EMDM vs XCEM: Grades, Fees and Holdings Compared

First Trust Bloomberg Emerging Market Democracies ETF

EMDMDNYSE Arca

Columbia EM Core ex-China ETF

XCEMANYSE Arca

Overlap

35.3%by weight

Expense ratio

XCEM −0.59pt a year

EMDM0.75%XCEM0.16%

Avg volume · 30D

XCEM 12.1×the volume

EMDM13.4KXCEM162K

3Y return · a year

EMDM +5.3pt

EMDM+29.1%XCEM+23.8%

EMDM vs XCEM Performance

Oct 31, 2025 – Oct 30, 2026

+27.9%EMDM+24.3%XCEM

Expense ratio: EMDM 0.75%; XCEM 0.16%, better
Fund size: EMDM $39M; XCEM $2.01B
1Y total return: EMDM +27.9%, better; XCEM +24.3%
Yield (12M): EMDM 3.11%, better; XCEM 2.68%
Holdings: EMDM 104; XCEM 465
Avg volume (30D): EMDM 13.4K sh; XCEM 162K sh, better
NAV per share: EMDM $37.59; XCEM $46.99
52W range

ETF.net Grade

Pillar letters and Scores for EMDM, XCEM, with each pillar’s weight
Pillar	EMDM	XCEM
Cost30% weight	F12	A90Higher
Mission25% weight	Not scored	A100
Risk15% weight	B58Higher	C51
Tradability15% weight	C45	B62Higher
Holdings10% weight	D36	B60Higher
Durability5% weight	C42	A78Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. EMDM and XCEM 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 ›

XCEM ranks 2nd and EMDM 19th 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 76
Rank 18DBKFiShares MSCI BIC ETFScore 37
Rank 19DEMDMFirst Trust Bloomberg Emerging Market Democracies ETFScore 32
AMEMNot yet graded

Our read on each fund

ETF.net Research

EMDMDFirst Trust Bloomberg Emerging Market Democracies ETF

XCEMAColumbia EM Core ex-China ETF

In short

EMDM Most emerging-market funds sort companies by size. EMDM screens countries first: only markets clearing an electoral-democracy bar are eligible, and roughly 110 large and mid caps come from the survivors.

XCEM The original ex-China emerging markets fund. Columbia launched XCEM in 2015, back when carving China out of an EM sleeve was a fringe idea rather than a crowded shelf. Roughly 150 EM stocks, no China, 0.16% a year.

Stated mandate

EMDM The Fund seeks to track, before fees and expenses, the price and yield performance of the Bloomberg Emerging Market Democracies Index. It normally invests at least 80% of net assets in securities comprising that Index and uses a replication strategy.

XCEM The fund seeks investment results that correspond to the performance of the EGAI Emerging Markets ex-China Index before fees and expenses. It generally invests at least 80% of net assets in index companies and seeks to replicate the index.

Why people hold it

EMDM The filter runs at the country level, before any stock selection. Markets that fail the electoral-democracy test are out, so the country map looks nothing like a standard EM index.ftportfolios.com
Ordinary plumbing under the theme: a 1940 Act ETF that replicates its Bloomberg index with at least 80% of net assets, holds roughly 110 stocks, and pays quarterly.
The politics are outsourced to a published rulebook, not to a manager's read of the headlines. First Trust has tracked the index since the 2023 launch.

XCEM Launched in 2015 as the first broad emerging markets ETF built to leave China out, and it has since grown into a billion-dollar-plus fund.morningstar.com
0.16% a year, well under the typical fund in its emerging markets cohort, for a portfolio of about 150 stocks.
Plain mandate, closely followed: at least 80% of net assets in index companies, replicated rather than approximated, with tracking that has stayed tight.
One of the strongest implementations in its emerging markets peer group, and liquid enough that getting in and out is rarely the hard part.

Worth knowing

EMDM Cost is the sticking point: 0.75% a year, versus a 0.49% median across its emerging-market peer group and single-digit basis points at VEXC (0.07%) or XCEM (0.16%).
A small, thinly traded fund. Spreads can run wider than in the giant EM trackers, so the order type you use matters more here.
Screening out non-democracies removes several of the largest markets in the EM universe, so results can diverge widely from a standard emerging-market benchmark in either direction.ftportfolios.com

XCEM No China means no Tencent, no Alibaba, no A-shares. If that exposure belongs in the portfolio, it has to come from somewhere else.
Emerging market stocks swing hard and currency moves add to the ride. This is one of the higher-volatility corners of equity investing.
Cheap, not cheapest: VEXC runs the same ex-China EM idea at 0.07%. XCEM's edge is a decade of history, not the lowest fee on the shelf.

Full EMDM profile⁠

Full XCEM profile⁠

EMDM vs XCEM Holdings

How EMDM and XCEM differ

Overlap by weight

35.3%

Shared holdings make up 73.5% of EMDM and 52.2% of XCEM.

Level by level

Holdings67 in both35.3%
Countryby domicile59.5%
Sector11 Sectors76.7%
Asset classEquity100%

Sector

Sector weights in EMDM and XCEM, widest gap first
Sector	More in EMDMMore in XCEM	EMDM	XCEM
Technology	XCEM +14.3 points	37.6%	51.9%
Financials	EMDM +9.6 points	26.9%	17.3%
Materials	EMDM +8.5 points	13.8%	5.3%
Industrials	XCEM +6.2 points	2.8%	9.0%
Energy	EMDM +2.4 points	5.5%	3.1%
Health Care	XCEM +1.9 points	0.5%	2.4%
Consumer Staples	EMDM +1.2 points	2.9%	1.7%
Real Estate	XCEM +0.8 points	0.0%	0.8%
Communication	EMDM +0.8 points	3.5%	2.7%
Consumer Discretionary	EMDM +0.7 points	5.0%	4.3%
Utilities	XCEM +0.1 points	1.5%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in EMDM and XCEM, widest gap first
Country	More in EMDMMore in XCEM	EMDM	XCEM
Taiwan	XCEM +25.3 points	14.8%	40.1%
South Korea	XCEM +11.5 points	13.8%	25.3%
South Africa	EMDM +10.2 points	14.8%	4.6%
Brazil	EMDM +10.1 points	13.8%	3.7%
Mexico	EMDM +9.4 points	11.6%	2.2%
Poland	EMDM +3.7 points	5.4%	1.7%
United States	EMDM +2.2 points	4.1%	1.9%
Thailand	XCEM +1.8 points	0.0%	1.8%
Other countries (11)	EMDM +3.1 points	21.7%	18.6%

Outside the US: EMDM 0% developed, 100% emerging. XCEM 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EMDM40.4%
XCEM35.3%

Securities held

EMDM100
XCEM452

Asset class

EMDM: Equity
XCEM: Equity

Holdings

Only in EMDM33
In both67
Only in XCEM385

Only in EMDM

33 securities, 26.1% of EMDM by weight

AngloGold Ashanti Plc2.71%
HDFC Bank Limited2.16%
ICICI Bank Limited2.09%
Reliance Insurance PLC1.55%
Falabella SA1.54%
Credicorp Ltd.1.40%
Grupo Cibest S.A. (Preference)1.26%
Bharti Airtel Ltd.1.21%
Southern Copper Corporation1.20%
Larsen & Toubro Ltd.0.84%
AXIA Energia SA0.81%
Infosys Limited0.80%
Axis Bank Limited0.77%
State Bank of India0.73%
Kotak Mahindra Bank Limited0.69%
Eternal Limited0.59%
Mahindra & Mahindra Ltd.0.56%
Bajaj Finance Ltd0.54%
Tata Consultancy Services Limited0.47%
ITC Limited0.42%
Banco do Brasil S.A.0.41%
Sun Pharmaceutical Industries Limited0.38%
Titan Company Limited0.36%
Shriram Finance Limited0.34%
Hindustan Unilever Limited0.31%
Maruti Suzuki India Limited0.29%
Tata Steel Limited0.29%
UltraTech Cement Limited0.28%
Bharat Electronics Ltd.0.28%
NTPC Limited0.28%
Hindalco Industries Limited0.26%
Power Grid Corporation of India Limited0.23%
Banco Santander (Brasil) S.A. (Unit)0.08%

Only in XCEM

385 securities, 47.2% of XCEM by weight

Icici Bank Ltd0.93%
International Holding Co Pjsc0.92%
Hdfc Bank Ltd0.83%
Reliance Industries Ltd0.79%
Vaneck Semiconductor Etf0.73%
Ishares Semiconductor Etf0.69%
Al Rajhi Bank0.63%
Bharti Airtel Ltd0.56%
Nan Ya Plastics Corp0.55%
Saudi Arabian Oil Co0.45%
Novatek Microelectronics Corp0.44%
Delta Electronics Thailand Pcl0.43%
Tenaga Nasional Bhd0.42%
Powszechny Zaklad Ubezpieczen SA0.39%
Larsen & Toubro Ltd0.37%
Titan Co Ltd0.35%
First Abu Dhabi Bank Pjsc0.34%
Ihh Healthcare Bhd0.33%
State Bank of India0.33%
Mahindra & Mahindra Ltd0.33%
Global Unichip Corp0.33%
Axis Bank Ltd0.33%
Jentech Precision Industrial Co Ltd0.32%
Nanya Technology Corp0.31%
Saudi National Bank/The0.31%
Embraer SA0.30%
King Slide Works Co Ltd0.30%
Adani Ports & Special Economic Zone Ltd0.30%
Aspeed Technology Inc0.28%
Realtek Semiconductor Corp0.28%
Bajaj Finance Ltd0.27%
Waaree Energies Ltd0.27%
Asustek Computer Inc0.27%
Winbond Electronics Corp0.27%
Kotak Mahindra Bank Ltd0.27%
Saudi Telecom Co0.26%
Shoprite Holdings Ltd0.25%
Saudi Arabian Mining Co0.25%
Tech Mahindra Ltd0.25%
Largan Precision Co Ltd0.25%
Taiwan Union Technology Corp0.25%
Alchip Technologies Ltd0.24%
Leeno Industrial Inc0.24%
King Yuan Electronics Co Ltd0.24%
Wiwynn Corp0.24%
Samsung C&T Corp0.23%
Hon Precision Inc0.23%
Laurus Labs Ltd0.23%
Phison Electronics Corp0.23%
Sun Pharmaceutical Industries Ltd0.22%

Weight gaps

All 67 Holdings in both funds, largest gap first.

Holding weights in EMDM and XCEM, widest gap first
Holding	More in EMDMMore in XCEM	EMDM	XCEM
Taiwan Semiconductor Manufacturing Company Ltd.	XCEM +6.26 points	9.64%	15.90%
Grupo Mexico, S.A.B. de C.V. (Class B)	EMDM +4.19 points	4.80%	0.61%
Petroleo Brasileiro S.A. (Petrobras) (Preference Shares)	EMDM +3.43 points	3.94%	0.51%
OTB Bank Plc	EMDM +1.87 points	2.31%	0.45%
Samsung Electronics Co., Ltd.	XCEM +1.84 points	6.64%	8.48%
Orlen SA	EMDM +1.76 points	1.94%	0.18%
Grupo Financiero Banorte, S.A.B. de C.V.	EMDM +1.73 points	1.99%	0.26%
Gold Fields Limited	EMDM +1.63 points	2.01%	0.38%
Naspers Limited (Class N)	EMDM +1.62 points	2.02%	0.40%
Powszechna Kasa Oszczednosci Bank Polski S.A.	EMDM +1.61 points	2.24%	0.63%
Itau Unibanco Holding S.A. (Preference Shares)	EMDM +1.53 points	2.01%	0.48%
FirstRand Limited	EMDM +1.50 points	1.93%	0.43%
Vale S.A.	EMDM +1.42 points	1.81%	0.39%
Capitec Limited	EMDM +1.41 points	1.69%	0.28%
Standard Bank Group Limited	EMDM +1.39 points	1.58%	0.19%
America Movil, S.A.B. de C.V. (Class B)	EMDM +1.30 points	1.57%	0.27%
Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA)	EMDM +1.26 points	1.50%	0.24%
National Bank of Greece S.A.	EMDM +1.17 points	1.37%	0.20%
Bank Pekao S.A.	EMDM +1.17 points	1.26%	0.09%
MTN Group Limited	EMDM +1.12 points	1.38%	0.26%
Valterra Platinum Limited	EMDM +0.98 points	1.16%	0.18%
CEMEX, S.A.B. de C.V. (Unit)	EMDM +0.90 points	1.02%	0.12%
MediaTek Inc.	XCEM +0.86 points	0.92%	1.78%
Walmart de Mexico, S.A.B. de C.V.	EMDM +0.74 points	0.84%	0.10%
Banco Bradesco S.A. (Preference Shares)	EMDM +0.69 points	0.82%	0.13%
Weg S.a.	EMDM +0.65 points	0.84%	0.19%
ASE Technology Holding Co., Ltd.	XCEM +0.64 points	0.41%	1.05%
Hon Hai Precision Industry Co., Ltd. (Foxconn)	XCEM +0.60 points	0.51%	1.11%
Delta Electronics Inc.	XCEM +0.59 points	0.41%	1.00%
SK Hynix Inc.	EMDM +0.59 points	3.90%	3.31%
Impala Platinum Holdings Limited	EMDM +0.49 points	0.60%	0.11%
Banco BTG Pactual SA (Unit)	EMDM +0.48 points	0.84%	0.36%
Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP	EMDM +0.44 points	0.51%	0.07%
B3 S.A. - Brasil, Bolsa, Balcao	EMDM +0.41 points	0.59%	0.18%
Ambev S.A.	EMDM +0.37 points	0.53%	0.16%
Elite Material Co., Ltd.	XCEM +0.37 points	0.23%	0.60%
Samsung Electro-Mechanics Co., Ltd.	XCEM +0.36 points	0.32%	0.68%
Asia Vital Components Co., Ltd.	XCEM +0.36 points	0.15%	0.51%
KB Financial Group, Inc.	XCEM +0.35 points	0.25%	0.60%
Chroma ATE Inc.	XCEM +0.34 points	0.10%	0.45%
CTBC Financial Holding Co., Ltd.	XCEM +0.34 points	0.22%	0.56%
SK Square Co., Ltd.	XCEM +0.33 points	0.35%	0.68%
Itausa S.A. (Preference Shares)	EMDM +0.31 points	0.68%	0.37%
United Microelectronics Corporation	XCEM +0.30 points	0.21%	0.51%
Shinhan Financial Group Co., Ltd.	XCEM +0.30 points	0.20%	0.50%
Hana Financial Group Inc.	XCEM +0.29 points	0.16%	0.45%
Unimicron Technology Corporation	XCEM +0.25 points	0.22%	0.47%
Samsung SDI Co., Ltd.	XCEM +0.25 points	0.16%	0.41%
Celltrion, Inc.	XCEM +0.21 points	0.14%	0.35%
Accton Technology Corp.	XCEM +0.20 points	0.13%	0.33%
Quanta Computer Inc.	XCEM +0.19 points	0.15%	0.34%
Cathay Financial Holding Co., Ltd.	XCEM +0.18 points	0.18%	0.36%
Yageo Corporation	XCEM +0.17 points	0.15%	0.32%
Hyundai Motor Company	XCEM +0.16 points	0.24%	0.40%
Kia Corporation	XCEM +0.16 points	0.11%	0.27%
Woori Financial Group Inc.	XCEM +0.13 points	0.11%	0.24%
POSCO Holdings Inc.	XCEM +0.13 points	0.10%	0.23%
Doosan Enerbility Co., Ltd.	XCEM +0.12 points	0.12%	0.24%
Fubon Financial Holding Co., Ltd.	XCEM +0.12 points	0.23%	0.35%
Hyundai Mobis Co., Ltd.	XCEM +0.11 points	0.10%	0.21%
NAVER Corporation	XCEM +0.09 points	0.13%	0.22%
Hanwha Aerospace Co., Ltd.	XCEM +0.09 points	0.12%	0.21%
Chunghwa Telecom Co., Ltd.	XCEM +0.07 points	0.11%	0.17%
E.SUN Financial Holding Co., Ltd.	XCEM +0.05 points	0.12%	0.17%
TS Financial Holding Co., Ltd.	XCEM +0.03 points	0.17%	0.20%
Yuanta Financial Holding Co., Ltd.	XCEM +0.02 points	0.16%	0.18%
Mega Financial Holding Co., Ltd.	XCEM +0.01 points	0.11%	0.12%

All 100 EMDM holdings⁠All XCEM 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.

EMDM vs XCEM Cost

Overpaying EMDM vs XCEM

$11,140

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

EMDM 0.75%
$14,482
XCEM 0.16%
$3,342

Amount$10,000

Years30 years

Cost over time

EMDM 0.75%
XCEM 0.16%
Overpaying

Year by year

Year	EMDM	XCEM	Overpaying
10	$1,336	$292	$1,044
20	$5,078	$1,141	$3,937
30	$14,482	$3,342	$11,140

Expense ratio

0.75%EMDM
0.16%XCEM, cheaper

XCEM0.16%EMDM0.75%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XCEM 3rd cheapest of 20 funds

EMDM 18th cheapest of 20 funds

EMDM vs XCEM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EMDM 3.11%, better; XCEM 2.68%
Payout (12M): EMDM $1.16; XCEM $1.25
Last payment: EMDM $0.18; XCEM $1.25
Ex-dividend: EMDM Sep 24, 2026; XCEM Dec 18, 2025
Paid on: EMDM Sep 30, 2026; XCEM Dec 26, 2025
Frequency: EMDM Quarterly; XCEM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

EMDMQuarterly · 12 paymentsAll EMDM payments⁠

XCEMAnnual · 9 paymentsAll XCEM payments⁠

EMDM vs XCEM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EMDM 20.8%XCEM 20.0%, better
Return per unit of riskSharpe ratio, 3 years: EMDM 1.13, betterXCEM 0.95
Worst fallMax drawdown, 5 years: EMDM −18.9%since Mar 2023XCEM −29.5%
Market sensitivityBeta, 5 years: EMDM 1.24XCEM 1.27; Market = 1

EMDM and XCEM in the news

All news⁠

Deep Dive
Korea funds gained 94% this year. China internet funds lost 28%
Sep 13, 2026XCEM
Deep Dive
Two $160 billion EM funds are 11 percentage points apart. Korea is why
Sep 5, 2026XCEM

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EMDM vs XCEM

In short

Stated mandate

Why people hold it

Worth knowing

How EMDM and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EMDM

Only in XCEM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Korea funds gained 94% this year. China internet funds lost 28%

Two $160 billion EM funds are 11 percentage points apart. Korea is why

How EMDM and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EMDM

Only in XCEM

Weight gaps