QLVE
FlexShares Emerging Markets Quality Low Volatility Index Fund
The FlexShares Emerging Markets Quality Low Volatility Index ETF tracks a multi-factor selected index of large- and mid-cap equities from emerging markets.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
14.9 M
ASSETS UNDER MGMT
40 bp
EXPENSES
Fund Basics
| Fund sponsor | Northern Trust |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 15, 2019 |
| Assets (mns) | $15 |
| Expense ratio | 40 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Multi-Factor |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TAIWAN SEMICONDUCTOR MANUFAC | 11.5 % |
| TENCENT HOLDINGS LTD | 6.2 % |
| ALIBABA GROUP HOLDING LTD. SPONSORED ADR | 3.9 % |
| INTERNATIONAL HOLDINGS COMPANY PJSC | 2.2 % |
| SAMSUNG ELECTRONICS CO LTD | 2.2 % |
| TATA CONSULTANCY SVS LTD | 1.8 % |
| CHINA CONSTRUCTION BANK-H | 1.7 % |
| RELIANCE INDS-SPONS GDR 144A | 1.4 % |
| SUN PHARMACEUTICAL INDUS | 1.3 % |
| BANK OF CHINA LTD - H | 1.3 % |
Constituent Breakdown
| Number of holdings | 185 |
| Herfindahl-Hirschman Index | 259 |
| Wgt avg mkt cap (mns) | $206,452 |
| Large cap (>$10bn) | 63.7% |
| Mid cap ($2-10bn) | 26.1% |
| Small cap (<$2bn) | 0.8% |
| Developed mkts. | 1.2% |
| Emerging mkts. | 95.2% |
Country Exposure
 |
CHINA | 23.0 % |
 |
INDIA | 22.9 % |
 |
TAIWAN | 20.2 % |
 |
SOUTH KOREA | 5.8 % |
 |
MALAYSIA | 5.2 % |
 |
UAE | 5.1 % |
 |
BRAZIL | 3.6 % |
 |
QATAR | 3.3 % |
 |
KUWAIT | 2.7 % |
 |
SAUDI ARABIA | 2.2 % |
Historical Performance
Standardized Performance (as of 09/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 15.9% | 6.3% | 14.6% | 11.8% | 3.8% | -- | -- | 2.3% |
| Dividend Yield | 0.0% | 0.0% | 0.8% | 1.6% | 1.9% | -- | -- | 2.0% |
| Total Returns | 15.9% | 6.3% | 15.4% | 13.4% | 5.7% | -- | -- | 4.3% | Ann. Volatility | 13.1% | 12.4% | 11.6% | 11.8% | 12.8% | -- | -- | 15.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.49 | 36% |
| MSCI EAFE | 0.49 | 45% |
| MSCI Emg Mkts | 0.56 | 66% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.23% |
Technical Indicators
| Recent close | $29.59 |
| 30d moving avg. | $29.00 |
| Annualized volatility | 11.0% |
| Relative strength (RSI) | 60 |
| Short interest | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 43.5% | -25 bp | +7.5% |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | 39.6% | -15 bp | +6.3% |
| FDEM | Fidelity Emerging Markets Multifactor ETF | 39.0% | -15 bp | +12.4% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 38.6% | -25 bp | +9.6% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 38.5% | +26 bp | +8.9% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 37.9% | -29 bp | +9.5% |
| GEM | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 37.7% | +5 bp | +9.7% |
| FLAX | Franklin FTSE Asia Ex Japan ETF | 37.4% | -21 bp | +8.5% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 37.1% | -4 bp | +9.1% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 35.2% | +9 bp | +9.3% |
Risk and Returns: QLVE vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 10/24/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
QLVE
6.6%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 123 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
2.6%. QLVE's ALTAR Score™ is approximately
0.5 standard deviations
below
the category average. This places QLVE in the 32nd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
QLVESELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 98 |
| Avg. Expense Ratio | 64.7 bp |
| Std. Deviation | 29.4 bp |
| QLVE (40 bp) Percentile rank | 20 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| QLVE | 40.0 | 22.6 | 62.6 |
| Peer Avg. | 64.7 | 41.8 | 106.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .