AVXC vs EMEQ: Grades, Fees and Holdings Compared

Avantis Emerging Markets ex-China Equity ETF

AVXCANasdaq

Nomura Focused Emerging Markets Equity ETF

EMEQDNasdaq

Overlap

12.2%by weight

Expense ratio

AVXC −0.52pt a year

AVXC0.33%EMEQ0.85%

Avg volume · 30D

EMEQ 3.0×the volume

AVXC41.8KEMEQ123K

AVXC vs EMEQ Performance

Nov 7, 2025 – Nov 9, 2026

+23.4%AVXC+50.6%EMEQ

Expense ratio: AVXC 0.33%, better; EMEQ 0.85%
Fund size: AVXC $416M; EMEQ $555M
1Y total return: AVXC +23.4%; EMEQ +50.6%, better
Yield (12M): AVXC 2.40%, better; EMEQ 1.94%
Holdings: AVXC 2924; EMEQ 66
Avg volume (30D): AVXC 41.8K sh; EMEQ 123K sh, better
NAV per share: AVXC $72.23; EMEQ $54.91
52W range

ETF.net Grade

Pillar letters and Scores for AVXC, EMEQ, with each pillar’s weight
Pillar	AVXC	EMEQ
Cost30% weight	A94Higher	F2
Mission25% weight	Not scored	Not scored
Risk15% weight	C51Higher	D36
Tradability15% weight	A85Higher	B56
Holdings10% weight	A83Higher	D28
Durability5% weight	B68Higher	B59

Rank among Emerging Markets Active Equity funds

How we build Categories ›

Same Category. AVXC 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 ›

AVXC 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 4AJEMAJPMorgan ActiveBuilders Emerging Markets Equity ETFScore 79
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

AVXCAAvantis Emerging Markets ex-China Equity ETF

EMEQDNomura Focused 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.

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

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.

EMEQ The Fund seeks long-term capital appreciation.

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.

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

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.

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 AVXC profile⁠

Full EMEQ profile⁠

AVXC vs EMEQ Holdings

As of Oct 29, 2026

How AVXC and EMEQ differ

Overlap by weight

12.2%

Shared holdings make up 43.6% of EMEQ and 12.2% of AVXC.

Level by level

Holdings31 in both12.2%
Countryby domicile71.7%
Sector13 Sectors73.3%
Asset classStocks100%

Sector

Sector weights in AVXC and EMEQ, widest gap first
Sector	Gap	AVXC	EMEQ
Technology	EMEQ +20.0 points	33.5%	53.5%
Financials	AVXC +10.5 points	24.1%	13.6%
Materials	AVXC +5.9 points	7.4%	1.5%
Energy	EMEQ +5.1 points	4.7%	9.8%
Industrials	AVXC +3.7 points	9.3%	5.6%
Utilities	AVXC +2.2 points	2.7%	0.5%
Real Estate	AVXC +1.7 points	1.7%	0.0%
Communication	EMEQ +1.6 points	4.2%	5.8%
Health Care	AVXC +1.5 points	2.8%	1.3%
Consumer Discretionary	AVXC +0.5 points	6.0%	5.5%
Consumer Staples	AVXC +0.5 points	3.5%	3.0%
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 EMEQ, widest gap first
Country	Gap	AVXC	EMEQ
South Korea	EMEQ +13.3 points	24.8%	38.1%
India	AVXC +9.7 points	19.6%	9.9%
China	EMEQ +9.1 points	0.0%	9.1%
Taiwan	AVXC +8.9 points	28.6%	19.7%
South Africa	AVXC +4.5 points	6.8%	2.3%
Mexico	EMEQ +2.3 points	2.9%	5.2%
Poland	AVXC +2.1 points	2.1%	0.0%
Hong Kong	EMEQ +1.9 points	0.0%	1.9%
Other countries (15)	AVXC +1.3 points	15.1%	13.8%

Outside the US: AVXC 0% developed, 100% emerging. EMEQ 2% developed, 98% emerging.

Concentration

Weight in the 10 largest Holdings

AVXC26.3%
EMEQ63.0%

Securities held

AVXC2,914
EMEQ60

Asset class

AVXC: Stocks
EMEQ: Stocks

Holdings

Only in AVXC2,883
In both31
Only in EMEQ29

Only in AVXC

2,883 securities, 88.1% of AVXC by weight

Taiwan Semiconductor Sp Adr Adr10.59%
Samsung Electr Gdr Reg’s Gdr6.02%
Kb Financial Group Inc Adr Adr0.69%
United Microelectronics Corp Common Stock TWD10.00.63%
Hdfc Bank Limited Common Stock INR1.00.56%
Shinhan Financial Group Adr Adr0.55%
Hana Financial Group Common Stock KRW5000.00.52%
Fubon Financial Holding Co Common Stock TWD10.00.52%
Ssc Government Mm Gvmxx0.47%
Ase Technology Holding Adr Adr0.46%
Ctbc Financial Holding Co Lt Common Stock TWD10.00.46%
Ts Financial Holding Co Ltd Common Stock TWD10.00.42%
Mtn Group Ltd Common Stock ZAR.00010.41%
Petroleo Brasil Sp Pref Adr Adr0.41%
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%
Gold Fields Ltd Spons Adr Adr0.33%
Cathay Financial Holding Co Common Stock TWD10.00.33%
Kia Corp Common Stock KRW5000.00.33%
Emaar Properties Pjsc Common Stock AED1.00.33%
Larsen & Toubro Ltd Common Stock INR2.00.32%
Yuanta Financial Holding Co Common Stock TWD10.00.30%
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%
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%
Samsung E+a Co Ltd Common Stock KRW5000.00.26%
Innolux Corp Common Stock TWD10.00.25%
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%
Firstrand Ltd Common Stock ZAR.010.23%
Sibanye Stillwater Ltd Adr Adr0.23%
Absa Group Ltd Common Stock ZAR2.00.23%
Samsung Electro Mechanics Co Common Stock KRW5000.00.23%
Prio SA Common Stock0.22%
Unimicron Technology Corp Common Stock TWD10.00.22%
Tata Steel Ltd Common Stock INR1.00.22%
Cia De Minas Buenaventur Adr Adr0.22%
Qatar National Bank Common Stock QAR1.00.22%
Sinopac Financial Holdings Common Stock TWD10.00.22%

Only in EMEQ

29 securities, 56.4% of EMEQ by weight

Taiwan Semiconductor13.98%
Sk Square Co Ltd Common11.40%
Samsung Electronics Co9.81%
Tencent Holdings Ltd2.92%
Samsung Electronics Co2.58%
Alibaba Group Holding Ltd2.10%
Invesco Government &1.29%
Hong Kong Exchanges &1.05%
Ptt Exploration &0.99%
Coca-Cola Femsa Sab De Cv0.98%
Beone Medicines Ltd Adr0.95%
Hdfc Bank Ltd Adr USD0.89%
Byd Co Ltd Common Stock0.73%
Grupo Financiero Galicia0.71%
Contemporary Amperex0.63%
Pdd Holdings Inc Adr USD0.63%
Baidu Inc Adr USD 0.000050.61%
Kasikornbank Pcl Foreign0.58%
Scb X Pcl Foreign Sh. Thb0.58%
Tencent Music0.48%
Lg Chem Ltd Preference0.41%
Meituan Common Stock Hkd0.40%
Xpeng Inc Adr0.34%
Sk Telecom Co Ltd Common0.31%
Ptt Pcl Foreign Sh. 10.30%
Trip.com Group Ltd Adr0.21%
Fit Hon Teng Ltd Common0.20%
Zto Express Cayman Inc0.19%
Mynt Inc Common Stock Php0.14%

Weight gaps

All 31 Holdings in both funds, largest gap first.

Holding weights in AVXC and EMEQ, widest gap first
Holding	Gap	AVXC	EMEQ
Reliance Inds Spons Gdr 144A GdrRIGD.L	EMEQ +4.61 points	0.57%	5.18%
Samsung C+t Corp Common Stock KRW100.0	EMEQ +4.05 points	0.10%	4.15%
Petroleo Brasileiro Spon Adr AdrPBR	EMEQ +2.48 points	0.38%	2.86%
Mediatek Inc Common Stock TWD10.0	EMEQ +2.37 points	1.04%	3.41%
Sk Hynix Inc Common Stock KRW5000.0	EMEQ +2.02 points	4.68%	6.70%
Hon Hai Precision Industry Common Stock TWD10.0	EMEQ +1.40 points	0.76%	2.16%
Samsung Life Insurance Co Lt Common Stock KRW500.0	EMEQ +1.30 points	0.09%	1.39%
Naspers Ltd N Shs Common Stock ZAR.02	EMEQ +1.05 points	0.06%	1.11%
Icici Bank Ltd Spon Adr AdrIBN	EMEQ +0.98 points	0.81%	1.79%
Delta Electronics Inc Common Stock TWD10.0	EMEQ +0.93 points	0.10%	1.03%
Public Bank Berhad Common Stock	EMEQ +0.90 points	0.11%	1.01%
Grupo Financiero Banorte O Common Stock MXN3.5	EMEQ +0.86 points	0.37%	1.23%
America Movil Sab De Cv AdrAMX	EMEQ +0.86 points	0.20%	1.06%
Credicorp Ltd Common Stock USD5.0	EMEQ +0.81 points	0.23%	1.05%
Itau Unibanco H Spon Prf Adr AdrITUB	EMEQ +0.71 points	0.28%	0.99%
Akbank T.a.s. Common Stock TRY1.0	EMEQ +0.62 points	0.05%	0.67%
Malayan Banking Bhd Common Stock	EMEQ +0.60 points	0.12%	0.72%
Ambev SA Adr AdrABEV	EMEQ +0.60 points	0.11%	0.71%
Bank Central Asia Tbk Pt Common Stock IDR12.5	EMEQ +0.60 points	0.07%	0.67%
Walmart De Mexico Sab De Cv Common Stock	EMEQ +0.49 points	0.06%	0.55%
Cemex Sab Spons Adr Part Cer AdrCX	EMEQ +0.48 points	0.14%	0.62%
Banco Bradesco Adr AdrBBD	EMEQ +0.43 points	0.18%	0.61%
Fomento Economico Mex Sp Adr AdrFMX	EMEQ +0.42 points	0.19%	0.61%
Axia Energia SA Common Stock	EMEQ +0.41 points	0.01%	0.42%
Turkcell Iletisim Hizmet Adr Adr TRY1.0TKC	EMEQ +0.34 points	0.03%	0.37%
Astra International Tbk Pt Common Stock IDR50.0	EMEQ +0.29 points	0.09%	0.38%
Infosys Ltd Sp Adr AdrINFY	EMEQ +0.27 points	0.39%	0.66%
Dr. Reddy’s Laboratories Adr AdrRDY	EMEQ +0.24 points	0.10%	0.34%
Unilever Indonesia Tbk Pt Common Stock IDR2.0	EMEQ +0.15 points	<0.01%	0.16%
Saudi Arabian Oil Co Common Stock	EMEQ +0.12 points	0.34%	0.46%
Vale SA Sp Adr AdrVALE	EMEQ +0.01 points	0.50%	0.51%

All 2,906 AVXC 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.

AVXC vs EMEQ Cost

Overpaying EMEQ vs AVXC

$9,462

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

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

Amount$10,000

Years30 years

Cost over time

AVXC 0.33%
EMEQ 0.85%
Overpaying

Year by year

Year	AVXC	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%AVXC, cheaper
0.85%EMEQ

AVXC0.33%EMEQ0.85%

0.33%0.85%

Middle half of Emerging Markets Active Equity funds
Median 0.65%

AVXC cheapest of 27 funds

EMEQ 26th cheapest of 27 funds

AVXC vs EMEQ Dividends

Last 12 months to Nov 9, 2026

Yield (12M): AVXC 2.40%, better; EMEQ 1.94%
Payout (12M): AVXC $1.79; EMEQ $1.11
Last payment: AVXC $0.45; EMEQ $1.11
Ex-dividend: AVXC Sep 8, 2026; EMEQ Dec 24, 2025
Paid on: AVXC Sep 10, 2026; EMEQ Dec 31, 2025
Frequency: AVXC Quarterly; EMEQ Annual

Distribution history

Per share, 2024 to 2026, same scale for both

AVXCQuarterly · 7 paymentsAll AVXC payments⁠

EMEQAnnual · 2 paymentsAll EMEQ payments⁠

AVXC vs EMEQ 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 2024EMEQ 34.5%since Oct 2024
Return per unit of riskSharpe ratio, 3 years: AVXC 0.76since Apr 2024EMEQ 1.18since Oct 2024
Worst fallMax drawdown, 5 years: AVXC −20.4%since Mar 2024EMEQ −31.1%since Sep 2024
Market sensitivityBeta, 5 years: AVXC 0.98EMEQ 1.72; Market = 1

AVXC 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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AVXC vs EMEQ

In short

Stated mandate

Why people hold it

Worth knowing

How AVXC and EMEQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AVXC

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 AVXC and EMEQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AVXC

Only in EMEQ

Weight gaps