FLLA vs XCEM: Grades, Fees and Holdings Compared

Franklin FTSE Latin America ETF

FLLABNYSE Arca

Columbia EM Core ex-China ETF

XCEMANYSE Arca

Overlap

6.2%by weight

Expense ratio

XCEM −0.03pt a year

FLLA0.19%XCEM0.16%

Avg volume · 30D

XCEM 6.0×the volume

FLLA27.1KXCEM162K

5Y return · a year

FLLA +1.8pt

FLLA+11.9%XCEM+10.1%

FLLA vs XCEM Performance

Oct 29, 2021 – Oct 30, 2026

+75.3%FLLA+61.9%XCEM

Expense ratio: FLLA 0.19%; XCEM 0.16%, better
Fund size: FLLA $102M; XCEM $2.01B
1Y total return: FLLA +14.3%; XCEM +24.3%, better
Yield (12M): FLLA 5.11%, better; XCEM 2.68%
Holdings: FLLA 135; XCEM 465
Avg volume (30D): FLLA 27.1K sh; XCEM 162K sh, better
NAV per share: FLLA $25.52; XCEM $46.99
52W range

ETF.net Grade

Pillar letters and Scores for FLLA, XCEM, with each pillar’s weight
Pillar	FLLA	XCEM
Cost30% weight	A86	A90Higher
Mission25% weight	C49	A100Higher
Risk15% weight	D25	C51Higher
Tradability15% weight	B65Higher	B62
Holdings10% weight	C52	B60Higher
Durability5% weight	C53	A78Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. FLLA 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 FLLA 13th 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 12BEWXState Street SPDR S&P Emerging Markets Small Cap ETFScore 60
Rank 13BFLLAFranklin FTSE Latin America ETFScore 59
Rank 13BSTXEStrive Emerging Markets Ex-China ETFScore 59

Our read on each fund

ETF.net Research

FLLABFranklin FTSE Latin America ETF

XCEMAColumbia EM Core ex-China ETF

In short

FLLA A single-region slice of emerging markets: FLLA tracks the FTSE Latin America Capped Index, roughly 150 stocks, for 0.19% a year, while the typical fund in its emerging-markets peer group charges more than double that.

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

FLLA The Fund seeks to track, before fees and expenses, the performance of the FTSE Latin America Capped Index through replication or representative sampling.

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

FLLA 0.19% a year against a peer-group median near 0.49%. Regional access is usually where fees creep up; here it doesn't.
Roughly 150 names, and the index is capped, which limits how big any single stock can get inside the basket.
Plain index plumbing from a 2018 launch: replication or representative sampling of a published FTSE benchmark, no derivatives layer, no active stock picking.
Ranks in the upper half of its emerging-markets cohort, and pays out quarterly.

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

FLLA Thinly traded. Spreads can widen and large orders move the price more than they would in a heavily traded fund.
One region, not a continent-spanning EM sleeve. Cohort peers like VEXC and XCEM spread across the whole emerging-markets universe; this one rides Latin America alone.
A smaller fund by assets, not one of the giants of the category.

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 FLLA profile⁠

Full XCEM profile⁠

FLLA vs XCEM Holdings

How FLLA and XCEM differ

Overlap by weight

6.2%

Shared holdings make up 64.6% of FLLA and 6.2% of XCEM.

Level by level

Holdings40 in both6.2%
Countryby domicile6.4%
Sector11 Sectors46.6%
Asset classEquity100%

Sector

Sector weights in FLLA and XCEM, widest gap first
Sector	More in FLLAMore in XCEM	FLLA	XCEM
Technology	XCEM +51.5 points	0.4%	51.9%
Materials	FLLA +12.4 points	17.7%	5.3%
Energy	FLLA +10.1 points	13.2%	3.1%
Consumer Staples	FLLA +8.8 points	10.5%	1.7%
Financials	FLLA +8.8 points	26.1%	17.3%
Utilities	FLLA +7.8 points	9.4%	1.6%
Industrials	FLLA +2.9 points	11.9%	9.0%
Real Estate	FLLA +2.0 points	2.8%	0.8%
Consumer Discretionary	XCEM +1.2 points	3.1%	4.3%
Health Care	XCEM +0.8 points	1.6%	2.4%
Communication	FLLA +0.5 points	3.2%	2.7%

Country, concentration and asset class

Country by domicile

Country weights in FLLA and XCEM, widest gap first
Country	More in FLLAMore in XCEM	FLLA	XCEM
Brazil	FLLA +52.6 points	56.3%	3.7%
Taiwan	XCEM +40.1 points	0.0%	40.1%
Mexico	FLLA +28.6 points	30.8%	2.2%
South Korea	XCEM +25.3 points	0.0%	25.3%
India	XCEM +15.5 points	0.0%	15.5%
Chile	FLLA +8.4 points	8.8%	0.4%
South Africa	XCEM +4.6 points	0.0%	4.6%
Colombia	FLLA +4.0 points	4.1%	0.1%
Other countries (10)	XCEM +8.0 points	0.0%	8.0%

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

Concentration

Weight in the 10 largest Holdings

FLLA40.0%
XCEM35.3%

Securities held

FLLA130
XCEM452

Asset class

FLLA: Equity
XCEM: Equity

Holdings

Only in FLLA90
In both40
Only in XCEM412

Only in FLLA

90 securities, 35.3% of FLLA by weight

Petrobras - Petroleo Bras5.53%
Axia Energia SA1.56%
Grupo Cibest SA - Pref1.36%
Suzano SA0.83%
Grupo Cibest SA0.83%
Equatorial SA - Ord0.83%
Gerdau Sa-Pref0.78%
Banco Do Brasil S.a.0.70%
Companhia Paranaense De E0.67%
Banco De Credito E Invers0.65%
Bb Seguridade Participaco0.63%
Banco Santander Chile0.62%
Eneva SA0.58%
Ultrapar Participacoes SA0.57%
Grupo Bimbo Sab- Series A0.57%
Itau Unibanco Holding SA0.54%
Telefonica Brasil S.a.0.54%
Ecopetrol SA0.53%
Fibra Mty Sapi De Cv0.52%
Banco Bradesco S.a.0.50%
Net Current Assets0.48%
Rumo SA0.48%
Energisa Sa-Units0.47%
Sigma Foods Sab De Cv0.45%
Cia Energetica Minas Ger-0.44%
Motiva Infraestrutura De0.43%
Corp Inmobiliaria Vesta’s0.42%
Kimberly-Clark De Mexico-0.41%
Grupo Financiero Inbursa-0.39%
Plaza SA Y Filiales0.38%
Promotora Y Operadora De0.38%
Klabin SA - Unit0.38%
Tim SA0.37%
Grupo De Inv Suramericana0.35%
Parque Arauco S.a.0.35%
Caixa Seguridade Particip0.32%
Megacable Holdings-Cpo0.32%
Banco Del Bajio SA0.31%
Gentera Sab De Cv0.29%
Mbrf Global Foods Company0.29%
Cia Saneamento Minas Gera0.29%
Engie Brasil Energia SA0.29%
Qualitas Controladora Sab0.28%
Regional Sab De Cv0.27%
Enel Chile SA0.27%
Sendas Distribuidora SA0.26%
Embotelladora Andina-Pref0.26%
Gruma S.a.b.-B0.25%
Banco Santander Brasil-Un0.24%
Alpek SA De Cv0.23%

Only in XCEM

412 securities, 93.1% of XCEM by weight

Taiwan Semiconductor Manufacturing Co Ltd15.90%
Samsung Electronics Co Ltd8.48%
Sk Hynix Inc3.31%
Mediatek Inc1.78%
Hon Hai Precision Industry Co Ltd1.11%
Ase Technology Holding Co Ltd1.05%
Delta Electronics Inc1.00%
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%
Samsung Electro-Mechanics Co Ltd0.68%
Sk Square Co Ltd0.68%
Al Rajhi Bank0.63%
Powszechna Kasa Oszczednosci Bank Polski SA0.63%
Kb Financial Group Inc0.60%
Elite Material Co Ltd0.60%
Ctbc Financial Holding Co Ltd0.56%
Bharti Airtel Ltd0.56%
Nan Ya Plastics Corp0.55%
United Microelectronics Corp0.51%
Asia Vital Components Co Ltd0.51%
Shinhan Financial Group Co Ltd0.50%
Unimicron Technology Corp0.47%
Chroma Ate Inc0.45%
Otp Bank Nyrt0.45%
Saudi Arabian Oil Co0.45%
Hana Financial Group Inc0.45%
Novatek Microelectronics Corp0.44%
Firstrand Ltd0.43%
Delta Electronics Thailand Pcl0.43%
Tenaga Nasional Bhd0.42%
Samsung Sdi Co Ltd0.41%
Naspers Ltd0.40%
Hyundai Motor Co0.40%
Powszechny Zaklad Ubezpieczen SA0.39%
Gold Fields Ltd0.38%
Larsen & Toubro Ltd0.37%
Cathay Financial Holding Co Ltd0.36%
Celltrion Inc0.35%
Fubon Financial Holding Co Ltd0.35%
Titan Co Ltd0.35%
First Abu Dhabi Bank Pjsc0.34%
Quanta Computer Inc0.34%
Accton Technology Corp0.33%
Ihh Healthcare Bhd0.33%
State Bank of India0.33%
Mahindra & Mahindra Ltd0.33%

Weight gaps

All 40 Holdings in both funds, largest gap first.

Holding weights in FLLA and XCEM, widest gap first
Holding	More in FLLAMore in XCEM	FLLA	XCEM
Petrobras - Petroleo Bras	FLLA +5.45 points	5.96%	0.51%
Vale SA	FLLA +5.14 points	5.53%	0.39%
Itau Unibanco Holding S-P	FLLA +4.73 points	5.21%	0.48%
Grupo Mexico Sab De Cv-Se	FLLA +3.96 points	4.57%	0.61%
Grupo Financiero Banorte-	FLLA +3.45 points	3.71%	0.26%
Fomento Economico Mexica-	FLLA +2.66 points	2.90%	0.24%
America Movil Sab De C-Se	FLLA +2.23 points	2.50%	0.27%
Cemex Sab-Cpo	FLLA +2.07 points	2.19%	0.12%
Banco Bradesco Sa-Pref	FLLA +1.75 points	1.88%	0.13%
Walmart De Mexico Sab De	FLLA +1.70 points	1.80%	0.10%
Weg SA	FLLA +1.60 points	1.79%	0.19%
B3 Sa-Brasil Bolsa Balcao	FLLA +1.51 points	1.69%	0.18%
Itausa SA	FLLA +1.43 points	1.80%	0.37%
Ambev SA	FLLA +1.39 points	1.55%	0.16%
Embraer SA	FLLA +1.39 points	1.69%	0.30%
Prio SA	FLLA +1.38 points	1.44%	0.06%
Cia Saneamento Basico De	FLLA +1.36 points	1.43%	0.07%
Arca Continental Sab De C	FLLA +1.29 points	1.40%	0.11%
Banco Btg Pactual Sa-Unit	FLLA +1.15 points	1.51%	0.36%
Banco De Chile	FLLA +1.06 points	1.12%	0.06%
Grupo Aeroport Del Pacifi	FLLA +0.95 points	1.04%	0.09%
Soc Quimica Y Minera Chil	FLLA +0.94 points	1.03%	0.09%
Falabella SA	FLLA +0.92 points	1.02%	0.10%
Industrias Penoles Sab De	FLLA +0.90 points	1.03%	0.13%
Latam Airlines Group SA	FLLA +0.78 points	0.90%	0.12%
Vibra Energia SA	FLLA +0.68 points	0.77%	0.09%
Grupo Carso Sab De Cv-Ser	FLLA +0.62 points	0.62%	<0.01%
Coca-Cola Femsa Sab De Cv	FLLA +0.62 points	0.72%	0.10%
Localiza Rent A Car	FLLA +0.61 points	0.61%	<0.01%
Prologis Property Mexico	FLLA +0.59 points	0.65%	0.06%
Trust Fibra Uno	FLLA +0.59 points	0.68%	0.09%
Rede D'or Sao Luiz SA	FLLA +0.54 points	0.60%	0.06%
Grupo Aeroport Del Surest	FLLA +0.52 points	0.53%	<0.01%
Raia Drogasil SA	FLLA +0.46 points	0.50%	0.04%
Grupo Aeroportuario Del C	FLLA +0.42 points	0.47%	0.05%
Interconexion Electrica’s	FLLA +0.40 points	0.48%	0.08%
Totvs SA	FLLA +0.38 points	0.42%	0.04%
Empresas Copec SA	FLLA +0.30 points	0.34%	0.05%
Cencosud SA	FLLA +0.28 points	0.28%	<0.01%
Lojas Renner S.a.	FLLA +0.22 points	0.22%	0.00%

All 154 FLLA 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.

FLLA vs XCEM Cost

Overpaying FLLA vs XCEM

$610

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

FLLA 0.19%
$3,952
XCEM 0.16%
$3,342

Amount$10,000

Years30 years

Cost over time

FLLA 0.19%
XCEM 0.16%
Overpaying

Year by year

Year	FLLA	XCEM	Overpaying
10	$347	$292	$55
20	$1,351	$1,141	$210
30	$3,952	$3,342	$610

Expense ratio

0.19%FLLA
0.16%XCEM, cheaper

XCEM0.16%FLLA0.19%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XCEM 3rd cheapest of 20 funds

FLLA 4th cheapest of 20 funds

FLLA vs XCEM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLLA 5.11%, better; XCEM 2.68%
Payout (12M): FLLA $1.30; XCEM $1.25
Last payment: FLLA $0.37; XCEM $1.25
Ex-dividend: FLLA Jun 26, 2026; XCEM Dec 18, 2025
Paid on: FLLA Jul 6, 2026; XCEM Dec 26, 2025
Frequency: FLLA Twice a year; XCEM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

FLLATwice a year · 19 paymentsAll FLLA payments⁠

XCEMAnnual · 9 paymentsAll XCEM payments⁠

FLLA vs XCEM Risk

Fall from peak · 5 years

FLLA
XCEM

Risk facts

VolatilityStd dev, 3 years: FLLA 19.5%, betterXCEM 20.0%
Return per unit of riskSharpe ratio, 3 years: FLLA 0.51XCEM 0.95, better
Worst fallMax drawdown, 5 years: FLLA −28.3%, betterXCEM −29.5%
Market sensitivityBeta, 5 years: FLLA 0.99XCEM 1.27; Market = 1

FLLA and XCEM in the news

All news⁠

Top Movers
Brazil small-cap fund falls 37% in the week Lula won again
Oct 30, 2026FLLA
Top Movers
Brazil funds fall as much as 31.6% after Lula wins the runoff
Oct 26, 2026FLLA
Top Movers
Brazil funds held their election gain through Friday
Oct 9, 2026FLLA
ETF Filings
Chile's LarrainVial files an active Latin America ETF through Tidal
Sep 23, 2026FLLA
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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FLLA vs XCEM

In short

Stated mandate

Why people hold it