AVXC vs GEME: Grades, Fees and Holdings Compared

Avantis Emerging Markets ex-China Equity ETF

AVXCANasdaq

Pacific NoS Global EM Equity Active ETF

GEMECNasdaq

Overlap

5.8%by weight

Expense ratio

AVXC −0.42pt a year

AVXC0.33%GEME0.75%

Avg volume · 30D

GEME 1.4×the volume

AVXC41.8KGEME57.5K

AVXC vs GEME Performance

Nov 7, 2025 – Nov 9, 2026

+23.4%AVXC+26.0%GEME

Expense ratio: AVXC 0.33%, better; GEME 0.75%
Fund size: AVXC $416M; GEME $437M
1Y total return: AVXC +23.4%; GEME +26.0%, better
Yield (12M): AVXC 2.40%; GEME No data
Holdings: AVXC 2924; GEME 56
Avg volume (30D): AVXC 41.8K sh; GEME 57.5K sh, better
NAV per share: AVXC $72.23; GEME $36.93
52W range

ETF.net Grade

Pillar letters and Scores for AVXC, GEME, with each pillar’s weight
Pillar	AVXC	GEME
Cost30% weight	A94Higher	D25
Mission25% weight	Not scored	Not scored
Risk15% weight	C51	B58Higher
Tradability15% weight	A85Higher	B68
Holdings10% weight	A83Higher	D31
Durability5% weight	B68Higher	B59

Rank among Emerging Markets Active Equity funds

How we build Categories ›

Same Category. AVXC and GEME 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 GEME 18th 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 17CRNEMFirst Trust Emerging Markets Equity Select ETFScore 44
Rank 18CGEMEPacific NoS Global EM Equity Active ETFScore 43
Rank 18CVEMVirtus Emerging Markets Dividend ETFScore 43

Our read on each fund

ETF.net Research

AVXCAAvantis Emerging Markets ex-China Equity ETF

GEMECPacific NoS Global EM Equity Active 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.

GEME Emerging markets with no index to hide behind. GEME arrived in 2025 as a stock-picker's EM fund, charging 0.75% in a corner of the market where cheap systematic rivals set the going rate.

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.

GEME 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.

GEME Genuinely active: no declared index, so the portfolio reflects a manager's picks among emerging market companies rather than a benchmark's country and sector weights.
The prospectus objective is one line, long-term capital appreciation from equities. No income overlay, no thematic tilt, no leverage bolted on.
Not a launch-week shell. It gathered assets in the hundreds of millions and trades in reasonable size for a fund this young.

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.

GEME At 0.75% it prices above the typical active EM ETF. Systematic peers such as AVEM (0.33%) and DFEM (0.39%) anchor the cheap end of the same shelf.
It launched in January 2025, so there is no long run of EM booms and busts to judge the process against yet.
Cash comes back once or twice a year rather than monthly, in line with a capital-appreciation mandate.

Full AVXC profile⁠

Full GEME profile⁠

AVXC vs GEME Holdings

How AVXC and GEME differ

Overlap by weight

5.8%

Shared holdings make up 34.8% of GEME and 15.7% of AVXC.

Level by level

Holdings21 in both5.8%
Countryby domicile69.2%
Sector13 Sectors84.9%
Asset classStocks100%

Sector

Sector weights in AVXC and GEME, widest gap first
Sector	Gap	AVXC	GEME
Consumer Discretionary	GEME +9.9 points	6.0%	15.9%
Materials	AVXC +4.2 points	7.4%	3.2%
Health Care	AVXC +2.8 points	2.8%	0.0%
Utilities	AVXC +2.7 points	2.7%	0.0%
Financials	GEME +2.4 points	24.1%	26.5%
Technology	GEME +2.2 points	33.5%	35.7%
Energy	AVXC +2.2 points	4.7%	2.5%
Real Estate	AVXC +1.7 points	1.7%	0.0%
Communication	AVXC +1.1 points	4.2%	3.1%
Consumer Staples	GEME +0.6 points	3.5%	4.1%
Industrials	AVXC +0.2 points	9.3%	9.1%
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 GEME, widest gap first
Country	Gap	AVXC	GEME
China	GEME +21.1 points	0.0%	21.1%
India	AVXC +11.4 points	19.6%	8.2%
Brazil	AVXC +4.7 points	5.9%	1.2%
Taiwan	AVXC +3.8 points	28.6%	24.8%
South Korea	AVXC +3.7 points	24.8%	21.1%
Canada	GEME +3.1 points	0.0%	3.1%
Argentina	GEME +2.7 points	0.0%	2.7%
Thailand	GEME +2.4 points	2.0%	4.4%
Other countries (14)	AVXC +5.6 points	18.9%	13.3%

Outside the US: AVXC 0% developed, 100% emerging. GEME 3% developed, 97% emerging.

Concentration

Weight in the 10 largest Holdings

AVXC26.3%
GEME47.5%

Securities held

AVXC2,914
GEME56

Asset class

AVXC: Stocks
GEME: Stocks

Holdings

Only in AVXC2,893
In both21
Only in GEME35

Only in AVXC

2,893 securities, 84.6% of AVXC by weight

Samsung Electr Gdr Reg’s Gdr6.02%
Sk Hynix Inc Common Stock KRW5000.04.68%
Hon Hai Precision Industry Common Stock TWD10.00.76%
Kb Financial Group Inc Adr Adr0.69%
Reliance Inds Spons Gdr 144A Gdr0.57%
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%
Vale SA Sp Adr Adr0.50%
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%
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%
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%
Credicorp Ltd Common Stock USD5.00.23%
Sibanye Stillwater Ltd Adr Adr0.23%
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%

Only in GEME

35 securities, 65.2% of GEME by weight

Taiwan Semiconductor Manufac10.89%
USD - United States Dollar6.34%
Samsung Electronics-Pref5.72%
Alibaba Group Holding Ltd4.51%
Sk Square Co Ltd3.66%
Jd.com Inc-Adr3.64%
Contemporary Amperex Techn-A3.35%
Ypf S.a.-Sponsored Adr2.22%
Tencent Holdings Ltd2.16%
Full Truck Alliance -Spn Adr2.10%
Samsung Electronics Co Ltd1.85%
Yum China Holdings Inc1.72%
Ningbo Deye Technology Cor-A1.66%
Pan American Silver Corp1.61%
Otp Bank PLC1.44%
Capstone Copper Corp1.39%
Trip.com Group Ltd-Adr1.22%
Minth Group Ltd1.22%
Jsc Kaspi.kz Adr1.17%
Credicorp Ltd1.05%
Dongfang Electric Corp Ltd-H0.96%
Haidilao International Holdi0.82%
Taiwan Union Technology Corp0.79%
Abu Dhabi Islamic Bank0.72%
Saudi Awwal Bank0.71%
Abu Dhabi Commercial Bank0.62%
Hdfc Bank Ltd-Adr0.46%
Cspc Pharmaceutical Group Lt0.39%
ZAR - South Africa Rand0.38%
MYR - Malaysian Ringgit0.22%
Hdfc Bank Limited Citi Icg Cfd0.13%
Icici Bank Ltd Citi Icg Cfd0.03%
INR - Indian Rupee<0.01%
Abu Dhabi Islamic Ban-Rights<0.01%
AED - UAE Dirham0.00%

Weight gaps

All 21 Holdings in both funds, largest gap first.

Holding weights in AVXC and GEME, widest gap first
Holding	Gap	AVXC	GEME
Taiwan Semiconductor Sp Adr AdrTSM	AVXC +9.89 points	10.59%	0.70%
Icici Bank Ltd Spon Adr AdrIBN	GEME +3.56 points	0.81%	4.37%
Cp All Pcl Nvdr Nvdr THB1.0	GEME +2.49 points	0.02%	2.51%
Sk Inc Common Stock KRW200.0	GEME +2.41 points	0.08%	2.49%
Gigabyte Technology Co Ltd Common Stock TWD10.0	GEME +2.04 points	0.03%	2.07%
Bank Central Asia Tbk Pt Common Stock IDR12.5	GEME +1.94 points	0.07%	2.01%
Kia Corp Common Stock KRW5000.0	GEME +1.81 points	0.33%	2.14%
Pko Bank Polski SA Common Stock PLN1.0	GEME +1.78 points	0.16%	1.94%
Kasikornbank Pcl Nvdr Nvdr THB10.0	GEME +1.75 points	0.05%	1.80%
Lotes Co Ltd Common Stock TWD10.0	GEME +1.60 points	0.06%	1.66%
Walmart De Mexico Sab De Cv Common Stock	GEME +1.58 points	0.06%	1.64%
Firstrand Ltd Common Stock ZAR.01	GEME +1.42 points	0.23%	1.65%
Hankook Tire & Technology Co Common Stock KRW500.0	GEME +0.95 points	0.10%	1.05%
Itau Unibanco H Spon Prf Adr AdrITUB	GEME +0.92 points	0.28%	1.20%
Vodacom Group Ltd Common Stock	GEME +0.84 points	0.07%	0.91%
Infosys Ltd Sp Adr AdrINFY	GEME +0.82 points	0.39%	1.21%
Tripod Technology Corp Common Stock TWD10.0	GEME +0.76 points	0.10%	0.86%
United Microelectronics Corp Common Stock TWD10.0	GEME +0.75 points	0.63%	1.38%
Grupo Financiero Banorte O Common Stock MXN3.5	GEME +0.58 points	0.37%	0.95%
Mediatek Inc Common Stock TWD10.0	GEME +0.54 points	1.04%	1.58%
Absa Group Ltd Common Stock ZAR2.0	GEME +0.47 points	0.23%	0.70%

All 2,906 AVXC holdings⁠All GEME 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 GEME Cost

Overpaying GEME vs AVXC

$7,745

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

AVXC 0.33%
$6,737
GEME 0.75%
$14,482

Amount$10,000

Years30 years

Cost over time

AVXC 0.33%
GEME 0.75%
Overpaying

Year by year

Year	AVXC	GEME	Overpaying
10	$598	$1,336	$738
20	$2,318	$5,078	$2,760
30	$6,737	$14,482	$7,745

Expense ratio

0.33%AVXC, cheaper
0.75%GEME

AVXC0.33%GEME0.75%

0.33%0.85%

Middle half of Emerging Markets Active Equity funds
Median 0.65%

AVXC cheapest of 27 funds

GEME 20th cheapest of 27 funds

AVXC vs GEME Dividends

Last 12 months to Nov 9, 2026

Yield (12M): AVXC 2.40%; GEME No data
Payout (12M): AVXC $1.79; GEME No data
Last payment: AVXC $0.45; GEME $2.26
Ex-dividend: AVXC Sep 8, 2026; GEME Dec 30, 2025
Paid on: AVXC Sep 10, 2026; GEME Dec 31, 2025
Frequency: AVXC Quarterly; GEME Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

AVXCQuarterly · 7 paymentsAll AVXC payments⁠

GEMEIrregular · 1 paymentAll GEME payments⁠

AVXC vs GEME 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 2024GEME 21.7%since Feb 2025
Return per unit of riskSharpe ratio, 3 years: AVXC 0.76since Apr 2024GEME 1.16since Feb 2025
Worst fallMax drawdown, 5 years: AVXC −20.4%since Mar 2024GEME −19.2%since Jan 2025
Market sensitivityBeta, 5 years: AVXC 0.98GEME 1.16; Market = 1

AVXC and GEME in the news

All news⁠

ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026GEME

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AVXC vs GEME

In short

Stated mandate

Why people hold it

Worth knowing

How AVXC and GEME differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AVXC

Only in GEME

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

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

How AVXC and GEME differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AVXC

Only in GEME

Weight gaps