QLVE vs ROAM: Grades, Fees and Holdings Compared

Northern Trust Emerging Markets Quality Low Volatility ETF

QLVEBNYSE Arca

Hartford Multifactor Emerging Markets ETF

ROAMBNYSE Arca

Overlap

23.3%by weight

Expense ratio

QLVE −0.26pt a year

QLVE0.18%ROAM0.44%

Avg volume · 30D

ROAM 44.4×the volume

QLVE404ROAM17.9K

5Y return · a year

ROAM +4.4pt

QLVE+7.0%ROAM+11.4%

QLVE vs ROAM Performance

Oct 29, 2021 – Oct 30, 2026

+40.2%QLVE+71.5%ROAM

Expense ratio: QLVE 0.18%, better; ROAM 0.44%
Fund size: QLVE $16M; ROAM $102M
1Y total return: QLVE +11.2%; ROAM +19.6%, better
Yield (12M): QLVE 3.17%, better; ROAM 2.50%
Holdings: QLVE 155; ROAM 349
Avg volume (30D): QLVE 404 sh; ROAM 17.9K sh, better
NAV per share: QLVE $32.48; ROAM $33.97
52W range

ETF.net Grade

Pillar letters and Scores for QLVE, ROAM, with each pillar’s weight
Pillar	QLVE	ROAM
Cost30% weight	A100Higher	C53
Mission25% weight	A93	Not scored
Risk15% weight	B66	A78Higher
Tradability15% weight	F11	C43Higher
Holdings10% weight	D32	A88Higher
Durability5% weight	D33	C46Higher

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. QLVE and ROAM 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 ROAM 8th 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

Our read on each fund

ETF.net Research

QLVEBNorthern Trust Emerging Markets Quality Low Volatility ETF

ROAMBHartford Multifactor Emerging Markets ETF

In short

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.

ROAM Emerging markets, rebuilt by rulebook: ROAM's index screens roughly 300 stocks for value, quality and momentum, and is built to balance risk against return instead of letting the biggest markets set the agenda.

Stated mandate

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.

ROAM The Fund seeks to track the total return of the Hartford Multifactor Emerging Markets Equity Index, a rules-based emerging-markets equity index designed to balance risk and return while emphasizing favorable factor characteristics.

Why people hold it

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.

ROAM Three factors, one wrapper. The index leans on value, quality and momentum together rather than riding a single style through EM's mood swings.
A 0.44% expense ratio runs below the median fee for multifactor emerging-markets funds.
Trading since 2015, so the rulebook has been live through real EM cycles, not just backtests.
About 300 holdings spread the bets wide, and the portfolio build stands among the stronger ones in its multifactor EM peer group.

Worth knowing

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

ROAM Thinly traded, which usually means wider bid-ask spreads than the giant cap-weighted EM funds carry.
Cheaper factor-flavored EM options exist in the same cohort: EMGF at 0.26% and QEMM at 0.30%.
Cash comes annually or semiannually, not quarterly, and the fund remains small by category standards.

Full QLVE profile⁠

Full ROAM profile⁠

QLVE vs ROAM Holdings

How QLVE and ROAM differ

Overlap by weight

23.3%

Shared holdings make up 53.3% of QLVE and 27.1% of ROAM.

Level by level

Holdings68 in both23.3%
Countryby domicile81.4%
Sector11 Sectors84.6%
Asset classEquity100%

Sector

Sector weights in QLVE and ROAM, widest gap first
Sector	More in QLVEMore in ROAM	QLVE	ROAM
Technology	QLVE +6.1 points	39.8%	33.6%
Communication	QLVE +5.7 points	10.3%	4.6%
Financials	ROAM +5.4 points	17.1%	22.5%
Industrials	ROAM +3.4 points	2.8%	6.2%
Consumer Discretionary	ROAM +1.8 points	4.3%	6.1%
Materials	ROAM +1.7 points	2.7%	4.4%
Real Estate	ROAM +1.6 points	0.5%	2.1%
Health Care	ROAM +1.5 points	3.9%	5.4%
Energy	QLVE +1.5 points	8.2%	6.7%
Utilities	QLVE +1.2 points	4.3%	3.1%
Consumer Staples	QLVE +0.9 points	6.0%	5.1%

Country, concentration and asset class

Country by domicile

Country weights in QLVE and ROAM, widest gap first
Country	More in QLVEMore in ROAM	QLVE	ROAM
Taiwan	QLVE +9.1 points	27.8%	18.7%
South Korea	QLVE +6.0 points	18.7%	12.7%
Poland	ROAM +3.5 points	0.2%	3.7%
Indonesia	ROAM +2.7 points	0.0%	2.7%
Mexico	ROAM +2.7 points	1.4%	4.1%
Thailand	ROAM +2.1 points	2.2%	4.3%
Brazil	QLVE +1.7 points	6.7%	5.0%
United States	ROAM +1.6 points	0.0%	1.6%
Other countries (9)	ROAM +4.3 points	42.9%	47.2%

Outside the US: QLVE 0% developed, 100% emerging. ROAM 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

QLVE37.9%
ROAM10.5%

Securities held

QLVE137
ROAM330

Asset class

QLVE: Equity
ROAM: Equity

Holdings

Only in QLVE69
In both68
Only in ROAM262

Only in QLVE

69 securities, 45.8% of QLVE by weight

Taiwan Semiconductor Manufacturing Co Ltd Common15.18%
Samsung Electronics Co Ltd Preference Krw 1002.02%
Infosys Ltd Common Stock Inr 51.10%
Novatek Microelectronics Corp Common Stock Twd 101.01%
Petroleo Brasileiro SA - Petrobras Common Stock0.95%
Far Eastone Telecommunications Co Ltd Common Stock0.91%
Emirates Integrated Telecommunications Co Pjsc0.89%
Caixa Seguridade Participacoes S/A Common Stock0.88%
Promotora Y Operadora De Infraestructura Sab De Cv0.84%
Hindustan Unilever Ltd Common Stock Inr 10.76%
Eicher Motors Ltd Common Stock Inr 10.75%
Guangdong Investment Ltd Common Stock Hkd 00.75%
Samsung Sds Co Ltd Common Stock Krw 5000.74%
Ecopetrol SA Common Stock Cop 2500.72%
Tingyi Cayman Islands Holding Corp Common Stock0.69%
Saudi Basic Industries Corp Common Stock Sar 100.68%
Saudi Aramco Base Oil Co Common Stock Sar 100.66%
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%
Taiwan Mobile Co Ltd Common Stock Twd 100.58%
Petronas Dagangan 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%
Abu Dhabi National Oil Co For Distribution Pjsc0.51%
Mobile Telecommunications Co Kscp Common Stock Kwd0.50%
Itc Ltd Common Stock Inr 10.49%
Msci Emgmkt Equity Index 18/DEC/2026 MESZ6 Index0.48%
Dr Sulaiman Al Habib Medical Services Group Co0.47%
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%
Qatar International Islamic Bank Qsc Common Stock0.42%
Krafton Inc Common Stock Krw 1000.42%
Bdo Unibank Inc Common Stock Php 100.41%
Cpfl Energia SA Common Stock Brl 00.40%
Posco International Corp Common Stock Krw 50000.40%
Gruma Sab De Cv Common Stock Mxn 00.38%
Vishal Mega Mart Ltd Common Stock Inr 100.38%
Icici Bank Ltd Common Stock Inr 20.37%
Tim Sa/Brazil Common Stock Brl0.37%
Netease Inc Adr USD 0.00010.32%
President Chain Store Corp Common Stock Twd 100.31%
Petronas Chemicals Group Bhd Common Stock Myr 00.28%
Meritz Financial Group Inc Common Stock Krw 5000.25%
Bharti Hexacom Ltd Common Stock Inr 50.25%

Only in ROAM

262 securities, 72.6% of ROAM by weight

Aspeed Technology Inc Common Stock TWD10.01.17%
Tech Mahindra Ltd Common Stock INR5.01.08%
Taiwan Semiconductor Sp Adr Adr1.07%
Infosys Ltd Sp Adr Adr1.05%
Samsung Electro Mechanics Co Common Stock KRW5000.00.98%
Saudi Arabian Oil Co Common Stock0.96%
Intl Container Term Svcs Inc Common Stock PHP1.00.95%
Vitrox Corp Bhd Common Stock0.91%
Chroma Ate Inc Common Stock TWD10.00.87%
Mpi Corp Common Stock TWD10.00.87%
Samsung Fire & Marine Ins Common Stock KRW500.00.85%
Coforge Limited Common Stock INR2.00.82%
Agricultural Bank of China H Common Stock CNY1.00.80%
Fomento Economico Mex Sp Adr Adr0.78%
Persistent Systems Ltd Common Stock INR5.00.77%
Xiaomi Corp Class B Common Stock USD.00000250.74%
Delta Electronics Thai Nvdr Nvdr THB.10.74%
Samsung Biologics Co Ltd Common Stock KRW2500.00.70%
Global Unichip Corp Common Stock TWD10.00.68%
Accton Technology Corp Common Stock TWD10.00.68%
Sk Square Co Ltd Common Stock KRW500.00.67%
Lenovo Group Ltd Common Stock0.67%
Enerjisa Enerji As Common Stock0.65%
Kb Financial Group Inc Common Stock KRW5000.00.64%
Orlen SA Common Stock PLN1.250.63%
Mphasis Ltd Common Stock INR10.00.62%
Woori Financial Group Inc Common Stock KRW5000.00.61%
Ase Technology Holding Co Lt Common Stock TWD10.00.61%
Lpp SA Common Stock PLN2.00.60%
Elite Material Co Ltd Common Stock TWD10.00.60%
Shinhan Financial Group Ltd Common Stock KRW5000.00.59%
Grupa Kety SA Common Stock PLN2.50.59%
Grupo Financiero Banorte O Common Stock MXN3.50.58%
Jentech Precision Industrial Common Stock TWD10.00.57%
Asustek Computer Inc Common Stock TWD10.00.57%
Lg Electronics Inc Common Stock KRW5000.00.56%
Netease Inc Common Stock USD.00010.55%
Saudi Telecom Co Common Stock SAR10.00.55%
Grupo Cibest SA Pref Preference0.55%
Kia Corp Common Stock KRW5000.00.54%
Hana Financial Group Common Stock KRW5000.00.54%
Bim Birlesik Magazalar As Common Stock TRY1.00.52%
Banco De Chile Common Stock0.52%
Zhen Ding Technology Holding Common Stock TWD10.00.51%
Ltm Ltd Common Stock INR1.00.51%
Samsung Sdi Co Ltd Common Stock KRW5000.00.51%
Wiwynn Corp Common Stock TWD10.00.50%
Pko Bank Polski SA Common Stock PLN1.00.48%
Firstrand Ltd Common Stock ZAR.010.47%
Ultrapar Participacoes SA Common Stock0.47%

Weight gaps

All 68 Holdings in both funds, largest gap first.

Holding weights in QLVE and ROAM, widest gap first
Holding	More in QLVEMore in ROAM	QLVE	ROAM
Samsung Electronics Co Ltd Common Stock Krw 100	QLVE +5.55 points	6.54%	0.99%
Sk Hynix Inc Common Stock Krw 5000	QLVE +3.41 points	4.41%	1.00%
Tencent Holdings Ltd Common Stock Hkd 0.00002	QLVE +2.25 points	2.39%	0.14%
Industrial & Commercial Bank of China Ltd Common	QLVE +1.55 points	2.40%	0.85%
Hdfc Bank Ltd Common Stock Inr 1	QLVE +1.19 points	1.28%	0.09%
First Financial Holding Co Ltd Common Stock Twd 10	QLVE +0.84 points	1.04%	0.20%
Ptt Exploration & Production Pcl Nvdr Thb 1	QLVE +0.70 points	0.90%	0.20%
Bharti Airtel Ltd Common Stock Inr 5	QLVE +0.68 points	0.84%	0.16%
Marico Ltd Common Stock Inr 1	QLVE +0.68 points	0.73%	0.05%
Bangkok Dusit Medical Services Pcl Nvdr Thb 0.1	QLVE +0.66 points	0.83%	0.17%
Chongqing Rural Commercial Bank Co Ltd Common	QLVE +0.65 points	0.82%	0.17%
Chunghwa Telecom Co Ltd Common Stock Twd 10	QLVE +0.63 points	1.05%	0.42%
Elm Co Common Stock Sar 10	ROAM +0.57 points	0.05%	0.62%
Oracle Financial Services Software Ltd Common	ROAM +0.57 points	0.18%	0.75%
Petroleo Brasileiro SA - Petrobras Preference Brl	QLVE +0.56 points	1.33%	0.77%
Realtek Semiconductor Corp Common Stock Twd 10	ROAM +0.53 points	0.56%	1.09%
Bb Seguridade Participacoes SA Common Stock Brl	QLVE +0.53 points	0.93%	0.40%
Cipla Ltd/India Common Stock Inr 2	QLVE +0.48 points	0.63%	0.15%
Asian Paints Ltd Common Stock Inr 1	QLVE +0.48 points	0.77%	0.29%
Saudi Investment Bank/The Common Stock Sar 10	QLVE +0.47 points	0.68%	0.21%
Dar Al Arkan Real Estate Development Co Common	QLVE +0.45 points	0.46%	0.01%
Mega Financial Holding Co Ltd Common Stock Twd 10	QLVE +0.44 points	0.70%	0.26%
China Citic Bank Corp Ltd Common Stock Hkd 1	QLVE +0.42 points	0.63%	0.21%
Petronas Gas Bhd Common Stock Myr 0	QLVE +0.41 points	0.56%	0.15%
Divi's Laboratories Ltd Common Stock Inr 2	QLVE +0.40 points	0.49%	0.09%
Grupo Mexico Sab De Cv Common Stock Mxn 0	ROAM +0.37 points	0.05%	0.42%
Tenaga Nasional Bhd Common Stock Myr 0	ROAM +0.37 points	0.22%	0.59%
Aselsan Elektronik Sanayi Ve Ticaret As Common	QLVE +0.36 points	0.51%	0.15%
Falabella SA Common Stock Clp 0	QLVE +0.36 points	0.48%	0.12%
Bank of China Ltd Common Stock Hkd 1	QLVE +0.35 points	1.17%	0.82%
Pidilite Industries Ltd Common Stock Inr 1	QLVE +0.34 points	0.64%	0.30%
Public Bank Bhd Common Stock Myr 0	QLVE +0.34 points	0.67%	0.33%
Telekom Malaysia Bhd Common Stock Myr 0	QLVE +0.34 points	0.50%	0.16%
Sun Pharmaceutical Industries Ltd Common Stock Inr	QLVE +0.34 points	0.86%	0.52%
Largan Precision Co Ltd Common Stock Twd 10	QLVE +0.34 points	0.77%	0.43%
Rhb Bank Bhd Common Stock Myr 1	QLVE +0.31 points	0.47%	0.16%
Maruti Suzuki India Ltd Common Stock Inr 5	QLVE +0.27 points	0.41%	0.14%
Waaree Energies Ltd Common Stock Inr 10	QLVE +0.27 points	0.39%	0.12%
Jarir Marketing Co Common Stock Sar 1	QLVE +0.26 points	0.87%	0.61%
Malayan Banking Bhd Common Stock Myr 0	QLVE +0.26 points	0.54%	0.28%
Mediatek Inc Common Stock Twd 10	QLVE +0.25 points	1.22%	0.97%
Nestle India Ltd Common Stock Inr 1	QLVE +0.25 points	0.41%	0.16%
Telefonica Brasil SA Common Stock Brl 0	QLVE +0.24 points	0.50%	0.26%
United Microelectronics Corp Common Stock Twd 10	QLVE +0.23 points	1.03%	0.80%
Koc Holding As Common Stock Try 1	QLVE +0.22 points	0.34%	0.12%
Kunlun Energy Co Ltd Common Stock Hkd 0.01	QLVE +0.21 points	0.53%	0.32%
Prio Sa/Brazil Common Stock Brl 0	QLVE +0.17 points	0.28%	0.11%
Hcl Technologies Ltd Common Stock Inr 2	ROAM +0.16 points	0.78%	0.94%
Taiwan Cooperative Financial Holding Co Ltd Common	ROAM +0.17 points	0.05%	0.22%
Naver Corp Common Stock Krw 100	ROAM +0.15 points	0.13%	0.28%
Advanced Info Service Pcl Nvdr Thb 1	ROAM +0.15 points	0.40%	0.55%
Huaneng Power International Inc Common Stock Hkd 1	QLVE +0.15 points	0.43%	0.28%
Hon Hai Precision Industry Co Ltd Common Stock Twd	ROAM +0.13 points	0.09%	0.22%
Delta Electronics Inc Common Stock Twd 10	ROAM +0.13 points	0.49%	0.62%
Picc Property & Casualty Co Ltd Common Stock Hkd 1	ROAM +0.11 points	0.10%	0.21%
Hero Motocorp Ltd Common Stock Inr 2	QLVE +0.10 points	0.22%	0.12%
Petrochina Co Ltd Common Stock Hkd 1	QLVE +0.10 points	1.01%	0.91%
Ambev SA Common Stock Brl 0	ROAM +0.09 points	0.25%	0.34%
Tupras-Turkiye Petrol Rafine	QLVE +0.08 points	0.57%	0.49%
China Shenhua Energy Co Ltd Common Stock Hkd 1	QLVE +0.08 points	0.58%	0.50%
Al Rajhi Bank Common Stock Sar 10	QLVE +0.07 points	0.34%	0.27%
KT&G Corp Common Stock Krw 5000	ROAM +0.06 points	0.79%	0.85%
Tata Consultancy Services Ltd Common Stock Inr 1	ROAM +0.06 points	1.03%	1.09%
China Construction Bank Corp Common Stock Hkd 1	QLVE +0.07 points	0.88%	0.81%
Lupin Ltd Common Stock Inr 2	ROAM +0.07 points	0.27%	0.34%
Bid Corp Ltd Common Stock Zar	QLVE +0.06 points	0.28%	0.22%
Fsn E-Commerce Ventures Ltd Common Stock Inr 1	ROAM +0.04 points	0.30%	0.34%
Unimicron Technology Corp Common Stock Twd 10	Same weight	0.12%	0.12%

All 166 QLVE holdings⁠All 343 ROAM 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.

QLVE vs ROAM Cost

Overpaying ROAM vs QLVE

$5,103

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

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

Amount$10,000

Years30 years

Cost over time

QLVE 0.18%
ROAM 0.44%
Overpaying

Year by year

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

Expense ratio

0.18%QLVE, cheaper
0.44%ROAM

QLVE0.18%ROAM0.44%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QLVE cheapest of 20 funds

ROAM 10th cheapest of 20 funds

QLVE vs ROAM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QLVE 3.17%, better; ROAM 2.50%
Payout (12M): QLVE $1.02; ROAM $0.84
Last payment: QLVE $0.34; ROAM $0.33
Ex-dividend: QLVE Sep 18, 2026; ROAM Jun 25, 2026
Paid on: QLVE Sep 24, 2026; ROAM Jun 29, 2026
Frequency: QLVE Quarterly; ROAM Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

QLVEQuarterly · 26 paymentsAll QLVE payments⁠

ROAMTwice a year · 19 paymentsAll ROAM payments⁠

QLVE vs ROAM Risk

Fall from peak · 5 years

QLVE
ROAM

Risk facts

VolatilityStd dev, 3 years: QLVE 11.0%, betterROAM 14.6%
Return per unit of riskSharpe ratio, 3 years: QLVE 1.11ROAM 1.21, better
Worst fallMax drawdown, 5 years: QLVE −23.6%, betterROAM −26.1%
Market sensitivityBeta, 5 years: QLVE 0.83ROAM 1.01; Market = 1

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