AVSE vs EMEQ: Grades, Fees and Holdings Compared

Avantis Responsible Emerging Markets Equity ETF

AVSEANYSE Arca

Nomura Focused Emerging Markets Equity ETF

EMEQDNasdaq

Overlap

17.5%by weight

Expense ratio

AVSE −0.52pt a year

AVSE0.33%EMEQ0.85%

Avg volume · 30D

EMEQ 8.6×the volume

AVSE14.3KEMEQ123K

AVSE vs EMEQ Performance

Nov 7, 2025 – Nov 9, 2026

+15.0%AVSE+50.6%EMEQ

Expense ratio: AVSE 0.33%, better; EMEQ 0.85%
Fund size: AVSE $214M; EMEQ $555M
1Y total return: AVSE +15.0%; EMEQ +50.6%, better
Yield (12M): AVSE 2.97%, better; EMEQ 1.94%
Holdings: AVSE 2470; EMEQ 66
Avg volume (30D): AVSE 14.3K sh; EMEQ 123K sh, better
NAV per share: AVSE $70.08; EMEQ $54.91
52W range

ETF.net Grade

Pillar letters and Scores for AVSE, EMEQ, with each pillar’s weight
Pillar	AVSE	EMEQ
Cost30% weight	A94Higher	F2
Mission25% weight	A100	Not scored
Risk15% weight	B59Higher	D36
Tradability15% weight	A78Higher	B56
Holdings10% weight	A82Higher	D28
Durability5% weight	B69Higher	B59

Rank among Emerging Markets Active Equity funds

How we build Categories ›

Same Category. AVSE and EMEQ are both graded against the same 27 Emerging Markets Active Equity funds, so their Grades compare head to head.

Emerging Markets Active Equity⁠

Category · 27 funds

See all 27 ›

AVSE ranks 2nd and EMEQ 24th of 27 funds in the Emerging Markets Active Equity Category.

Rank 1AAVEMAvantis Emerging Markets Equity ETFScore 86
Rank 2AAVSEAvantis Responsible Emerging Markets Equity ETFScore 80
Rank 2AAVXCAvantis Emerging Markets ex-China Equity ETFScore 80
Rank 23DMEMXMatthews Emerging Markets ex China Active ETF MEMXScore 29
Rank 24DEMEQNomura Focused Emerging Markets Equity ETFScore 26
Rank 25FMEMMatthews Emerging Markets Equity Active ETFScore 24

Our read on each fund

ETF.net Research

AVSEAAvantis Responsible Emerging Markets Equity ETF

EMEQDNomura Focused Emerging Markets Equity ETF

In short

AVSE Avantis's emerging markets workhorse with a values filter bolted on: the same profitability tilt and thousands-of-stocks build as its flagship EM fund, at the same 0.33% fee, minus the issuers its team flags on ESG grounds.

EMEQ Emerging markets stripped to conviction: about 60 stocks, formally non-diversified, actively picked with no index to hug. Nomura's 2024 entrant charges 0.85%, with no fee waiver, above the typical EM fund.

Stated mandate

AVSE The fund is an actively managed emerging-markets equity strategy that seeks to identify securities with higher expected returns while excluding issuers that raise concerns under the portfolio team's environmental, social, and governance evaluation.

EMEQ The Fund seeks long-term capital appreciation.

Why people hold it

AVSE Charges 0.33% a year, roughly half the typical fee among actively managed emerging markets funds. The cost drag stays out of the way of the strategy.
The screen trims rather than concentrates: the portfolio still spans thousands of emerging markets stocks, not a short list of approved names.avantisinvestors.com
Active in the Avantis sense: a systematic tilt toward more profitable companies, not a manager's hunches about which stocks pop next.
Priced level with Avantis's mainstream EM funds (AVEM, AVXC) and JPMorgan's JEMA at 0.33%, and one of the stronger builds in the active EM group.

EMEQ Concentration is the point. Roughly 60 names and a non-diversified classification mean one winner can actually move the fund, instead of being diluted across a broad index.yahoo.com
Fully active, no declared benchmark: at least 80% of assets in emerging markets issuers, companies of any size, position sizes set by the manager rather than index weights.yahoo.com
Past the startup stage. Assets in the hundreds of millions and moderate daily volume for a fund that only listed in 2024.

Worth knowing

AVSE Thinly traded next to the index-fund giants of emerging markets, so bid-ask spreads can widen and larger orders need care.
The ESG exclusions are the portfolio team's own judgment calls, so the holdings and the results will drift from a plain broad EM benchmark.
Emerging markets equity brings currency swings and country-level political risk, and this fund holds that exposure directly. Pays quarterly.

EMEQ Cost is the trade-off: 0.85%, with no fee waiver, against 0.33% at AVEM, JEMA, AVSE and AVXC and 0.39% at DFEM. Above the category median across 27 funds.
Non-diversified cuts both ways. With about 60 holdings, a stumble in one large position or one country lands harder than it would in a broad index fund.yahoo.com
Short history. It launched September 2024, so the risk picture rests on about a year of data rather than a full market cycle.

Full AVSE profile⁠

Full EMEQ profile⁠

AVSE vs EMEQ Holdings

As of Oct 29, 2026

How AVSE and EMEQ differ

Overlap by weight

17.5%

Shared holdings make up 57.6% of EMEQ and 17.5% of AVSE.

Level by level

Holdings38 in both17.5%
Countryby domicile70.7%
Sector11 Sectors74.4%
Asset classStocks100%

Sector

Sector weights in AVSE and EMEQ, widest gap first
Sector	Gap	AVSE	EMEQ
Technology	EMEQ +15.3 points	38.2%	53.5%
Financials	AVSE +12.5 points	26.1%	13.6%
Energy	EMEQ +9.7 points	0.1%	9.8%
Consumer Discretionary	AVSE +4.5 points	10.0%	5.5%
Health Care	AVSE +2.7 points	4.0%	1.3%
Real Estate	AVSE +2.5 points	2.5%	0.0%
Materials	AVSE +1.6 points	3.1%	1.5%
Industrials	AVSE +1.1 points	6.7%	5.6%
Utilities	AVSE +0.5 points	1.0%	0.5%
Consumer Staples	EMEQ +0.5 points	2.5%	3.0%
Communication	AVSE +0.1 points	5.9%	5.8%

Country, concentration and asset class

Country by domicile

Country weights in AVSE and EMEQ, widest gap first
Country	Gap	AVSE	EMEQ
South Korea	EMEQ +19.7 points	18.4%	38.1%
China	AVSE +10.4 points	19.5%	9.1%
Taiwan	AVSE +8.2 points	27.9%	19.7%
India	AVSE +5.0 points	14.9%	9.9%
Mexico	EMEQ +3.2 points	2.0%	5.2%
South Africa	AVSE +2.3 points	4.6%	2.3%
Brazil	EMEQ +1.6 points	4.1%	5.7%
Poland	AVSE +1.4 points	1.4%	0.0%
Other countries (13)	EMEQ +2.9 points	7.1%	10.0%

Outside the US: AVSE 1% developed, 99% emerging. EMEQ 2% developed, 98% emerging.

Concentration

Weight in the 10 largest Holdings

AVSE27.7%
EMEQ63.0%

Securities held

AVSE2,456
EMEQ60

Asset class

AVSE: Stocks
EMEQ: Stocks

Holdings

Only in AVSE2,418
In both38
Only in EMEQ22

Only in AVSE

2,418 securities, 82.5% of AVSE by weight

Taiwan Semiconductor Sp Adr Adr8.08%
Samsung Electr Gdr Reg’s Gdr4.62%
China Construction Bank H Common Stock CNY1.01.25%
Ind & Comm Bk of China H Common Stock CNY1.00.73%
Netease Inc Adr Adr USD.00010.54%
Ts Financial Holding Co Ltd Common Stock TWD10.00.53%
Yum China Holdings Inc Common Stock USD.010.50%
Ping An Insurance Group Co H Common Stock CNY1.00.50%
Hdfc Bank Limited Common Stock INR1.00.48%
Woori Financial Group Inc Common Stock KRW5000.00.46%
Kb Financial Group Inc Adr Adr0.43%
Ctbc Financial Holding Co Lt Common Stock TWD10.00.43%
Samsung Electro Mechanics Co Common Stock KRW5000.00.40%
Hana Financial Group Common Stock KRW5000.00.40%
Wuxi Biologics Cayman Inc Common Stock USD.000010.39%
Ase Technology Holding Adr Adr0.39%
Lg Electronics Inc Common Stock KRW5000.00.36%
China Life Insurance Co H Common Stock CNY1.00.36%
Al Rajhi Bank Common Stock SAR10.00.36%
Unimicron Technology Corp Common Stock TWD10.00.35%
Fubon Financial Holding Co Common Stock TWD10.00.35%
Cathay Financial Holding Co Common Stock TWD10.00.35%
China Merchants Bank H Common Stock CNY1.00.35%
Axis Bank Ltd Gdr Reg’s Gdr0.34%
Geely Automobile Holdings Lt Common Stock HKD.020.33%
Shinhan Financial Group Adr Adr0.32%
Saudi Telecom Co Common Stock SAR10.00.32%
Yuanta Financial Holding Co Common Stock TWD10.00.32%
Shriram Finance Ltd Common Stock INR2.00.32%
Kotak Mahindra Bank Ltd Common Stock INR1.00.31%
Mahindra & Mahindra Ltd Common Stock INR5.00.30%
Kia Corp Common Stock KRW5000.00.30%
Cspc Pharmaceutical Group Lt Common Stock0.29%
Gold Fields Ltd Spons Adr Adr0.29%
Anta Sports Products Ltd Common Stock HKD.10.29%
Innovent Biologics Inc Common Stock USD.000010.29%
Hyundai Motor Co Common Stock KRW5000.00.29%
Emaar Properties Pjsc Common Stock AED1.00.28%
Elite Material Co Ltd Common Stock TWD10.00.28%
Mtn Group Ltd Common Stock ZAR.00010.28%
United Microelectronics Corp Common Stock TWD10.00.27%
Picc Property & Casualty H Common Stock CNY1.00.26%
Bajaj Finance Ltd Common Stock INR1.00.26%
Bse Ltd Common Stock INR2.00.25%
China Resources Land Ltd Common Stock HKD.10.25%
Otp Bank PLC Common Stock HUF100.00.25%
New Oriental Education & Tec Common Stock USD.0010.25%
Jd.com Inc Adr Adr USD.000020.24%
Sinopac Financial Holdings Common Stock TWD10.00.24%
National Bank of Kuwait Common Stock KWD.10.24%

Only in EMEQ

22 securities, 42.4% of EMEQ by weight

Sk Square Co Ltd Common11.40%
Samsung Electronics Co9.81%
Reliance Industries Ltd5.18%
Petroleo Brasileiro SA -2.86%
Samsung Electronics Co2.58%
Invesco Government &1.29%
Hong Kong Exchanges &1.05%
Ptt Exploration &0.99%
Coca-Cola Femsa Sab De Cv0.98%
Hdfc Bank Ltd Adr USD0.89%
Grupo Financiero Galicia0.71%
Contemporary Amperex0.63%
Cemex Sab De Cv Adr USD 00.62%
Kasikornbank Pcl Foreign0.58%
Scb X Pcl Foreign Sh. Thb0.58%
Saudi Arabian Oil Co0.46%
Lg Chem Ltd Preference0.41%
Astra International Tbk0.38%
Sk Telecom Co Ltd Common0.31%
Ptt Pcl Foreign Sh. 10.30%
Fit Hon Teng Ltd Common0.20%
Mynt Inc Common Stock Php0.14%

Weight gaps

All 38 Holdings in both funds, largest gap first.

Holding weights in AVSE and EMEQ, widest gap first
Holding	Gap	AVSE	EMEQ
Taiwan Semiconductor Manufac Common Stock TWD10.0	EMEQ +10.68 points	3.30%	13.98%
Samsung C+t Corp Common Stock KRW100.0	EMEQ +4.07 points	0.08%	4.15%
Sk Hynix Inc Common Stock KRW5000.0	EMEQ +2.06 points	4.64%	6.70%
Mediatek Inc Common Stock TWD10.0	EMEQ +1.74 points	1.67%	3.41%
Hon Hai Precision Industry Common Stock TWD10.0	EMEQ +1.41 points	0.75%	2.16%
Samsung Life Insurance Co Lt Common Stock KRW500.0	EMEQ +1.32 points	0.07%	1.39%
Tencent Holdings Ltd Common Stock HKD.00002	EMEQ +1.23 points	1.69%	2.92%
Alibaba Group Holding Sp Adr Adr USD.000025BABA	EMEQ +1.15 points	0.95%	2.10%
Icici Bank Ltd Spon Adr AdrIBN	EMEQ +1.06 points	0.73%	1.79%
Naspers Ltd N Shs Common Stock ZAR.02	EMEQ +1.02 points	0.09%	1.11%
Delta Electronics Inc Common Stock TWD10.0	EMEQ +0.94 points	0.09%	1.03%
Public Bank Berhad Common Stock	EMEQ +0.92 points	0.09%	1.01%
Beone Medicines Ltd Adr Adr USD.0001ONC	EMEQ +0.91 points	0.04%	0.95%
America Movil Sab De Cv AdrAMX	EMEQ +0.91 points	0.15%	1.06%
Grupo Financiero Banorte O Common Stock MXN3.5	EMEQ +0.90 points	0.33%	1.23%
Credicorp Ltd Common Stock USD5.0	EMEQ +0.82 points	0.23%	1.05%
Itau Unibanco H Spon Prf Adr AdrITUB	EMEQ +0.80 points	0.19%	0.99%
Malayan Banking Bhd Common Stock	EMEQ +0.62 points	0.10%	0.72%
Byd Co Ltd H Common Stock CNY1.0	EMEQ +0.63 points	0.10%	0.73%
Akbank T.a.s. Common Stock TRY1.0	EMEQ +0.61 points	0.06%	0.67%
Baidu Inc Spon Adr Adr USD.00005BIDU	EMEQ +0.58 points	0.03%	0.61%
Bank Central Asia Tbk Pt Common Stock IDR12.5	EMEQ +0.58 points	0.09%	0.67%
Ambev SA Adr AdrABEV	EMEQ +0.57 points	0.14%	0.71%
Fomento Economico Mex Sp Adr AdrFMX	EMEQ +0.49 points	0.12%	0.61%
Walmart De Mexico Sab De Cv Common Stock	EMEQ +0.49 points	0.06%	0.55%
Tencent Music Entertainm Adr Adr USD.000083TME	EMEQ +0.44 points	0.04%	0.48%
Banco Bradesco Adr AdrBBD	EMEQ +0.40 points	0.21%	0.61%
Axia Energia SA Common Stock	EMEQ +0.40 points	0.02%	0.42%
Infosys Ltd Sp Adr AdrINFY	EMEQ +0.38 points	0.28%	0.66%
Xpeng Inc Adr Adr USD.00001XPEV	EMEQ +0.34 points	<0.01%	0.34%
Turkcell Iletisim Hizmet Adr Adr TRY1.0TKC	EMEQ +0.33 points	0.04%	0.37%
Dr. Reddy’s Laboratories Adr AdrRDY	EMEQ +0.29 points	0.05%	0.34%
Meituan Class B Common Stock USD.00001	EMEQ +0.26 points	0.14%	0.40%
Vale SA Sp Adr AdrVALE	EMEQ +0.23 points	0.28%	0.51%
Pdd Holdings Inc Adr USD.00002PDD	EMEQ +0.23 points	0.40%	0.63%
Unilever Indonesia Tbk Pt Common Stock IDR2.0	EMEQ +0.15 points	<0.01%	0.16%
Trip.com Group Ltd Adr Adr USD.01TCOM	EMEQ +0.11 points	0.10%	0.21%
Zto Express Cayman Inc Adr Adr USD.0001ZTO	EMEQ +0.08 points	0.11%	0.19%

All 2,457 AVSE holdings⁠All 60 EMEQ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AVSE vs EMEQ Cost

Overpaying EMEQ vs AVSE

$9,462

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AVSE 0.33%
$6,737
EMEQ 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

AVSE 0.33%
EMEQ 0.85%
Overpaying

Year by year

Year	AVSE	EMEQ	Overpaying
10	$598	$1,508	$910
20	$2,318	$5,706	$3,388
30	$6,737	$16,199	$9,462

Expense ratio

0.33%AVSE, cheaper
0.85%EMEQ

AVSE0.33%EMEQ0.85%

0.33%0.85%

Middle half of Emerging Markets Active Equity funds
Median 0.65%

AVSE cheapest of 27 funds

EMEQ 26th cheapest of 27 funds

AVSE vs EMEQ Dividends

Last 12 months to Nov 9, 2026

Yield (12M): AVSE 2.97%, better; EMEQ 1.94%
Payout (12M): AVSE $2.14; EMEQ $1.11
Last payment: AVSE $0.52; EMEQ $1.11
Ex-dividend: AVSE Sep 8, 2026; EMEQ Dec 24, 2025
Paid on: AVSE Sep 10, 2026; EMEQ Dec 31, 2025
Frequency: AVSE Quarterly; EMEQ Annual

Distribution history

Per share, 2022 to 2026, same scale for both

AVSEQuarterly · 11 paymentsAll AVSE payments⁠

EMEQAnnual · 2 paymentsAll EMEQ payments⁠

AVSE vs EMEQ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AVSE 16.8%EMEQ 34.5%since Oct 2024
Return per unit of riskSharpe ratio, 3 years: AVSE 1.02EMEQ 1.18since Oct 2024
Worst fallMax drawdown, 5 years: AVSE −26.3%since Mar 2022EMEQ −31.1%since Sep 2024
Market sensitivityBeta, 5 years: AVSE 1.12EMEQ 1.72; Market = 1

AVSE and EMEQ in the news

All news⁠

Category Review
Active emerging-markets ETFs that did not look like the MSCI index did not finish with it
Updated Nov 2, 2026EMEQ

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AVSE vs EMEQ

In short

Stated mandate

Why people hold it

Worth knowing

How AVSE and EMEQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AVSE

Only in EMEQ

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Active emerging-markets ETFs that did not look like the MSCI index did not finish with it

How AVSE and EMEQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AVSE

Only in EMEQ

Weight gaps