EMXF vs NUEM: Grades, Fees and Holdings Compared

iShares ESG Advanced MSCI EM ETF

EMXFANasdaq

Nuveen ESG Emerging Markets Equity ETF

NUEMBCboe

Overlap

30.4%by weight

Expense ratio

EMXF −0.20pt a year

EMXF0.16%NUEM0.36%

Avg volume · 30D

NUEM 6.9×the volume

EMXF8.49KNUEM58.9K

5Y return · a year

EMXF +1.8pt

EMXF+6.4%NUEM+4.6%

EMXF vs NUEM Performance

Nov 9, 2021 – Nov 9, 2026

+36.3%EMXF+25.2%NUEM

Expense ratio: EMXF 0.16%, better; NUEM 0.36%
Fund size: EMXF $155M; NUEM $431M
1Y total return: EMXF +17.2%, better; NUEM +8.6%
Yield (12M): EMXF 2.87%; NUEM 3.32%, better
Holdings: EMXF 585; NUEM 192
Avg volume (30D): EMXF 8.49K sh; NUEM 58.9K sh, better
NAV per share: EMXF $51.76; NUEM $37.14
52W range

ETF.net Grade

Pillar letters and Scores for EMXF, NUEM, with each pillar’s weight
Pillar	EMXF	NUEM
Cost30% weight	A84Higher	C46
Mission25% weight	A100	A100
Risk15% weight	A71Higher	C48
Tradability15% weight	B57Higher	C46
Holdings10% weight	A78	Not scored
Durability5% weight	C49	B68Higher

Rank among Emerging Markets ESG & Values Index funds

How we build Categories ›

Same Category. EMXF 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 ›

EMXF ranks 1st 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 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

EMXFAiShares ESG Advanced MSCI EM ETF

NUEMBNuveen ESG Emerging Markets Equity ETF

In short

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.

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

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.

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

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.

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

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.

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 EMXF profile⁠

Full NUEM profile⁠

EMXF vs NUEM Holdings

How EMXF and NUEM differ

Overlap by weight

30.4%

Shared holdings make up 58.6% of NUEM and 35.4% of EMXF.

Level by level

Holdings67 in both30.4%
Sector11 Sectors71.1%
Countryby domicile87.2%
Asset classStocks100%

Sector

Sector weights in EMXF and NUEM, widest gap first
Sector	Gap	EMXF	NUEM
Financials	EMXF +20.1 points	39.6%	19.5%
Technology	NUEM +14.7 points	25.4%	40.1%
Materials	NUEM +4.7 points	2.5%	7.2%
Communication	EMXF +3.2 points	10.0%	6.8%
Energy	NUEM +3.2 points	0.0%	3.2%
Consumer Discretionary	NUEM +2.9 points	6.7%	9.6%
Health Care	EMXF +2.4 points	4.4%	2.0%
Industrials	NUEM +2.2 points	5.7%	7.9%
Consumer Staples	EMXF +2.1 points	3.2%	1.1%
Utilities	NUEM +1.3 points	0.6%	1.9%
Real Estate	EMXF +1.2 points	1.8%	0.6%

Country, concentration and asset class

Country by domicile

Country weights in EMXF and NUEM, widest gap first
Country	Gap	EMXF	NUEM
Saudi Arabia	EMXF +6.7 points	10.3%	3.6%
South Korea	NUEM +5.2 points	13.9%	19.1%
China	EMXF +4.5 points	28.0%	23.5%
Taiwan	NUEM +3.7 points	25.2%	28.9%
Greece	NUEM +0.8 points	0.0%	0.8%
Chile	NUEM +0.7 points	0.0%	0.7%
India	NUEM +0.6 points	11.8%	12.4%
United States	NUEM +0.5 points	0.0%	0.5%
Other countries (10)	EMXF +0.3 points	10.8%	10.5%

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

Concentration

Weight in the 10 largest Holdings

EMXF25.8%
NUEM37.6%

Securities held

EMXF562
NUEM187

Asset class

EMXF: Stocks
NUEM: Stocks

Holdings

Only in EMXF495
In both67
Only in NUEM120

Only in EMXF

495 securities, 64.4% of EMXF by weight

Mediatek2.88%
Hdfc Bank1.85%
Xiaomi1.27%
Ase Technology Holding1.03%
Bank of China Ltd H1.01%
Sk Square0.95%
Al Rajhi Bank0.94%
Nu Holdings Class A0.84%
Itau Unibanco Holding Pref SA0.77%
Fubon Financial Holding0.73%
Kb Financial Group0.72%
Axis Bank0.63%
Mahindra and Mahindra Ltd0.59%
The Saudi National Bank0.58%
Bajaj Finance Ltd0.56%
Kotak Mahindra Bank Ltd0.54%
Kuwait Finance House0.53%
Otp Bank0.53%
Gpo Finance Banorte0.52%
Shinhan Financial Group0.51%
National Bank of Kuwait0.47%
China Life Insurance Ltd H0.46%
Celltrion0.45%
Credicorp Ltd0.45%
Hana Financial Group0.45%
First Abu Dhabi Bank0.45%
Yuanta Financial Holding0.43%
Saudi Telecom0.43%
E.sun Financial Holding0.42%
Emaar Properties0.41%
State Bank of India0.39%
Emirates Telecommunications Group0.39%
Accton Technology0.38%
Chunghwa Telecom Ltd0.37%
Mega Financial Holding Ltd0.36%
Eternal0.35%
Saudi Arabian Mining0.35%
Yageo0.34%
Public Bank0.34%
Asustek Computer Inc0.32%
Delta Electronics (Thailand) Non-V0.32%
Cemex Cpo0.31%
Emirates Nbd0.31%
Sinopac Financial Holdings0.31%
Wistron0.31%
Innovent Biologics0.31%
Kgi Financial Holding0.30%
Picc Property and Casualty Ltd H0.29%
Hindustan Unilever Ltd0.29%
National Bank of Greece0.29%

Only in NUEM

120 securities, 41.3% 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%
Lenovo Group Ltd1.04%
Kb Financial Group Inc1.02%
Mpi Corp0.81%
Emaar Properties Pjsc0.75%
Mtn Group Ltd0.73%
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%
Eurobank SA0.47%
Gold Fields Ltd0.47%
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%
Hyundai Motor Co0.37%
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%

Weight gaps

All 67 Holdings in both funds, largest gap first.

Holding weights in EMXF and NUEM, widest gap first
Holding	Gap	EMXF	NUEM
Taiwan Semiconductor Manufacturing	NUEM +11.42 points	4.81%	16.23%
Tencent Holdings	EMXF +1.74 points	5.07%	3.33%
Sk Hynix	NUEM +1.18 points	4.20%	5.38%
Samsung Sdi Ltd	NUEM +1.18 points	0.40%	1.58%
Cathay Financial Holding	NUEM +1.17 points	0.59%	1.76%
Agricultural Bank of China H	NUEM +1.05 points	0.45%	1.50%
China Merchants Bank H	NUEM +0.96 points	0.51%	1.47%
United Micro Electronics Corp	NUEM +0.78 points	0.61%	1.39%
Asia Vital Components	NUEM +0.77 points	0.46%	1.23%
Industrial and Commercial Bank of	NUEM +0.76 points	1.28%	2.04%
Advantech	NUEM +0.60 points	0.15%	0.75%
Ping An Insurance (Group) Co of Ch	NUEM +0.57 points	0.80%	1.37%
Netease	EMXF +0.57 points	0.87%	0.30%
Lpp SA	NUEM +0.55 points	0.15%	0.70%
King Slide Works	NUEM +0.55 points	0.30%	0.85%
Samsung Electro Mechanics	NUEM +0.55 points	0.69%	1.24%
Meituan	EMXF +0.45 points	0.99%	0.54%
The Peoples Insurance Co (Group)	NUEM +0.41 points	0.12%	0.53%
Ctbc Financial Holding	EMXF +0.41 points	0.72%	0.31%
China Construction Bank Corp H	NUEM +0.39 points	2.18%	2.57%
Sunny Optical Technology Ltd	NUEM +0.38 points	0.11%	0.49%
Baidu	EMXF +0.38 points	0.40%	0.02%
Beone Medicines AG	EMXF +0.36 points	0.48%	0.12%
Nongfu Spring Ltd H	NUEM +0.33 points	0.20%	0.53%
America Movil B	NUEM +0.33 points	0.37%	0.70%
Pharmaessentia	NUEM +0.32 points	0.24%	0.56%
Pop Mart International Group	NUEM +0.32 points	0.17%	0.49%
Capitec Shs	NUEM +0.30 points	0.50%	0.80%
Kghm Polska Miedz SA	NUEM +0.28 points	0.19%	0.47%
Buenaventura Adr RepresentingBVN	NUEM +0.27 points	0.09%	0.36%
Bilibili Inc	NUEM +0.25 points	0.08%	0.33%
Trip.com Group	EMXF +0.23 points	0.51%	0.28%
Cd Projekt Red	NUEM +0.23 points	0.08%	0.31%
Delta Electronics	NUEM +0.19 points	1.21%	1.40%
Hotai Motor Ltd	NUEM +0.20 points	0.08%	0.28%
Jd Health International Inc	NUEM +0.18 points	0.11%	0.29%
Contemporary Amperex Technology Class	NUEM +0.18 points	0.16%	0.34%
China Pacific Insurance (Group) H	EMXF +0.17 points	0.18%	0.01%
Chow Tai Fook Jewellery Group Ltd	NUEM +0.17 points	0.05%	0.22%
Eva Airways	NUEM +0.15 points	0.06%	0.21%
Wuxi Biologics Cayman	NUEM +0.15 points	0.41%	0.56%
Naspers Limited Class N	NUEM +0.13 points	0.66%	0.79%
Wuxi Apptec H	NUEM +0.12 points	0.19%	0.31%
Evergreen Marine Corp (Taiwan) Ltd	EMXF +0.11 points	0.16%	0.05%
S.f. Holding Ltd A	NUEM +0.11 points	0.03%	0.14%
Postal Savings Bank of China Ltd H	EMXF +0.10 points	0.12%	0.02%
Qatar National Bank	NUEM +0.10 points	0.42%	0.52%
Jd.com Class A	NUEM +0.09 points	0.64%	0.73%
Xp Class A IncXP	EMXF +0.08 points	0.12%	0.04%
Citic Securities Company H	NUEM +0.08 points	0.07%	0.15%
Vodacom Group Ltd	EMXF +0.08 points	0.12%	0.04%
Allegro SA	EMXF +0.07 points	0.27%	0.20%
Grupo Aeroportuario Del Pacifico	NUEM +0.07 points	0.17%	0.24%
Ts Financial Holding	EMXF +0.07 points	0.51%	0.44%
Valterra Platinum Ltd	EMXF +0.07 points	0.35%	0.28%
Gree Electric Appliances Inc of Zh	NUEM +0.07 points	0.02%	0.09%
Lingyi Itech (Guangdong) A	NUEM +0.06 points	0.01%	0.07%
Zhejiang Sanhua Intelligent Contro	NUEM +0.04 points	0.01%	0.05%
Guangzhou Tinci Materials Technolo	NUEM +0.04 points	<0.01%	0.05%
Sinoma Science & Technology A	NUEM +0.04 points	0.01%	0.05%
Bumi Resources Minerals	NUEM +0.03 points	0.02%	0.05%
Kanzhun American Depository SharesBZ	EMXF +0.03 points	0.13%	0.10%
Erste Bank Polska SA	EMXF +0.02 points	0.16%	0.14%
Oracle Financial Services Software	NUEM +0.01 points	0.05%	0.06%
Laopu Gold H	EMXF +0.02 points	0.03%	0.01%
Alibaba Health Information Tech	EMXF +0.01 points	0.04%	0.03%
Horizon Robotics	Same weight	0.07%	0.07%

All 561 EMXF 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.

EMXF vs NUEM Cost

Overpaying NUEM vs EMXF

$3,978

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

EMXF 0.16%
$3,342
NUEM 0.36%
$7,320

Amount$10,000

Years30 years

Cost over time

EMXF 0.16%
NUEM 0.36%
Overpaying

Year by year

Year	EMXF	NUEM	Overpaying
10	$292	$652	$360
20	$1,141	$2,522	$1,381
30	$3,342	$7,320	$3,978

Expense ratio

0.16%EMXF, cheaper
0.36%NUEM

EMXF0.16%NUEM0.36%

0.15%1.25%

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

EMXF 3rd cheapest of 12 funds

NUEM 7th cheapest of 12 funds

EMXF vs NUEM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): EMXF 2.87%; NUEM 3.32%, better
Payout (12M): EMXF $1.53; NUEM $1.27
Last payment: EMXF $0.47; NUEM $1.27
Ex-dividend: EMXF Jun 15, 2026; NUEM Dec 18, 2025
Paid on: EMXF Jun 18, 2026; NUEM Dec 19, 2025
Frequency: EMXF Twice a year; NUEM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

EMXFTwice a year · 13 paymentsAll EMXF payments⁠

NUEMAnnual · 9 paymentsAll NUEM payments⁠

EMXF vs NUEM Risk

Fall from peak · 5 years

EMXF
NUEM

Risk facts

VolatilityStd dev, 3 years: EMXF 14.6%, betterNUEM 14.9%
Return per unit of riskSharpe ratio, 3 years: EMXF 1.04, betterNUEM 0.93
Worst fallMax drawdown, 5 years: EMXF −30.6%, betterNUEM −34.1%
Market sensitivityBeta, 5 years: EMXF 0.94NUEM 1.04; Market = 1

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