BlackRock lists an active emerging-markets ETF 19 days after Goldman
The iShares Enhanced Emerging Markets Active ETF, ENHE, listed on Nasdaq on September 30, 2026, at a 0.35% net fee, 0.05 percentage points under Goldman's GEMQ, seeking to beat the MSCI Emerging Markets Index while staying close to it.
Key takeaways
BlackRock listed an active emerging-markets fund on Nasdaq on Wednesday, September 30, 2026, a day after it dates the launch, and 19 days after Goldman Sachs listed one on the same benchmark. The iShares Enhanced Emerging Markets Active ETF, ENHE, seeks to beat the MSCI Emerging Markets Index, a measure of large and mid-size companies in markets such as Taiwan, South Korea and China, and to keep its returns close to that index. The net fee is 0.35% a year, 0.05 percentage points under the 0.40% on the Goldman Sachs Data Enhanced Emerging Markets Equity ETF, GEMQ, after a waiver of a 0.01% charge for other funds the portfolio may hold.
BlackRock reported $10.8 million in ENHE as of Friday, October 2. Goldman reported $9.75 million in GEMQ as of Sunday, October 4. Both are still small.
Goldman says, on its page, that it takes a data-driven approach and seeks to beat the same index, considering tracking error, the gap between a fund's returns and the index, and trading costs while it looks for extra return. BlackRock's prospectus says ENHE will try to keep that gap low, using a model to hold more of some stocks and less of others, and it may own stocks the index leaves out.
BlackRock's page calls ENHE a way to anchor a portfolio with a core emerging-markets holding, and says it uses models and big data to seek outperformance. The prospectus describes a narrower job: change some weights, control the extra risk, and stay close to the benchmark.
Taiwan Semiconductor was 16.2% of ENHE and 16.2% of GEMQ on Thursday, October 1, against 15.63% in the index the day before. That day, ENHE disclosed 345 holdings and GEMQ disclosed 150. The index had 1,165 stocks on Wednesday, September 30.
As of Saturday, October 3, IEMG, the iShares Core MSCI Emerging Markets ETF, charged 0.09% for a broader basket that includes smaller companies, and EEM, the iShares MSCI Emerging Markets ETF, charged 0.72% to track the same index ENHE seeks to beat. The new fee is 0.26 percentage points above the broad fund and 0.37 percentage points below the older one.
On Friday, October 2, 30 shares of ENHE changed hands, and BlackRock reported a 0.25% median gap between the buying price and the selling price, from the fund's first days of trading. That gap is a cost of trading, and it was five times the yearly saving of 0.05 percentage points versus GEMQ.
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Frequently asked questions
What fund did BlackRock list?
The iShares Enhanced Emerging Markets Active ETF, ENHE, listed on Nasdaq on September 30, 2026, and seeks to beat the MSCI Emerging Markets Index while staying close to it.
How does its fee compare with Goldman's fund?
ENHE charges a 0.35% net fee, 0.05 percentage points under the 0.40% on GEMQ, after a waiver of a 0.01% charge for other funds the portfolio may hold.
How much money is in the two funds?
BlackRock reported $10.8 million in ENHE as of October 2 and Goldman reported $9.75 million in GEMQ as of October 4, and both are still small.
How wide was the trading gap in ENHE's first days?
On October 2, 30 shares changed hands, and BlackRock reported a 0.25% median gap between the buying price and the selling price, five times the yearly saving versus GEMQ.
