AVXC vs BREE: Grades, Fees and Holdings Compared

Avantis Emerging Markets ex-China Equity ETF

AVXCANasdaq

MFS Blended Research Emerging Markets Equity ETF

BREECNYSE

Overlap

25.9%by weight

Expense ratio

AVXC −0.11pt a year

AVXC0.33%BREE0.44%

Avg volume · 30D

AVXC 31.7×the volume

AVXC41.8KBREE1.32K

AVXC vs BREE Performance

Aug 7, 2026 – Nov 9, 2026

−6.7%AVXC−5.4%BREE

Expense ratio: AVXC 0.33%, better; BREE 0.44%
Fund size: AVXC $416M; BREE $24M
1Y total return: AVXC +23.4%; BREE No data
Yield (12M): AVXC 2.40%; BREE No data
Holdings: AVXC 2924; BREE 137
Avg volume (30D): AVXC 41.8K sh, better; BREE 1.32K sh
NAV per share: AVXC $72.23; BREE $24.34
52W range

ETF.net Grade

Pillar letters and Scores for AVXC, BREE, with each pillar’s weight
Pillar	AVXC	BREE
Cost30% weight	A94Higher	B69
Mission25% weight	Not scored	Not scored
Risk15% weight	C51	C54Higher
Tradability15% weight	A85Higher	D33
Holdings10% weight	A83Higher	C44
Durability5% weight	B68Higher	D36

Rank among Emerging Markets Active Equity funds

How we build Categories ›

Same Category. AVXC and BREE 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 ›

AVXC ranks 2nd and BREE 10th 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 4AJEMAJPMorgan ActiveBuilders Emerging Markets Equity ETFScore 79
Rank 9BSEEMSEI Select Emerging Markets Equity ETFScore 57
Rank 10CBREEMFS Blended Research Emerging Markets Equity ETFScore 53
Rank 10CEMOPAB Emerging Markets Opportunities ETFScore 53

Our read on each fund

ETF.net Research

AVXCAAvantis Emerging Markets ex-China Equity ETF

BREECMFS Blended Research Emerging Markets Equity ETF

In short

AVXC The China question, answered by subtraction. Avantis runs its usual emerging-markets playbook (roughly 2,800 stocks of every size, tilted toward the cheap and the profitable) with China left out entirely, for 0.33% a year.

BREE Active emerging-markets stock picking at a near-index price: 0.44% a year, below what most active EM funds charge, with the MSCI Emerging Markets Index as the yardstick. It opened in 2026, so the fee is proven and the record isn't yet.

Stated mandate

AVXC The fund invests in a broad set of companies across emerging-market countries, excluding China, and spanning all market capitalizations. It seeks higher expected returns by overweighting securities with lower valuations and higher profitability ratios.

BREE The fund seeks capital appreciation through an actively managed portfolio of equity securities issued by companies economically tied to emerging-market countries.

Why people hold it

AVXC 0.33% a year, about half the typical fee among active EM funds, and the ex-China carve-out costs no more than Avantis charges on its with-China flagship, AVEM.
Roughly 2,800 holdings spanning all market-cap sizes, so removing China doesn't turn the fund into a concentrated bet on a few large markets.avantisinvestors.com
Actively run against MSCI Emerging Markets IMI rather than tracking it: the mandate overweights lower-valuation, higher-profitability companies.
One of the stronger builds in the active emerging-markets group we review, on cost and portfolio construction alike.

BREE 0.44% a year for active EM management, under the typical active emerging-markets fee and cheaper than several funds measured against the same MSCI EM benchmark (CGNG, EMSF).
Actively run, not index-replicating: managers seek capital appreciation from companies economically tied to emerging markets, in weights MSCI EM doesn't dictate.
A plain 1940 Act equity fund. No leverage, no exotic wrapper, no structural quirks to decode. The portfolio is the whole story.

Worth knowing

AVXC Thinly traded next to the giants of the category, so spreads and limit orders matter more on the way in and the way out.
Launched in 2024, so the live record is short and the risk picture is still forming.
Leaving China out is a real departure from standard EM exposure, and the value and small-cap tilts add more distance from a plain cap-weighted index.

BREE It launched in 2026. The live record is short, and risk readings rest on limited history rather than a full market cycle.
Young, small funds trade thinner than the EM index giants, so bid-ask spreads run wider. Limit orders matter more here than in a mega-fund.
The mandate targets capital appreciation, not income, and the fund has not been making regular distributions.

Full AVXC profile⁠

Full BREE profile⁠

AVXC vs BREE Holdings

How AVXC and BREE differ

Overlap by weight

25.9%

Shared holdings make up 50.2% of BREE and 27.7% of AVXC.

Level by level

Holdings68 in both25.9%
Countryby domicile73.7%
Sector13 Sectors88.8%
Asset classStocks100%

Sector

Sector weights in AVXC and BREE, widest gap first
Sector	Gap	AVXC	BREE
Technology	BREE +7.0 points	33.5%	40.5%
Industrials	AVXC +5.2 points	9.3%	4.1%
Communication	BREE +3.1 points	4.2%	7.3%
Financials	AVXC +2.3 points	24.1%	21.8%
Real Estate	AVXC +1.3 points	1.7%	0.4%
Consumer Discretionary	BREE +1.1 points	6.0%	7.1%
Utilities	AVXC +0.8 points	2.7%	1.9%
Health Care	AVXC +0.6 points	2.8%	2.2%
Materials	AVXC +0.5 points	7.4%	6.9%
Energy	AVXC +0.3 points	4.7%	4.4%
Consumer Staples	AVXC +0.2 points	3.5%	3.3%
Securitized	Same weight	0.0%	0.0%
Government	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in AVXC and BREE, widest gap first
Country	Gap	AVXC	BREE
China	BREE +20.9 points	0.0%	20.9%
India	AVXC +7.7 points	19.6%	11.9%
South Korea	AVXC +6.4 points	24.8%	18.4%
Taiwan	AVXC +3.3 points	28.6%	25.3%
Brazil	AVXC +2.6 points	5.9%	3.3%
South Africa	BREE +2.1 points	6.8%	8.9%
Malaysia	AVXC +1.6 points	1.8%	0.2%
Poland	AVXC +1.5 points	2.1%	0.6%
Other countries (15)	BREE +0.3 points	10.3%	10.6%

Outside the US: AVXC 0% developed, 100% emerging. BREE 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

AVXC26.3%
BREE37.7%

Securities held

AVXC2,914
BREE136

Asset class

AVXC: Stocks
BREE: Stocks

Holdings

Only in AVXC2,846
In both68
Only in BREE68

Only in AVXC

2,846 securities, 72.6% of AVXC by weight

Samsung Electr Gdr Reg’s Gdr6.02%
Reliance Inds Spons Gdr 144A Gdr0.57%
Hdfc Bank Limited Common Stock INR1.00.56%
Hana Financial Group Common Stock KRW5000.00.52%
Fubon Financial Holding Co Common Stock TWD10.00.52%
Ssc Government Mm Gvmxx0.47%
Ctbc Financial Holding Co Lt Common Stock TWD10.00.46%
Ts Financial Holding Co Ltd Common Stock TWD10.00.42%
Petroleo Brasil Sp Pref Adr Adr0.41%
Petroleo Brasileiro Spon Adr Adr0.38%
Bharti Airtel Ltd Common Stock INR5.00.37%
Lg Electronics Inc Common Stock KRW5000.00.37%
Hyundai Motor Co Common Stock KRW5000.00.37%
Icici Bank Ltd Common Stock INR2.00.35%
Woori Financial Group Inc Common Stock KRW5000.00.35%
Standard Bank Group Ltd Common Stock ZAR.10.34%
Saudi Arabian Oil Co Common Stock0.34%
Gold Fields Ltd Spons Adr Adr0.33%
Cathay Financial Holding Co Common Stock TWD10.00.33%
Emaar Properties Pjsc Common Stock AED1.00.33%
Larsen & Toubro Ltd Common Stock INR2.00.32%
Mahindra & Mahindra Ltd Common Stock INR5.00.30%
Otp Bank PLC Common Stock HUF100.00.29%
Axis Bank Ltd Gdr Reg’s Gdr0.29%
Bajaj Finance Ltd Common Stock INR1.00.29%
Itau Unibanco H Spon Prf Adr Adr0.28%
Al Rajhi Bank Common Stock SAR10.00.27%
Alpha Bank SA Common Stock EUR.30.27%
Saudi Telecom Co Common Stock SAR10.00.27%
Zhen Ding Technology Holding Common Stock TWD10.00.27%
Sasol Ltd Sponsored Adr Adr0.25%
Orlen SA Common Stock PLN1.250.25%
Shriram Finance Ltd Common Stock INR2.00.24%
National Bank of Kuwait Common Stock KWD.10.24%
Credicorp Ltd Common Stock USD5.00.23%
Firstrand Ltd Common Stock ZAR.010.23%
Sibanye Stillwater Ltd Adr Adr0.23%
Prio SA Common Stock0.22%
Unimicron Technology Corp Common Stock TWD10.00.22%
Tata Steel Ltd Common Stock INR1.00.22%
Qatar National Bank Common Stock QAR1.00.22%
Sinopac Financial Holdings Common Stock TWD10.00.22%
Sk Telecom Co Ltd Spon Adr Adr0.21%
Impala Platinum Holdings Ltd Common Stock0.20%
The Saudi National Bank Common Stock SAR10.00.20%
America Movil Sab De Cv Adr0.20%
Industrias Penoles Sab De Cv Common Stock0.20%
Tata Consultancy Svcs Ltd Common Stock INR1.00.20%
Quanta Computer Inc Common Stock TWD10.00.19%
Ntpc Ltd Common Stock INR10.00.19%

Only in BREE

68 securities, 48.8% of BREE by weight

Samsung Electronics Co Ltd4.64%
China Construction Bank H2.78%
Tencent Holdings Ltd Uns Adr2.60%
Samsung Electronics Pref2.42%
Alibaba Group Holding Sp Adr1.82%
Netease Inc Adr1.61%
Petrochinaco Ltd H1.54%
Mahindra +mahindra Ltd1.25%
Tata Consultancy Svcs Ltd1.21%
Sun Pharmaceutical Indus1.14%
Maruti Suzuki India Ltd1.12%
Bank of Cyprus Holdings PLC1.08%
Credicorpltd1.04%
China Petroleum & Chemical H1.02%
Inner Mongolia Yili Indus A1.00%
Axis Bankltd0.97%
H World Group Ltd Adr0.96%
Emirates Nbd Pjsc0.95%
Sk Squareco Ltd0.86%
China Merchants Bank H0.86%
Anhui Conch Cement Co Ltd H0.85%
Midea Group Co Ltd H0.83%
Upl Ltd0.80%
Lenovo Group Ltd0.77%
China Pacific Insurance Gr H0.72%
Kanzhun Ltd Adr0.72%
Mol Hungarian Oil and Gas Pl0.64%
Anglogoldashanti PLC0.63%
Saudi Awwal Bank0.63%
Baoshan Iron & Steel Co A0.61%
Richter Gedeon Nyrt0.61%
Bharat Petroleum Corp Ltd0.57%
Mercadolibre Inc0.57%
Intl Container Term Svcs Inc0.56%
Advanced Info Service Foreig0.52%
Contemporary Amperex Techn A0.50%
International Games System C0.47%
Ke Holdings Inc Adr0.41%
Canara Bank0.40%
Hdfc Bankltd Adr0.40%
Huaxia Bank Co Ltd A0.39%
Giant Network Group Co Ltd A0.37%
Bumrungradhospital Foreign0.36%
Nari Technology Co Ltd A0.36%
Ultrapar Participacoes SA0.34%
Pdd Holdings Inc0.32%
Vedanta Aluminium Metal Ltd0.31%
Shriram Finance Ltd0.29%
National Aluminium Co Ltd0.28%
Operadorade Sites Mex A 10.26%

Weight gaps

All 68 Holdings in both funds, largest gap first.

Holding weights in AVXC and BREE, widest gap first
Holding	Gap	AVXC	BREE
Taiwan Semiconductor Sp Adr AdrTSM	BREE +3.16 points	10.59%	13.75%
Hon Hai Precision Industry Common Stock TWD10.0	BREE +1.23 points	0.76%	1.99%
Axia Energia Adr AdrEBR	BREE +0.96 points	0.14%	1.10%
Kb Financial Group Inc Adr AdrKB	BREE +0.87 points	0.69%	1.56%
Industries Qatar Common Stock QAR1.0	BREE +0.82 points	0.02%	0.84%
Eurobank SA Common Stock EUR.22	BREE +0.75 points	0.03%	0.78%
Grupo Cibest SA Adr AdrCIB	BREE +0.73 points	0.07%	0.80%
Infosys Ltd Sp Adr AdrINFY	BREE +0.72 points	0.39%	1.11%
Orion Corp/Republic of Korea Common Stock KRW500.0	BREE +0.71 points	0.06%	0.77%
Ase Technology Holding Adr AdrASX	BREE +0.71 points	0.46%	1.17%
Kgi Financial Holding Co Ltd Common Stock TWD10.0	BREE +0.67 points	0.02%	0.69%
Cemex Sab Spons Adr Part Cer AdrCX	BREE +0.66 points	0.14%	0.80%
National Bank of Greece Common Stock EUR3.0	BREE +0.65 points	0.13%	0.78%
Pharmaessentia Corp Common Stock TWD10.0	BREE +0.63 points	0.01%	0.64%
Delta Electronics Inc Common Stock TWD10.0	BREE +0.60 points	0.10%	0.70%
Ambev SA Adr AdrABEV	BREE +0.58 points	0.11%	0.69%
Telkom Indonesia Persero Adr Adr IDR50.0TLK	BREE +0.54 points	0.08%	0.62%
Doosan Bobcat Inc Common Stock KRW500.0	BREE +0.53 points	0.04%	0.57%
Airtac International Group Common Stock TWD10.0	BREE +0.51 points	0.01%	0.53%
Icici Bank Ltd Spon Adr AdrIBN	BREE +0.50 points	0.81%	1.31%
Bank Mandiri Persero Tbk Pt Common Stock IDR125.0	BREE +0.50 points	0.09%	0.59%
Largan Precision Co Ltd Common Stock TWD10.0	BREE +0.48 points	0.10%	0.58%
Pge SA Common Stock	BREE +0.48 points	0.04%	0.52%
Old Mutual Ltd Common Stock	BREE +0.47 points	0.13%	0.60%
Kumba Iron Ore Ltd Common Stock ZAR.0001	BREE +0.47 points	<0.01%	0.47%
Accton Technology Corp Common Stock TWD10.0	BREE +0.44 points	0.10%	0.54%
Mediatek Inc Common Stock TWD10.0	BREE +0.43 points	1.04%	1.47%
United Microelectronics Corp Common Stock TWD10.0	AVXC +0.42 points	0.63%	0.21%
Avi Ltd Common Stock ZAR.05	BREE +0.42 points	0.04%	0.46%
Shinhan Financial Group Adr AdrSHG	BREE +0.41 points	0.55%	0.96%
Investec Ltd Common Stock ZAR.0002	BREE +0.39 points	0.03%	0.42%
Novatek Microelectronics Cor Common Stock TWD10.0	BREE +0.35 points	0.03%	0.38%
Vale SA Sp Adr AdrVALE	AVXC +0.31 points	0.50%	0.19%
Mtn Group Ltd Common Stock ZAR.0001	BREE +0.29 points	0.41%	0.70%
Walmart De Mexico Sab De Cv Common Stock	BREE +0.28 points	0.06%	0.34%
Samsung E+a Co Ltd Common Stock KRW5000.0	BREE +0.26 points	0.26%	0.52%
Lite On Technology Corp Common Stock TWD10.0	BREE +0.25 points	0.03%	0.28%
Cia Saneamento Minas Gerais Common Stock	BREE +0.22 points	0.08%	0.30%
Koc Holding As Common Stock TRY1.0	BREE +0.19 points	0.03%	0.22%
Innolux Corp Common Stock TWD10.0	AVXC +0.16 points	0.25%	0.09%
Sk Hynix Inc Common Stock KRW5000.0	AVXC +0.16 points	4.68%	4.52%
Kia Corp Common Stock KRW5000.0	AVXC +0.16 points	0.33%	0.17%
Totvs SA Common Stock	BREE +0.15 points	<0.01%	0.15%
Samsung Electro Mechanics Co Common Stock KRW5000.0	AVXC +0.15 points	0.23%	0.08%
Samsung Fire & Marine Ins Common Stock KRW500.0	BREE +0.15 points	0.21%	0.36%
Banco Btg Pactual SA Unit Unit	BREE +0.14 points	0.10%	0.24%
Astra International Tbk Pt Common Stock IDR50.0	BREE +0.13 points	0.09%	0.22%
Nan Ya Plastics Corp Common Stock TWD10.0	BREE +0.13 points	0.12%	0.25%
Realtek Semiconductor Corp Common Stock TWD10.0	AVXC +0.11 points	0.20%	0.09%
Formosa Chemicals & Fibre Common Stock TWD10.0	BREE +0.11 points	0.04%	0.15%
Absa Group Ltd Common Stock ZAR2.0	AVXC +0.10 points	0.23%	0.13%
Shinsegae Inc Common Stock KRW5000.0	BREE +0.09 points	0.05%	0.14%
Micro Star International Co Common Stock TWD10.0	BREE +0.09 points	0.02%	0.11%
Valterra Platinum Limited Common Stock ZAR.1	BREE +0.08 points	0.05%	0.13%
Nanya Technology Corp Common Stock TWD10.0	AVXC +0.08 points	0.21%	0.13%
Lg Chem Ltd Common Stock KRW5000.0	BREE +0.07 points	0.11%	0.18%
Grupo Financiero Banorte O Common Stock MXN3.5	BREE +0.07 points	0.37%	0.44%
Akbank T.a.s. Common Stock TRY1.0	BREE +0.05 points	0.05%	0.10%
Nedbank Group Ltd Common Stock ZAR1.0	AVXC +0.04 points	0.16%	0.12%
Winbond Electronics Corp Common Stock TWD10.0	BREE +0.04 points	0.19%	0.23%
Hd Korea Shipbuilding & Offs Common Stock KRW5000.0	AVXC +0.04 points	0.13%	0.09%
Hd Hyundai Common Stock KRW1000.0	AVXC +0.04 points	0.12%	0.08%
Yuanta Financial Holding Co Common Stock TWD10.0	BREE +0.02 points	0.30%	0.32%
Powszechny Zaklad Ubezpiecze Common Stock PLN.1	BREE +0.02 points	0.08%	0.10%
Xp Inc Class A Common StockXP	AVXC +0.02 points	0.14%	0.12%
B3 SA Brasil Bolsa Balcao Common Stock	BREE +0.01 points	0.11%	0.12%
Korea Investment Holdings Co Common Stock KRW5000.0	BREE +0.01 points	0.16%	0.17%
Cia De Minas Buenaventur Adr AdrBVN	AVXC +0.01 points	0.22%	0.21%

All 2,906 AVXC holdings⁠All BREE 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.

AVXC vs BREE Cost

Overpaying BREE vs AVXC

$2,115

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

AVXC 0.33%
$6,737
BREE 0.44%
$8,852

Amount$10,000

Years30 years

Cost over time

AVXC 0.33%
BREE 0.44%
Overpaying

Year by year

Year	AVXC	BREE	Overpaying
10	$598	$794	$196
20	$2,318	$3,061	$743
30	$6,737	$8,852	$2,115

Expense ratio

0.33%AVXC, cheaper
0.44%BREE

AVXC0.33%BREE0.44%

0.33%0.85%

Middle half of Emerging Markets Active Equity funds
Median 0.65%

AVXC cheapest of 27 funds

BREE 9th cheapest of 27 funds

AVXC vs BREE Dividends

Last 12 months to Nov 9, 2026

Yield (12M): AVXC 2.40%; BREE No data
Payout (12M): AVXC $1.79; BREE None
Last payment: AVXC $0.45; BREE No data
Ex-dividend: AVXC Sep 8, 2026; BREE No data
Paid on: AVXC Sep 10, 2026; BREE No data
Frequency: AVXC Quarterly; BREE No data

Distribution history

Per share, 2024 to 2026, same scale for both

AVXCQuarterly · 7 paymentsAll AVXC payments⁠

BREEAll BREE payments⁠

No distribution history available.

AVXC vs BREE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AVXC 19.2%since Apr 2024BREE No data
Return per unit of riskSharpe ratio, 3 years: AVXC 0.76since Apr 2024BREE No data
Worst fallMax drawdown, 5 years: AVXC −20.4%since Mar 2024BREE No data
Market sensitivityBeta, 5 years: AVXC 0.98BREE 1.25; Market = 1

AVXC and BREE in the news

All news⁠

ETF Filings
Franklin Templeton files Templeton Emerging Markets Insights ETF at 0.64%
Oct 22, 2026BREE
ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026BREE

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AVXC vs BREE

In short

Stated mandate

Why people hold it

Worth knowing

How AVXC and BREE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AVXC

Only in BREE

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Franklin Templeton files Templeton Emerging Markets Insights ETF at 0.64%

Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank

How AVXC and BREE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AVXC

Only in BREE

Weight gaps