BCEM vs EMM

BCEMCBaron Emerging Markets Select ETF

EMMCGlobal X Emerging Markets ex-China ETF

In short

BCEM Baron took its 44-year growth-stock playbook into emerging markets and put it in an ETF: founder-led, capital-efficient companies of any size, run by the manager who has led Baron's EM strategy since 2011.

EMM Emerging markets with China cut out and no index to hide behind. Global X hands part of the stock picking to Mirae Asset's Hong Kong team, which runs a roughly 40-name book of would-be market leaders at a price below the active ex-China competition.

Stated mandate

BCEM The Fund seeks capital appreciation.

EMM The fund seeks long-term capital growth by actively selecting emerging-market companies outside China that may achieve or maintain dominant positions in their markets, with emphasis on early winners in growing industries.

Why people hold it

• BCEM Actual stock picking, not index tracking. The mandate hunts high-quality EM growth companies that are founder-led, entrepreneurial and capital-efficient, with durable competitive advantages.baroncapitalgroup.com
• The process isn't brand new. Michael Kass has run Baron's emerging markets strategy since 2011, and the ETF applies that same bottom-up research approach.businesswire.com
• Go-anywhere on size: small, mid and large caps compete for the same portfolio slots, instead of defaulting to the mega-caps that anchor standard EM benchmarks.baroncapitalgroup.com

• EMM 0.66% expense ratio undercuts the active ex-China field, including PEMX at 0.70% and WCME at 0.95%.
• Part of the stock picking sits with Mirae Asset Global Investments (Hong Kong), an Asia-based sub-adviser hunting early winners in growing industries.globalxetfs.com
• Portfolio matches the label: roughly 40 emerging-market names, China excluded, picked for dominant positions in their markets rather than index weight.globalxetfs.com
• Trading since 2010, with a real record behind it, and one of the stronger implementations among active ex-China peers.

Worth knowing

• BCEM 0.80% a year is above the typical active EM fund and roughly double systematic rivals like AVEM and JEMA at 0.33%. That's the toll for a named stock picker.
• The ETF launched in 2026, so its own track record is short. Most of the evidence sits with the older Baron strategy behind it, in a different wrapper.businesswire.com
• Non-diversified by design, with at least 80% of net assets in EM growth equities, so a few names plus currency and political swings can drive the ride.usnews.com

• EMM A smaller fund that trades lightly. Wider spreads come with the territory, and order type matters more here than in a giant EM index fund.
• Roughly 40 active picks means results can drift well away from broad EM benchmarks, in either direction, and single names carry real weight.
• Built for growth, not income: distributions land once or twice a year, and China's market is off the menu by design.

Full BCEM profile⁠

Full EMM profile⁠