) across roughly 700 names for 0.35% a year. A full-market map with tilts, not a concentrated bet.

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

GEM The Fund seeks to closely track, before fees and expenses, the Goldman Sachs ActiveBeta® Emerging Markets Equity Index, which provides exposure to equity securities of emerging-market issuers.

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

GEM Four factors at once: good value, strong momentum, high quality and low volatility, scored stock by stock and blended, so no single tilt runs the portfolio.gsam.com
0.35% a year, below the median for emerging-market multifactor funds, with no fee waiver doing the work: the gross and net numbers are the same.
Roughly 700 holdings gives it the breadth of a core EM index fund rather than a narrow factor sleeve, and it has been a multi-billion-dollar fund trading since 2015.
One of the stronger implementations in a crowded multifactor emerging-market field, and it tracks a single named index rather than a shifting in-house process.gsam.com

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

GEM Cheaper multifactor EM options exist: EMGF at 0.26% and FDEM at 0.25%, neither leaning on a waiver.
Blending four factors mutes each one, so the tilt is gentler than a single-factor fund like AVES, which goes all in on value.
Emerging-market stocks swing hard, and currency moves and country concentration come with the mandate. The factor screen tilts that exposure, it does not defuse it.

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 GEM profile⁠

Full QLVE profile⁠

GEM vs QLVE Holdings

How GEM and QLVE differ

Overlap by weight

42.6%

Shared holdings make up 83.2% of QLVE and 46.7% of GEM.

Level by level

Holdings96 in both42.6%
Sector11 Sectors84.5%
Countryby domicile84.9%
Asset classEquity100%

Sector

Sector weights in GEM and QLVE, widest gap first
Sector	More in GEMMore in QLVE	GEM	QLVE
Energy	QLVE +5.1 points	3.1%	8.2%
Communication	QLVE +4.1 points	6.2%	10.3%
Technology	GEM +3.9 points	43.7%	39.8%
Financials	GEM +3.5 points	20.6%	17.1%
Consumer Staples	QLVE +3.1 points	2.9%	6.0%
Consumer Discretionary	GEM +3.2 points	7.5%	4.3%
Utilities	QLVE +2.5 points	1.8%	4.3%
Materials	GEM +2.5 points	5.2%	2.7%
Industrials	GEM +2.2 points	5.0%	2.8%
Health Care	QLVE +0.6 points	3.3%	3.9%
Real Estate	GEM +0.4 points	0.9%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in GEM and QLVE, widest gap first
Country	More in GEMMore in QLVE	GEM	QLVE
China	GEM +6.1 points	20.7%	14.6%
India	QLVE +5.0 points	11.8%	16.8%
Malaysia	QLVE +4.8 points	0.6%	5.4%
Brazil	QLVE +2.5 points	4.2%	6.7%
South Africa	GEM +2.0 points	4.8%	2.8%
Taiwan	GEM +1.4 points	29.2%	27.8%
Philippines	QLVE +1.2 points	0.3%	1.5%
United States	GEM +1.2 points	1.2%	0.0%
Other countries (10)	GEM +2.9 points	27.3%	24.4%

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

Concentration

Weight in the 10 largest Holdings

GEM36.4%
QLVE37.9%

Securities held

GEM722
QLVE137

Asset class

GEM: Equity
QLVE: Equity

Holdings

Only in GEM626
In both96
Only in QLVE41

Only in GEM

626 securities, 53.2% of GEM by weight

Alibaba Group Holding Limited1.55%
Ishares, Inc.-Ishares Msci Mal0.53%
Samsung Electro-Mechanics0.50%
Ince/Icus Msci Emg 12/20260.49%
Ase Technology Holding Co Ltd0.34%
Otp Bank Nyrt0.33%
Elite Material Co., Ltd.0.32%
Aspeed Technology Inc0.32%
Xiaomi Corporation0.31%
Ctbc Financial Holding Co Ltd0.30%
Sk Square Co., Ltd.0.30%
Lg Electronics0.30%
Fubon Financial Holding Co Ltd0.30%
Anglogold Ashanti PLC0.29%
Capitec Limited0.29%
Kb Financial Group Inc.0.28%
King Slide Works Co., Ltd.0.27%
Standard Bank Group Ltd0.25%
Grupo Financiero Banorte-O0.25%
Commercial International Bank - Egypt (Cib)0.25%
Sk Telecom0.25%
Cathay Financial Holding Co0.24%
Advantech Co., Ltd.0.24%
Saudi Arabian Oil Company0.23%
Meituan0.23%
Shinhan Financial Group Co. Ltd.0.23%
Chroma Ate Inc.0.22%
Hana Financial Group Inc.0.22%
Beone Medicines Ltd.0.22%
Netease, Inc.0.22%
Ping An Insurance (Group)0.21%
Lenovo Group Limited0.21%
Lpp Spolka Akcyjna0.21%
Nu Holdings Ltd.0.21%
Powszechna Kasa Oszczednosci Bank Polski Spolka Ak0.20%
Kgi Financial Holding Co. Ltd.0.20%
Woori Financial Group Inc.0.20%
Innolux Corporation0.19%
Firstrand Ltd0.19%
Delta Electronics (Th) Pcl0.19%
Tech Mahindra Limited0.19%
Bank Pekao0.19%
Pegatron Corporation0.19%
Sinopac Finl Hldgs Co. Ltd0.19%
Nan Ya Plastics Corp0.19%
Bse Limited0.18%
China Life Insurance Co Ltd0.18%
Yuanta Financial Hldg Co Ltd0.18%
Asia Vital Components Co., Ltd0.18%
Credicorp Ltd.0.18%

Only in QLVE

41 securities, 15.8% of QLVE by weight

Chongqing Rural Commercial Bank Co Ltd Common0.82%
Hindustan Unilever Ltd Common Stock Inr 10.76%
Ecopetrol SA Common Stock Cop 2500.72%
Saudi Basic Industries Corp Common Stock Sar 100.68%
Public Bank Bhd Common Stock Myr 00.67%
Saudi Aramco Base Oil Co Common Stock Sar 100.66%
Manila Electric Co Common Stock Php 100.61%
Fertiglobe PLC Common Stock0.60%
Petronas Gas Bhd Common Stock Myr 00.56%
Petronas Dagangan Bhd Common Stock Myr 00.54%
Malayan Banking Bhd Common Stock Myr 00.54%
Misc Bhd Common Stock Myr 00.52%
Abu Dhabi National Oil Co For Distribution Pjsc0.51%
Telekom Malaysia Bhd Common Stock Myr 00.50%
Msci Emgmkt Equity Index 18/DEC/2026 MESZ6 Index0.48%
Dr Sulaiman Al Habib Medical Services Group Co0.47%
Rhb Bank Bhd Common Stock Myr 10.47%
Dar Al Arkan Real Estate Development Co Common0.46%
Ihh Healthcare Bhd Common Stock Myr 00.45%
Quinenco SA Common Stock Clp 00.44%
Huaneng Power International Inc Common Stock Hkd 10.43%
Qatar International Islamic Bank Qsc Common Stock0.42%
Bdo Unibank Inc Common Stock Php 100.41%
Posco International Corp Common Stock Krw 50000.40%
Waaree Energies Ltd Common Stock Inr 100.39%
Vishal Mega Mart Ltd Common Stock Inr 100.38%
Koc Holding As Common Stock Try 10.34%
Netease Inc Adr USD 0.00010.32%
Petronas Chemicals Group Bhd Common Stock Myr 00.28%
Bharti Hexacom Ltd Common Stock Inr 50.25%
Tenaga Nasional Bhd Common Stock Myr 00.22%
Arabian Internet & Communications Services Co0.12%
Saudi Arabian Ryal0.11%
Qatari Rial0.07%
Elm Co Common Stock Sar 100.05%
Commercial Bank of Dubai Psc Common Stock Aed 10.04%
Banco Bbva Peru SA Common Stock Pen 10.04%
Kuwaiti Dinar0.02%
Chinese Renminbi (Yuan)<0.01%
Peruvian New Sol<0.01%
Polish Zloty - New<0.01%

Weight gaps

All 96 Holdings in both funds, largest gap first.

Holding weights in GEM and QLVE, widest gap first
Holding	More in GEMMore in QLVE	GEM	QLVE
Industrial and Commercial Bank of China Ltd	QLVE +1.99 points	0.41%	2.40%
Petrobras Pref Reg Shs	QLVE +1.11 points	0.22%	1.33%
Samsung Electronics 1 Pfd	QLVE +0.97 points	1.05%	2.02%
Chunghwa Telecom Co.ltd	QLVE +0.92 points	0.13%	1.05%
First Financial Holding Co. Ltd.	QLVE +0.91 points	0.13%	1.04%
Infosys Limited	QLVE +0.88 points	0.22%	1.10%
Tata Consultancy Services Limited	QLVE +0.87 points	0.16%	1.03%
Far Eastone Telecom Co Ltd	QLVE +0.86 points	0.05%	0.91%
Ptt Exploration and Production Public Company Limi	QLVE +0.85 points	0.05%	0.90%
Emirates Integrated Telecommunications Company Pjs	QLVE +0.82 points	0.07%	0.89%
Novatek Microelectronics Ltd	QLVE +0.81 points	0.20%	1.01%
Petrochina Co Ltd	QLVE +0.80 points	0.21%	1.01%
Hdfc Bank Limited	QLVE +0.80 points	0.48%	1.28%
Bank of China Limited	QLVE +0.79 points	0.38%	1.17%
Promotora Y Operadora De Infraestructura, S.a.b. D	QLVE +0.79 points	0.05%	0.84%
Bangkok Dusit Med Svcs Pcl	QLVE +0.79 points	0.04%	0.83%
Sun Pharmaceutical Indus Ltd	QLVE +0.76 points	0.10%	0.86%
Jarir Marketing Company	QLVE +0.74 points	0.13%	0.87%
United Microelectronics Corp	QLVE +0.74 points	0.29%	1.03%
Asian Paints (India) Limited	QLVE +0.73 points	0.04%	0.77%
Largan Precision Co., Ltd.	QLVE +0.73 points	0.04%	0.77%
Petroleo Brasileiro Petrobras	QLVE +0.72 points	0.23%	0.95%
KT&G Corporation	QLVE +0.72 points	0.07%	0.79%
Caixa Seguridade Participacoes S A	QLVE +0.71 points	0.17%	0.88%
Eicher Motors Limited	QLVE +0.71 points	0.04%	0.75%
Bb Seguridade Participacoes SA	QLVE +0.70 points	0.23%	0.93%
Guangdong Investment Ltd	QLVE +0.68 points	0.07%	0.75%
Marico Limited	QLVE +0.63 points	0.10%	0.73%
Samsung Sds Co., Ltd.	QLVE +0.62 points	0.12%	0.74%
Hcl Technologies Limited	QLVE +0.62 points	0.16%	0.78%
Tingyi (Cayman Islands) Holding Corp.	QLVE +0.61 points	0.08%	0.69%
Saudi Investment Bank	QLVE +0.60 points	0.08%	0.68%
Taiwan Semiconductor Mfg Co	GEM +0.58 points	15.76%	15.18%
Mega Financial Holding Company	QLVE +0.57 points	0.13%	0.70%
Bharti Airtel Limited	QLVE +0.56 points	0.28%	0.84%
Cipla Limited	QLVE +0.55 points	0.08%	0.63%
Korea Electric Power Corp	QLVE +0.54 points	0.09%	0.63%
China Shenhua Energy Co Ltd	QLVE +0.53 points	0.05%	0.58%
Britannia Industries Ltd	QLVE +0.52 points	0.10%	0.62%
Pidilite Industries Ltd	QLVE +0.52 points	0.12%	0.64%
Samsung Electronics Co., Ltd.	GEM +0.51 points	7.05%	6.54%
China Citic Bank	QLVE +0.50 points	0.13%	0.63%
Taiwan Mobile Co., Ltd.	QLVE +0.49 points	0.09%	0.58%
Sk Hynix Inc	GEM +0.49 points	4.90%	4.41%
Tupras-Turkiye Petrol Rafine	QLVE +0.48 points	0.09%	0.57%
Metropolitan Bank & TrustMTPOF	QLVE +0.48 points	0.06%	0.54%
Cez As	QLVE +0.47 points	0.05%	0.52%
Aselsan Elektronik Sanayi Ve Ticaret As	QLVE +0.45 points	0.06%	0.51%
Divi's Laboratories Limited	QLVE +0.44 points	0.05%	0.49%
Kunlun Energy Company Ltd	QLVE +0.44 points	0.09%	0.53%
Telefonica Brasil SA	QLVE +0.44 points	0.06%	0.50%
Itc Limited	QLVE +0.44 points	0.05%	0.49%
Hon Hai Precision Industry	GEM +0.44 points	0.53%	0.09%
Want Want China Holdings Limited	QLVE +0.41 points	0.03%	0.44%
Mobile Telecommunications	QLVE +0.40 points	0.10%	0.50%
Falabella S.a.	QLVE +0.37 points	0.11%	0.48%
Maruti Suzuki India Limited	QLVE +0.36 points	0.05%	0.41%
China Tower Corporation Limited	QLVE +0.37 points	0.07%	0.44%
Muthoot Finance Limited	QLVE +0.35 points	0.09%	0.44%
Reliance Industries Limited	GEM +0.34 points	0.38%	0.04%
Mediatek Inc.	GEM +0.34 points	1.56%	1.22%
Gruma, S.a.b De C.v. Shs B	QLVE +0.33 points	0.05%	0.38%
Tim Sa/Brazil	QLVE +0.33 points	0.04%	0.37%
Krafton Inc	QLVE +0.32 points	0.10%	0.42%
Cpfl Energia, S.a.	QLVE +0.32 points	0.08%	0.40%
Advanced Info Service Public Company Limited	QLVE +0.30 points	0.10%	0.40%
Nestle India Limited	QLVE +0.29 points	0.12%	0.41%
Realtek Semiconductor Corp	QLVE +0.28 points	0.28%	0.56%
Itau Unibanco Holding S.a.	GEM +0.26 points	0.35%	0.09%
Prio S.a.	QLVE +0.24 points	0.04%	0.28%
Ambev SA	QLVE +0.21 points	0.04%	0.25%
President Chain Store Corp	QLVE +0.19 points	0.12%	0.31%
Posco Holdings Inc	QLVE +0.19 points	0.05%	0.24%
Delta Electronics, Inc.	GEM +0.19 points	0.68%	0.49%
Lupin Limited	QLVE +0.17 points	0.10%	0.27%
Gold Fields Ltd	GEM +0.17 points	0.19%	0.02%
Fsn E-Commerce Ventures Ltd	QLVE +0.16 points	0.14%	0.30%
Bid Corporation Ltd	QLVE +0.15 points	0.13%	0.28%
Icici Bank Limited	GEM +0.14 points	0.51%	0.37%
Companhia Vale Do Rio Doce On	GEM +0.14 points	0.24%	0.10%
Hero Motocorp Limited	QLVE +0.13 points	0.09%	0.22%
Grupo Mexico S.a De C.v	GEM +0.11 points	0.16%	0.05%
Pdd Holdings Inc-AdrPDD	GEM +0.08 points	0.31%	0.23%
Allegro.eu	QLVE +0.08 points	0.08%	0.16%
Al-Rajhi Banking & Investment Corporation	QLVE +0.07 points	0.27%	0.34%
Colgate-Palmolive (India) Limited	GEM +0.07 points	0.09%	0.02%
Meritz Financial Group Inc	QLVE +0.06 points	0.19%	0.25%
Taiwan Cooperative Financial Holding Co.,ltd.	GEM +0.07 points	0.12%	0.05%
Unimicron Technology Corp	GEM +0.05 points	0.17%	0.12%
Tencent Holdings Limited	GEM +0.05 points	2.44%	2.39%
Torrent Pharmaceuticals Limited	GEM +0.05 points	0.12%	0.07%
Oracle Financial Services Software Limited	QLVE +0.04 points	0.14%	0.18%
Naver Corporation	QLVE +0.03 points	0.10%	0.13%
Mrf Limited	GEM +0.02 points	0.06%	0.04%
Picc Ppty & Casualty Co Ltd	QLVE +0.01 points	0.09%	0.10%
China Construction Bank Corp	QLVE +0.01 points	0.87%	0.88%

All 738 GEM 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.

GEM vs QLVE Cost

Overpaying GEM vs QLVE

$3,377

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

GEM 0.35%
$7,126
QLVE 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

GEM 0.35%
QLVE 0.18%
Overpaying

Year by year

Year	GEM	QLVE	Overpaying
10	$634	$328	$306
20	$2,454	$1,281	$1,173
30	$7,126	$3,749	$3,377

Expense ratio

0.35%GEM
0.18%QLVE, cheaper

QLVE0.18%GEM0.35%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QLVE cheapest of 20 funds

GEM 6th cheapest of 20 funds

GEM vs QLVE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GEM 2.06%; QLVE 3.17%, better
Payout (12M): GEM $0.96; QLVE $1.02
Last payment: GEM $0.96; QLVE $0.34
Ex-dividend: GEM Dec 23, 2025; QLVE Sep 18, 2026
Paid on: GEM Dec 30, 2025; QLVE Sep 24, 2026
Frequency: GEM Annual; QLVE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GEMAnnual · 28 paymentsAll GEM payments⁠

QLVEQuarterly · 26 paymentsAll QLVE payments⁠

GEM vs QLVE Risk

Fall from peak · 5 years

GEM
QLVE

Risk facts

VolatilityStd dev, 3 years: GEM 15.6%QLVE 11.0%, better
Return per unit of riskSharpe ratio, 3 years: GEM 1.02QLVE 1.11, better
Worst fallMax drawdown, 5 years: GEM −31.4%QLVE −23.6%, better
Market sensitivityBeta, 5 years: GEM 1.10QLVE 0.83; Market = 1

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