EMCR vs NUEM: Grades, Fees and Holdings Compared

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

EMCRANYSE Arca

Nuveen ESG Emerging Markets Equity ETF

NUEMBCboe

Overlap

26.5%by weight

Expense ratio

EMCR −0.21pt a year

EMCR0.15%NUEM0.36%

Avg volume · 30D

NUEM 23.5×the volume

EMCR2.5KNUEM58.9K

5Y return · a year

EMCR +2.1pt

EMCR+6.7%NUEM+4.6%

EMCR vs NUEM Performance

Nov 9, 2021 – Nov 9, 2026

+38.3%EMCR+25.2%NUEM

Expense ratio: EMCR 0.15%, better; NUEM 0.36%
Fund size: EMCR $54M; NUEM $431M
1Y total return: EMCR +10.0%, better; NUEM +8.6%
Yield (12M): EMCR 1.61%; NUEM 3.32%, better
Holdings: EMCR 1526; NUEM 192
Avg volume (30D): EMCR 2.5K sh; NUEM 58.9K sh, better
NAV per share: EMCR $38.82; NUEM $37.14
52W range

ETF.net Grade

Pillar letters and Scores for EMCR, NUEM, with each pillar’s weight
Pillar	EMCR	NUEM
Cost30% weight	A84Higher	C46
Mission25% weight	A100	A100
Risk15% weight	B58Higher	C48
Tradability15% weight	D35	C46Higher
Holdings10% weight	B69	Not scored
Durability5% weight	C52	B68Higher

Rank among Emerging Markets ESG & Values Index funds

How we build Categories ›

Same Category. EMCR and NUEM 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 ›

EMCR ranks 3rd and NUEM 8th 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 3AEMCRXtrackers Emerging Markets Carbon Reduction and Climate Improvers ETFScore 73
Rank 3AEMCSXtrackers MSCI Emerging Markets Climate Selection ETFScore 73
Rank 7BDFSEDimensional Emerging Markets Sustainability Core 1 ETFScore 63
Rank 8BNUEMNuveen ESG Emerging Markets Equity ETFScore 62
Rank 9CFRDMFreedom 100 Emerging Markets ETFScore 52

Our read on each fund

ETF.net Research

EMCRAXtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

NUEMBNuveen ESG Emerging Markets Equity ETF

In short

EMCR A carbon-tilted way to own emerging markets wholesale: roughly 1,400 stocks screened for climate commitments, at 0.15% a year when the typical EM fund in its group charges more than triple that.

NUEM Most ESG emerging-market funds license an MSCI screen. NUEM runs TIAA's own index instead, cutting to roughly 190 names rather than shaving a few off the broad benchmark.

Stated mandate

EMCR The fund seeks to track the performance of the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR before fees and expenses.

NUEM The fund seeks to track, before fees and expenses, the TIAA ESG Emerging Markets Equity Index. That index consists of listed equity securities and related depositary receipts from emerging-market countries whose issuers meet specified ESG criteria.

Why people hold it

EMCR Charges 0.15% a year against a 0.49% median for its emerging-market peer group, one of the cheapest tickets in the category.
Roughly 1,400 names spread across emerging markets, so no single stock or country call carries the portfolio.
The mandate is explicit: passive tracking of the Solactive ISS EM Carbon Reduction & Climate Improvers index, with the climate and ESG rules written into the prospectus.
Undercuts the cohort's better-known tilts on fee: FNDE at 0.39% and XSOE at 0.32%, with EMCR priced under both.

NUEM Tracks the TIAA ESG Emerging Markets Equity Index, an in-house rulebook, while the biggest names in the group (ESGE, LDEM, EEMX) all run MSCI screens.
Roughly 190 stocks, so the ESG screen actually bites: a filtered slice of emerging markets, not the whole index with a light green tint.
Running since 2017, and its holdings line up with the ESG emerging-markets mandate spelled out in its prospectus. No mission drift.

Worth knowing

EMCR Thinly traded next to the category's giants, so bid-ask spreads can run wider than the headline fee suggests.
The screen reweights the book away from a plain EM index, so its sector and country mix departs from the standard benchmark.
Pays on an annual or semiannual schedule, not monthly.

NUEM At 0.36% the fee sits at the middle of this group, above LDEM at 0.16% and ESGE at 0.25%.
Thinly traded, so bid-ask spreads can widen and the fill on a market order can sit away from the fund's underlying value.
Distributions arrive once or twice a year, not monthly.

Full EMCR profile⁠

Full NUEM profile⁠

EMCR vs NUEM Holdings

How EMCR and NUEM differ

Overlap by weight

26.5%

Shared holdings make up 58.7% of NUEM and 28.8% of EMCR.

Level by level

Holdings62 in both26.5%
Sector11 Sectors85.3%
Countryby domicile92.2%
Asset classStocks100%

Sector

Sector weights in EMCR and NUEM, widest gap first
Sector	Gap	EMCR	NUEM
Technology	NUEM +6.7 points	33.4%	40.1%
Health Care	EMCR +3.9 points	5.9%	2.0%
Financials	EMCR +3.8 points	23.3%	19.5%
Communication	EMCR +3.4 points	10.2%	6.8%
Materials	NUEM +3.0 points	4.2%	7.2%
Energy	NUEM +3.0 points	0.2%	3.2%
Consumer Staples	EMCR +1.8 points	2.9%	1.1%
Industrials	NUEM +1.6 points	6.3%	7.9%
Real Estate	EMCR +1.2 points	1.8%	0.6%
Consumer Discretionary	EMCR +0.6 points	10.2%	9.6%
Utilities	NUEM +0.4 points	1.5%	1.9%

Country, concentration and asset class

Country by domicile

Country weights in EMCR and NUEM, widest gap first
Country	Gap	EMCR	NUEM
China	EMCR +5.1 points	28.6%	23.5%
Taiwan	NUEM +2.5 points	26.4%	28.9%
South Korea	NUEM +2.3 points	16.8%	19.1%
Poland	NUEM +1.8 points	0.0%	1.8%
South Africa	EMCR +0.6 points	4.2%	3.6%
India	EMCR +0.6 points	13.0%	12.4%
Other countries (12)	EMCR +0.3 points	11.0%	10.7%

Outside the US: EMCR 0% developed, 100% emerging. NUEM 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EMCR29.1%
NUEM37.6%

Securities held

EMCR1,525
NUEM187

Asset class

EMCR: Stocks
NUEM: Stocks

Holdings

Only in EMCR1,463
In both62
Only in NUEM125

Only in EMCR

1,463 securities, 70.0% of EMCR by weight

Samsung Electronics Co Ltd4.42%
Alibaba Group Holding Ltd2.78%
MediaTek Inc1.05%
Hon Hai Precision Industry Co0.95%
Pinduoduo Inc (N Shares)0.73%
Bharti Airtel Ltd0.73%
ASE Industrial Holding Co Ltd0.70%
Hdfc Bank Ltd0.66%
ICICI Bank Ltd0.62%
Samsung Electronics Co Ltd-PFD0.61%
Infosys Ltd0.54%
SK Square Co Ltd0.53%
Nu Holdings Ltd0.53%
Fubon Financial Holding Co Ltd0.48%
Xiaomi Corp - Class B (P Chip)0.47%
KB Financial Group Inc0.45%
Elite Material Co Ltd TWD 10.00.40%
Bank of China Ltd-H0.37%
Bajaj Finance Ltd Npv0.36%
International Holdings Company PJSC0.35%
Shinhan Financial Group Co Ltd0.33%
Tata Consultancy Svcs Ltd0.32%
Hana Financial Group Inc0.32%
Yuanta Financial Holding Co Ltd0.30%
E.Sun Financial Holding Co Ltd0.29%
Celltrion Inc0.29%
Nan Ya Plastics Corp0.28%
Delta Electronics Thailand PCL0.28%
Itau Unibanco Holding SA0.28%
NAVER Corp0.27%
Grupo Mexico SAB de CV-Ser B0.26%
Quanta Computer Inc0.26%
Asustek Computer Inc0.26%
Innovent Biologics Inc0.25%
Saudi Telecom Co SJSC0.25%
Emaar Properties Pjsc0.25%
SinoPac Financial Holdings Co0.25%
Emirates Telecommunications Group Company PJSC0.24%
Xtrackers MSCI EAFE Emerging Markets ESG Leaders Equity ETF0.24%
Sun Pharmaceutical Industries0.24%
Accton Technology Corp0.24%
Mega Financial Holding Co Ltd0.23%
Al Rajhi Banking & Investment Corp SJSC0.23%
BYD Co Ltd-H0.23%
Chunghwa Telecom Co Ltd0.23%
Zomato Ltd0.23%
Titan Co Ltd0.22%
Grupo Financiero Banorte SAB de CV0.22%
National Commercial Bank SJSC0.21%
Jentech Precision Industrial C0.21%

Only in NUEM

125 securities, 41.1% of NUEM by weight

Axis Bank Ltd1.74%
Sk Square Co Ltd1.50%
Mahindra & Mahindra Ltd1.29%
Saudi Arabian Mining Co1.23%
Hcl Technologies Ltd1.21%
B3 SA - Brasil Bolsa Balc1.04%
Kb Financial Group Inc1.02%
Mpi Corp0.81%
Emaar Properties Pjsc0.75%
Lpp SA0.70%
Bajaj Auto Ltd0.67%
Samvardhana Motherson Int0.67%
Asian Paints Ltd0.65%
Airports of Thailand Pcl0.64%
Contemporary Amperex Tech0.63%
Hindustan Unilever Ltd0.61%
Saudi Telecom Co0.61%
Power Grid Corp of India0.60%
Ls Industrial Systems Co0.60%
Eicher Motors Ltd0.59%
Press Metal Aluminium Hol0.56%
Saudi Basic Industries Co0.55%
Tata Motors Passenger Veh0.53%
Tupras Turkiye Petrol Raf0.51%
Hero Motocorp Ltd0.51%
Vibra Energia SA0.50%
Al Rajhi Bank0.48%
Kghm Polska Miedz SA0.47%
Eurobank SA0.47%
Hyundai Glovis Co Ltd0.47%
Shinhan Financial Group0.46%
Gerdau SA0.45%
Naver Corp0.45%
Anglogold Ashanti PLC0.44%
China Yangtze Power Co Lt0.43%
Pidilite Industries Ltd0.42%
Lg Chem Ltd0.41%
Grupo Cibest SA0.40%
Info Edge India Ltd0.39%
Telefonica Brasil SA0.37%
Cia De Minas Buenaventura0.36%
Foxconn Industrial Intern0.36%
Ultrapar Participacoes SA0.35%
Woori Financial Group Inc0.35%
Sociedad Quimica Y Minera0.35%
Piraeus Bank SA0.34%
Hd Hyundai0.34%
Cemex Sab De Cv0.34%
Doosan Enerbility0.33%
E Ink Holdings Inc0.33%

Weight gaps

All 62 Holdings in both funds, largest gap first.

Holding weights in EMCR and NUEM, widest gap first
Holding	Gap	EMCR	NUEM
Taiwan Semiconductor Manufacturing	NUEM +6.92 points	9.31%	16.23%
SK Hynix Inc	NUEM +2.17 points	3.21%	5.38%
China Construction Bank Corp-H	NUEM +1.70 points	0.87%	2.57%
Industrial & Commercial Bank-H	NUEM +1.56 points	0.48%	2.04%
Cathay Financial Holding Co Ltd	NUEM +1.41 points	0.35%	1.76%
Samsung SDI Co Ltd	NUEM +1.33 points	0.25%	1.58%
Agricultural Bank of China Ltd-H	NUEM +1.30 points	0.20%	1.50%
China Merchants Bank Co Ltd-H	NUEM +1.28 points	0.19%	1.47%
Tencent Holdings Ltd (CN)	EMCR +1.21 points	4.54%	3.33%
United Microelectronics Corp	NUEM +1.16 points	0.23%	1.39%
Samsung Electro-Mechanics Co Ltd	NUEM +0.99 points	0.25%	1.24%
Asia Vital Components	NUEM +0.96 points	0.27%	1.23%
Lenovo Group Ltd	NUEM +0.90 points	0.14%	1.04%
Ping An Insurance Group Co of-H	NUEM +0.86 points	0.51%	1.37%
King Slide Works Co Ltd	NUEM +0.72 points	0.13%	0.85%
Advantech Co Ltd	NUEM +0.66 points	0.09%	0.75%
Delta Electronics Inc	NUEM +0.62 points	0.78%	1.40%
Capitec Bank Holdings Ltd	NUEM +0.62 points	0.18%	0.80%
People's Insurance Co-H	NUEM +0.49 points	0.04%	0.53%
JD.com (P Chip)	NUEM +0.49 points	0.24%	0.73%
MTN Group Ltd	NUEM +0.48 points	0.25%	0.73%
America Movil B	NUEM +0.45 points	0.24%	0.70%
Sunny Optical Technology Group	NUEM +0.44 points	0.05%	0.49%
PharmaEssentia Corp	NUEM +0.41 points	0.15%	0.56%
Nongfu Spring Co Ltd	NUEM +0.40 points	0.13%	0.53%
Qatar National Bank QPSC	NUEM +0.37 points	0.15%	0.52%
Pop Mart International Group Limited	NUEM +0.35 points	0.14%	0.49%
Naspers Ltd Npv	NUEM +0.31 points	0.48%	0.79%
Bilibili Inc - P	NUEM +0.27 points	0.06%	0.33%
Wuxi Biologics	NUEM +0.25 points	0.31%	0.56%
Beigene Ltd	EMCR +0.24 points	0.36%	0.12%
Baidu Inc - P	EMCR +0.23 points	0.25%	0.02%
Contemporary Amperex Techno CNY 1.0	NUEM +0.23 points	0.11%	0.34%
NetEase (P Chip)	EMCR +0.22 points	0.52%	0.30%
JD Health International Inc	NUEM +0.21 points	0.08%	0.29%
Hotai Motor Co Ltd	NUEM +0.21 points	0.07%	0.28%
Eva Airways Corp	NUEM +0.19 points	0.02%	0.21%
WuXi AppTec Co Ltd - H	NUEM +0.17 points	0.14%	0.31%
Grupo Aeroportuario del Pacific-B	NUEM +0.17 points	0.07%	0.24%
Hyundai Motor Co	NUEM +0.17 points	0.20%	0.37%
Anglo American Platinum Ltd	NUEM +0.15 points	0.13%	0.28%
Taishin Financial Holding Co Ltd	NUEM +0.13 points	0.31%	0.44%
CITIC Securities Co Ltd-H	NUEM +0.13 points	0.02%	0.15%
Ganfeng Lithium Co Ltd	NUEM +0.11 points	0.02%	0.13%
Meituan Dianping	EMCR +0.11 points	0.65%	0.54%
CTBC Financial Holding Co Ltd	EMCR +0.10 points	0.41%	0.31%
Gree Electric Appliances Inc of Zhuhai-A	NUEM +0.08 points	0.01%	0.09%
Hyundai Engineering & Construction Co Ltd	NUEM +0.08 points	0.05%	0.13%
Gold Fields Ltd	NUEM +0.08 points	0.39%	0.47%
China Pacific Insurance Group-H	EMCR +0.06 points	0.07%	0.01%
Guangzhou Tinci Materials -A	NUEM +0.04 points	0.01%	0.05%
Sinoma Science & Technology Co Ltd	NUEM +0.04 points	<0.01%	0.05%
Zhejiang Sanhua Intelligen-A	NUEM +0.04 points	0.01%	0.05%
Vodacom Group Ltd	EMCR +0.04 points	0.08%	0.04%
Bumi Resources Minerals T Idr 625.0	NUEM +0.03 points	0.02%	0.05%
Postal Savings Bank of China Co Ltd	EMCR +0.03 points	0.05%	0.02%
Trip.Com Group Ltd	EMCR +0.02 points	0.30%	0.28%
Kanzhun LtdBZ	NUEM +0.02 points	0.08%	0.10%
XP IncXP	EMCR +0.02 points	0.06%	0.04%
Horizon Robotics Inc. (P Chip)	NUEM +0.02 points	0.05%	0.07%
Laopu Gold Co Ltd Cny 1.0	EMCR +0.02 points	0.03%	0.01%
Evergreen Marine Corp Taiwan Ltd	NUEM +0.01 points	0.04%	0.05%

All 1,539 EMCR holdings⁠All 196 NUEM 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.

EMCR vs NUEM Cost

Overpaying NUEM vs EMCR

$4,183

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

EMCR 0.15%
$3,137
NUEM 0.36%
$7,320

Amount$10,000

Years30 years

Cost over time

EMCR 0.15%
NUEM 0.36%
Overpaying

Year by year

Year	EMCR	NUEM	Overpaying
10	$274	$652	$378
20	$1,071	$2,522	$1,451
30	$3,137	$7,320	$4,183

Expense ratio

0.15%EMCR, cheaper
0.36%NUEM

EMCR0.15%NUEM0.36%

0.15%1.25%

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

EMCR cheapest of 12 funds

NUEM 7th cheapest of 12 funds

EMCR vs NUEM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): EMCR 1.61%; NUEM 3.32%, better
Payout (12M): EMCR $0.64; NUEM $1.27
Last payment: EMCR $0.32; NUEM $1.27
Ex-dividend: EMCR Jun 18, 2026; NUEM Dec 18, 2025
Paid on: EMCR Jun 26, 2026; NUEM Dec 19, 2025
Frequency: EMCR Twice a year; NUEM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

EMCRTwice a year · 15 paymentsAll EMCR payments⁠

NUEMAnnual · 9 paymentsAll NUEM payments⁠

EMCR vs NUEM Risk

Fall from peak · 5 years

EMCR
NUEM

Risk facts

VolatilityStd dev, 3 years: EMCR 16.1%NUEM 14.9%, better
Return per unit of riskSharpe ratio, 3 years: EMCR 0.98, betterNUEM 0.93
Worst fallMax drawdown, 5 years: EMCR −32.2%, betterNUEM −34.1%
Market sensitivityBeta, 5 years: EMCR 1.10NUEM 1.04; Market = 1

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