EEMX vs EMXF: Grades, Fees and Holdings Compared

State Street SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

EEMXBNYSE Arca

iShares ESG Advanced MSCI EM ETF

EMXFANasdaq

Overlap

51.0%by weight

Expense ratio

EMXF −0.14pt a year

EEMX0.30%EMXF0.16%

Avg volume · 30D

EMXF 1.5×the volume

EEMX5.85KEMXF8.49K

5Y return · a year

EEMX +0.7pt

EEMX+7.1%EMXF+6.4%

EEMX vs EMXF Performance

Nov 9, 2021 – Nov 9, 2026

+41.2%EEMX+36.3%EMXF

Expense ratio: EEMX 0.30%; EMXF 0.16%, better
Fund size: EEMX $163M; EMXF $155M
1Y total return: EEMX +16.0%; EMXF +17.2%, better
Yield (12M): EEMX 1.98%; EMXF 2.87%, better
Holdings: EEMX 1075; EMXF 585
Avg volume (30D): EEMX 5.85K sh; EMXF 8.49K sh, better
NAV per share: EEMX $46.47; EMXF $51.76
52W range

ETF.net Grade

Pillar letters and Scores for EEMX, EMXF, with each pillar’s weight
Pillar	EEMX	EMXF
Cost30% weight	C54	A84Higher
Mission25% weight	A100	A100
Risk15% weight	C49	A71Higher
Tradability15% weight	C49	B57Higher
Holdings10% weight	C50	A78Higher
Durability5% weight	A75Higher	C49

Rank among Emerging Markets ESG & Values Index funds

How we build Categories ›

Same Category. EEMX and EMXF are both graded against the same 12 Emerging Markets ESG & Values Index funds, so their Grades compare head to head.

Emerging Markets ESG & Values Index⁠

Category · 12 funds

See all 12 ›

EMXF ranks 1st and EEMX 6th of 12 funds in the Emerging Markets ESG & Values Index Category.

Rank 1AEMXFiShares ESG Advanced MSCI EM ETFScore 79
Rank 2AESGEiShares ESG Aware MSCI EM ETFScore 76
Rank 3ALDEMiShares ESG MSCI EM Leaders ETFScore 73
Rank 6BEEMXState Street SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETFScore 64
Rank 7BDFSEDimensional Emerging Markets Sustainability Core 1 ETFScore 63

Our read on each fund

ETF.net Research

EEMXBState Street SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

EMXFAiShares ESG Advanced MSCI EM ETF

In short

EEMX One rule, cleanly applied: MSCI's emerging markets benchmark minus every company that owns oil, gas or coal reserves. State Street planted this flag in EM first, back in 2016, and left the other thousand-odd names alone.

EMXF The strict end of ESG in emerging markets. EMXF follows an index that demands stronger ESG ratings, screens out a long list of controversial businesses, and caps any single issuer at 5% so no one giant runs the show.

Stated mandate

EEMX The fund seeks to track the MSCI Emerging Markets ex Fossil Fuels Index before fees and expenses. Its strategy provides emerging-markets equity exposure while excluding companies that own fossil-fuel reserves.

EMXF The fund is designed to follow an emerging-market equity index that emphasizes stronger ESG ratings and applies extensive screens to controversial business activities.

Why people hold it

EEMX One legible screen, not a scoring system: owners of fossil fuel reserves are out, everything else stays. You can explain the portfolio in a sentence.ssga.com
At 0.30% it undercuts the median fee in its values-screened EM peer group, and the screen is applied literally: the name is the methodology.
About a thousand emerging-markets holdings, so pulling out the reserve owners still leaves a broad index rather than a narrow bet.
State Street bills it as the first emerging markets fossil fuel reserves free ETF, running since 2016, so the record spans several full EM cycles.ssga.com

EMXF The "Advanced" label means deep screening: an index built on stronger ESG ratings plus extensive exclusions for controversial business activities, not one or two token cuts.ishares.com
The index caps each issuer at 5%, which matters in emerging markets, where plain cap-weighted portfolios lean hard on a few chip and tech behemoths.ishares.com
0.16% a year is modest for a heavily screened fund, and it sits below the typical expense ratio in its emerging-markets peer group.
Roughly 600 large and mid caps across emerging markets: the screens trim the field without collapsing it into a concentrated handful of names.

Worth knowing

EEMX Reserve ownership is the only line drawn. Refiners, coal-burning utilities and other heavy emitters that hold no reserves can still be in the portfolio.ssga.com
It trades thinly next to the giant EM index funds, so the bid-ask spread is a real part of the cost of getting in and out.
Cheaper screened EM options sit in the same group, including LDEM at 0.16% and ESGE at 0.25%.

EMXF Unscreened emerging-markets trackers such as VWO and SCHE run at a fraction of this expense ratio. The screening is what you are paying for.
A smaller, thinly traded fund. Spreads can widen, so the price on screen and the price you get are not always the same thing.
Cutting whole slices of the emerging-markets universe means this portfolio can look and behave quite differently from a standard EM index, in either direction.

Full EEMX profile⁠

Full EMXF profile⁠

EEMX vs EMXF Holdings

How EEMX and EMXF differ

Overlap by weight

51.0%

Shared holdings make up 91.2% of EMXF and 62.0% of EEMX.

Level by level

Holdings488 in both51.0%
Sector11 Sectors77.8%
Countryby domicile85.6%
Asset classStocks100%

Sector

Sector weights in EEMX and EMXF, widest gap first
Sector	Gap	EEMX	EMXF
Financials	EMXF +17.2 points	22.4%	39.6%
Technology	EEMX +15.2 points	40.5%	25.4%
Materials	EEMX +3.4 points	5.9%	2.5%
Communication	EMXF +3.1 points	6.9%	10.0%
Consumer Discretionary	EEMX +2.2 points	8.9%	6.7%
Health Care	EMXF +1.2 points	3.2%	4.4%
Utilities	EEMX +0.7 points	1.3%	0.6%
Real Estate	EMXF +0.6 points	1.2%	1.8%
Energy	EEMX +0.5 points	0.5%	0.0%
Industrials	EEMX +0.4 points	6.1%	5.7%
Consumer Staples	EMXF +0.1 points	3.1%	3.2%

Country, concentration and asset class

Country by domicile

Country weights in EEMX and EMXF, widest gap first
Country	Gap	EEMX	EMXF
South Africa	EMXF +6.3 points	4.0%	10.3%
China	EMXF +6.0 points	22.0%	28.0%
South Korea	EEMX +4.9 points	18.8%	13.9%
Taiwan	EEMX +3.9 points	29.1%	25.2%
United States	EEMX +1.3 points	1.3%	0.0%
India	EEMX +1.2 points	13.0%	11.8%
Hong Kong	EEMX +0.7 points	0.7%	0.0%
Greece	EEMX +0.6 points	0.6%	0.0%
Other countries (10)	EMXF +0.4 points	10.4%	10.8%

Outside the US: EEMX 1% developed, 99% emerging. EMXF 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EEMX36.6%
EMXF25.8%

Securities held

EEMX1,051
EMXF562

Asset class

EEMX: Stocks
EMXF: Stocks

Holdings

Only in EEMX563
In both488
Only in EMXF74

Only in EEMX

563 securities, 37.6% of EEMX by weight

Samsung Electronics Co Ltd6.27%
Alibaba Group Holding Ltd2.03%
Samsung Electronics Pref0.86%
Icici Bank Ltd0.86%
Hon Hai Precision Industry0.82%
Bharti Airtel Ltd0.61%
Anglogold Ashanti PLC0.44%
Vale SA0.41%
Pdd Holdings Inc0.41%
Infosys Ltd0.37%
Elite Material Co Ltd0.36%
Samsung Electro Mechanics Co0.35%
Nan Ya Plastics Corp0.34%
Byd Co Ltd H0.33%
Grupo Mexico Sab De Cv Ser B0.33%
Gold Fields Ltd0.33%
Unimicron Technology Corp0.29%
Firstrand Ltd0.29%
Larsen & Toubro Ltd0.29%
Hyundai Motor Co0.26%
Grupo Financiero Banorte O0.26%
Pko Bank Polski SA0.25%
Quanta Computer Inc0.24%
Standard Bank Group Ltd0.24%
First Abu Dhabi Bank Pjsc0.22%
Mtn Group Ltd0.22%
Zijin Mining Group Co Ltd H0.21%
Fomento Economico Mexica Ubd0.21%
Tata Consultancy Svcs Ltd0.21%
Samsung Sdi Co Ltd0.20%
Emirates Telecom Group Co0.19%
Naver Corp0.19%
America Movil Sab De C Ser B0.19%
Titan Co Ltd0.18%
Lenovo Group Ltd0.17%
Sun Pharmaceutical Indus0.17%
Kia Corp0.17%
Kweichow Moutai Co Ltd A0.16%
Russian Ruble0.16%
Delta Electronics Thai Forgn0.16%
Cemex Sab Cpo0.16%
Samsung C+t Corp0.16%
Yum China Holdings Inc0.16%
Hanwha Aerospace Co Ltd0.16%
Maruti Suzuki India Ltd0.15%
Southern Copper Corp0.15%
Alibaba Group Holding Sp Adr0.15%
Hyundai Mobis Co Ltd0.15%
Tata Steel Ltd0.14%
Bharat Electronics Ltd0.14%

Only in EMXF

74 securities, 8.6% of EMXF by weight

Samsung Electro Mechanics0.69%
Gpo Finance Banorte0.52%
First Abu Dhabi Bank0.45%
Samsung Sdi Ltd0.40%
Emirates Telecommunications Group0.39%
America Movil B0.37%
Delta Electronics (Thailand) Non-V0.32%
Cemex Cpo0.31%
Cimb Group Holdings0.26%
Samsung Life Ltd0.26%
Walmart De Mexico V0.26%
Samsung Fire & Marine Insurance Lt0.25%
Malayan Banking0.23%
Tvs Motor Company0.22%
Advanced Info Service Non-Voting D0.19%
Grupo Aeroportuario Del Pacifico0.17%
Cholamandalam Investment and Finan0.16%
Indian Hotels0.15%
Aldar Properties0.14%
Cp All Non-Voting Dr0.14%
Airports of Thailand Non-Voting Dr0.13%
Federal Bank Ltd0.13%
Bangkok Dusit Medical Services Non0.12%
Press Metal Aluminium Holdings0.12%
Hyosung Heavy Industries Corp0.12%
Gamuda0.11%
Lg0.11%
Prologis Property Mexico Reit0.09%
Bdo Unibank0.09%
True Corporation Non-Voting Dr0.09%
Krung Thai Bank Public Non-Voting0.08%
Ammb Holdings0.08%
Korea Investment Holdings Ltd0.07%
Scb X Public Company Limited Non-V0.07%
Grupo Aeroportuario Del Centro Nor0.07%
Sd Guthrie0.07%
Rhb Bank0.07%
Doosan Corp0.07%
Bumrungrad Hospital Non-Voting Dr0.06%
Ihh Healthcare0.06%
Mirae Asset Securities Co Ltd0.06%
Kimberly-Clark De Mexico Class A0.06%
Multi Commodity Exchange of India0.06%
Yuhan0.06%
Amorepacific0.06%
Bank of The Philippine Islands0.05%
Kuala Lumpur Kepong0.05%
Canara Bank Ltd0.05%
Gruma0.04%
Nh Investment & Securities0.04%

Weight gaps

The 100 widest of 488 Holdings in both funds.

Holding weights in EEMX and EMXF, widest gap first
Holding	Gap	EEMX	EMXF
Taiwan Semiconductor Manufac	EEMX +10.70 points	15.51%	4.81%
Tencent Holdings Ltd	EMXF +1.88 points	3.19%	5.07%
Mediatek Inc	EMXF +1.42 points	1.46%	2.88%
China Construction Bank H	EMXF +1.09 points	1.09%	2.18%
Hdfc Bank Limited	EMXF +0.92 points	0.93%	1.85%
Ind & Comm Bk of China H	EMXF +0.64 points	0.64%	1.28%
Xiaomi Corp Class B	EMXF +0.63 points	0.64%	1.27%
Delta Electronics Inc	EMXF +0.60 points	0.61%	1.21%
Ase Technology Holding Co Lt	EMXF +0.51 points	0.52%	1.03%
Bank of China Ltd H	EMXF +0.51 points	0.50%	1.01%
Meituan Class B	EMXF +0.49 points	0.50%	0.99%
Sk Square Co Ltd	EMXF +0.47 points	0.48%	0.95%
Al Rajhi Bank	EMXF +0.47 points	0.47%	0.94%
Netease Inc	EMXF +0.44 points	0.43%	0.87%
Nu Holdings Ltd/Cayman Isl ANU	EMXF +0.42 points	0.42%	0.84%
Ping An Insurance Group Co H	EMXF +0.40 points	0.40%	0.80%
Itau Unibanco Holding’s Pref	EMXF +0.38 points	0.39%	0.77%
Fubon Financial Holding Co	EMXF +0.36 points	0.37%	0.73%
Kb Financial Group Inc	EMXF +0.36 points	0.36%	0.72%
Ctbc Financial Holding Co Lt	EMXF +0.36 points	0.36%	0.72%
Naspers Ltd N Shs	EMXF +0.33 points	0.33%	0.66%
Jd.com Inc Class A	EMXF +0.32 points	0.32%	0.64%
Axis Bank Ltd	EMXF +0.32 points	0.31%	0.63%
United Microelectronics Corp	EMXF +0.30 points	0.31%	0.61%
Cathay Financial Holding Co	EMXF +0.29 points	0.30%	0.59%
Mahindra & Mahindra Ltd	EMXF +0.30 points	0.29%	0.59%
The Saudi National Bank	EMXF +0.29 points	0.29%	0.58%
Bajaj Finance Ltd	EMXF +0.28 points	0.28%	0.56%
Kotak Mahindra Bank Ltd	EMXF +0.27 points	0.27%	0.54%
Kuwait Finance House	EMXF +0.26 points	0.27%	0.53%
Otp Bank PLC	EMXF +0.26 points	0.27%	0.53%
Ts Financial Holding Co Ltd	EMXF +0.25 points	0.26%	0.51%
Trip.com Group Ltd	EMXF +0.26 points	0.25%	0.51%
Shinhan Financial Group Ltd	EMXF +0.25 points	0.26%	0.51%
China Merchants Bank H	EMXF +0.26 points	0.25%	0.51%
Sk Hynix Inc	EEMX +0.24 points	4.44%	4.20%
Capitec Limited	EMXF +0.25 points	0.25%	0.50%
Beone Medicines Ltd	EMXF +0.24 points	0.24%	0.48%
Asia Vital Components	EMXF +0.24 points	0.22%	0.46%
National Bank of Kuwait	EMXF +0.23 points	0.24%	0.47%
Celltrion Inc	EMXF +0.22 points	0.23%	0.45%
China Life Insurance Co H	EMXF +0.22 points	0.24%	0.46%
Agricultural Bank of China H	EMXF +0.22 points	0.23%	0.45%
Hana Financial Group	EMXF +0.23 points	0.22%	0.45%
Yuanta Financial Holding Co	EMXF +0.22 points	0.21%	0.43%
Credicorp LtdBAP	EMXF +0.22 points	0.23%	0.45%
Saudi Telecom Co	EMXF +0.22 points	0.21%	0.43%
Qatar National Bank	EMXF +0.21 points	0.21%	0.42%
E.sun Financial Holding Co	EMXF +0.21 points	0.21%	0.42%
Emaar Properties Pjsc	EMXF +0.21 points	0.20%	0.41%
Wuxi Biologics Cayman Inc	EMXF +0.20 points	0.21%	0.41%
Baidu Inc Class A Hkd	EMXF +0.20 points	0.20%	0.40%
State Bank of India	EMXF +0.20 points	0.19%	0.39%
Accton Technology Corp	EMXF +0.19 points	0.19%	0.38%
Chunghwa Telecom Co Ltd	EMXF +0.19 points	0.18%	0.37%
Mega Financial Holding Co Lt	EMXF +0.18 points	0.18%	0.36%
Valterra Platinum Limited	EMXF +0.17 points	0.18%	0.35%
Eternal Ltd	EMXF +0.17 points	0.18%	0.35%
Yageo Corporation	EMXF +0.17 points	0.17%	0.34%
Saudi Arabian Mining Co	EMXF +0.17 points	0.18%	0.35%
Public Bank Berhad	EMXF +0.17 points	0.17%	0.34%
Wistron Corp	EMXF +0.17 points	0.14%	0.31%
King Slide Works Co Ltd	EMXF +0.16 points	0.14%	0.30%
Sinopac Financial Holdings	EMXF +0.15 points	0.16%	0.31%
Innovent Biologics Inc	EMXF +0.15 points	0.16%	0.31%
Kgi Financial Holding Co Ltd	EMXF +0.15 points	0.15%	0.30%
Emirates Nbd Pjsc	EMXF +0.15 points	0.16%	0.31%
Asustek Computer Inc	EMXF +0.14 points	0.18%	0.32%
Hindustan Unilever Ltd	EMXF +0.15 points	0.14%	0.29%
Picc Property & Casualty H	EMXF +0.14 points	0.15%	0.29%
National Bank of Greece	EMXF +0.15 points	0.14%	0.29%
Doosan Enerbility Co Ltd	EMXF +0.15 points	0.14%	0.29%
Woori Financial Group Inc	EMXF +0.14 points	0.14%	0.28%
Banco Bradesco SA Pref	EMXF +0.14 points	0.14%	0.28%
Mpi Corp	EMXF +0.14 points	0.06%	0.20%
Allegro.eu SA	EMXF +0.13 points	0.14%	0.27%
Bank Central Asia Tbk Pt	EMXF +0.13 points	0.14%	0.27%
Shriram Finance Ltd	EMXF +0.14 points	0.14%	0.28%
Hua Nan Financial Holdings C	EMXF +0.14 points	0.13%	0.27%
First Financial Holding Co	EMXF +0.14 points	0.13%	0.27%
Hcl Technologies Ltd	EMXF +0.13 points	0.13%	0.26%
Abu Dhabi Commercial Bank	EMXF +0.13 points	0.14%	0.27%
Nanya Technology Corp	EMXF +0.13 points	0.13%	0.26%
Chroma Ate Inc	EMXF +0.12 points	0.14%	0.26%
B3 SA Brasil Bolsa Balcao	EMXF +0.13 points	0.13%	0.26%
Itausa SA	EMXF +0.12 points	0.14%	0.26%
Ke Holdings Inc Class A	EMXF +0.12 points	0.13%	0.25%
Eurobank SA	EMXF +0.11 points	0.12%	0.23%
Power Grid Corp of India Ltd	EMXF +0.12 points	0.11%	0.23%
Bank Pekao SA	EMXF +0.12 points	0.11%	0.23%
Lite On Technology Corp	EMXF +0.11 points	0.12%	0.23%
Uni President Enterprises Co	EMXF +0.11 points	0.11%	0.22%
China Resources Land Ltd	EMXF +0.11 points	0.11%	0.22%
Lg Energy Solution	EMXF +0.11 points	0.11%	0.22%
Eicher Motors Ltd	EMXF +0.11 points	0.11%	0.22%
Piraeus Bank SA	EMXF +0.11 points	0.11%	0.22%
Interglobe Aviation Ltd	EMXF +0.10 points	0.11%	0.21%
Pharmaessentia Corp	EMXF +0.10 points	0.14%	0.24%
Riyad Bank	EMXF +0.10 points	0.10%	0.20%
Asian Paints Ltd	EMXF +0.10 points	0.10%	0.20%

All 1,046 EEMX holdings⁠All 561 EMXF 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.

EEMX vs EMXF Cost

Overpaying EEMX vs EMXF

$2,807

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

EEMX 0.30%
$6,149
EMXF 0.16%
$3,342

Amount$10,000

Years30 years

Cost over time

EEMX 0.30%
EMXF 0.16%
Overpaying

Year by year

Year	EEMX	EMXF	Overpaying
10	$545	$292	$253
20	$2,113	$1,141	$972
30	$6,149	$3,342	$2,807

Expense ratio

0.30%EEMX
0.16%EMXF, cheaper

EMXF0.16%EEMX0.30%

0.15%1.25%

Middle half of Emerging Markets ESG & Values Index funds
Median 0.33%

EMXF 3rd cheapest of 12 funds

EEMX 6th cheapest of 12 funds

EEMX vs EMXF Dividends

Last 12 months to Nov 9, 2026

Yield (12M): EEMX 1.98%; EMXF 2.87%, better
Payout (12M): EEMX $0.96; EMXF $1.53
Last payment: EEMX $0.12; EMXF $0.47
Ex-dividend: EEMX Jun 1, 2026; EMXF Jun 15, 2026
Paid on: EEMX Jun 5, 2026; EMXF Jun 18, 2026
Frequency: EEMX Twice a year; EMXF Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EEMXTwice a year · 21 paymentsAll EEMX payments⁠

EMXFTwice a year · 13 paymentsAll EMXF payments⁠

EEMX vs EMXF Risk

Fall from peak · 5 years

EEMX
EMXF

Risk facts

VolatilityStd dev, 3 years: EEMX 16.7%EMXF 14.6%, better
Return per unit of riskSharpe ratio, 3 years: EEMX 1.03EMXF 1.04, better
Worst fallMax drawdown, 5 years: EEMX −32.7%EMXF −30.6%, better
Market sensitivityBeta, 5 years: EEMX 1.17EMXF 0.94; Market = 1

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