BKF vs VEXC: Grades, Fees and Holdings Compared

iShares MSCI BIC ETF

BKFDNYSE Arca

Vanguard Emerging Markets Ex-China ETF

VEXCANYSE Arca

Overlap

14.7%by weight

Expense ratio

VEXC −0.65pt a year

BKF0.72%VEXC0.07%

Avg volume · 30D

VEXC 4.5×the volume

BKF4.95KVEXC22.4K

BKF vs VEXC Performance

Nov 7, 2025 – Nov 9, 2026

−11.3%BKF+19.1%VEXC

Expense ratio: BKF 0.72%; VEXC 0.07%, better
Fund size: BKF $67M; VEXC $276M
1Y total return: BKF −11.3%; VEXC +19.1%, better
Yield (12M): BKF 1.61%; VEXC No data
Holdings: BKF 699; VEXC 1019
Avg volume (30D): BKF 4.95K sh; VEXC 22.4K sh, better
NAV per share: BKF $39.42; VEXC $87.28
52W range

ETF.net Grade

Pillar letters and Scores for BKF, VEXC, with each pillar’s weight
Pillar	BKF	VEXC
Cost30% weight	F21	A100Higher
Mission25% weight	Not scored	A93
Risk15% weight	C50	A83Higher
Tradability15% weight	D35	B64Higher
Holdings10% weight	A78Higher	C41
Durability5% weight	B55	B55

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. BKF and VEXC 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 ›

VEXC ranks 1st and BKF 18th of 20 funds in the Emerging Markets Stocks Category.

Rank 1AVEXCVanguard Emerging Markets Ex-China ETFScore 82
Rank 2AXCEMColumbia EM Core ex-China ETFScore 77
Rank 17CAFKVanEck Africa Index ETFScore 40
Rank 18DBKFiShares MSCI BIC ETFScore 39
Rank 19DEMDMFirst Trust Bloomberg Emerging Market Democracies ETFScore 34
AMEMNot yet graded

Our read on each fund

ETF.net Research

BKFDiShares MSCI BIC ETF

VEXCAVanguard Emerging Markets Ex-China ETF

In short

BKF A survivor of the BRIC trade. Launched in 2007, BKF now packs just Brazil, India and China into one ticker: a concentrated take on three big emerging economies instead of the whole developing world.

VEXC Vanguard's emerging markets, China removed. Same index-tracking discipline, 0.07% a year, a fraction of what the typical EM fund charges. Ex-China is no longer a niche idea; this is the cheap way to own it.

Stated mandate

BKF The fund seeks to track an index composed of Brazilian, Indian, and Chinese equities and offers targeted exposure to those three major economies.

VEXC The fund invests in emerging-market stocks while excluding China and seeks to closely track the FTSE Emerging ex China Index.

Why people hold it

BKF Three economies, one ticker. The MSCI BIC index keeps it to Brazil, India and China, with no Taiwan, Korea or Mexico in the mix.ishares.com
Roughly 700 stocks across those three markets, so it reads as a broad slice of each country rather than a short list of mega-caps.
Trading since 2007 under the iShares roof, it has tracked its index through several full emerging-market cycles.

VEXC Charges 0.07% a year against a 0.49% median for emerging-markets funds, and undercuts the other top-graded names in the group, including XCEM at 0.16% and BKEM at 0.11%.
Rules-based, not opinion-based: it tracks the FTSE Emerging ex China Index, so the China carve-out is written into the mandate rather than left to a manager's discretion.vanguard.com
Splitting China out of emerging markets puts the sizing decision in your hands instead of accepting whatever weight a broad EM index assigns. Pays quarterly.vanguard.com
Ranks among the strongest implementations in its emerging-markets peer group on the things we measure: cost, mandate clarity, index discipline.

Worth knowing

BKF The 0.72% expense ratio sits above the typical emerging-markets fund, and broad EM rivals like BKEM (0.11%) and VEXC (0.07%) charge a fraction of that.
It is a small fund that trades thinly, so spreads can run wider than at the giant EM index funds.
Three countries means concentration. A rough patch in China or Brazil has no 20-country EM lineup around it to soften the blow.

VEXC Launched in 2025 and still thinly traded, so it lacks the trading heft of the giant EM funds. Spreads can be wider than the Vanguard name suggests.
Excluding an entire country by rule means results will drift away from broad EM funds, in both directions, depending on how China does.
The remaining basket screens more concentrated than most funds in the category, so a handful of countries and sectors drive much of the outcome.

Full BKF profile⁠

Full VEXC profile⁠

BKF vs VEXC Holdings

How BKF and VEXC differ

Overlap by weight

14.7%

Shared holdings make up 26.0% of BKF and 14.8% of VEXC.

Level by level

Holdings120 in both14.7%
Countryby domicile26.6%
Sector11 Sectors63.7%
Asset classStocks100%

Sector

Sector weights in BKF and VEXC, widest gap first
Sector	Gap	BKF	VEXC
Technology	VEXC +35.4 points	7.6%	43.0%
Consumer Discretionary	BKF +13.4 points	17.9%	4.5%
Communication	BKF +8.7 points	12.0%	3.3%
Financials	BKF +5.8 points	26.6%	20.8%
Health Care	BKF +3.4 points	5.9%	2.5%
Energy	BKF +2.1 points	6.7%	4.6%
Industrials	BKF +1.3 points	7.4%	6.1%
Consumer Staples	BKF +0.8 points	3.9%	3.1%
Materials	VEXC +0.8 points	6.9%	7.7%
Utilities	BKF +0.7 points	3.6%	2.9%
Real Estate	VEXC +0.2 points	1.4%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in BKF and VEXC, widest gap first
Country	Gap	BKF	VEXC
China	BKF +56.8 points	56.8%	0.0%
Taiwan	VEXC +48.4 points	0.0%	48.4%
South Africa	VEXC +15.5 points	0.0%	15.5%
India	BKF +12.7 points	33.2%	20.5%
Brazil	BKF +4.0 points	10.1%	6.1%
Mexico	VEXC +2.8 points	0.0%	2.8%
Malaysia	VEXC +2.1 points	0.0%	2.1%
Thailand	VEXC +2.0 points	0.0%	2.0%
Other countries (5)	VEXC +2.7 points	0.0%	2.7%

Outside the US: BKF 0% developed, 100% emerging. VEXC 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

BKF27.8%
VEXC36.3%

Securities held

BKF693
VEXC998

Asset class

BKF: Stocks
VEXC: Stocks

Holdings

Only in BKF573
In both120
Only in VEXC878

Only in BKF

573 securities, 73.9% of BKF by weight

Tencent Holdings7.69%
Alibaba Group Holding5.24%
China Construction Bank Corp H2.66%
Reliance Industries Ltd1.90%
Industrial and Commercial Bank of1.55%
Xiaomi1.54%
Bharti Airtel Ltd1.48%
Bank of China Ltd H1.22%
Meituan1.20%
Netease1.04%
Nu Holdings Class A1.03%
Pdd Holdings Ads1.01%
Ping An Insurance (Group) Co of Ch0.97%
Byd H0.82%
Jd.com Class A0.76%
Larsen and Toubro Ltd0.69%
Petrochina H0.67%
Trip.com Group0.62%
Beone Medicines AG0.61%
China Merchants Bank H0.60%
China Life Insurance Ltd H0.58%
Agricultural Bank of China H0.55%
Zijin Mining Group Ltd H0.53%
Wuxi Biologics Cayman0.51%
Tata Consultancy Services Ltd0.51%
Baidu0.49%
State Bank of India0.47%
Eternal0.45%
China Shenhua Energy Ltd H0.42%
Lenovo Group0.42%
Kweichow Moutai A0.39%
Yum China Holdings Inc0.38%
Innovent Biologics0.38%
Picc Property and Casualty Ltd H0.38%
Maruti Suzuki India Ltd0.36%
Shriram Finance Ltd0.35%
Ntpc Ltd0.34%
China Petroleum and Chemical H0.34%
Bharat Electronics Ltd0.33%
Anta Sports Products Ltd0.31%
Ultratech Cement Ltd0.31%
Divis Laboratories Ltd0.31%
China Resources Land0.29%
Ke Holdings0.29%
Geely Automobile Holdings Ltd0.28%
Adani Ports and Special Economic Z0.28%
Interglobe Aviation Ltd0.27%
Kuaishou Technology0.26%
Power Grid Corporation of India0.26%
Tech Mahindra0.25%

Only in VEXC

878 securities, 87.5% of VEXC by weight

Taiwan Semiconductor Manufacturing Co Ltd24.33%
MediaTek Inc2.90%
Delta Electronics Inc1.74%
Twd/Usd Fwd 202610011.64%
Hon Hai Precision Industry Co Ltd1.23%
Reliance Industries Ltd1.06%
ASE Technology Holding Co Ltd0.94%
Bharti Airtel Ltd0.73%
United Microelectronics Corp0.72%
Al Rajhi Bank0.63%
Unimicron Technology Corp0.62%
Anglogold Ashanti Plc0.60%
Elite Material Co Ltd0.57%
Saudi Arabian Oil Co0.51%
Fubon Financial Holding Co Ltd0.50%
Nan Ya Plastics Corp0.50%
CTBC Financial Holding Co Ltd0.48%
Grupo Mexico SAB de CV0.45%
Asia Vital Components Co Ltd0.44%
Cathay Financial Holding Co Ltd0.42%
Gold Fields Ltd0.42%
Naspers Ltd0.41%
Saudi National Bank/The0.39%
TS Financial Holding Co Ltd0.39%
Kuwait Finance House KSCP0.39%
OTP Bank Nyrt0.38%
FirstRand Ltd0.38%
Emaar Properties PJSC0.36%
Quanta Computer Inc0.35%
Accton Technology Corp0.35%
Yageo Corp0.34%
MSCI EmgMkt Dec260.34%
Larsen & Toubro Ltd0.34%
Grupo Financiero Banorte SAB de CV0.33%
Yuanta Financial Holding Co Ltd0.31%
Chroma ATE Inc0.31%
First Abu Dhabi Bank PJSC0.31%
National Bank of Kuwait SAKP0.30%
Standard Bank Group Ltd0.30%
Capitec Limited0.30%
Saudi Arabian Mining Co0.29%
E.Sun Financial Holding Co Ltd0.29%
Tata Consultancy Services Ltd0.28%
Saudi Telecom Co0.27%
Nanya Technology Corp0.27%
King Slide Works Co Ltd0.27%
Valterra Platinum Ltd0.26%
Emirates Telecommunications Group Co PJSC0.26%
Fomento Economico Mexicano SAB de CV0.26%
Asustek Computer Inc0.26%

Weight gaps

The 100 widest of 120 Holdings in both funds.

Holding weights in BKF and VEXC, widest gap first
Holding	Gap	BKF	VEXC
Hdfc Bank	BKF +1.17 points	2.25%	1.08%
Icici Bank	BKF +1.16 points	2.09%	0.93%
Infosys	BKF +0.43 points	0.90%	0.47%
Axis Bank	BKF +0.39 points	0.77%	0.38%
Cia Vale Do Rio Doce Sh	BKF +0.37 points	0.99%	0.62%
Kotak Mahindra Bank Ltd	BKF +0.36 points	0.66%	0.30%
Mahindra and Mahindra Ltd	BKF +0.35 points	0.71%	0.36%
Petroleo Brasileiro SA Petrobras	BKF +0.34 points	0.83%	0.49%
Bajaj Finance Ltd	BKF +0.33 points	0.68%	0.35%
Itau Unibanco Holding Pref SA	BKF +0.33 points	0.92%	0.59%
Petroleo Brasileiro Pref SA	BKF +0.33 points	0.88%	0.55%
Titan Company Ltd	BKF +0.22 points	0.45%	0.23%
Hcl Technologies Ltd	BKF +0.15 points	0.32%	0.17%
Tvs Motor Company	BKF +0.14 points	0.27%	0.13%
Sun Pharmaceutical Industries	BKF +0.14 points	0.40%	0.26%
Tata Steel Ltd	BKF +0.14 points	0.34%	0.20%
Eicher Motors Ltd	BKF +0.14 points	0.27%	0.13%
Itausa Investimentos Itau Pref SA	BKF +0.14 points	0.35%	0.21%
Embraer	BKF +0.13 points	0.29%	0.16%
Laurus Labs Ltd	BKF +0.12 points	0.22%	0.10%
Weg	BKF +0.12 points	0.30%	0.18%
Ambev SA	BKF +0.12 points	0.28%	0.16%
Hindalco Industries Ltd	BKF +0.12 points	0.30%	0.18%
Companhia De Saneamento Basico De	BKF +0.11 points	0.27%	0.16%
Bco Btg Pactual Unt SA	BKF +0.11 points	0.30%	0.19%
Hindustan Unilever Ltd	BKF +0.11 points	0.33%	0.22%
Axia Energia SA	BKF +0.10 points	0.28%	0.18%
Petro Rio	BKF +0.10 points	0.22%	0.12%
Banco Bradesco Pref	BKF +0.09 points	0.33%	0.24%
Bajaj Finserv Ltd	BKF +0.09 points	0.18%	0.09%
Bse Ltd	BKF +0.09 points	0.17%	0.08%
Bajaj Auto	BKF +0.08 points	0.18%	0.10%
Hindustan Aeronautics Ltd	BKF +0.09 points	0.21%	0.12%
B3 Brasil Bolsa Balcao SA	BKF +0.08 points	0.31%	0.23%
Persistent Systems Ltd	BKF +0.09 points	0.16%	0.07%
Samvardhana Motherson Internationa	BKF +0.08 points	0.18%	0.10%
Ge Vernova T&D India Ltd	BKF +0.08 points	0.15%	0.07%
Hero Motocorp Ltd	BKF +0.08 points	0.17%	0.09%
Max Healthcare Institute	BKF +0.07 points	0.16%	0.09%
Indusind Bank	BKF +0.07 points	0.13%	0.06%
Aurobindo Pharma	BKF +0.07 points	0.13%	0.06%
Eneva	BKF +0.07 points	0.13%	0.06%
Ashok Leyland	BKF +0.06 points	0.12%	0.06%
Cia Paranaense De Energia Copel	BKF +0.05 points	0.13%	0.08%
Indus Towers Ltd	BKF +0.06 points	0.12%	0.06%
Pidilite Industries Ltd	BKF +0.06 points	0.12%	0.06%
Adani Enterprises	BKF +0.05 points	0.17%	0.12%
Nestle India Ltd	BKF +0.05 points	0.18%	0.13%
Gerdau Pref SA	BKF +0.06 points	0.13%	0.07%
Tata Consumer Products Ltd	BKF +0.06 points	0.14%	0.08%
Rede Dor Sao Luiz SA	BKF +0.05 points	0.12%	0.07%
Itau Unibanco Holding SA	BKF +0.05 points	0.11%	0.06%
Solar Industries India	BKF +0.05 points	0.11%	0.06%
Equatorial SA	BKF +0.05 points	0.15%	0.10%
Prestige Estates Projects	BKF +0.05 points	0.08%	0.03%
Waaree Energies Ltd	BKF +0.04 points	0.07%	0.03%
Hindustan Petroleum Corp Ltd	BKF +0.04 points	0.09%	0.05%
Muthoot Finance Ltd	BKF +0.05 points	0.09%	0.04%
Bajaj Holdings and Investment Ltd	BKF +0.04 points	0.08%	0.04%
Marico	BKF +0.04 points	0.10%	0.06%
Gmr Airports Ltd	BKF +0.04 points	0.08%	0.04%
Suzano SA	BKF +0.05 points	0.12%	0.07%
Vibra Energia SA	BKF +0.04 points	0.14%	0.10%
Wipro	BKF +0.04 points	0.10%	0.06%
Power Finance Corporation Ltd	BKF +0.04 points	0.10%	0.06%
Bharat Forge	BKF +0.04 points	0.11%	0.07%
Suzlon Energy	BKF +0.04 points	0.10%	0.06%
Bosch Ltd	BKF +0.05 points	0.10%	0.05%
Mphasis Ltd	BKF +0.04 points	0.08%	0.04%
Union Bank of India Ltd	BKF +0.03 points	0.07%	0.04%
Coromandel International Ltd	BKF +0.04 points	0.07%	0.03%
Lupin	BKF +0.03 points	0.10%	0.07%
Indian Bank	BKF +0.04 points	0.07%	0.03%
Adani Power Ltd	BKF +0.04 points	0.19%	0.15%
Jindal Steel Ltd	BKF +0.03 points	0.09%	0.06%
Idfc First Bank Ltd	BKF +0.03 points	0.08%	0.05%
Tim	BKF +0.03 points	0.07%	0.04%
Godrej Properties Ltd	BKF +0.04 points	0.07%	0.03%
Hitachi Energy India Ltd	BKF +0.04 points	0.09%	0.05%
Ultrapar Participoes SA	BKF +0.03 points	0.10%	0.07%
Page Industries	BKF +0.03 points	0.06%	0.03%
Bb Seguridade SA	BKF +0.03 points	0.09%	0.06%
Oberoi Realty	BKF +0.03 points	0.06%	0.03%
Telefonica Brasil SA	BKF +0.03 points	0.08%	0.05%
Multi Commodity Exchange of India	BKF +0.02 points	0.08%	0.06%
L&T Finance Ltd	BKF +0.03 points	0.06%	0.03%
Caixa Seguridade Participacoes SA	BKF +0.03 points	0.06%	0.03%
Godrej Consumer Products Ltd	BKF +0.02 points	0.07%	0.05%
Indian Oil Corp	BKF +0.02 points	0.09%	0.07%
Jindal Stainless Ltd	BKF +0.02 points	0.05%	0.03%
Ltm	BKF +0.02 points	0.07%	0.05%
Voltas Ltd	BKF +0.03 points	0.06%	0.03%
Zydus Lifesciences Ltd	BKF +0.02 points	0.06%	0.04%
Jsw Energy Ltd	BKF +0.02 points	0.06%	0.04%
Raia Drogasil	BKF +0.02 points	0.08%	0.06%
Upl	BKF +0.02 points	0.06%	0.04%
Adani Energy Solutions Ltd	BKF +0.02 points	0.08%	0.06%
Banco Do Brasil SA	BKF +0.02 points	0.12%	0.10%
Porto Seguro SA	BKF +0.02 points	0.04%	0.02%
Siemens Energy India Ltd	BKF +0.02 points	0.06%	0.04%

All 695 BKF holdings⁠All 988 VEXC 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.

BKF vs VEXC Cost

Overpaying BKF vs VEXC

$12,477

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

BKF 0.72%
$13,957
VEXC 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

BKF 0.72%
VEXC 0.07%
Overpaying

Year by year

Year	BKF	VEXC	Overpaying
10	$1,284	$128	$1,156
20	$4,888	$503	$4,385
30	$13,957	$1,480	$12,477

Expense ratio

0.72%BKF
0.07%VEXC, cheaper

VEXC0.07%BKF0.72%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

VEXC cheapest of 20 funds

BKF 16th cheapest of 20 funds

BKF vs VEXC Dividends

Last 12 months to Nov 9, 2026

Yield (12M): BKF 1.61%; VEXC No data
Payout (12M): BKF $0.63; VEXC No data
Last payment: BKF $0.15; VEXC $0.54
Ex-dividend: BKF Jun 15, 2026; VEXC Sep 18, 2026
Paid on: BKF Jun 18, 2026; VEXC Sep 22, 2026
Frequency: BKF Twice a year; VEXC Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

BKFTwice a year · 20 paymentsAll BKF payments⁠

VEXCQuarterly · 4 paymentsAll VEXC payments⁠

BKF vs VEXC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BKF 13.3%VEXC 19.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years: BKF 0.21VEXC 0.65since Nov 2025
Worst fallMax drawdown, 5 years: BKF −39.1%VEXC −13.5%since Oct 2025
Market sensitivityBeta, 5 years: BKF 0.60VEXC 1.21; Market = 1

BKF and VEXC in the news

All news⁠

First-Year Review
Vanguard Emerging Markets ex-China returned 27.4%; iShares MSCI ex China returned 48.6%
Oct 1, 2026VEXC
Deep Dive
Korea's 3.9% drop split two kinds of emerging-markets fund
Sep 20, 2026VEXC
Deep Dive
Korea funds gained 94% this year. China internet funds lost 28%
Sep 13, 2026VEXC
Deep Dive
Two $160 billion EM funds are 11 percentage points apart. Korea is why
Sep 5, 2026VEXC

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BKF vs VEXC

In short

Stated mandate

Why people hold it