BKEM vs GMF: Grades, Fees and Holdings Compared

BNY Mellon Emerging Markets Equity ETF

BKEMANYSE Arca

State Street SPDR S&P Emerging Asia Pacific ETF

GMFBNYSE Arca

Overlap

0.7%by weight

Expense ratio

BKEM −0.38pt a year

BKEM0.11%GMF0.49%

Avg volume · 30D

BKEM 1.9×the volume

BKEM15.4KGMF8.19K

5Y return · a year

BKEM +0.9pt

BKEM+6.3%GMF+5.4%

BKEM vs GMF Performance

Nov 2, 2021 – Nov 2, 2026

+35.8%BKEM+30.1%GMF

Expense ratio: BKEM 0.11%, better; GMF 0.49%
Fund size: BKEM $101M; GMF $387M
1Y total return: BKEM +12.8%, better; GMF +4.9%
Yield (12M): BKEM 1.25%; GMF 1.27%, better
Holdings: BKEM 1805; GMF 1312
Avg volume (30D): BKEM 15.4K sh, better; GMF 8.19K sh
NAV per share: BKEM $28.09; GMF $148.88
52W range

ETF.net Grade

Pillar letters and Scores for BKEM, GMF, with each pillar’s weight
Pillar	BKEM	GMF
Cost30% weight	A95Higher	C45
Mission25% weight	A100Higher	A89
Risk15% weight	B61Higher	B57
Tradability15% weight	F21	B56Higher
Holdings10% weight	Not scored	A78
Durability5% weight	C48	A80Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. BKEM and GMF are both graded against the same 20 Emerging Markets Stocks funds, so their Grades compare head to head.

Emerging Markets Stocks⁠

Category · 20 funds

See all 20 ›

BKEM ranks 3rd and GMF 8th of 20 funds in the Emerging Markets Stocks Category.

Rank 1AVEXCVanguard Emerging Markets Ex-China ETFScore 82
Rank 2AXCEMColumbia EM Core ex-China ETFScore 78
Rank 3ABKEMBNY Mellon Emerging Markets Equity ETFScore 75
Rank 4AXSOEWisdomTree Emerging Markets ex-State-Owned Enterprises FundScore 71
Rank 7BDEXCDimensional Emerging Markets ex China Core Equity ETFScore 66
Rank 8BGMFState Street SPDR S&P Emerging Asia Pacific ETFScore 64
Rank 9BGSEEGoldman Sachs MarketBeta Emerging Markets Equity ETFScore 63

Our read on each fund

ETF.net Research

BKEMABNY Mellon Emerging Markets Equity ETF

GMFBState Street SPDR S&P Emerging Asia Pacific ETF

In short

BKEM The whole emerging world, priced like an afterthought. BNY Mellon charges 0.11% to hold well over a thousand large- and mid-cap stocks across developing markets. Broad, cheap, and very quiet.

GMF The emerging-markets fund that leaves out Brazil and South Africa on purpose. GMF holds emerging Asia only, roughly 1,300 stocks deep, and has been running since 2007.

Stated mandate

BKEM The fund is designed to follow the performance of an emerging-markets large- and mid-cap equity index.

GMF The fund seeks to track, before fees and expenses, the total return performance of the S&P Emerging Asia Pacific BMI Index.

Why people hold it

BKEM 0.11% a year puts it near the bottom of the emerging-markets fee shelf, well under what the typical fund in the category charges.
Roughly 1,800 holdings, so you own the mid-cap tail of emerging markets, not just the handful of mega-caps that dominate the better-known indexes.
Buys the full emerging-markets basket rather than carving out China the way top-rated peers XCEM and VEXC do. One allocation decision you do not have to make.
Plain indexing, run the same way since the 2020 launch: it hews closely to its Solactive benchmark instead of drifting off-mandate.

GMF Pure emerging Asia by design. The index is Asia Pacific only, so no Latin America or EMEA names dilute the regional call.ssga.com
Roughly 1,300 holdings reaches well past the megacaps most emerging-markets funds stop at, giving broader coverage of the region's listed market.
It has hugged its S&P index closely, one of the tighter implementations in its emerging-markets peer group.
Trading since 2007, a long live record for a single-region emerging-markets fund, backed by a State Street SPDR lineup.

Worth knowing

BKEM Thinly traded. Spreads can widen, so order size and timing matter more here than with the category's household names.
A small fund next to the emerging-markets giants, which is worth knowing if scale and deep secondary-market liquidity are on your checklist.
Emerging-markets equity carries currency and single-country political swings; 1,800 names spread that around but do not erase it. Distributions come quarterly.

GMF The regional focus costs 0.49% a year. Broad emerging-markets index funds like VEXC (0.07%) and BKEM (0.11%) charge a fraction of that.
It is thinly traded, so bid-ask spreads can widen, especially on larger orders or outside Asian market hours.
Distributions land annually or semiannually rather than quarterly, so cash flow arrives in lumps.

Full BKEM profile⁠

Full GMF profile⁠

BKEM vs GMF Holdings

How BKEM and GMF differ

Overlap by weight

0.7%

Shared holdings make up 1.1% of GMF and 0.8% of BKEM.

Level by level

Holdings9 in both0.7%
Countryby domicile68.3%
Sector11 Sectors94.6%
Asset classEquity100%

Sector

Sector weights in BKEM and GMF, widest gap first
Sector	More in BKEMMore in GMF	BKEM	GMF
Technology	BKEM +3.3 points	42.7%	39.4%
Consumer Discretionary	GMF +2.3 points	7.8%	10.1%
Health Care	GMF +2.1 points	3.0%	5.1%
Financials	BKEM +0.9 points	18.6%	17.7%
Energy	BKEM +0.6 points	3.5%	2.9%
Communication	GMF +0.5 points	5.7%	6.2%
Consumer Staples	GMF +0.3 points	2.5%	2.8%
Materials	GMF +0.3 points	5.6%	5.9%
Utilities	BKEM +0.3 points	2.1%	1.8%
Industrials	BKEM +0.3 points	7.5%	7.2%
Real Estate	BKEM +0.1 points	1.1%	1.0%

Country, concentration and asset class

Country by domicile

Country weights in BKEM and GMF, widest gap first
Country	More in BKEMMore in GMF	BKEM	GMF
South Korea	BKEM +20.5 points	20.5%	0.0%
Taiwan	GMF +12.2 points	29.7%	41.9%
China	GMF +9.5 points	21.1%	30.6%
India	GMF +6.9 points	12.8%	19.7%
Brazil	BKEM +3.9 points	3.9%	0.0%
South Africa	BKEM +3.8 points	3.8%	0.0%
Mexico	BKEM +1.9 points	1.9%	0.0%
Malaysia	GMF +1.3 points	1.2%	2.5%
Other countries (12)	GMF +0.3 points	5.0%	5.3%

Outside the US: BKEM 0% developed, 100% emerging. GMF 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

BKEM35.2%
GMF30.8%

Securities held

BKEM1,779
GMF1,299

Asset class

BKEM: Equity
GMF: Equity

Holdings

Only in BKEM1,770
In both9
Only in GMF1,290

Only in BKEM

1,770 securities, 99.1% of BKEM by weight

Taiwan Semiconductor Manufac14.47%
Samsung Electronics Co Ltd6.53%
Sk Hynix Inc4.98%
Tencent Holdings Ltd2.52%
Alibaba Group Holding Ltd1.87%
Mediatek Inc1.46%
China Construction Bank-H1.02%
Samsung Electronics-Pref0.87%
Hon Hai Precision Industry0.76%
Hdfc Bank Limited0.69%
Intl Holding Co Pjsc0.65%
Ase Technology Holding Co Lt0.65%
Icici Bank Ltd0.65%
Delta Electronics Inc0.61%
Reliance Industries Limited0.60%
Ind & Comm Bk of China-H0.57%
Sk Square Co Ltd0.49%
Bharti Airtel Ltd0.48%
Xiaomi Corp-Class B0.48%
Bank of China Ltd-H0.43%
Nan Ya Plastics Corp0.43%
Meituan-Class B0.41%
Samsung Electro-Mechanics Co0.41%
Al Rajhi Bank0.38%
Vale SA0.37%
Nu Holdings Ltd/Cayman Isl-A0.37%
Petrobras - Petroleo Bras-Pr0.36%
Elite Material Co Ltd0.35%
Ping An Insurance Group Co-H0.35%
Kb Financial Group Inc0.34%
Petrobras - Petroleo Bras0.34%
Unimicron Technology Corp0.34%
United Microelectronics Corp0.33%
Saudi Arabian Oil Co0.33%
Netease Inc0.33%
Fubon Financial Holding Co0.32%
Infosys Ltd0.32%
Itau Unibanco Holding S-Pref0.32%
Grupo Mexico Sab De Cv-Ser B0.31%
Ctbc Financial Holding Co Lt0.31%
Cathay Financial Holding Co0.27%
Byd Co Ltd-H0.27%
Grupo Financiero Banorte-O0.26%
Jd.com Inc-Class A0.25%
Hyundai Motor Co0.25%
Naspers Ltd-N Shs0.25%
Shinhan Financial Group Ltd0.25%
Axis Bank Ltd0.25%
Petrochina Co Ltd-H0.25%
Yageo Corporation0.24%

Only in GMF

1,290 securities, 98.8% of GMF by weight

Taiwan Semiconductor Manufac9.72%
Taiwan Semiconductor Sp Adr8.22%
Tencent Holdings Ltd3.02%
Alibaba Group Holding Ltd2.39%
Mediatek Inc2.12%
China Construction Bank H1.36%
Hon Hai Precision Industry1.22%
Delta Electronics Inc0.95%
Ase Technology Holding Co Lt0.92%
Icici Bank Ltd Spon Adr0.92%
Ind & Comm Bk of China H0.88%
Hdfc Bank Limited0.87%
Reliance Inds Spons Gdr 144A0.87%
Nan Ya Plastics Corp0.69%
Bharti Airtel Ltd0.68%
Ctbc Financial Holding Co Lt0.64%
Bank of China Ltd H0.64%
Fubon Financial Holding Co0.63%
Yuanta Financial Holding Co0.60%
Elite Material Co Ltd0.59%
Xiaomi Corp Class B0.55%
Unimicron Technology Corp0.54%
United Microelectron Sp Adr0.52%
Cathay Financial Holding Co0.51%
Infosys Ltd Sp Adr0.48%
Meituan Class B0.48%
Ts Financial Holding Co Ltd0.47%
Netease Inc0.46%
Ping An Insurance Group Co H0.44%
Sinopac Financial Holdings0.43%
Asia Vital Components0.41%
Zijin Mining Group Co Ltd H0.41%
Yageo Corporation0.38%
Tata Consultancy Svcs Ltd0.37%
Kgi Financial Holding Co Ltd0.36%
Axis Bank Ltd0.36%
Asustek Computer Inc0.35%
Byd Co Ltd H0.35%
China Life Insurance Co H0.35%
Accton Technology Corp0.34%
Jd.com Inc Class A0.34%
Kotak Mahindra Bank Ltd0.34%
Mahindra & Mahindra Ltd0.33%
Quanta Computer Inc0.32%
Agricultural Bank of China H0.32%
Larsen & Toubro Gdr Reg’s0.32%
Delta Electronics Thai Forgn0.32%
Wiwynn Corp0.31%
King Yuan Electronics Co Ltd0.30%
Aspeed Technology Inc0.29%

Weight gaps

All 9 Holdings in both funds, largest gap first.

Holding weights in BKEM and GMF, widest gap first
Holding	More in BKEMMore in GMF	BKEM	GMF
Pdd Holdings IncPDD	GMF +0.10 points	0.49%	0.59%
Makemytrip LtdMMYT	GMF +0.04 points	0.03%	0.07%
Tencent Music Entertainm-AdrTME	BKEM +0.04 points	0.04%	<0.01%
Vipshop Holdings Ltd - AdrVIPS	GMF +0.03 points	0.03%	0.06%
Tal Education Group- AdrTAL	GMF +0.02 points	0.04%	0.06%
Hesai GroupHSAI	BKEM +0.01 points	0.01%	<0.01%
Full Truck Alliance -Spn AdrYMM	BKEM +0.01 points	0.05%	0.04%
Autohome Inc-AdrATHM	GMF +0.01 points	0.01%	0.02%
Kanzhun Ltd - AdrBZ	Same weight	0.04%	0.04%

All 1,790 BKEM holdings⁠All 1,306 GMF 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.

BKEM vs GMF Cost

Overpaying GMF vs BKEM

$7,479

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

BKEM 0.11%
$2,313
GMF 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

BKEM 0.11%
GMF 0.49%
Overpaying

Year by year

Year	BKEM	GMF	Overpaying
10	$201	$883	$682
20	$788	$3,394	$2,606
30	$2,313	$9,792	$7,479

Expense ratio

0.11%BKEM, cheaper
0.49%GMF

BKEM0.11%GMF0.49%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

BKEM 2nd cheapest of 20 funds

GMF 12th cheapest of 20 funds

BKEM vs GMF Dividends

Last 12 months to Nov 2, 2026

Yield (12M): BKEM 1.25%; GMF 1.27%, better
Payout (12M): BKEM $0.35; GMF $1.86
Last payment: BKEM $0.28; GMF $0.66
Ex-dividend: BKEM Jul 1, 2026; GMF Jun 22, 2026
Paid on: BKEM Jul 7, 2026; GMF Jun 26, 2026
Frequency: BKEM Twice a year; GMF Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

BKEMTwice a year · 24 paymentsAll BKEM payments⁠

GMFTwice a year · 19 paymentsAll GMF payments⁠

BKEM vs GMF Risk

Fall from peak · 5 years

BKEM
GMF

Risk facts

VolatilityStd dev, 3 years: BKEM 16.2%GMF 13.3%, better
Return per unit of riskSharpe ratio, 3 years: BKEM 0.98GMF 0.98
Worst fallMax drawdown, 5 years: BKEM −31.9%, betterGMF −33.2%
Market sensitivityBeta, 5 years: BKEM 1.12GMF 0.85; Market = 1

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