JPEM vs QEMM: Grades, Fees and Holdings Compared

JPMorgan Diversified Return Emerging Markets Equity ETF

JPEMBNYSE Arca

State Street SPDR MSCI Emerging Markets StrategicFactors ETF

QEMMBNYSE Arca

Overlap

14.4%by weight

Expense ratio

QEMM −0.14pt a year

JPEM0.44%QEMM0.30%

Avg volume · 30D

JPEM 4.5×the volume

JPEM17.4KQEMM3.85K

10Y return · a year

QEMM +0.8pt

JPEM+6.6%QEMM+7.4%

JPEM vs QEMM Performance

Nov 2, 2021 – Nov 2, 2026

+36.6%JPEM+39.0%QEMM

Expense ratio: JPEM 0.44%; QEMM 0.30%, better
Fund size: JPEM $362M; QEMM $56M
1Y total return: JPEM +7.6%; QEMM +16.8%, better
Yield (12M): JPEM 4.68%, better; QEMM 4.65%
Holdings: JPEM 562; QEMM 836
Avg volume (30D): JPEM 17.4K sh, better; QEMM 3.85K sh
NAV per share: JPEM $61.28; QEMM $76.87
52W range

ETF.net Grade

Pillar letters and Scores for JPEM, QEMM, with each pillar’s weight
Pillar	JPEM	QEMM
Cost30% weight	C53	A82Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A74Higher	B67
Tradability15% weight	B68Higher	D36
Holdings10% weight	B63Higher	B59
Durability5% weight	A72Higher	C52

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. JPEM and QEMM 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 ›

QEMM ranks 4th and JPEM 6th of 20 funds in the Emerging Markets Multifactor Category.

Rank 1AEMGFiShares Emerging Markets Equity Factor ETFScore 75
Rank 2AAVESAvantis Emerging Markets Value ETFScore 71
Rank 3AFDEMFidelity Emerging Markets Multifactor ETFScore 70
Rank 4BQEMMState Street SPDR MSCI Emerging Markets StrategicFactors ETFScore 64
Rank 5BDFEVDimensional Emerging Markets Value ETFScore 63
Rank 6BJPEMJPMorgan Diversified Return Emerging Markets Equity ETFScore 62
Rank 7BQLVENorthern Trust Emerging Markets Quality Low Volatility ETFScore 61

Our read on each fund

ETF.net Research

JPEMBJPMorgan Diversified Return Emerging Markets Equity ETF

QEMMBState Street SPDR MSCI Emerging Markets StrategicFactors ETF

In short

JPEM A 2015-vintage multifactor read on emerging markets: JPMorgan spreads roughly 600 names across value, quality and momentum rather than letting the biggest companies set the weights.

QEMM Instead of betting on one factor, QEMM buys value, quality and low volatility across emerging markets at once, packing roughly 800 stocks into a single MSCI factor-blend index for 0.30% a year.

Stated mandate

JPEM The fund is designed to provide emerging-markets equity exposure with potentially improved risk-adjusted returns versus a market-cap-weighted index.

QEMM The fund seeks to track the MSCI Emerging Markets (EM) Factor Mix A-Series Index.

Why people hold it

JPEM Blends three factors at once (value, quality, momentum) instead of betting on one, tracking JPMorgan's own Diversified Factor Emerging Markets index.
The 0.44% expense ratio sits under the typical multifactor EM fund's fee.
Roughly 600 holdings spread the bet wide, and the fund pays quarterly.
Rates as one of the stronger builds in a crowded multifactor EM field on our review.

QEMM One ticket, three tilts: the MSCI EM Factor Mix A-Series Index blends value, quality and low volatility, so no single style has to be in favor for the strategy to run as designed.ssga.com
At 0.30% a year it undercuts the typical fee in the multifactor emerging-markets crowd, and the portfolio is built by index rules rather than a manager's hunch.
Running since 2014 with roughly 800 holdings and State Street behind the wrapper: a long-lived option in a corner of the market where niche products often quietly close.
The low-volatility sleeve is the tell. This is emerging-markets exposure assembled to smooth the ride, not to chase the hottest single factor.ssga.com

Worth knowing

JPEM Thinly traded, so bid-ask spreads can run wider than the giant cap-weighted EM index funds.
Cheaper factor routes exist: EMGF charges 0.26% and QEMM 0.30%.
Factor weighting means the portfolio can look nothing like a market-cap EM benchmark, and diverge from it for long stretches.

QEMM Trades thinner than the category's household names, so spreads can be wider. That bites most on large or hurried orders.
Splitting the bet three ways dilutes each factor by design, so the portfolio rarely looks or moves like a plain-vanilla emerging-markets index.
Distributions land once or twice a year rather than quarterly, and peers such as EMGF carry a lower fee for multifactor EM exposure.

Full JPEM profile⁠

Full QEMM profile⁠

JPEM vs QEMM Holdings

How JPEM and QEMM differ

Overlap by weight

14.4%

Shared holdings make up 30.0% of JPEM and 23.5% of QEMM.

Level by level

Holdings97 in both14.4%
Countryby domicile60.4%
Sector11 Sectors71.7%
Asset classEquity100%

Sector

Sector weights in JPEM and QEMM, widest gap first
Sector	More in JPEMMore in QEMM	JPEM	QEMM
Technology	QEMM +28.3 points	7.5%	35.8%
Industrials	JPEM +8.2 points	13.4%	5.2%
Utilities	JPEM +7.5 points	9.9%	2.4%
Materials	JPEM +3.9 points	10.7%	6.8%
Energy	JPEM +2.4 points	7.3%	4.9%
Consumer Staples	JPEM +1.6 points	6.9%	5.3%
Financials	JPEM +1.4 points	23.2%	21.8%
Real Estate	JPEM +1.3 points	2.1%	0.8%
Health Care	JPEM +0.9 points	4.4%	3.5%
Consumer Discretionary	JPEM +0.6 points	7.4%	6.8%
Communication	JPEM +0.5 points	7.2%	6.7%

Country, concentration and asset class

Country by domicile

Country weights in JPEM and QEMM, widest gap first
Country	More in JPEMMore in QEMM	JPEM	QEMM
Taiwan	QEMM +17.4 points	13.1%	30.5%
South Africa	JPEM +14.4 points	18.4%	4.0%
South Korea	QEMM +11.5 points	0.0%	11.5%
Brazil	JPEM +8.1 points	11.8%	3.7%
India	QEMM +7.0 points	8.2%	15.2%
Mexico	JPEM +5.9 points	7.9%	2.0%
Thailand	JPEM +4.3 points	6.0%	1.7%
Chile	JPEM +2.8 points	3.4%	0.6%
Other countries (11)	JPEM +0.6 points	31.3%	30.7%

Outside the US: JPEM 0% developed, 100% emerging. QEMM 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

JPEM11.5%
QEMM24.5%

Securities held

JPEM555
QEMM813

Asset class

JPEM: Equity
QEMM: Equity

Holdings

Only in JPEM458
In both97
Only in QEMM716

Only in JPEM

458 securities, 69.9% of JPEM by weight

Anglogold Ashanti PLC0.89%
Grupo Mexico Sab De Cv0.81%
Naspers Ltd Common Stock0.74%
Otp Bank Nyrt Common0.72%
Grupo Financiero Banorte0.72%
Grupo Aeroportuario Del0.64%
Infosys Ltd Common Stock0.60%
Saudi Telecom Co Common0.59%
America Movil Sab De Cv0.54%
Mtn Group Ltd Common0.53%
Firstrand Ltd Common0.53%
Gold Fields Ltd Common0.53%
Ptt Pcl Nvdr Thb 10.50%
Hindustan Unilever Ltd0.49%
Emirates0.49%
Abu Dhabi Commercial0.48%
Standard Bank Group Ltd0.48%
Cemex Sab De Cv Unit Mxn0.47%
Kasikornbank Pcl Nvdr0.45%
Valterra Platinum Ltd0.45%
Wal-Mart De Mexico Sab De0.42%
Yangzijiang Shipbuilding0.37%
Advanced Info Service0.36%
Malayan Banking Bhd0.36%
Arca Continental Sab De0.36%
Saudi Arabian Oil Co0.35%
Krung Thai Bank Pcl0.35%
Ptt Exploration &0.34%
Reliance Industries Ltd0.34%
Bid Corp Ltd Common0.34%
Nedbank Group Ltd Common0.34%
Aselsan Elektronik Sanayi0.34%
Scb X Pcl Nvdr Thb 100.34%
Fomento Economico0.34%
Abu Dhabi Islamic Bank0.33%
Adani Power Ltd Common0.33%
Mol Hungarian Oil & Gas0.33%
Bajaj Auto Ltd Common0.32%
Richter Gedeon Nyrt0.31%
Shoprite Holdings Ltd0.31%
Sasol Ltd Common Stock0.31%
Nepi Rockcastle NV0.31%
Divi's Laboratories Ltd0.31%
National Bank of Kuwait0.31%
Industrias Penoles Sab De0.30%
Bidvest Group Ltd Common0.30%
Harmony Gold Mining Co0.30%
Vodacom Group Ltd Common0.29%
Latam Airlines Group SA0.29%
Tupras-Turkiye Petrol0.29%

Only in QEMM

716 securities, 76.1% of QEMM by weight

Russian Ruble5.24%
Delta Electronics Inc1.67%
Samsung Electronics Co Ltd1.45%
Saudi Arabian Oil Co1.20%
Elite Material Co Ltd1.04%
Anglogold Ashanti PLC1.01%
Tata Consultancy Svcs Ltd1.01%
Sk Hynix Inc0.89%
Aspeed Technology Inc0.89%
Pdd Holdings Inc0.78%
Samsung Electronics Pref0.74%
Tencent Holdings Ltd0.68%
Gold Fields Ltd0.67%
Netease Inc0.66%
Asia Vital Components0.65%
Chroma Ate Inc0.61%
Wiwynn Corp0.59%
Agricultural Bank of China H0.58%
Grupo Mexico Sab De Cv Ser B0.56%
Infosys Ltd Sp Adr0.54%
Samsung Sdi Co Ltd0.53%
Alibaba Group Holding Ltd0.52%
United Microelectronics Corp0.52%
Infosys Ltd0.50%
Hcl Technologies Ltd0.50%
Advanced Info Service Foreig0.49%
Quanta Computer Inc0.48%
Hon Hai Precision Industry0.46%
Taiwan Cooperative Financial0.44%
Novatek Microelectronics Cor0.44%
Saudi Telecom Co0.43%
Capitec Limited0.43%
Samsung Biologics Co Ltd0.43%
Lenovo Group Ltd0.43%
National Bank of Kuwait0.42%
Bharti Airtel Ltd0.42%
Delta Electronics Thai Forgn0.42%
Global Unichip Corp0.40%
Advantech Co Ltd0.39%
Kweichow Moutai Co Ltd A0.38%
Hdfc Bank Limited0.37%
Credicorp Ltd0.35%
Zijin Mining Group Co Ltd H0.35%
Hindustan Unilever Ltd0.35%
Petrochina Co Ltd H0.35%
Samsung Sds Co Ltd0.35%
Jentech Precision Industrial0.33%
Malayan Banking Bhd0.33%
Ase Technology Holding Co Lt0.32%
Southern Copper Corp0.32%

Weight gaps

All 97 Holdings in both funds, largest gap first.

Holding weights in JPEM and QEMM, widest gap first
Holding	More in JPEMMore in QEMM	JPEM	QEMM
Taiwan Semiconductor	QEMM +4.69 points	2.17%	6.86%
Mediatek Inc Common	QEMM +2.33 points	0.81%	3.14%
Petroleo Brasileiro SA -	JPEM +0.96 points	1.00%	0.04%
Vale SA Common Stock Brl	JPEM +0.86 points	0.86%	<0.01%
Itau Unibanco Holding SA	JPEM +0.79 points	0.84%	0.05%
Ctbc Financial Holding	JPEM +0.77 points	0.92%	0.15%
Yuanta Financial Holding	JPEM +0.56 points	0.65%	0.09%
Sinopac Financial	JPEM +0.51 points	0.57%	0.06%
Industrial & Commercial	QEMM +0.48 points	0.71%	1.19%
China Construction Bank	JPEM +0.45 points	2.01%	1.56%
Emaar Properties Pjsc	JPEM +0.44 points	0.55%	0.11%
Embraer SA Common Stock	JPEM +0.41 points	0.45%	0.04%
Ambev SA Common Stock	JPEM +0.33 points	0.37%	0.04%
Banco De Chile Common	JPEM +0.32 points	0.34%	0.02%
Banco Bradesco SA	JPEM +0.29 points	0.38%	0.09%
China Shenhua Energy Co	JPEM +0.25 points	0.51%	0.26%
Banco Btg Pactual SA	JPEM +0.25 points	0.28%	0.03%
Cathay Financial Holding	JPEM +0.25 points	0.38%	0.13%
Axia Energia SA Common	JPEM +0.25 points	0.34%	0.09%
Mega Financial Holding	QEMM +0.25 points	0.01%	0.26%
Cosco Shipping Holdings	JPEM +0.25 points	0.30%	0.05%
Uni-President	JPEM +0.24 points	0.39%	0.15%
Eva Airways Corp Common	JPEM +0.23 points	0.26%	0.03%
Geely Automobile Holdings	JPEM +0.23 points	0.27%	0.04%
Accton Technology Corp	QEMM +0.22 points	0.51%	0.73%
Cia De Saneamento Basico	JPEM +0.21 points	0.35%	0.14%
Citic Ltd Common Stock	JPEM +0.22 points	0.28%	0.06%
Yankuang Energy Group Co	JPEM +0.21 points	0.24%	0.03%
Cia Paranaense De	JPEM +0.20 points	0.26%	0.06%
Mbrf Global Foods Co SA	JPEM +0.21 points	0.23%	0.02%
Vibra Energia SA Common	JPEM +0.20 points	0.26%	0.06%
Fubon Financial Holding	JPEM +0.20 points	0.36%	0.16%
Astra International Tbk	JPEM +0.19 points	0.22%	0.03%
Tim Sa/Brazil Common	JPEM +0.19 points	0.19%	<0.01%
Cia Energetica De Minas	JPEM +0.19 points	0.22%	0.03%
Sociedad Quimica Y	JPEM +0.18 points	0.20%	0.02%
Itausa SA Preference Brl	JPEM +0.18 points	0.41%	0.23%
Sinotruk Hong Kong Ltd	JPEM +0.18 points	0.19%	0.01%
Ultrapar Participacoes	JPEM +0.18 points	0.18%	<0.01%
First Financial Holding	QEMM +0.17 points	0.25%	0.42%
Chang Hwa Commercial	JPEM +0.17 points	0.24%	0.07%
Dubai Electricity & Water	JPEM +0.16 points	0.25%	0.09%
China Merchants Port	JPEM +0.17 points	0.18%	0.01%
Midea Group Co Ltd	JPEM +0.16 points	0.24%	0.08%
Telkom Indonesia Persero	JPEM +0.15 points	0.18%	0.03%
Enn Energy Holdings Ltd	JPEM +0.15 points	0.17%	0.02%
Cpfl Energia SA Common	JPEM +0.15 points	0.19%	0.04%
Hua Nan Financial	QEMM +0.15 points	0.13%	0.28%
Salik Co Pjsc Common	JPEM +0.15 points	0.21%	0.06%
Gerdau SA Preference Brl	JPEM +0.15 points	0.20%	0.05%
Guangdong Investment Ltd	JPEM +0.14 points	0.16%	0.02%
Li Ning Co Ltd Common	JPEM +0.14 points	0.15%	0.01%
Yunnan Aluminium Co Ltd	JPEM +0.14 points	0.16%	0.02%
Telefonica Brasil SA	JPEM +0.14 points	0.24%	0.10%
Eneva SA Common Stock	JPEM +0.14 points	0.17%	0.03%
Chongqing Rural	JPEM +0.13 points	0.16%	0.03%
Suzano SA Common Stock	JPEM +0.13 points	0.16%	0.03%
Gree Electric Appliances	JPEM +0.12 points	0.13%	0.01%
Banco De Credito E	JPEM +0.12 points	0.18%	0.06%
King Slide Works Co Ltd	QEMM +0.12 points	0.40%	0.52%
United Tractors Tbk Pt	JPEM +0.11 points	0.13%	0.02%
Engie Brasil Energia SA	JPEM +0.11 points	0.13%	0.02%
Rede D'or Sao Luiz SA	JPEM +0.10 points	0.12%	0.02%
Taiwan Mobile Co Ltd	QEMM +0.10 points	0.29%	0.39%
Bosideng International	JPEM +0.10 points	0.15%	0.05%
Caixa Seguridade	JPEM +0.09 points	0.15%	0.06%
Weg SA Common Stock Brl	QEMM +0.09 points	0.17%	0.26%
Beijing Enterprises	JPEM +0.09 points	0.10%	0.01%
Sf Holding Co Ltd Common	JPEM +0.08 points	0.10%	0.02%
Wuliangye Yibin Co Ltd	JPEM +0.09 points	0.13%	0.04%
Cgn Power Co Ltd Common	JPEM +0.09 points	0.28%	0.19%
Hotai Motor Co Ltd	JPEM +0.07 points	0.10%	0.03%
China Feihe Ltd Common	JPEM +0.07 points	0.07%	<0.01%
Great Wall Motor Co Ltd	JPEM +0.07 points	0.10%	0.03%
Tingyi Cayman Islands	QEMM +0.07 points	0.07%	0.14%
Bank of China Ltd Common	JPEM +0.06 points	1.17%	1.11%
Muyuan Foods Group Co	JPEM +0.06 points	0.14%	0.08%
Yunnan Baiyao Group Co	JPEM +0.06 points	0.07%	0.01%
3SBIO Inc USD	JPEM +0.05 points	0.11%	0.06%
Bb Seguridade	JPEM +0.04 points	0.18%	0.14%
Localiza Rent A Car SA	JPEM +0.04 points	0.15%	0.11%
Far East Horizon Ltd	JPEM +0.05 points	0.06%	0.01%
Prio Sa/Brazil Common	JPEM +0.04 points	0.09%	0.05%
China Petroleum &	JPEM +0.04 points	0.38%	0.34%
Empresas Copec SA Common	JPEM +0.04 points	0.09%	0.05%
Far Eastone	QEMM +0.04 points	0.26%	0.30%
China Hongqiao Group Ltd	JPEM +0.03 points	0.07%	0.04%
Kunlun Energy Co Ltd	QEMM +0.03 points	0.02%	0.05%
President Chain Store	QEMM +0.03 points	0.20%	0.23%
Sinopharm Group Co Ltd	QEMM +0.03 points	0.08%	0.11%
Anhui Conch Cement Co Ltd	QEMM +0.02 points	<0.01%	0.02%
China Citic Bank Corp	QEMM +0.01 points	0.38%	0.39%
Chunghwa Telecom Co Ltd	JPEM +0.01 points	0.52%	0.51%
Kuwaiti Dinar	JPEM +0.01 points	<0.01%	<0.01%
Dubai Islamic Bank Pjsc	Same weight	0.26%	0.26%
Qatari Rial	Same weight	0.00%	<0.01%
Henan Shuanghui	Same weight	0.02%	0.02%

All 558 JPEM holdings⁠All 789 QEMM 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.

JPEM vs QEMM Cost

Overpaying JPEM vs QEMM

$2,703

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

JPEM 0.44%
$8,852
QEMM 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

JPEM 0.44%
QEMM 0.30%
Overpaying

Year by year

Year	JPEM	QEMM	Overpaying
10	$794	$545	$249
20	$3,061	$2,113	$948
30	$8,852	$6,149	$2,703

Expense ratio

0.44%JPEM
0.30%QEMM, cheaper

QEMM0.30%JPEM0.44%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QEMM 4th cheapest of 20 funds

JPEM 10th cheapest of 20 funds

JPEM vs QEMM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): JPEM 4.68%, better; QEMM 4.65%
Payout (12M): JPEM $2.88; QEMM $3.52
Last payment: JPEM $0.80; QEMM $1.05
Ex-dividend: JPEM Sep 22, 2026; QEMM Jun 1, 2026
Paid on: JPEM Sep 24, 2026; QEMM Jun 5, 2026
Frequency: JPEM Quarterly; QEMM Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

JPEMQuarterly · 36 paymentsAll JPEM payments⁠

QEMMTwice a year · 19 paymentsAll QEMM payments⁠

JPEM vs QEMM Risk

Fall from peak · 5 years

JPEM
QEMM

Risk facts

VolatilityStd dev, 3 years: JPEM 10.1%, betterQEMM 13.3%
Return per unit of riskSharpe ratio, 3 years: JPEM 0.88QEMM 1.00, better
Worst fallMax drawdown, 5 years: JPEM −21.6%, betterQEMM −27.1%
Market sensitivityBeta, 5 years: JPEM 0.64QEMM 0.95; Market = 1

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