GMF vs XSOE: Grades, Fees and Holdings Compared

State Street SPDR S&P Emerging Asia Pacific ETF

GMFBNYSE Arca

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund

XSOEANYSE Arca

Overlap

34.3%by weight

Expense ratio

XSOE −0.17pt a year

GMF0.49%XSOE0.32%

Avg volume · 30D

XSOE 11.8×the volume

GMF8.19KXSOE97K

10Y return · a year

GMF +0.5pt

GMF+8.5%XSOE+8.0%

GMF vs XSOE Performance

Nov 2, 2021 – Nov 2, 2026

+30.1%GMF+22.3%XSOE

Expense ratio: GMF 0.49%; XSOE 0.32%, better
Fund size: GMF $387M; XSOE $1.91B
1Y total return: GMF +4.9%; XSOE +10.8%, better
Yield (12M): GMF 1.27%; XSOE 1.81%, better
Holdings: GMF 1312; XSOE 866
Avg volume (30D): GMF 8.19K sh; XSOE 97K sh, better
NAV per share: GMF $148.88; XSOE $43.15
52W range

ETF.net Grade

Pillar letters and Scores for GMF, XSOE, with each pillar’s weight
Pillar	GMF	XSOE
Cost30% weight	C45	A71Higher
Mission25% weight	A89	A100Higher
Risk15% weight	B57Higher	C48
Tradability15% weight	B56Higher	C53
Holdings10% weight	A78Higher	B59
Durability5% weight	A80	A81Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. GMF and XSOE 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 ›

XSOE ranks 4th and GMF 8th 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 75
Rank 4AXSOEWisdomTree Emerging Markets ex-State-Owned Enterprises FundScore 71
Rank 5BEEMAiShares MSCI Emerging Markets Asia ETFScore 68
Rank 7BDEXCDimensional Emerging Markets ex China Core Equity ETFScore 66
Rank 8BGMFState Street SPDR S&P Emerging Asia Pacific ETFScore 64
Rank 9BGSEEGoldman Sachs MarketBeta Emerging Markets Equity ETFScore 63

Our read on each fund

ETF.net Research

GMFBState Street SPDR S&P Emerging Asia Pacific ETF

XSOEAWisdomTree Emerging Markets ex-State-Owned Enterprises Fund

In short

GMF The emerging-markets fund that leaves out Brazil and South Africa on purpose. GMF holds emerging Asia only, roughly 1,300 stocks deep, and has been running since 2007.

XSOE One screen, applied hard: if a government owns more than 20% of a company, XSOE leaves it out. What is left is emerging markets minus the state champions, with country weights pushed back toward the standard EM mix.

Stated mandate

GMF The fund seeks to track, before fees and expenses, the total return performance of the S&P Emerging Asia Pacific BMI Index.

XSOE The fund seeks to track the investment results of emerging-market companies that are not state-owned enterprises, defined as companies with no more than 20% government ownership.

Why people hold it

GMF Pure emerging Asia by design. The index is Asia Pacific only, so no Latin America or EMEA names dilute the regional call.ssga.com
Roughly 1,300 holdings reaches well past the megacaps most emerging-markets funds stop at, giving broader coverage of the region's listed market.
It has hugged its S&P index closely, one of the tighter implementations in its emerging-markets peer group.
Trading since 2007, a long live record for a single-region emerging-markets fund, backed by a State Street SPDR lineup.

XSOE The 20% government-ownership cutoff is an index rule, not a manager's judgment call, and the fund has run on it since its 2014 launch.wisdomtree.com
0.32% a year, under the typical fund in its emerging-markets peer group, for a screen most broad EM funds never apply.
After the state-owned names come out, the index pushes country weights back toward where they started, so it stays a filtered EM portfolio rather than a country bet.wisdomtree.com
A multi-billion-dollar fund spread across roughly 800 stocks, and it has tracked its index closely.

Worth knowing

GMF The regional focus costs 0.49% a year. Broad emerging-markets index funds like VEXC (0.07%) and BKEM (0.11%) charge a fraction of that.
It is thinly traded, so bid-ask spreads can widen, especially on larger orders or outside Asian market hours.
Distributions land annually or semiannually rather than quarterly, so cash flow arrives in lumps.

XSOE Cheaper broad EM shelf-mates exist (BKEM at 0.11%, XCEM at 0.16%). The screen is what you are paying the difference for.
Government stakes cluster in banks and energy in EM, so removing them shifts the sector mix toward private-sector names. Expect it to behave differently from a plain EM index.wisdomtree.com
No country is excluded, so China stays in the mix, unlike ex-China peers VEXC and XCEM. It also sits among the more volatile funds in its peer group.

Full GMF profile⁠

Full XSOE profile⁠

GMF vs XSOE Holdings

How GMF and XSOE differ

Overlap by weight

34.3%

Shared holdings make up 46.8% of GMF and 41.3% of XSOE.

Level by level

Holdings218 in both34.3%
Countryby domicile65.2%
Sector11 Sectors93.3%
Asset classEquity100%

Sector

Sector weights in GMF and XSOE, widest gap first
Sector	More in GMFMore in XSOE	GMF	XSOE
Technology	XSOE +3.6 points	39.4%	43.0%
Financials	GMF +3.0 points	17.7%	14.7%
Energy	GMF +1.2 points	2.9%	1.7%
Consumer Discretionary	XSOE +1.0 points	10.1%	11.1%
Consumer Staples	XSOE +1.1 points	2.8%	3.9%
Industrials	XSOE +1.0 points	7.2%	8.2%
Communication	GMF +0.7 points	6.2%	5.5%
Utilities	GMF +0.7 points	1.8%	1.1%
Materials	GMF +0.7 points	5.9%	5.2%
Health Care	GMF +0.6 points	5.1%	4.5%
Real Estate	Same weight	1.0%	1.0%

Country, concentration and asset class

Country by domicile

Country weights in GMF and XSOE, widest gap first
Country	More in GMFMore in XSOE	GMF	XSOE
South Korea	XSOE +23.6 points	0.0%	23.6%
China	GMF +14.0 points	30.6%	16.6%
Taiwan	GMF +12.2 points	41.9%	29.7%
India	GMF +5.5 points	19.7%	14.2%
South Africa	XSOE +4.0 points	0.0%	4.0%
Brazil	XSOE +2.9 points	0.0%	2.9%
Mexico	XSOE +2.1 points	0.0%	2.1%
Poland	XSOE +1.4 points	0.0%	1.4%
Other countries (13)	GMF +2.2 points	7.7%	5.5%

Outside the US: GMF 1% developed, 99% emerging. XSOE 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

GMF30.8%
XSOE37.1%

Securities held

GMF1,299
XSOE842

Asset class

GMF: Equity
XSOE: Equity

Holdings

Only in GMF1,081
In both218
Only in XSOE624

Only in GMF

1,081 securities, 53.1% of GMF by weight

Taiwan Semiconductor Sp Adr8.22%
China Construction Bank H1.36%
Ind & Comm Bk of China H0.88%
Hdfc Bank Limited0.87%
Reliance Inds Spons Gdr 144A0.87%
Bharti Airtel Ltd0.68%
Bank of China Ltd H0.64%
United Microelectron Sp Adr0.52%
Zijin Mining Group Co Ltd H0.41%
Tata Consultancy Svcs Ltd0.37%
Axis Bank Ltd0.36%
China Life Insurance Co H0.35%
Kotak Mahindra Bank Ltd0.34%
Mahindra & Mahindra Ltd0.33%
Agricultural Bank of China H0.32%
Larsen & Toubro Gdr Reg’s0.32%
Delta Electronics Thai Forgn0.32%
Aspeed Technology Inc0.29%
Bajaj Finance Ltd0.29%
State Bank of India0.29%
Laurus Labs Ltd0.28%
Lenovo Group Ltd0.28%
Adani Ports and Special Econ0.27%
Mega Financial Holding Co Lt0.26%
China Shenhua Energy Co H0.25%
Tvs Motor Co Ltd0.25%
Eternal Ltd0.24%
China Merchants Bank H0.24%
Sun Pharmaceutical Indus0.24%
Hcl Technologies Ltd0.24%
Hindustan Unilever Ltd0.24%
Yum China Holdings Inc0.23%
Hua Nan Financial Holdings C0.23%
Public Bank Berhad0.23%
Bank of Communications Co H0.22%
Kweichow Moutai Co Ltd A0.21%
Bharat Electronics Ltd0.21%
Chunghwa Telecom Co Ltd0.20%
Petrochina Co Ltd H0.19%
Press Metal Aluminium Holdin0.19%
Cholamandalam Investment and0.18%
Hindalco Industries Ltd0.17%
Auo Corp Spon Adr0.17%
Bank Rakyat Indonesia Perser0.17%
Bharat Heavy Electricals0.17%
Maruti Suzuki India Ltd0.17%
Ntpc Ltd0.17%
Malayan Banking Bhd0.17%
Yangzijiang Shipbuilding0.16%
Wipro Ltd Adr0.16%

Only in XSOE

624 securities, 59.7% of XSOE by weight

Samsung Electronics Co Ltd7.31%
SK Hynix Inc6.50%
Al Rajhi Bank1.11%
Hdfc Bank Limited0.76%
SK Square Co Ltd0.72%
MercadoLibre Inc0.71%
Reliance Industries Ltd0.70%
Bharti Airtel Ltd0.63%
Kuwaiti Dinar0.60%
Samsung Electro-Mechanics Co L0.47%
Kookmin Bank0.41%
National Bank of Kuwait0.40%
Ping An Insurance Group Co of China0.39%
United Microelectronics Corp0.38%
Capitec Bank Holdings Ltd0.35%
FirstRand Ltd0.34%
Standard Bank Group Ltd0.33%
Grupo Mexico SAB de CV0.33%
Midea Group Co Ltd0.32%
Delta Electronics Thailand PCL - NVDR0.32%
Axis Bank Ltd0.32%
Shinhan Financial Group Ltd0.32%
Mahindra & Mahindra Ltd0.30%
OTP Bank PLC0.29%
MTN Group Ltd0.28%
Wuxi Apptec Co Ltd-A0.27%
Hyundai Motor Co0.27%
Kotak Mahindra Bank Ltd0.26%
Hana Financial Group Inc0.26%
Grupo Financiero Banorte-O0.25%
Larsen & Toubro Ltd0.24%
Bajaj Finance Ltd0.24%
Allegro.Eu Sa0.24%
Sun Pharmaceutical Industries0.23%
Press Metal Aluminium Holdings0.22%
Sar0.22%
Titan Co Ltd0.22%
Bank Pekao SA0.20%
Cambricon Technologies-A0.20%
Alinma Bank0.20%
Fomento Economico Mexicano SAB0.20%
Zomato Ltd0.20%
Embraer Sa0.19%
Weg SA0.19%
Qatar Islamic Bank0.19%
Doosan Heavy Industries0.19%
Samsung C&T Corp0.19%
NAVER Corp0.19%
Celltrion Inc0.18%
Samsung Life Insurance Co Ltd0.18%

Weight gaps

The 100 widest of 218 Holdings in both funds.

Holding weights in GMF and XSOE, widest gap first
Holding	More in GMFMore in XSOE	GMF	XSOE
Taiwan Semiconductor Manufac	XSOE +4.46 points	9.72%	14.18%
Tencent Holdings Ltd	GMF +0.75 points	3.02%	2.27%
Alibaba Group Holding Ltd	GMF +0.67 points	2.39%	1.72%
Hon Hai Precision Industry	GMF +0.46 points	1.22%	0.76%
Mediatek Inc	GMF +0.37 points	2.12%	1.75%
Contemporary Amperex Techn A	XSOE +0.35 points	0.15%	0.50%
Ase Technology Holding Co Lt	GMF +0.32 points	0.92%	0.60%
Zhongji Innolight Co Ltd A	XSOE +0.31 points	0.09%	0.40%
Nan Ya Plastics Corp	GMF +0.31 points	0.69%	0.38%
Yuanta Financial Holding Co	GMF +0.30 points	0.60%	0.30%
Icici Bank Ltd Spon AdrIBN	GMF +0.30 points	0.92%	0.62%
Delta Electronics Inc	GMF +0.26 points	0.95%	0.69%
Fubon Financial Holding Co	GMF +0.25 points	0.63%	0.38%
Ctbc Financial Holding Co Lt	GMF +0.24 points	0.64%	0.40%
Elite Material Co Ltd	GMF +0.23 points	0.59%	0.36%
Ping An Insurance Group Co H	GMF +0.23 points	0.44%	0.21%
Tripod Technology Corp	GMF +0.21 points	0.28%	0.07%
King Yuan Electronics Co Ltd	GMF +0.21 points	0.30%	0.09%
Infosys Ltd Sp AdrINFY	GMF +0.20 points	0.48%	0.28%
Xiaomi Corp Class B	GMF +0.21 points	0.55%	0.34%
Powertech Technology Inc	GMF +0.20 points	0.25%	0.05%
Cathay Financial Holding Co	GMF +0.20 points	0.51%	0.31%
Sinopac Financial Holdings	GMF +0.19 points	0.43%	0.24%
Asustek Computer Inc	GMF +0.19 points	0.35%	0.16%
Pdd Holdings IncPDD	GMF +0.19 points	0.59%	0.40%
Ts Financial Holding Co Ltd	GMF +0.18 points	0.47%	0.29%
Unimicron Technology Corp	GMF +0.17 points	0.54%	0.37%
Kgi Financial Holding Co Ltd	GMF +0.16 points	0.36%	0.20%
Meituan Class B	GMF +0.16 points	0.48%	0.32%
Netease Inc	GMF +0.16 points	0.46%	0.30%
Accton Technology Corp	GMF +0.15 points	0.34%	0.19%
Yageo Corporation	GMF +0.15 points	0.38%	0.23%
East Money Information Co A	XSOE +0.15 points	<0.01%	0.16%
Largan Precision Co Ltd	GMF +0.15 points	0.28%	0.13%
Byd Co Ltd H	GMF +0.15 points	0.35%	0.20%
Asia Vital Components	GMF +0.14 points	0.41%	0.27%
Eoptolink Technology Inc L A	XSOE +0.14 points	0.06%	0.20%
Jd.com Inc Class A	GMF +0.13 points	0.34%	0.21%
Realtek Semiconductor Corp	GMF +0.12 points	0.24%	0.12%
Wiwynn Corp	GMF +0.13 points	0.31%	0.18%
Formosa Plastics Corp	GMF +0.12 points	0.19%	0.07%
United Integrated Services	GMF +0.12 points	0.19%	0.07%
Formosa Chemicals & Fibre	GMF +0.12 points	0.20%	0.08%
Compal Electronics	GMF +0.12 points	0.16%	0.04%
Pegatron Corp	GMF +0.11 points	0.16%	0.05%
Tcc Group Holdings Co Ltd	GMF +0.11 points	0.13%	0.02%
Dixon Technologies India Ltd	GMF +0.10 points	0.15%	0.05%
Novatek Microelectronics Cor	GMF +0.09 points	0.19%	0.10%
Baidu Inc Class A Hkd	GMF +0.09 points	0.25%	0.16%
Bizlink Holding Inc	XSOE +0.09 points	0.01%	0.10%
Luxshare Precision Industr A	XSOE +0.08 points	0.07%	0.15%
Far Eastern New Century Corp	GMF +0.08 points	0.11%	0.03%
Catcher Technology Co Ltd	GMF +0.08 points	0.10%	0.02%
Yunnan Lincang Xinyuan Ger A	GMF +0.07 points	0.10%	0.03%
Wuxi Biologics Cayman Inc	GMF +0.07 points	0.23%	0.16%
Quanta Computer Inc	GMF +0.07 points	0.32%	0.25%
Anta Sports Products Ltd	GMF +0.07 points	0.14%	0.07%
Iteq Corp	GMF +0.07 points	0.10%	0.03%
Macronix International Co	GMF +0.07 points	0.12%	0.05%
Innolux Corp	GMF +0.07 points	0.16%	0.09%
First Financial Holding Co	GMF +0.06 points	0.18%	0.12%
Holy Stone Enterprise Co Ltd	GMF +0.06 points	0.09%	0.03%
Sitc International Holdings	GMF +0.07 points	0.14%	0.07%
Walsin Lihwa Corp	GMF +0.07 points	0.11%	0.04%
Grasim Industries Ltd	XSOE +0.07 points	0.07%	0.14%
Chroma Ate Inc	GMF +0.06 points	0.26%	0.20%
Alchip Technologies Ltd	GMF +0.06 points	0.14%	0.08%
Airtac International Group	GMF +0.06 points	0.11%	0.05%
Acer Inc	GMF +0.06 points	0.09%	0.03%
Walsin Technology Corp	GMF +0.06 points	0.08%	0.02%
Bank Central Asia Tbk Pt	XSOE +0.06 points	0.17%	0.23%
Synnex Technology Intl Corp	GMF +0.06 points	0.11%	0.05%
Contemporary Amperex Techn H	XSOE +0.05 points	0.02%	0.07%
Eclat Textile Company Ltd	GMF +0.05 points	0.07%	0.02%
Suzhou Dongshan Precision A	XSOE +0.06 points	0.04%	0.10%
Wistron Corp	GMF +0.05 points	0.20%	0.15%
Victory Giant Technology A	XSOE +0.06 points	0.02%	0.08%
Kingboard Holdings Ltd	GMF +0.06 points	0.09%	0.03%
Hotai Motor Company Ltd	GMF +0.05 points	0.11%	0.06%
Global Unichip Corp	XSOE +0.05 points	0.12%	0.17%
Shenzhen Mindray Bio Medic A	XSOE +0.05 points	0.02%	0.07%
Sino Biopharmaceutical	GMF +0.04 points	0.09%	0.05%
Interglobe Aviation Ltd	XSOE +0.05 points	0.06%	0.11%
Lite On Technology Corp	GMF +0.04 points	0.19%	0.15%
King Slide Works Co Ltd	XSOE +0.04 points	0.16%	0.20%
Haier Smart Home Co Ltd H	GMF +0.05 points	0.07%	0.02%
Sunny Optical Tech	GMF +0.04 points	0.08%	0.04%
Geely Automobile Holdings Lt	GMF +0.05 points	0.13%	0.08%
Xinyi Glass Holdings Ltd	GMF +0.04 points	0.05%	<0.01%
Inventec Corp	GMF +0.04 points	0.10%	0.06%
Avenue Supermarts Ltd	XSOE +0.04 points	0.03%	0.07%
Tingyi (Cayman Isln) Hldg Co	GMF +0.04 points	0.06%	0.02%
Genius Electronic Optical Co	GMF +0.04 points	0.06%	0.02%
Advantech Co Ltd	GMF +0.04 points	0.14%	0.10%
Sungrow Power Supply Co Lt A	XSOE +0.04 points	0.03%	0.07%
Icici Lombard General Insura	XSOE +0.04 points	<0.01%	0.05%
New Oriental Education & Tec	GMF +0.04 points	0.09%	0.05%
Hon Precision Inc	XSOE +0.04 points	0.08%	0.12%
S F Holding Co Ltd A	XSOE +0.04 points	0.01%	0.05%
E.sun Financial Holding Co	GMF +0.04 points	0.27%	0.23%

All 1,306 GMF holdings⁠All 770 XSOE 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.

GMF vs XSOE Cost

Overpaying GMF vs XSOE

$3,250

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

GMF 0.49%
$9,792
XSOE 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

GMF 0.49%
XSOE 0.32%
Overpaying

Year by year

Year	GMF	XSOE	Overpaying
10	$883	$580	$303
20	$3,394	$2,250	$1,144
30	$9,792	$6,542	$3,250

Expense ratio

0.49%GMF
0.32%XSOE, cheaper

XSOE0.32%GMF0.49%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XSOE 6th cheapest of 20 funds

GMF 12th cheapest of 20 funds

GMF vs XSOE Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GMF 1.27%; XSOE 1.81%, better
Payout (12M): GMF $1.86; XSOE $0.78
Last payment: GMF $0.66; XSOE $0.22
Ex-dividend: GMF Jun 22, 2026; XSOE Sep 25, 2026
Paid on: GMF Jun 26, 2026; XSOE Sep 29, 2026
Frequency: GMF Twice a year; XSOE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GMFTwice a year · 19 paymentsAll GMF payments⁠

XSOEQuarterly · 33 paymentsAll XSOE payments⁠

GMF vs XSOE Risk

Fall from peak · 5 years

GMF
XSOE

Risk facts

VolatilityStd dev, 3 years: GMF 13.3%, betterXSOE 17.0%
Return per unit of riskSharpe ratio, 3 years: GMF 0.98, betterXSOE 0.90
Worst fallMax drawdown, 5 years: GMF −33.2%, betterXSOE −37.2%
Market sensitivityBeta, 5 years: GMF 0.85XSOE 1.18; Market = 1

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