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QEMM vs TLTE

State Street SPDR MSCI Emerging Markets StrategicFactors ETF

QEMMBNYSE Arca

Northern Trust Morningstar Emerging Markets Factor Tilt ETF

TLTEDNYSE Arca

Overlap

Expense ratio

QEMM −0.27pt a year

QEMM0.30%TLTE0.57%

Avg volume · 30D

TLTE 1.7×the volume

QEMM3.81KTLTE6.52K

10Y return · a year

Same figure. Both funds show the same value, so neither comes out ahead.

QEMM+7.3%TLTE+7.3%

QEMM vs TLTE Performance

Nov 9, 2021 – Nov 9, 2026

+38.7%QEMM+37.6%TLTE

Nov 9, 2021 to Nov 9, 2026. QEMM +38.7%. TLTE +37.6%. Use the arrow keys to read each point.−20%0%20%60%Nov 2021May 2024Nov 2026
Expense ratio
QEMM 0.30%, better
TLTE 0.57%
Fund size
QEMM $54M
TLTE $312M
1Y total return
QEMM +18.4%, better
TLTE +13.2%
Yield (12M)
QEMM 4.62%, better
TLTE 3.57%
Holdings
QEMM 836
TLTE 2943
Avg volume (30D)
QEMM 3.81K sh
TLTE 6.52K sh, better
NAV per share
QEMM $73.94
TLTE $67.89
52W range

ETF.net Grade

QEMM: Cost 82, Risk 71, Mission not scored, Tradability 37, Holdings 55, Durability 52. TLTE: Cost 16, Risk 44, Mission 100, Tradability 27, Holdings 57, Durability 63.
Pillar letters and Scores for QEMM, TLTE, with each pillar’s weight
PillarQEMMTLTE
Cost30% weightA82HigherF16
Mission25% weightNot scoredA100
Risk15% weightA71HigherC44
Tradability15% weightD37HigherD27
Holdings10% weightB55B57Higher
Durability5% weightC52B63Higher

Rank among Emerging Markets Multifactor funds

Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. QEMM and TLTE are both graded against the same 20 Emerging Markets Multifactor funds, so their Grades compare head to head.

See all 20 ›

QEMM ranks 4th and TLTE 17th of 20 funds in the Emerging Markets Multifactor Category.

  1. Rank 1AEMGFiShares Emerging Markets Equity Factor ETFScore 76
  2. Rank 2AAVESAvantis Emerging Markets Value ETFScore 71
  3. Rank 2AFDEMFidelity Emerging Markets Multifactor ETFScore 71
  4. Rank 4BQEMMState Street SPDR MSCI Emerging Markets StrategicFactors ETFScore 65
  5. Rank 5BDFEVDimensional Emerging Markets Value ETFScore 63
  6. Rank 17DFEMSFirst Trust Emerging Markets Small Cap AlphaDEX FundScore 32
  7. Rank 17DTLTENorthern Trust Morningstar Emerging Markets Factor Tilt ETFScore 32
  8. Rank 19DFTHFFirst Trust Emerging Markets Human Flourishing ETFScore 26
  9. VEEMNot yet graded

Our read on each fund

ETF.net Research

QEMMBState Street SPDR MSCI Emerging Markets StrategicFactors ETF

TLTEDNorthern Trust Morningstar Emerging Markets Factor Tilt 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.

TLTE Most emerging-market factor funds cut the universe down to a few hundred names. TLTE keeps roughly 3,000 stocks and simply leans the weights toward small-cap and value. A tilt, not a screen.

Stated mandate

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

TLTE The Fund seeks to track the price and yield performance of the Morningstar Emerging Markets Factor Tilt Index, providing exposure to emerging-market stocks with an emphasis on small-capitalization and value characteristics.

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
  • TLTE A tilt, not a screen: it holds roughly 3,000 emerging-market stocks and overweights the small-cap and value ones rather than cutting names out of the portfolio.sec.gov
  • Morningstar sorts each stock into one of 12 size-and-style boxes, then tilts the weights. Published rules, semi-annual reconstitution, no manager hunches.sec.govflexshares.com
  • Label and portfolio line up: broad emerging-market equity with the advertised small-cap and value lean, and it pays quarterly.
  • Live since 2012, which makes it one of the longer-running factor-tilt options in emerging markets.flexshares.com

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.
  • TLTE Cost is the trade-off: 0.57% net of a waiver through March 1, 2027 (0.58% gross), above the category median. EMGF charges 0.26% and FDEM 0.25%.
  • Thinly traded, so spreads can run wider than at the category's headline names and size orders can nudge the price.
  • Leaning into small and micro caps stacks extra volatility and liquidity risk on top of the usual currency and single-country swings, as the prospectus spells out.sec.gov

Full QEMM profile⁠

Full TLTE profile⁠

QEMM vs TLTE 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 TLTE Cost

Overpaying TLTE vs QEMM

$5,122

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

  • QEMM 0.30%

    $6,149

  • TLTE 0.57%

    $11,271

$10,000
30 years

Cost over time

  • QEMM 0.30%
  • TLTE 0.57%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530TLTE $11,271QEMM $6,149

Year by year

YearQEMMTLTEOverpaying
10$545$1,023$478
20$2,113$3,921$1,808
30$6,149$11,271$5,122

Expense ratio

  • 0.30%QEMM, cheaper
  • 0.57%TLTE
  • Middle half of Emerging Markets Multifactor funds
  • Median 0.44%

QEMM 4th cheapest of 20 funds

TLTE 17th cheapest of 20 funds

QEMM vs TLTE Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
QEMM 4.62%, better
TLTE 3.57%
Payout (12M)
QEMM $3.52
TLTE $2.50
Last payment
QEMM $1.05
TLTE $0.58
Ex-dividend
QEMM Jun 1, 2026
TLTE Sep 18, 2026
Paid on
QEMM Jun 5, 2026
TLTE Sep 24, 2026
Frequency
QEMM Twice a year
TLTE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QEMMTwice a year · 19 paymentsAll QEMM payments⁠
One bar per payment. 19 payments from 2017 to 2026 YTD. Jun 16, 2017 $0.42; Dec 15, 2017 $0.94; Jun 1, 2018 $0.37; Dec 21, 2018 $1.19; Jun 3, 2019 $0.52; Dec 20, 2019 $1.33; Jun 1, 2020 $0.48; Dec 18, 2020 $1.14; Jun 1, 2021 $0.36; Dec 17, 2021 $1.23; Jun 1, 2022 $0.59; Dec 16, 2022 $1.59; Jun 1, 2023 $1.23; Dec 15, 2023 $1.56; Jun 3, 2024 $1.20; Dec 18, 2024 $1.75; Jun 2, 2025 $0.76; Nov 25, 2025 $2.48; Jun 1, 2026 $1.05. Use the arrow keys to read each point.$0$2.502017202020232026YTD
TLTEQuarterly · 34 paymentsAll TLTE payments⁠
One bar per payment. 34 payments from 2017 to 2026 YTD. Jun 19, 2017 $0.22; Sep 18, 2017 $0.68; Dec 21, 2017 $0.36; Mar 19, 2018 $0.09; Jun 18, 2018 $0.37; Sep 24, 2018 $0.75; Dec 21, 2018 $0.23; Mar 15, 2019 $0.03; Jun 21, 2019 $0.49; Sep 20, 2019 $0.71; Dec 20, 2019 $0.49; Mar 20, 2020 $0.07; Jun 19, 2020 $0.41; Sep 18, 2020 $0.46; Dec 18, 2020 $0.20; Mar 19, 2021 $0.10; Jun 18, 2021 $0.35; Sep 17, 2021 $0.52; Dec 17, 2021 $0.93; Mar 18, 2022 $0.06; Jun 17, 2022 $0.55; Sep 16, 2022 $0.82; Dec 16, 2022 $0.63; Jun 16, 2023 $0.27; Sep 15, 2023 $0.58; Dec 15, 2023 $1.20; Jun 21, 2024 $0.06; Sep 20, 2024 $0.22; Dec 20, 2024 $1.62; Jun 20, 2025 $0.18; Sep 19, 2025 $0.57; Dec 19, 2025 $1.64; Jun 18, 2026 $0.28; Sep 18, 2026 $0.58. Use the arrow keys to read each point.$0$2.502017202020232026YTD

QEMM vs TLTE Risk

Fall from peak · 5 years

  • QEMM
  • TLTE
Nov 9, 2021 to Nov 9, 2026. Worst fall: TLTE −29.5% · Oct 2022. Use the arrow keys to read each point.−30%−20%−10%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
QEMM 13.3%, betterTLTE 15.3%
Return per unit of riskSharpe ratio, 3 years
QEMM 1.00, betterTLTE 0.93
Worst fallMax drawdown, 5 years
QEMM −27.1%, betterTLTE −29.5%
Market sensitivityBeta, 5 years
QEMM 0.95TLTE 1.05

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