JPEM vs QLVE: Grades, Fees and Holdings Compared

JPMorgan Diversified Return Emerging Markets Equity ETF

JPEMBNYSE Arca

Northern Trust Emerging Markets Quality Low Volatility ETF

QLVEBNYSE Arca

Overlap

15.2%by weight

Expense ratio

QLVE −0.26pt a year

JPEM0.44%QLVE0.18%

Avg volume · 30D

JPEM 43.2×the volume

JPEM17.4KQLVE404

5Y return · a year

QLVE +0.4pt

JPEM+6.4%QLVE+6.8%

JPEM vs QLVE Performance

Nov 2, 2021 – Nov 2, 2026

+36.6%JPEM+38.9%QLVE

Expense ratio: JPEM 0.44%; QLVE 0.18%, better
Fund size: JPEM $362M; QLVE $16M
1Y total return: JPEM +7.6%; QLVE +10.7%, better
Yield (12M): JPEM 4.68%, better; QLVE 3.19%
Holdings: JPEM 562; QLVE 155
Avg volume (30D): JPEM 17.4K sh, better; QLVE 404 sh
NAV per share: JPEM $61.28; QLVE $32.48
52W range

ETF.net Grade

Pillar letters and Scores for JPEM, QLVE, with each pillar’s weight
Pillar	JPEM	QLVE
Cost30% weight	C53	A100Higher
Mission25% weight	Not scored	A93
Risk15% weight	A74Higher	B66
Tradability15% weight	B68Higher	F11
Holdings10% weight	B63Higher	D32
Durability5% weight	A72Higher	D33

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. JPEM 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 ›

JPEM ranks 6th and QLVE 7th of 20 funds in the Emerging Markets Multifactor Category.

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
Rank 8BROAMHartford Multifactor Emerging Markets ETFScore 60

Our read on each fund

ETF.net Research

JPEMBJPMorgan Diversified Return Emerging Markets Equity ETF

QLVEBNorthern Trust Emerging Markets Quality Low Volatility 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.

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

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

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.

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

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.

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 JPEM profile⁠

Full QLVE profile⁠

JPEM vs QLVE Holdings

How JPEM and QLVE differ

Overlap by weight

15.2%

Shared holdings make up 45.1% of QLVE and 18.5% of JPEM.

Level by level

Holdings47 in both15.2%
Countryby domicile54.9%
Sector11 Sectors63.7%
Asset classEquity100%

Sector

Sector weights in JPEM and QLVE, widest gap first
Sector	More in JPEMMore in QLVE	JPEM	QLVE
Technology	QLVE +32.3 points	7.5%	39.8%
Industrials	JPEM +10.6 points	13.4%	2.8%
Materials	JPEM +8.0 points	10.7%	2.7%
Financials	JPEM +6.1 points	23.2%	17.1%
Utilities	JPEM +5.6 points	9.9%	4.3%
Communication	QLVE +3.1 points	7.2%	10.3%
Consumer Discretionary	JPEM +3.1 points	7.4%	4.3%
Real Estate	JPEM +1.6 points	2.1%	0.5%
Energy	QLVE +0.9 points	7.3%	8.2%
Consumer Staples	JPEM +0.9 points	6.9%	6.0%
Health Care	JPEM +0.5 points	4.4%	3.9%

Country, concentration and asset class

Country by domicile

Country weights in JPEM and QLVE, widest gap first
Country	More in JPEMMore in QLVE	JPEM	QLVE
South Korea	QLVE +18.7 points	0.0%	18.7%
South Africa	JPEM +15.6 points	18.4%	2.8%
Taiwan	QLVE +14.7 points	13.1%	27.8%
China	JPEM +8.8 points	23.4%	14.6%
India	QLVE +8.6 points	8.2%	16.8%
Mexico	JPEM +6.5 points	7.9%	1.4%
Brazil	JPEM +5.1 points	11.8%	6.7%
Thailand	JPEM +3.8 points	6.0%	2.2%
Other countries (9)	JPEM +2.3 points	11.3%	9.0%

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

Concentration

Weight in the 10 largest Holdings

JPEM11.5%
QLVE37.9%

Securities held

JPEM555
QLVE137

Asset class

JPEM: Equity
QLVE: Equity

Holdings

Only in JPEM508
In both47
Only in QLVE90

Only in JPEM

508 securities, 81.4% of JPEM by weight

Ctbc Financial Holding0.92%
Anglogold Ashanti PLC0.89%
Grupo Mexico Sab De Cv0.81%
Naspers Ltd Common Stock0.74%
Otp Bank Nyrt Common0.72%
Grupo Financiero Banorte0.72%
Yuanta Financial Holding0.65%
Grupo Aeroportuario Del0.64%
Saudi Telecom Co Common0.59%
Sinopac Financial0.57%
Emaar Properties Pjsc0.55%
America Movil Sab De Cv0.54%
Mtn Group Ltd Common0.53%
Firstrand Ltd Common0.53%
Accton Technology Corp0.51%
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%
Embraer SA Common Stock0.45%
Valterra Platinum Ltd0.45%
Wal-Mart De Mexico Sab De0.42%
Itausa SA Preference Brl0.41%
King Slide Works Co Ltd0.40%
Uni-President0.39%
China Petroleum &0.38%
Banco Bradesco SA0.38%
Cathay Financial Holding0.38%
Yangzijiang Shipbuilding0.37%
Advanced Info Service0.36%
Fubon Financial Holding0.36%
Arca Continental Sab De0.36%
Cia De Saneamento Basico0.35%
Saudi Arabian Oil Co0.35%
Krung Thai Bank Pcl0.35%
Ptt Exploration &0.34%
Reliance Industries Ltd0.34%
Nedbank Group Ltd Common0.34%
Banco De Chile Common0.34%
Axia Energia SA Common0.34%
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%

Only in QLVE

90 securities, 54.8% of QLVE by weight

Samsung Electronics Co Ltd Common Stock Krw 1006.54%
Sk Hynix Inc Common Stock Krw 50004.41%
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%
United Microelectronics Corp Common Stock Twd 101.03%
Petrochina Co Ltd Common Stock Hkd 11.01%
Novatek Microelectronics Corp Common Stock Twd 101.01%
Petroleo Brasileiro SA - Petrobras Common Stock0.95%
Ptt Exploration & Production Pcl Nvdr Thb 10.90%
Jarir Marketing Co Common Stock Sar 10.87%
Sun Pharmaceutical Industries Ltd Common Stock Inr0.86%
Bharti Airtel Ltd Common Stock Inr 50.84%
Bangkok Dusit Medical Services Pcl Nvdr Thb 0.10.83%
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%
Samsung Sds Co Ltd Common Stock Krw 5000.74%
Marico Ltd Common Stock Inr 10.73%
Ecopetrol SA Common Stock Cop 2500.72%
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%
Korea Electric Power Corp Common Stock Krw 50000.63%
Britannia Industries Ltd Common Stock Inr 10.62%
Manila Electric Co Common Stock Php 100.61%
Fertiglobe PLC Common Stock0.60%
Realtek Semiconductor Corp Common Stock Twd 100.56%
Petronas Dagangan Bhd Common Stock Myr 00.54%
Metropolitan Bank & Trust Co Common Stock Php 200.54%
Misc Bhd Common Stock Myr 00.52%
Abu Dhabi National Oil Co For Distribution Pjsc0.51%
Telekom Malaysia Bhd Common Stock Myr 00.50%
Delta Electronics Inc Common Stock Twd 100.49%
Divi's Laboratories Ltd Common Stock Inr 20.49%
Falabella SA Common Stock Clp 00.48%
Msci Emgmkt Equity Index 18/DEC/2026 MESZ6 Index0.48%
Dr Sulaiman Al Habib Medical Services Group Co0.47%
Dar Al Arkan Real Estate Development Co Common0.46%
Ihh Healthcare Bhd Common Stock Myr 00.45%
Quinenco SA Common Stock Clp 00.44%
Muthoot Finance Ltd Common Stock Inr 100.44%
Want Want China Holdings Ltd Common Stock Hkd 0.020.44%
China Tower Corp Ltd Common Stock Hkd 10.44%
Huaneng Power International Inc Common Stock Hkd 10.43%

Weight gaps

All 47 Holdings in both funds, largest gap first.

Holding weights in JPEM and QLVE, widest gap first
Holding	More in JPEMMore in QLVE	JPEM	QLVE
Taiwan Semiconductor	QLVE +13.01 points	2.17%	15.18%
Industrial & Commercial	QLVE +1.69 points	0.71%	2.40%
China Construction Bank	JPEM +1.13 points	2.01%	0.88%
First Financial Holding	QLVE +0.79 points	0.25%	1.04%
Tata Consultancy	QLVE +0.78 points	0.25%	1.03%
Emirates Integrated	QLVE +0.77 points	0.12%	0.89%
Vale SA Common Stock Brl	JPEM +0.76 points	0.86%	0.10%
Itau Unibanco Holding SA	JPEM +0.75 points	0.84%	0.09%
Bb Seguridade	QLVE +0.75 points	0.18%	0.93%
Caixa Seguridade	QLVE +0.73 points	0.15%	0.88%
Mega Financial Holding	QLVE +0.69 points	0.01%	0.70%
Chongqing Rural	QLVE +0.66 points	0.16%	0.82%
Far Eastone	QLVE +0.65 points	0.26%	0.91%
Tingyi Cayman Islands	QLVE +0.62 points	0.07%	0.69%
Guangdong Investment Ltd	QLVE +0.59 points	0.16%	0.75%
Promotora Y Operadora De	QLVE +0.56 points	0.28%	0.84%
Chunghwa Telecom Co Ltd	QLVE +0.53 points	0.52%	1.05%
Gold Fields Ltd Common	JPEM +0.51 points	0.53%	0.02%
Infosys Ltd Common Stock	QLVE +0.50 points	0.60%	1.10%
Kunlun Energy Co Ltd	QLVE +0.51 points	0.02%	0.53%
Qatar International	QLVE +0.41 points	<0.01%	0.42%
Mediatek Inc Common	QLVE +0.41 points	0.81%	1.22%
Cipla Ltd/India Common	QLVE +0.40 points	0.23%	0.63%
Petroleo Brasileiro SA -	QLVE +0.33 points	1.00%	1.33%
Petronas Gas Bhd Common	QLVE +0.33 points	0.23%	0.56%
Taiwan Mobile Co Ltd	QLVE +0.29 points	0.29%	0.58%
Tupras-Turkiye Petrol	QLVE +0.28 points	0.29%	0.57%
Telefonica Brasil SA	QLVE +0.26 points	0.24%	0.50%
Cez As Common Stock Czk	QLVE +0.25 points	0.27%	0.52%
China Citic Bank Corp	QLVE +0.25 points	0.38%	0.63%
Itc Ltd Common Stock Inr	QLVE +0.24 points	0.25%	0.49%
Mobile Telecommunications	QLVE +0.24 points	0.26%	0.50%
Rhb Bank Bhd Common Stock	QLVE +0.21 points	0.26%	0.47%
Cpfl Energia SA Common	QLVE +0.21 points	0.19%	0.40%
Prio Sa/Brazil Common	QLVE +0.19 points	0.09%	0.28%
Malayan Banking Bhd	QLVE +0.18 points	0.36%	0.54%
Tim Sa/Brazil Common	QLVE +0.18 points	0.19%	0.37%
Aselsan Elektronik Sanayi	QLVE +0.17 points	0.34%	0.51%
Ambev SA Common Stock	JPEM +0.12 points	0.37%	0.25%
President Chain Store	QLVE +0.11 points	0.20%	0.31%
Saudi Arabian Ryal	QLVE +0.11 points	<0.01%	0.11%
Qatari Rial	QLVE +0.07 points	0.00%	0.07%
China Shenhua Energy Co	QLVE +0.07 points	0.51%	0.58%
Bid Corp Ltd Common	JPEM +0.06 points	0.34%	0.28%
Kuwaiti Dinar	QLVE +0.01 points	<0.01%	0.02%
Chinese Renminbi (Yuan)	Same weight	<0.01%	<0.01%
Bank of China Ltd Common	Same weight	1.17%	1.17%

All 558 JPEM 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.

JPEM vs QLVE Cost

Overpaying JPEM vs QLVE

$5,103

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

JPEM 0.44%
$8,852
QLVE 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

JPEM 0.44%
QLVE 0.18%
Overpaying

Year by year

Year	JPEM	QLVE	Overpaying
10	$794	$328	$466
20	$3,061	$1,281	$1,780
30	$8,852	$3,749	$5,103

Expense ratio

0.44%JPEM
0.18%QLVE, cheaper

QLVE0.18%JPEM0.44%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QLVE cheapest of 20 funds

JPEM 10th cheapest of 20 funds

JPEM vs QLVE Dividends

Last 12 months to Nov 2, 2026

Yield (12M): JPEM 4.68%, better; QLVE 3.19%
Payout (12M): JPEM $2.88; QLVE $1.02
Last payment: JPEM $0.80; QLVE $0.34
Ex-dividend: JPEM Sep 22, 2026; QLVE Sep 18, 2026
Paid on: JPEM Sep 24, 2026; QLVE Sep 24, 2026
Frequency: JPEM Quarterly; QLVE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

JPEMQuarterly · 36 paymentsAll JPEM payments⁠

QLVEQuarterly · 26 paymentsAll QLVE payments⁠

JPEM vs QLVE Risk

Fall from peak · 5 years

JPEM
QLVE

Risk facts

VolatilityStd dev, 3 years: JPEM 10.1%, betterQLVE 11.0%
Return per unit of riskSharpe ratio, 3 years: JPEM 0.88QLVE 1.11, better
Worst fallMax drawdown, 5 years: JPEM −21.6%, betterQLVE −23.6%
Market sensitivityBeta, 5 years: JPEM 0.64QLVE 0.83; Market = 1

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