QEMM vs QLVE: Grades, Fees and Holdings Compared

State Street SPDR MSCI Emerging Markets StrategicFactors ETF

QEMMBNYSE Arca

Northern Trust Emerging Markets Quality Low Volatility ETF

QLVEBNYSE Arca

Overlap

18.6%by weight

Expense ratio

QLVE −0.12pt a year

QEMM0.30%QLVE0.18%

Avg volume · 30D

QEMM 9.5×the volume

QEMM3.85KQLVE404

5Y return · a year

QLVE +0.2pt

QEMM+6.8%QLVE+7.0%

QEMM vs QLVE Performance

Oct 29, 2021 – Oct 30, 2026

+38.9%QEMM+40.2%QLVE

Expense ratio: QEMM 0.30%; QLVE 0.18%, better
Fund size: QEMM $56M; QLVE $16M
1Y total return: QEMM +16.5%, better; QLVE +11.2%
Yield (12M): QEMM 4.66%, better; QLVE 3.17%
Holdings: QEMM 836; QLVE 155
Avg volume (30D): QEMM 3.85K sh, better; QLVE 404 sh
NAV per share: QEMM $76.87; QLVE $32.48
52W range

ETF.net Grade

Pillar letters and Scores for QEMM, QLVE, with each pillar’s weight
Pillar	QEMM	QLVE
Cost30% weight	A82	A100Higher
Mission25% weight	Not scored	A93
Risk15% weight	B67Higher	B66
Tradability15% weight	D38Higher	F11
Holdings10% weight	B59Higher	D32
Durability5% weight	C52Higher	D33

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. QEMM 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 ›

QEMM ranks 4th and QLVE 7th of 20 funds in the Emerging Markets Multifactor Category.

Rank 1AEMGFiShares Emerging Markets Equity Factor ETFScore 76
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
Rank 8BROAMHartford Multifactor Emerging Markets ETFScore 60

Our read on each fund

ETF.net Research

QEMMBState Street SPDR MSCI Emerging Markets StrategicFactors ETF

QLVEBNorthern Trust Emerging Markets Quality Low Volatility ETF

In short

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.

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

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

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

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

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.

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 QEMM profile⁠

Full QLVE profile⁠

QEMM vs QLVE Holdings

How QEMM and QLVE differ

Overlap by weight

18.6%

Shared holdings make up 44.7% of QLVE and 23.9% of QEMM.

Level by level

Holdings46 in both18.6%
Countryby domicile81.7%
Sector11 Sectors86.0%
Asset classEquity100%

Sector

Sector weights in QEMM and QLVE, widest gap first
Sector	More in QEMMMore in QLVE	QEMM	QLVE
Financials	QEMM +4.7 points	21.8%	17.1%
Materials	QEMM +4.1 points	6.8%	2.7%
Technology	QLVE +4.0 points	35.8%	39.8%
Communication	QLVE +3.6 points	6.7%	10.3%
Energy	QLVE +3.3 points	4.9%	8.2%
Consumer Discretionary	QEMM +2.5 points	6.8%	4.3%
Industrials	QEMM +2.4 points	5.2%	2.8%
Utilities	QLVE +1.9 points	2.4%	4.3%
Consumer Staples	QLVE +0.7 points	5.3%	6.0%
Health Care	QLVE +0.4 points	3.5%	3.9%
Real Estate	QEMM +0.3 points	0.8%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in QEMM and QLVE, widest gap first
Country	More in QEMMMore in QLVE	QEMM	QLVE
China	QEMM +9.2 points	23.8%	14.6%
South Korea	QLVE +7.2 points	11.5%	18.7%
Malaysia	QLVE +3.9 points	1.5%	5.4%
Brazil	QLVE +3.0 points	3.7%	6.7%
Taiwan	QEMM +2.7 points	30.5%	27.8%
United States	QEMM +1.8 points	1.8%	0.0%
India	QLVE +1.6 points	15.2%	16.8%
South Africa	QEMM +1.2 points	4.0%	2.8%
Other countries (10)	QEMM +0.9 points	8.1%	7.2%

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

Concentration

Weight in the 10 largest Holdings

QEMM24.5%
QLVE37.9%

Securities held

QEMM813
QLVE137

Asset class

QEMM: Equity
QLVE: Equity

Holdings

Only in QEMM767
In both46
Only in QLVE91

Only in QEMM

767 securities, 75.6% of QEMM by weight

Russian Ruble5.24%
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%
Samsung Electronics Pref0.74%
Accton Technology Corp0.73%
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%
King Slide Works Co Ltd0.52%
Infosys Ltd0.50%
Hcl Technologies Ltd0.50%
Advanced Info Service Foreig0.49%
Quanta Computer Inc0.48%
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%
Samsung Sds Co Ltd0.35%
China Petroleum & Chemical H0.34%
Jentech Precision Industrial0.33%
Malayan Banking Bhd0.33%
Ase Technology Holding Co Lt0.32%
Southern Copper Corp0.32%
Emirates Telecom Group Co0.31%
Kuwait Finance House0.30%
Torrent Pharmaceuticals Ltd0.30%
Emirates Nbd Pjsc0.30%
Nongfu Spring Co Ltd H0.30%

Only in QLVE

91 securities, 54.3% of QLVE by weight

Samsung Electronics Co Ltd Common Stock Krw 1006.54%
Sk Hynix Inc Common Stock Krw 50004.41%
Samsung Electronics Co Ltd Preference Krw 1002.02%
Hdfc Bank Ltd Common Stock Inr 11.28%
Infosys Ltd Common Stock Inr 51.10%
Tata Consultancy Services Ltd Common Stock Inr 11.03%
Ptt Exploration & Production Pcl Nvdr Thb 10.90%
Emirates Integrated Telecommunications Co Pjsc0.89%
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%
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%
Cipla Ltd/India Common Stock Inr 20.63%
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%
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%
Misc Bhd Common Stock Myr 00.52%
Cez As Common Stock Czk 1000.52%
Aselsan Elektronik Sanayi Ve Ticaret As Common0.51%
Abu Dhabi National Oil Co For Distribution Pjsc0.51%
Telekom Malaysia Bhd Common Stock Myr 00.50%
Mobile Telecommunications Co Kscp Common Stock Kwd0.50%
Itc Ltd Common Stock Inr 10.49%
Divi's Laboratories Ltd Common Stock Inr 20.49%
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%

Weight gaps

All 46 Holdings in both funds, largest gap first.

Holding weights in QEMM and QLVE, widest gap first
Holding	More in QEMMMore in QLVE	QEMM	QLVE
Taiwan Semiconductor Manufac	QLVE +8.32 points	6.86%	15.18%
Mediatek Inc	QEMM +1.92 points	3.14%	1.22%
Tencent Holdings Ltd	QLVE +1.71 points	0.68%	2.39%
Petrobras Petroleo Bras Pr	QLVE +1.29 points	0.04%	1.33%
Ind & Comm Bk of China H	QLVE +1.21 points	1.19%	2.40%
Delta Electronics Inc	QEMM +1.18 points	1.67%	0.49%
Petrobras Petroleo Bras	QLVE +0.89 points	0.06%	0.95%
Caixa Seguridade Participaco	QLVE +0.82 points	0.06%	0.88%
Chongqing Rural Commercial H	QLVE +0.79 points	0.03%	0.82%
Bb Seguridade Participacoes	QLVE +0.79 points	0.14%	0.93%
Guangdong Investment Ltd	QLVE +0.73 points	0.02%	0.75%
China Construction Bank H	QEMM +0.68 points	1.56%	0.88%
Petrochina Co Ltd H	QLVE +0.66 points	0.35%	1.01%
First Financial Holding Co	QLVE +0.62 points	0.42%	1.04%
Far Eastone Telecomm Co Ltd	QLVE +0.61 points	0.30%	0.91%
Novatek Microelectronics Cor	QLVE +0.57 points	0.44%	1.01%
Tingyi (Cayman Isln) Hldg Co	QLVE +0.55 points	0.14%	0.69%
Pdd Holdings IncPDD	QEMM +0.55 points	0.78%	0.23%
Chunghwa Telecom Co Ltd	QLVE +0.54 points	0.51%	1.05%
United Microelectronics Corp	QLVE +0.51 points	0.52%	1.03%
Kunlun Energy Co Ltd	QLVE +0.48 points	0.05%	0.53%
Mega Financial Holding Co Lt	QLVE +0.44 points	0.26%	0.70%
Telefonica Brasil S.a.	QLVE +0.40 points	0.10%	0.50%
Taiwan Cooperative Financial	QEMM +0.39 points	0.44%	0.05%
Want Want China Holdings Ltd	QLVE +0.38 points	0.06%	0.44%
Hon Hai Precision Industry	QEMM +0.37 points	0.46%	0.09%
Tim SA	QLVE +0.37 points	<0.01%	0.37%
China Tower Corp Ltd H	QLVE +0.37 points	0.07%	0.44%
Cpfl Energia SA	QLVE +0.36 points	0.04%	0.40%
China Shenhua Energy Co H	QLVE +0.32 points	0.26%	0.58%
Falabella SA	QLVE +0.31 points	0.17%	0.48%
Huaneng Power Intl Inc H	QLVE +0.29 points	0.14%	0.43%
Realtek Semiconductor Corp	QLVE +0.27 points	0.29%	0.56%
China Citic Bank Corp Ltd H	QLVE +0.24 points	0.39%	0.63%
Prio SA	QLVE +0.23 points	0.05%	0.28%
Ambev SA	QLVE +0.21 points	0.04%	0.25%
Taiwan Mobile Co Ltd	QLVE +0.19 points	0.39%	0.58%
Allegro.eu SA	QLVE +0.14 points	0.02%	0.16%
Unimicron Technology Corp	QLVE +0.12 points	<0.01%	0.12%
Vale SA	QLVE +0.10 points	<0.01%	0.10%
Picc Property & Casualty H	QEMM +0.09 points	0.19%	0.10%
President Chain Store Corp	QLVE +0.08 points	0.23%	0.31%
Qatari Rial	QLVE +0.07 points	<0.01%	0.07%
Bank of China Ltd H	QLVE +0.06 points	1.11%	1.17%
Itau Unibanco Holding’s Pref	QLVE +0.04 points	0.05%	0.09%
Kuwaiti Dinar	QLVE +0.02 points	<0.01%	0.02%

All 789 QEMM 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.

QEMM vs QLVE Cost

Overpaying QEMM vs QLVE

$2,400

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

QEMM 0.30%
$6,149
QLVE 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

QEMM 0.30%
QLVE 0.18%
Overpaying

Year by year

Year	QEMM	QLVE	Overpaying
10	$545	$328	$217
20	$2,113	$1,281	$832
30	$6,149	$3,749	$2,400

Expense ratio

0.30%QEMM
0.18%QLVE, cheaper

QLVE0.18%QEMM0.30%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QLVE cheapest of 20 funds

QEMM 4th cheapest of 20 funds

QEMM vs QLVE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QEMM 4.66%, better; QLVE 3.17%
Payout (12M): QEMM $3.52; QLVE $1.02
Last payment: QEMM $1.05; QLVE $0.34
Ex-dividend: QEMM Jun 1, 2026; QLVE Sep 18, 2026
Paid on: QEMM Jun 5, 2026; QLVE Sep 24, 2026
Frequency: QEMM Twice a year; QLVE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QEMMTwice a year · 19 paymentsAll QEMM payments⁠

QLVEQuarterly · 26 paymentsAll QLVE payments⁠

QEMM vs QLVE Risk

Fall from peak · 5 years

QEMM
QLVE

Risk facts

VolatilityStd dev, 3 years: QEMM 13.3%QLVE 11.0%, better
Return per unit of riskSharpe ratio, 3 years: QEMM 1.00QLVE 1.11, better
Worst fallMax drawdown, 5 years: QEMM −27.1%QLVE −23.6%, better
Market sensitivityBeta, 5 years: QEMM 0.95QLVE 0.83; Market = 1

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