EMGF vs GEM: Grades, Fees and Holdings Compared

iShares Emerging Markets Equity Factor ETF

EMGFACboe

Goldman Sachs ActiveBeta Emerging Markets Equity ETF

GEMBNYSE Arca

Overlap

56.5%by weight

Expense ratio

EMGF −0.09pt a year

EMGF0.26%GEM0.35%

Avg volume · 30D

EMGF 1.3×the volume

EMGF156KGEM124K

10Y return · a year

EMGF +1.4pt

EMGF+8.9%GEM+7.5%

EMGF vs GEM Performance

Oct 29, 2021 – Oct 30, 2026

+53.9%EMGF+40.2%GEM

Expense ratio: EMGF 0.26%, better; GEM 0.35%
Fund size: EMGF $1.79B; GEM $1.68B
1Y total return: EMGF +14.5%, better; GEM +13.2%
Yield (12M): EMGF 2.19%, better; GEM 2.06%
Holdings: EMGF 740; GEM 734
Avg volume (30D): EMGF 156K sh, better; GEM 124K sh
NAV per share: EMGF $65.41; GEM $47.78
52W range

ETF.net Grade

Pillar letters and Scores for EMGF, GEM, with each pillar’s weight
Pillar	EMGF	GEM
Cost30% weight	A92Higher	B68
Mission25% weight	Not scored	Not scored
Risk15% weight	C43Higher	C41
Tradability15% weight	A94Higher	C52
Holdings10% weight	C48Higher	D37
Durability5% weight	A89Higher	A76

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. EMGF and GEM are both graded against the same 20 Emerging Markets Multifactor funds, so their Grades compare head to head.

Emerging Markets Multifactor⁠

Category · 20 funds

See all 20 ›

EMGF ranks 1st and GEM 9th of 20 funds in the Emerging Markets Multifactor Category.

Rank 1AEMGFiShares Emerging Markets Equity Factor ETFScore 76
Rank 2AAVESAvantis Emerging Markets Value ETFScore 71
Rank 8BROAMHartford Multifactor Emerging Markets ETFScore 60
Rank 9BGEMGoldman Sachs ActiveBeta Emerging Markets Equity ETFScore 56
Rank 10CUEVMVictoryShares Emerging Markets Value Momentum ETFScore 50

Our read on each fund

ETF.net Research

EMGFAiShares Emerging Markets Equity Factor ETF

GEMBGoldman Sachs ActiveBeta Emerging Markets Equity ETF

In short

EMGF Emerging markets, sorted by factor screen instead of straight market cap. EMGF holds roughly 700 large- and mid-cap EM stocks picked for style-factor exposure, and charges 0.26% doing it, about half the multifactor EM norm.

GEM Goldman's 2015 ETF debut class included this one: emerging markets screened through four factors (value, momentum, quality, low volatility) across roughly 700 names for 0.35% a year. A full-market map with tilts, not a concentrated bet.

Stated mandate

EMGF EMGF seeks to follow an index of large- and mid-capitalization emerging-market stocks selected for favorable exposure to specified style factors, subject to constraints.

GEM The Fund seeks to closely track, before fees and expenses, the Goldman Sachs ActiveBeta® Emerging Markets Equity Index, which provides exposure to equity securities of emerging-market issuers.

Why people hold it

EMGF 0.26% a year, versus a 0.48% median across multifactor EM funds. It undercuts AVES, JPEM, ROAM and QEMM on fee.
Roughly 700 large- and mid-cap names, so the factor tilts sit on a broad base rather than a handful of concentrated bets.
Running since 2015 as a billion-dollar-plus iShares fund, with steady enough volume for routine retail orders.
On cost and ease of trading, one of the stronger builds in the multifactor emerging-markets group.

GEM Four factors at once: good value, strong momentum, high quality and low volatility, scored stock by stock and blended, so no single tilt runs the portfolio.gsam.com
0.35% a year, below the median for emerging-market multifactor funds, with no fee waiver doing the work: the gross and net numbers are the same.
Roughly 700 holdings gives it the breadth of a core EM index fund rather than a narrow factor sleeve, and it has been a multi-billion-dollar fund trading since 2015.
One of the stronger implementations in a crowded multifactor emerging-market field, and it tracks a single named index rather than a shifting in-house process.gsam.com

Worth knowing

EMGF Factor tilts mean the portfolio can drift well away from a plain cap-weighted EM index, in either direction, for long stretches.ishares.com
Emerging-market equity carries currency swings and country-level political risk on top of normal stock risk. Volatility here sits at the rougher end of its peer group.ishares.com
Distributions land annually or semiannually, not monthly, so it is not built as an income drip.

GEM Cheaper multifactor EM options exist: EMGF at 0.26% and FDEM at 0.25%, neither leaning on a waiver.
Blending four factors mutes each one, so the tilt is gentler than a single-factor fund like AVES, which goes all in on value.
Emerging-market stocks swing hard, and currency moves and country concentration come with the mandate. The factor screen tilts that exposure, it does not defuse it.

Full EMGF profile⁠

Full GEM profile⁠

EMGF vs GEM Holdings

How EMGF and GEM differ

Overlap by weight

56.5%

Shared holdings make up 73.0% of EMGF and 70.5% of GEM.

Level by level

Holdings307 in both56.5%
Countryby domicile93.7%
Sector11 Sectors95.5%
Asset classEquity100%

Sector

Sector weights in EMGF and GEM, widest gap first
Sector	More in EMGFMore in GEM	EMGF	GEM
Technology	GEM +3.6 points	40.1%	43.7%
Industrials	EMGF +1.6 points	6.6%	5.0%
Consumer Discretionary	EMGF +0.9 points	8.4%	7.5%
Energy	EMGF +0.5 points	3.6%	3.1%
Consumer Staples	EMGF +0.5 points	3.4%	2.9%
Financials	GEM +0.5 points	20.1%	20.6%
Health Care	GEM +0.4 points	2.9%	3.3%
Utilities	EMGF +0.3 points	2.1%	1.8%
Materials	EMGF +0.3 points	5.5%	5.2%
Communication	EMGF +0.2 points	6.4%	6.2%
Real Estate	GEM +0.1 points	0.8%	0.9%

Country, concentration and asset class

Country by domicile

Country weights in EMGF and GEM, widest gap first
Country	More in EMGFMore in GEM	EMGF	GEM
China	EMGF +2.1 points	22.8%	20.7%
India	EMGF +1.9 points	13.7%	11.8%
South Africa	EMGF +1.3 points	6.1%	4.8%
United States	GEM +1.2 points	0.0%	1.2%
Taiwan	EMGF +1.1 points	30.3%	29.2%
Greece	GEM +1.0 points	0.0%	1.0%
Chile	GEM +0.8 points	0.0%	0.8%
Brazil	GEM +0.6 points	3.6%	4.2%
Other countries (10)	GEM +2.7 points	23.6%	26.3%

Outside the US: EMGF 0% developed, 100% emerging. GEM 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EMGF30.5%
GEM36.4%

Securities held

EMGF718
GEM722

Asset class

EMGF: Equity
GEM: Equity

Holdings

Only in EMGF411
In both307
Only in GEM415

Only in EMGF

411 securities, 26.6% of EMGF by weight

Icici Bank0.64%
Reliance Industries Ltd0.53%
Infosys0.46%
Hdfc Bank0.45%
Tata Consultancy Services Ltd0.44%
Bharti Airtel Ltd0.35%
Boc Hong Kong Holdings Ltd0.32%
International Games System Ltd0.30%
Larsen and Toubro Ltd0.28%
Indian Railway Finance Corp Ltd0.27%
Lupin0.25%
Titan Company Ltd0.24%
Bharat Electronics Ltd0.22%
Sal Saudi Logistics Service Co0.21%
Cummins India Ltd0.21%
Hcl Technologies Ltd0.21%
Postal Savings Bank of China Ltd H0.20%
Hindustan Aeronautics Ltd0.20%
Hindalco Industries Ltd0.19%
Exxaro Resources0.19%
Hindustan Zinc Ltd0.19%
Warbabank0.19%
United Integrated Services0.19%
Wipro0.18%
Huatai Securities H0.18%
Sun Pharmaceutical Industries0.18%
Bajaj Auto0.18%
Sd Guthrie0.18%
Dr Reddys Laboratories0.17%
Nmdc Ltd0.17%
Glenmark Pharmaceuticals0.17%
Ntpc Ltd0.17%
Tvs Motor Company0.17%
Tauron Polska Energia0.17%
Axis Bank0.16%
Atour Lifestyle Holdings American0.16%
Vitrox Corporation0.16%
Riyadh Cables0.16%
Lenskart Solutions Ltd0.16%
United Plantations0.16%
Chongqing Rural Commercial Bank Lt0.16%
Midea Group A0.16%
Nestle India Ltd0.15%
Pidilite Industries Ltd0.15%
Bharat Petroleum0.15%
National Aluminium Co Ltd0.15%
Power Grid Corporation of India0.15%
Cemex Adr Representing Participat0.14%
Bank of Maharashtra Ltd0.14%
Samsung Biologics0.14%

Only in GEM

415 securities, 29.4% of GEM by weight

Ishares, Inc.-Ishares Msci Mal0.53%
Icici Bank Limited0.51%
Ince/Icus Msci Emg 12/20260.49%
Hdfc Bank Limited0.48%
Reliance Industries Limited0.38%
Bharti Airtel Limited0.28%
Commercial International Bank - Egypt (Cib)0.25%
Infosys Limited0.22%
Lenovo Group Limited0.21%
Tech Mahindra Limited0.19%
Bse Limited0.18%
Credicorp Ltd.0.18%
Mphasis Limited0.18%
Caixa Seguridade Participacoes S A0.17%
Hcl Technologies Limited0.16%
The Saudi National Bank0.16%
Tata Consultancy Services Limited0.16%
Southern Copper Corporation0.16%
Samvardhana Motherson International Limited0.15%
Axis Bank Ltd0.15%
Outsurance Group Ltd0.15%
Abu Dhabi Islamic Bank Pjsc0.14%
Fsn E-Commerce Ventures Ltd0.14%
Oracle Financial Services Software Limited0.14%
State Bank of India0.14%
Grupo Cibest S.a.0.14%
Nh Investment & Securities Co Ltd0.14%
Emirates Telecommunications Group Co (Etisalat Gro0.14%
Byd Electronic International Co Ltd0.14%
Absa Group Ltd0.14%
Tata Steel Limited0.14%
Industrial Bank of Korea0.14%
First Abu Dhabi Bank P.j.s.c.0.14%
Page Industries Limited0.14%
Aurobindo Pharma Ltd0.14%
Powszechny Zaklad Ubezpieczen0.13%
Hindalco Industries Limited0.13%
Clicks Group Ltd0.13%
Korean Air Lines Co Ltd0.13%
Sanlam Limited0.13%
Itausa-Investimentos Itau0.13%
Trent Limited - India0.13%
Persistent Systems Limited0.13%
Krw0.12%
Pidilite Industries Ltd0.12%
Eternal Limited0.12%
Nmdc Limited0.12%
Suzhou Tfc Optical Communication Co.,ltd.0.12%
Eoptolink Technology Inc., Ltd.0.12%
Nestle India Limited0.12%

Weight gaps

The 100 widest of 307 Holdings in both funds.

Holding weights in EMGF and GEM, widest gap first
Holding	More in EMGFMore in GEM	EMGF	GEM
Taiwan Semiconductor Manufacturing	GEM +5.43 points	10.33%	15.76%
Samsung Electronics Ltd	GEM +0.89 points	6.16%	7.05%
Sk Hynix	GEM +0.47 points	4.43%	4.90%
Industrial and Commercial Bank of	EMGF +0.46 points	0.87%	0.41%
Samsung Electronics Non Voting Pre	GEM +0.39 points	0.66%	1.05%
China Construction Bank Corp H	EMGF +0.34 points	1.21%	0.87%
Ase Technology Holding	EMGF +0.33 points	0.67%	0.34%
Bank of China Ltd H	EMGF +0.33 points	0.71%	0.38%
Fubon Financial Holding	EMGF +0.33 points	0.63%	0.30%
Taiwan Cooperative Financial Holdi	EMGF +0.29 points	0.41%	0.12%
Yuanta Financial Holding	EMGF +0.29 points	0.47%	0.18%
Hon Hai Precision Industry	EMGF +0.27 points	0.80%	0.53%
Alibaba Group Holding	EMGF +0.27 points	1.82%	1.55%
Mahindra and Mahindra Ltd	EMGF +0.26 points	0.34%	0.08%
Nan Ya Plastics Corp	EMGF +0.24 points	0.43%	0.19%
Pdd Holdings AdsPDD	EMGF +0.25 points	0.56%	0.31%
Petroleo Brasileiro SA Petrobras	EMGF +0.24 points	0.47%	0.23%
Sk Square	EMGF +0.23 points	0.53%	0.30%
Netease	EMGF +0.23 points	0.45%	0.22%
Hyundai Motor	EMGF +0.22 points	0.32%	0.10%
Emirates Integrated Telecommunicat	EMGF +0.22 points	0.29%	0.07%
Lg Electronics Inc	GEM +0.22 points	0.08%	0.30%
Wiwynn Corporation	EMGF +0.21 points	0.26%	0.05%
Ge Vernova T&D India Ltd	EMGF +0.21 points	0.28%	0.07%
Cia Vale Do Rio Doce Sh	EMGF +0.21 points	0.45%	0.24%
Sk Telecom	GEM +0.21 points	0.04%	0.25%
Novatek Microelectronics	EMGF +0.20 points	0.40%	0.20%
Ctbc Financial Holding	EMGF +0.21 points	0.51%	0.30%
Ooredoo	EMGF +0.19 points	0.24%	0.05%
B3 Brasil Bolsa Balcao SA	EMGF +0.20 points	0.27%	0.07%
Global Unichip	EMGF +0.18 points	0.32%	0.14%
Coca-Cola Femsa Class Ubl Units	EMGF +0.19 points	0.27%	0.08%
E.sun Financial Holding	EMGF +0.17 points	0.34%	0.17%
Ambev SA	EMGF +0.18 points	0.22%	0.04%
Pegatron	GEM +0.18 points	0.01%	0.19%
Itau Unibanco Holding Pref SA	GEM +0.17 points	0.18%	0.35%
Meritz Financial Group Inc	GEM +0.17 points	0.02%	0.19%
Shoprite Holdings Ltd	GEM +0.17 points	0.01%	0.18%
Emaar Development	EMGF +0.16 points	0.20%	0.04%
Ts Financial Holding	EMGF +0.16 points	0.31%	0.15%
Nanya Technology Corp	EMGF +0.15 points	0.24%	0.09%
KT&G Corp	EMGF +0.16 points	0.23%	0.07%
Saudi Energy	EMGF +0.15 points	0.21%	0.06%
Woori Financial Group Inc	GEM +0.15 points	0.05%	0.20%
Bank Pekao SA	GEM +0.15 points	0.04%	0.19%
Asustek Computer Inc	EMGF +0.15 points	0.25%	0.10%
Lite On Technology	EMGF +0.15 points	0.20%	0.05%
Kweichow Moutai A	EMGF +0.15 points	0.20%	0.05%
Ping An Insurance (Group) Co of Ch	EMGF +0.15 points	0.36%	0.21%
Nu Holdings Class ANU	EMGF +0.14 points	0.35%	0.21%
Pharmaessentia	GEM +0.15 points	0.01%	0.16%
Unimicron Technology	EMGF +0.15 points	0.32%	0.17%
Accton Technology	EMGF +0.14 points	0.32%	0.18%
International Container Terminal’sICTEF	EMGF +0.14 points	0.20%	0.06%
Emirates Nbd	EMGF +0.14 points	0.28%	0.14%
Grupo Mexico B	EMGF +0.14 points	0.30%	0.16%
Asia Vital Components	EMGF +0.14 points	0.32%	0.18%
First Financial Holding Ltd	EMGF +0.14 points	0.27%	0.13%
Quanta Computer	EMGF +0.13 points	0.23%	0.10%
Petroleo Brasileiro Pref SA	GEM +0.13 points	0.09%	0.22%
Mega Financial Holding Ltd	EMGF +0.13 points	0.26%	0.13%
Al Rajhi Bank	GEM +0.13 points	0.14%	0.27%
Otp Bank	GEM +0.13 points	0.20%	0.33%
Bb Seguridade SA	GEM +0.12 points	0.11%	0.23%
Komercni Bank	EMGF +0.13 points	0.21%	0.08%
Qatar National Bank	GEM +0.12 points	0.03%	0.15%
Shinhan Financial Group	EMGF +0.12 points	0.35%	0.23%
Krung Thai Bank Public Non-Voting	EMGF +0.12 points	0.21%	0.09%
Ptt Exploration and Production Non	EMGF +0.12 points	0.17%	0.05%
Cathay Financial Holding	EMGF +0.12 points	0.36%	0.24%
Tim	EMGF +0.12 points	0.16%	0.04%
Lg Uplus	GEM +0.12 points	0.05%	0.17%
Nongfu Spring Ltd H	EMGF +0.12 points	0.23%	0.11%
Contemporary Amperex Technology Class	EMGF +0.12 points	0.14%	0.02%
Capitec Shs	GEM +0.12 points	0.17%	0.29%
Innolux Corp	GEM +0.11 points	0.08%	0.19%
Gedeon Richter	GEM +0.12 points	0.01%	0.13%
Advantech	GEM +0.11 points	0.13%	0.24%
Sabic Agri-Nutrients	EMGF +0.11 points	0.14%	0.03%
Petrochina A	EMGF +0.11 points	0.16%	0.05%
Naspers Limited Class N	EMGF +0.11 points	0.24%	0.13%
Mesaieed Petrochemical Holding	EMGF +0.11 points	0.17%	0.06%
Standard Bank Group	GEM +0.11 points	0.14%	0.25%
China Molybdenum H	EMGF +0.11 points	0.14%	0.03%
Kuwait Finance House	EMGF +0.11 points	0.24%	0.13%
Saudi Arabian Oil	EMGF +0.11 points	0.34%	0.23%
China Citic Bank Corp Ltd H	GEM +0.10 points	0.03%	0.13%
Powszechna Kasa Oszczednosci Bank	GEM +0.10 points	0.10%	0.20%
Kb Financial Group	EMGF +0.11 points	0.39%	0.28%
National Bank of Greece	EMGF +0.10 points	0.24%	0.14%
President Chain Store Corp	GEM +0.11 points	0.01%	0.12%
Chang Hwa Commercial Bank Ltd	GEM +0.11 points	0.07%	0.18%
Hithink Royalflush Information Net	GEM +0.10 points	0.03%	0.13%
Winbond Electronics	EMGF +0.10 points	0.19%	0.09%
King Yuan Electronics	EMGF +0.10 points	0.13%	0.03%
Firstrand Ltd	GEM +0.09 points	0.10%	0.19%
Hana Financial Group	EMGF +0.10 points	0.32%	0.22%
Largan Precision Ltd	EMGF +0.10 points	0.14%	0.04%
Innovent Biologics	EMGF +0.09 points	0.16%	0.07%
Samsung Life Ltd	EMGF +0.10 points	0.16%	0.06%

All 715 EMGF holdings⁠All 738 GEM 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.

EMGF vs GEM Cost

Overpaying GEM vs EMGF

$1,768

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

EMGF 0.26%
$5,358
GEM 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

EMGF 0.26%
GEM 0.35%
Overpaying

Year by year

Year	EMGF	GEM	Overpaying
10	$473	$634	$161
20	$1,838	$2,454	$616
30	$5,358	$7,126	$1,768

Expense ratio

0.26%EMGF, cheaper
0.35%GEM

EMGF0.26%GEM0.35%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

EMGF 3rd cheapest of 20 funds

GEM 6th cheapest of 20 funds

EMGF vs GEM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EMGF 2.19%, better; GEM 2.06%
Payout (12M): EMGF $1.44; GEM $0.96
Last payment: EMGF $0.61; GEM $0.96
Ex-dividend: EMGF Jun 15, 2026; GEM Dec 23, 2025
Paid on: EMGF Jun 18, 2026; GEM Dec 30, 2025
Frequency: EMGF Twice a year; GEM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

EMGFTwice a year · 21 paymentsAll EMGF payments⁠

GEMAnnual · 28 paymentsAll GEM payments⁠

EMGF vs GEM Risk

Fall from peak · 5 years

EMGF
GEM

Risk facts

VolatilityStd dev, 3 years: EMGF 16.3%GEM 15.6%, better
Return per unit of riskSharpe ratio, 3 years: EMGF 1.09, betterGEM 1.02
Worst fallMax drawdown, 5 years: EMGF −27.1%, betterGEM −31.4%
Market sensitivityBeta, 5 years: EMGF 1.02GEM 1.10; Market = 1

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