At a glance
QEMM charges 0.3% a year, above the 0.25% average of the 8 funds most like it (the 7th cheapest of 9). It has $55.1M in assets, the 9th largest of that group; it paid 4.58% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +17.7% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +19.3% a year. At its worst it fell 29.9% in the 2020 crash (S&P 500: 33.7%) and 26.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 24 months after the lows. Its ten largest positions make up 26.5% of the fund, out of 810 in all.
The short version
SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) is a State Street index fund. It tracks the MSCI Emerging Markets (EM) Factor Mix A-Series Index, which blends value, low-volatility and quality stocks from 24 developing countries. Its 0.30% expense ratio is higher than large broad funds such as IEMG (0.09%). It had $55 million in net assets as of June 30, 2026, the smallest of nine similar funds.
Price history
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QEMM +17.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| QEMM official prospectus, to Dec 31, 2025 | — | +21.24% | — | +4.68% | +7.09% | — |
| QEMM price data to Oct 27, 2026 | +18.0% | +17.7% | +19.3% | +7.0% | +7.4% | +5.2% |
- Over the year to Oct 27, 2026, QEMM returned +17.7%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +7.0% and its 10-year +7.4%.
- In the 2020 COVID crash it fell 29.9% and regained its old high 6.7 months after the low.
- Its worst full calendar year was 2022 (-17.8%); its best was 2017 (+31.5%).
- The deepest fall in its price history was 36.9% (Jan 26, 2018 to Mar 23, 2020), recovered by Dec 28, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.0% | — |
| 2025 | +21.9% | +21.24% |
| 2024 | +5.0% | +6.01% |
| 2023 | +12.5% | +11.65% |
| 2022 | -17.8% | -17.41% |
| 2021 | +6.3% | +6.05% |
| 2020 | +9.9% | +10.46% |
| 2019 | +15.4% | +14.22% |
| 2018 | -13.3% | -12.12% |
| 2017 | +31.5% | +30.15% |
| 2016 | +7.9% | +9.38% |
| 2015 | -13.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.9% over that stretch · deepest drop along the way 29.9%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.8% over that stretch · deepest drop along the way 26.4%, back to its old high 23.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0500 | |
| 2025 | $3.2400 | +9.8% |
| 2024 | $2.9500 | +5.7% |
| 2023 | $2.7900 | +28.0% |
| 2022 | $2.1800 | +37.1% |
| 2021 | $1.5900 | -1.9% |
| 2020 | $1.6200 | -12.4% |
| 2019 | $1.8500 | +18.6% |
| 2018 | $1.5600 | +14.7% |
| 2017 | $1.3600 | +33.3% |
| 2016 | $1.0200 | 0.0% |
| 2015 | $1.0200 |
What's inside
As of Jun 30, 2026, the fund held 810 securities; the ten largest made up 26.53% of assets, and 2.18% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Co Ltd | 7.21% | |
| Russian Ruble Other | 5.77% | |
| MediaTek Inc | 3.36% | |
| Delta Electronics Inc | 2.40% | |
| Samsung Electronics Co Ltd | 1.83% | |
| SK hynix Inc | 1.37% | |
| China Construction Bank Corp | 1.28% | |
| Accton Technology Corp | 1.14% | |
| Samsung Electro-Mechanics Co Ltd | 1.10% | |
| Saudi Arabian Oil Co | 1.06% | |
| Industrial & Commercial Bank of China Ltd | 1.02% | |
| Anglogold Ashanti Plc | 0.97% | |
| Bank of China Ltd | 0.94% | |
| Elite Material Co Ltd | 0.92% | |
| King Slide Works Co Ltd | 0.84% |
By country
Taiwan 27.16%China 14.64%India 13.37%South Korea 11.89%RU 5.77%By asset type
Stocks 97.09%Other 5.77%Preferred stock 1.55%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $6.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +13.22%, +7.89%, -2.67%.
How it works
QEMM tracks the MSCI Emerging Markets (EM) Factor Mix A-Series Index. That index combines three MSCI indexes in equal thirds. The MSCI EM Value Weighted Index tilts toward cheaper stocks. The MSCI EM Minimum Volatility Index aims for the smallest price swings within set limits. The MSCI EM Quality Index favors companies with high return on equity (profit compared with shareholders' money), steady earnings growth and low debt. A stock's final weight depends on its weight in each of the three. As of November 30, 2025, the index held 1,196 large- and mid-cap stocks in 24 countries.
Twice a year, usually at the end of May and November, the three parts are reset to one-third each. The adviser, SSGA Funds Management, uses sampling, so the fund may own only part of the index. At least 80% of assets go into index stocks and depositary receipts, which are certificates that represent shares of foreign companies. As of June 30, 2026, the fund held 810 names.
The fund is not leveraged, but it may use futures to manage cash. The prospectus reports portfolio turnover of 19%. Because it follows the index, the fund can become "non-diversified" and hold more of its money in a few companies. As of November 30, 2025, financial and technology stocks made up a large share.
What it really costs
- QEMM charges 0.3% a year, versus an average of 0.25% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $31 in the first year and $381 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QEMM | $31 | $97 | $169 | $381 |
In a retirement portfolio
It is a small, volatile emerging markets fund that has fallen as much as 36.9%, so it fits as a smaller slice next to broader core holdings.
QEMM could add emerging markets stocks tilted toward cheaper, steadier and more profitable companies. Even so, it has fallen hard. It dropped 29.9% in the 2020 COVID crash and recovered in 6.7 months. In the 2022 bear market it fell 26.4% and needed 23.5 months to get back to its high. Its deepest drop, 36.9%, ran from January 2018 to March 2020. Its worst calendar year was 2022, at -17.41%. It launched in 2014, so it has no 2008 record. Anyone forced to sell in a slump like 2022 would have locked in losses. The trailing yield was 4.58% as of October 27, 2026. It pays twice a year, so income comes in two lumps. Under the SEC's standard example, costs on $10,000 come to $31 in the first year. Past results don't predict future ones, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want emerging markets stocks in one fund that blends value, low-volatility and quality strategies and rebalances twice a year.
- Holders looking for stock income: the trailing 12-month yield was 4.58% as of October 27, 2026, paid twice a year.
- Those comfortable with heavy Asian exposure: Taiwan 27%, China 15%, India 13% and South Korea 12% as of June 30, 2026.
Look elsewhere if
- Cost-focused investors: its 0.30% expense ratio compares with 0.07% for VWO and SPEM and 0.09% for IEMG.
- Anyone who needs steady values: it fell 36.9% between 2018 and 2020 and took 23.5 months to recover after its 2022 low.
- Investors who prefer large, heavily traded funds: QEMM had $55 million as of June 30, 2026, the smallest of nine similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QEMM this fund | — | 0.3% | $55.1M | +17.7% | +19.3% |
| EEM iShares MSCI Emerging Markets ETF | 51% | 0.72% | $31.21B | +12.7% | +20.3% |
| EMXC iShares MSCI Emerging Markets ex China ETF | 47% | 0.25% | $24.92B | +27.3% | +24.6% |
| IEMG iShares Core MSCI Emerging Markets ETF | 47% | 0.09% | $160.90B | +11.7% | +19.8% |
| SCHE Schwab Emerging Markets Equity ETF | 45% | 0.11% | $13.00B | +4.4% | +16.7% |
| SPEM SPDR Portfolio Emerging Markets ETF | 43% | 0.07% | $17.31B | +5.0% | +16.8% |
| VWO Vanguard FTSE Emerging Markets ETF | 43% | 0.07% | $162.04B | +3.3% | +16.8% |
| ESGE iShares ESG Aware MSCI EM ETF | 41% | 0.26% | $6.91B | +15.2% | +23.2% |
Questions investors ask
What does QEMM invest in?
QEMM holds emerging markets stocks picked by an index that blends value, low-volatility and quality strategies. As of June 30, 2026, it had 810 holdings, and the top 10 made up about 26.5% of assets. The largest was Taiwan Semiconductor Manufacturing at 7.2%, followed by MediaTek (3.4%), Delta Electronics (2.4%), Samsung Electronics (1.8%) and SK hynix (1.4%). Taiwan was the largest country at 27.2%. The same report also listed a Russian ruble position of about 5.8%, classed as "other" rather than stock.
What is the expense ratio of QEMM?
QEMM's expense ratio is 0.30%, according to the prospectus filed January 23, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On that basis, costs would total about $31 after one year, $169 after five years and $381 after ten. That is above the 0.25% average for similar funds and well above IEMG (0.09%), VWO (0.07%) and SPEM (0.07%). It is below EEM (0.72%).
Does QEMM pay dividends?
Yes. QEMM pays distributions twice a year. Over the 12 months to October 27, 2026, it paid $3.53 per share, a trailing yield of 4.58%. Because it pays twice a year, income comes in two lumps rather than monthly. Dividends from emerging markets companies can change with profits and currency moves, so the amount may differ from one payment to the next.
QEMM vs EEM: what's the difference?
Both hold emerging markets stocks, and about 51% of their holdings overlap. QEMM's index blends value, low-volatility and quality strategies. EEM, the iShares MSCI Emerging Markets ETF, charges 0.72%, compared with QEMM's 0.30%. EEM is also far larger: it had $31.2 billion in net assets as of August 31, 2026, while QEMM had $55 million as of June 30, 2026. Over one year, QEMM returned 17.7% through October 27, 2026, and EEM returned 12.3% through October 30. Over three years, EEM was ahead, at 21.1% a year to 19.3%.
How has QEMM performed over 10 years?
QEMM returned an average of 7.09% a year over the 10 years to December 31, 2025, according to its prospectus. Over five years it returned 4.68% a year. Returns were uneven along the way. Calendar-year results ranged from 30.15% in 2017 to -17.41% in 2022, and the quarter ending March 31, 2020 lost 22.87%. Based on price data, the fund was up 18% for 2026 through October 27.