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Compare iShares Emerging Markets Fundamental Index ETF (CWO) vs Mackenzie Emerging Markets Equity Index ETF (QEE) to find the best fit for your portfolio. CWO provides Finance, Technology, and Energy exposures, while QEE is primarily weighted in Technology, Finance, and Industrials. When evaluating costs, CWO features a management fee (MER) of 0.65%, compared to 0.22% for QEE. Performance-wise, CWO has returned 15.85% year-to-date with +$24 M in net flows, whereas QEE is at 25.62% with +$192 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
CWO
QEE
| AuM | $116.54 M | $351.20 M |
| Management Fees | 0.65% | 0.22% |
| Exp. ratio | 0.72% | 0.27% |
| Tracking Difference | -0.09% | 0.23% |
Historical performance and flows
As of September 10, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | CWO | +2.20% | +4.72% | +15.85% | +21.85% | +84.01% |
QEE | +3.16% | +4.07% | +25.62% | +33.80% | +83.87% | |
| Flows | CWO | +$0 M | +$5 M | +$24 M | +$31 M | +$39 M |
QEE | +$97 M | +$92 M | +$192 M | +$204 M | +$248 M |
CWO vs QEE exposure
Countries
CWO
China
37.17%
Taiwan
22.16%
Brazil
12.92%
India
10.66%
Other
17.09%
QEE
Taiwan
25.19%
China
21.37%
Republic of Korea
17.46%
India
12.91%
Other
23.07%
Sectors
CWO
Finance
30.95%
Technology
23.74%
Energy
10.28%
Non-Energy Materials
10.14%
Consumer Non-Cyclicals
7.29%
Other
17.60%
QEE
Technology
40.78%
Finance
21.48%
Industrials
7.51%
Other
30.23%
As of September 10, 2026
Top 10 Holdings
CWO
Taiwan Semiconductor Manufacturing Co., Ltd.
6.67%
Alibaba Group Holding Ltd.
2.93%
Vale SA
2.52%
Tencent Holdings Ltd.
2.50%
Industrial & Commercial Bank of China Ltd.
2.23%
JD.com, Inc.
2.16%
Petróleo Brasileiro SA
2.06%
Petróleo Brasileiro SA
1.88%
Hon Hai Precision Industry Co., Ltd.
1.84%
MediaTek, Inc.
1.78%
QEE
Taiwan Semiconductor Manufacturing Co., Ltd.
13.64%
Samsung Electronics Co., Ltd.
5.67%
SK hynix, Inc.
4.20%
Tencent Holdings Ltd.
3.14%
Alibaba Group Holding Ltd.
2.16%
MediaTek, Inc.
1.24%
China Construction Bank Corp.
0.95%
Delta Electronics, Inc.
0.78%
HDFC Bank Ltd.
0.75%
Hon Hai Precision Industry Co., Ltd.
0.73%
Diversification
CWO
Total weight of top 10 holdings out of 410 total
26.59%
QEE
Total weight of top 10 holdings out of 1,440 total
33.24%
Characteristics
Compare
CWO
QEE
| Provider | iShares | Mackenzie Investments |
| Management | Passively managed | Passively managed |
| Benchmark | RAFI Fundamental Select Emerging Markets 350 NTR Index - CAD | Solactive GBS Emerging Markets Large & Mid Cap CAD Index NTR - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.57% | 1.62% |
| Meets ESG criteria | No | No |
| Inception Date | April 7, 2009 | February 8, 2022 |
Frequently asked questions about CWO and QEE
Which ETF has performed better year to date: CWO or QEE?
As of September 10, 2026, CWO has returned 15.85% year to date, while QEE has returned 25.62%. QEE is ahead on YTD performance.
Which ETF is larger by assets under management: CWO or QEE?
As of September 10, 2026, CWO manages $116.54 M in assets, while QEE manages $351.20 M. QEE is the larger fund by AUM.
How are CWO and QEE managed?
CWO is passively managed by iShares. It tracks the RAFI Fundamental Select Emerging Markets 350 NTR Index - CAD benchmark. QEE is passively managed by Mackenzie Investments. It tracks the Solactive GBS Emerging Markets Large & Mid Cap CAD Index NTR - CAD benchmark.
What sectors do CWO and QEE emphasize?
CWO is most exposed to Finance, Technology, and Energy. QEE is most exposed to Technology, Finance, and Industrials.
Which ETF is attracting more investor flows: CWO or QEE?
Year to date, CWO has seen +$23.90 M in net flows, compared with +$191.93 M for QEE. QEE has attracted more net investor money so far.
How do the fees of CWO and QEE compare?
CWO has an expense ratio of 0.72%, while QEE has an expense ratio of 0.27%.
What are the top holdings of CWO and QEE?
CWO's largest holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Petróleo Brasileiro SA, and Alibaba Group Holding Ltd.. QEE's top holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and SK hynix, Inc..
Which ETF is more diversified: CWO or QEE?
CWO holds 354 securities, while QEE holds 1354. On holdings count, QEE is the more diversified portfolio.
Recent articles about CWO and QEE
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