Axioma AXEM4 Emerging Market Equity Factor Risk Model (EM4) is a multi-factor emerging markets equity risk model designed for institutional investors managing medium- and short-horizon portfolios across global emerging equity markets. The model provides daily updates for country, currency, industry, momentum, liquidity, profitability, leverage, volatility, and exchange rate sensitivity risk factors to support portfolio construction, risk decomposition, stress testing, and quantitative portfolio management.