GSEE vs VEXC: Grades, Fees and Holdings Compared

Goldman Sachs MarketBeta Emerging Markets Equity ETF

GSEEBCboe

Vanguard Emerging Markets Ex-China ETF

VEXCANYSE Arca

Overlap

45.1%by weight

Expense ratio

VEXC −0.29pt a year

GSEE0.36%VEXC0.07%

Avg volume · 30D

VEXC 7.2×the volume

GSEE2.93KVEXC21.2K

GSEE vs VEXC Performance

Oct 31, 2025 – Oct 30, 2026

+10.7%GSEE+15.9%VEXC

Expense ratio: GSEE 0.36%; VEXC 0.07%, better
Fund size: GSEE $129M; VEXC $276M
1Y total return: GSEE +10.7%; VEXC +15.9%, better
Yield (12M): GSEE 2.29%; VEXC No data
Holdings: GSEE 1799; VEXC 1008
Avg volume (30D): GSEE 2.93K sh; VEXC 21.2K sh, better
NAV per share: GSEE $64.35; VEXC $89.18
52W range

ETF.net Grade

Pillar letters and Scores for GSEE, VEXC, with each pillar’s weight
Pillar	GSEE	VEXC
Cost30% weight	B62	A100Higher
Mission25% weight	A100Higher	A93
Risk15% weight	B61	A85Higher
Tradability15% weight	F10	B65Higher
Holdings10% weight	B68Higher	D38
Durability5% weight	B56	B57Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. GSEE and VEXC 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 ›

VEXC ranks 1st and GSEE 9th 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 8BGMFState Street SPDR S&P Emerging Asia Pacific ETFScore 64
Rank 9BGSEEGoldman Sachs MarketBeta Emerging Markets Equity ETFScore 63
Rank 9BXCWisdomTree True Emerging Markets FundScore 63

Our read on each fund

ETF.net Research

GSEEBGoldman Sachs MarketBeta Emerging Markets Equity ETF

VEXCAVanguard Emerging Markets Ex-China ETF

In short

GSEE The emerging-markets leg of Goldman's plain-vanilla MarketBeta lineup: roughly 1,800 large and mid caps tracking a Solactive benchmark, China and all, at a fee below the category median.

VEXC Vanguard's emerging markets, China removed. Same index-tracking discipline, 0.07% a year, a fraction of what the typical EM fund charges. Ex-China is no longer a niche idea; this is the cheap way to own it.

Stated mandate

GSEE The Fund seeks to track, before fees and expenses, the performance of the Solactive GBS Emerging Markets Large & Mid Cap Index.

VEXC The fund invests in emerging-market stocks while excluding China and seeks to closely track the FTSE Emerging ex China Index.

Why people hold it

GSEE Costs 0.36% net of a waiver through December 29, 2026 (0.45% gross), below the median fee among the emerging-markets funds measured in its category.gsam.com
Roughly 1,800 stocks. The index is built to capture about the largest 85% of emerging-market free float, so you hold the asset class rather than a curated slice of it.solactive.com
Passive index tracking is the whole mandate: no factor tilts, no screens, no active overlay. Measured against what the prospectus promises, it has stayed tight to the brief.
Keeps China in the mix, unlike ex-China rivals VEXC and XCEM that rank near the top of this category. One ticket for the full emerging-markets map.

VEXC Charges 0.07% a year against a 0.49% median for emerging-markets funds, and undercuts the other top-graded names in the group, including XCEM at 0.16% and BKEM at 0.11%.
Rules-based, not opinion-based: it tracks the FTSE Emerging ex China Index, so the China carve-out is written into the mandate rather than left to a manager's discretion.vanguard.com
Splitting China out of emerging markets puts the sizing decision in your hands instead of accepting whatever weight a broad EM index assigns. Pays quarterly.vanguard.com
Ranks among the strongest implementations in its emerging-markets peer group on the things we measure: cost, mandate clarity, index discipline.

Worth knowing

GSEE A small fund that trades thinly, so spreads and limit orders matter more here than with the category's household names.
Cheaper rivals exist: BKEM charges 0.11% for broad emerging markets, VEXC 0.07% for an ex-China build, and neither leans on a waiver.
That 0.36% rests on a waiver scheduled to lapse December 29, 2026; the gross expense ratio underneath it is 0.45%.

VEXC Launched in 2025 and still thinly traded, so it lacks the trading heft of the giant EM funds. Spreads can be wider than the Vanguard name suggests.
Excluding an entire country by rule means results will drift away from broad EM funds, in both directions, depending on how China does.
The remaining basket screens more concentrated than most funds in the category, so a handful of countries and sectors drive much of the outcome.

Full GSEE profile⁠

Full VEXC profile⁠

GSEE vs VEXC Holdings

How GSEE and VEXC differ

Overlap by weight

45.1%

Shared holdings make up 75.5% of VEXC and 45.5% of GSEE.

Level by level

Holdings450 in both45.1%
Countryby domicile57.0%
Asset classEquity100%

Sector

No Sector split for VEXC.

Country, concentration and asset class

Country by domicile

Country weights in GSEE and VEXC, widest gap first
Country	More in GSEEMore in VEXC	GSEE	VEXC
China	GSEE +21.6 points	21.6%	0.0%
South Korea	GSEE +19.7 points	19.7%	0.0%
Taiwan	VEXC +18.4 points	30.0%	48.4%
South Africa	VEXC +11.5 points	4.0%	15.5%
India	VEXC +7.6 points	12.9%	20.5%
Brazil	VEXC +1.9 points	4.2%	6.1%
Malaysia	VEXC +1.6 points	0.5%	2.1%
Mexico	VEXC +0.8 points	2.0%	2.8%
Other countries (11)	GSEE +0.5 points	5.2%	4.7%

Outside the US: GSEE 0% developed, 100% emerging. VEXC 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

GSEE35.3%
VEXC35.5%

Securities held

GSEE1,784
VEXC987

Asset class

GSEE: Equity
VEXC: Equity

Holdings

Only in GSEE1,334
In both450
Only in VEXC537

Only in GSEE

1,334 securities, 54.0% of GSEE by weight

Samsung Electronics Co., Ltd.6.57%
Sk Hynix Inc5.22%
Tencent Holdings Limited2.43%
Alibaba Group Holding Limited1.81%
China Construction Bank Corp0.99%
Samsung Electronics 1 Pfd0.89%
Ince/Icus Msci Emg 12/20260.68%
Hdfc Bank Limited0.67%
International Holdings Co Pjsc0.65%
Icici Bank Limited0.63%
Industrial and Commercial Bank of China Ltd0.55%
Sk Square Co., Ltd.0.50%
Ishares, Inc.-Ishares Msci Mal0.50%
Pdd Holdings Inc-Adr0.48%
Bharti Airtel Limited0.48%
Xiaomi Corporation0.46%
Samsung Electro-Mechanics0.44%
Bank of China Limited0.43%
Al-Rajhi Banking & Investment Corporation0.40%
Meituan0.39%
Nu Holdings Ltd.0.38%
Kb Financial Group Inc.0.35%
Ping An Insurance (Group)0.34%
Netease, Inc.0.32%
Infosys Limited0.27%
Jd.com, Inc.0.25%
Hyundai Motor Company0.25%
Byd Company Limited0.25%
Shinhan Financial Group Co. Ltd.0.25%
Delta Electronics (Th) Pcl0.25%
The Saudi National Bank0.24%
Axis Bank Ltd0.24%
Petrochina Co Ltd0.23%
Beone Medicines Ltd.0.23%
Agricultural Bank of China Limited0.22%
Bajaj Finance Ltd0.22%
China Merchants Bank Co Ltd0.21%
Hana Financial Group Inc.0.20%
Boc Hong Kong (Holdings) Ltd0.19%
First Abu Dhabi Bank P.j.s.c.0.18%
Kotak Mahindra Bank Limited0.18%
China Life Insurance Co Ltd0.18%
Trip.com Group Limited0.18%
Celltrion Inc0.17%
Baidu, Inc.0.17%
Samsung C&T Corporation0.17%
Samsung Sdi Co.0.16%
Zijin Mining Group Company Limited0.16%
Emirates Telecommunications Group Co (Etisalat Gro0.16%
Kia Corp0.16%

Only in VEXC

537 securities, 25.1% of VEXC by weight

HDFC Bank Ltd1.08%
ICICI Bank Ltd0.94%
Bharti Airtel Ltd0.73%
Al Rajhi Bank0.64%
Anglogold Ashanti Plc0.60%
Infosys Ltd0.48%
Saudi National Bank/The0.40%
Axis Bank Ltd0.38%
Bajaj Finance Ltd0.35%
First Abu Dhabi Bank PJSC0.31%
Kotak Mahindra Bank Ltd0.31%
Emirates Telecommunications Group Co PJSC0.26%
Sun Pharmaceutical Industries Ltd0.26%
Malayan Banking Bhd0.24%
Titan Co Ltd0.23%
Hindustan Unilever Ltd0.23%
Public Bank Bhd0.22%
CIMB Group Holdings Bhd0.21%
Maruti Suzuki India Ltd0.20%
Tata Steel Ltd0.20%
Tenaga Nasional Bhd0.19%
Ptt Pcl/Foreign0.19%
SLCMT11420.19%
Bharat Electronics Ltd0.19%
Abu Dhabi Commercial Bank PJSC0.19%
Hindalco Industries Ltd0.18%
Shriram Finance Ltd0.18%
UltraTech Cement Ltd0.18%
Adani Ports & Special Economic Zone Ltd0.18%
HCL Technologies Ltd0.17%
Divi's Laboratories Ltd0.16%
Power Grid Corp of India Ltd0.16%
Kasikornbank Pcl-Foreign0.16%
Adani Power Ltd0.15%
JSW Steel Ltd0.15%
Asian Paints Ltd0.15%
Coal India Ltd0.14%
Eicher Motors Ltd0.13%
Kinsus Interconnect Technology Corp0.13%
Nestle India Ltd0.13%
TVS Motor Co Ltd0.13%
Adani Enterprises Ltd0.12%
Abu Dhabi Islamic Bank PJSC0.12%
Advanced Info Service-Foreig0.12%
Hindustan Aeronautics Ltd0.12%
Soc Quimica Y Minera Chile-B0.12%
Apollo Hospitals Enterprise Ltd0.11%
Dr Reddy's Laboratories Ltd0.10%
Banca Transilvania SA0.10%
Laurus Labs Ltd0.10%

Weight gaps

The 100 widest of 450 Holdings in both funds.

Holding weights in GSEE and VEXC, widest gap first
Holding	More in GSEEMore in VEXC	GSEE	VEXC
Taiwan Semiconductor Mfg Co	VEXC +9.95 points	14.46%	24.41%
Mediatek Inc.	VEXC +1.46 points	1.45%	2.91%
Delta Electronics, Inc.	VEXC +1.06 points	0.69%	1.75%
Reliance Industries Limited	VEXC +0.50 points	0.57%	1.07%
Hon Hai Precision Industry	VEXC +0.48 points	0.75%	1.23%
United Microelectronics Corp	VEXC +0.39 points	0.34%	0.73%
Ase Technology Holding Co Ltd	VEXC +0.30 points	0.64%	0.94%
Companhia Vale Do Rio Doce On	VEXC +0.28 points	0.34%	0.62%
Unimicron Technology Corp	VEXC +0.28 points	0.34%	0.62%
Itau Unibanco Holding S.a.	VEXC +0.27 points	0.32%	0.59%
Petrobras Pref Reg Shs	VEXC +0.20 points	0.35%	0.55%
Emaar Properties Pjsc	VEXC +0.20 points	0.16%	0.36%
Fubon Financial Holding Co Ltd	VEXC +0.20 points	0.31%	0.51%
Ctbc Financial Holding Co Ltd	VEXC +0.19 points	0.30%	0.49%
Asia Vital Components Co., Ltd	VEXC +0.18 points	0.26%	0.44%
Saudi Arabian Oil Company	VEXC +0.17 points	0.34%	0.51%
Elite Material Co., Ltd.	VEXC +0.18 points	0.40%	0.58%
Petroleo Brasileiro Petrobras	VEXC +0.17 points	0.33%	0.50%
Cathay Financial Holding Co	VEXC +0.16 points	0.27%	0.43%
Gold Fields Ltd	VEXC +0.16 points	0.26%	0.42%
Ts Financial Holding Co Ltd	VEXC +0.16 points	0.24%	0.40%
Naspers Ltd	VEXC +0.15 points	0.26%	0.41%
Otp Bank Nyrt	VEXC +0.15 points	0.23%	0.38%
Quanta Computer Inc	VEXC +0.14 points	0.21%	0.35%
Firstrand Ltd	VEXC +0.15 points	0.23%	0.38%
Mahindra and Mahindra Limited	VEXC +0.15 points	0.22%	0.37%
Chroma Ate Inc.	VEXC +0.14 points	0.18%	0.32%
Grupo Mexico S.a De C.v	VEXC +0.13 points	0.33%	0.46%
Kuwait Finance House K.s.c.	VEXC +0.12 points	0.27%	0.39%
Banco Bradesco S.a.	VEXC +0.13 points	0.11%	0.24%
Yageo Corp	VEXC +0.13 points	0.22%	0.35%
Wiwynn Corporation	VEXC +0.12 points	0.14%	0.26%
Yuanta Financial Hldg Co Ltd	VEXC +0.12 points	0.20%	0.32%
Accton Technology Corp	VEXC +0.11 points	0.23%	0.35%
B3 S.a. - Brasil, Bolsa, Balcao	VEXC +0.12 points	0.11%	0.23%
E Sun Financial Hldgs Co Ltd	VEXC +0.12 points	0.17%	0.29%
Valterra Platinum Limited	VEXC +0.12 points	0.15%	0.27%
Pt Bank Central Asia Tbk	VEXC +0.11 points	0.10%	0.21%
National Bank of Kuwait S.a.k.p	VEXC +0.12 points	0.19%	0.30%
Bizlink Holding Inc.	VEXC +0.12 points	0.07%	0.19%
Larsen and Toubro Limited	VEXC +0.11 points	0.23%	0.34%
Tata Consultancy Services Limited	VEXC +0.11 points	0.17%	0.28%
International ContainerICTEF	VEXC +0.11 points	0.09%	0.20%
Saudi Arabian Mining Company (Ma'aden)	VEXC +0.11 points	0.18%	0.29%
Capitec Limited	VEXC +0.10 points	0.20%	0.30%
Standard Bank Group Ltd	VEXC +0.10 points	0.20%	0.30%
Itausa-Investimentos Itau	VEXC +0.10 points	0.11%	0.21%
Aspeed Technology Inc	VEXC +0.09 points	0.16%	0.25%
Banco Btg Pactual S.a.	VEXC +0.09 points	0.10%	0.19%
Lite-On Technology Corporation	VEXC +0.09 points	0.13%	0.22%
Kgi Financial Holding Co. Ltd.	VEXC +0.09 points	0.16%	0.25%
Saudi Telecom Company	VEXC +0.09 points	0.19%	0.28%
Nan Ya Technology Corporation	VEXC +0.09 points	0.18%	0.27%
Natl Thermal Power Corp Ltd	VEXC +0.08 points	0.12%	0.20%
Winbond Electronics Corp	VEXC +0.08 points	0.14%	0.22%
Uni-President Enterprises Corp.	VEXC +0.09 points	0.06%	0.15%
State Bank of India	VEXC +0.09 points	0.15%	0.24%
Global Unichip Corporation	VEXC +0.08 points	0.18%	0.26%
Wal-Mart De Mexico Sab De Cv	VEXC +0.08 points	0.08%	0.16%
Bank Mandiri Persero Tbk Pt	VEXC +0.08 points	0.04%	0.12%
Mtn Group Ltd	VEXC +0.08 points	0.16%	0.24%
Sinopac Finl Hldgs Co. Ltd	VEXC +0.08 points	0.15%	0.23%
Asustek Computer Inc	VEXC +0.08 points	0.18%	0.26%
Wistron Corporation	VEXC +0.08 points	0.14%	0.22%
Saudi Basic Industries Corporation	VEXC +0.08 points	0.06%	0.14%
International Company For Water and Power Projects	VEXC +0.08 points	0.05%	0.13%
Femsa Ubd Unit	VEXC +0.08 points	0.18%	0.26%
Largan Precision Co., Ltd.	VEXC +0.07 points	0.15%	0.22%
Qatar National Bank (Q.p.s.c.)	VEXC +0.08 points	0.16%	0.24%
Saudi Awwal Bank	VEXC +0.07 points	0.04%	0.11%
Weg SA	VEXC +0.07 points	0.11%	0.18%
Chunghwa Telecom Co.ltd	VEXC +0.07 points	0.15%	0.22%
Mega Financial Holding Company	VEXC +0.07 points	0.16%	0.23%
Pt Bank Rakyat Indonesia (Persero) Tbk	VEXC +0.07 points	0.08%	0.15%
Cia Saneamento Basico De Sao	VEXC +0.07 points	0.09%	0.16%
Mpi Corporation	VEXC +0.07 points	0.11%	0.18%
Zhen Ding Technology Holding Limited	VEXC +0.07 points	0.09%	0.16%
Ambev SA	VEXC +0.06 points	0.10%	0.16%
Saudi Arabian Fertilizer Company	VEXC +0.06 points	0.03%	0.09%
Nan Ya Plastics Corp	VEXC +0.07 points	0.44%	0.51%
Innolux Corporation	VEXC +0.07 points	0.09%	0.16%
Jentech Precision Industrial Co., Ltd.	VEXC +0.07 points	0.17%	0.24%
King Slide Works Co., Ltd.	VEXC +0.07 points	0.20%	0.27%
Phison Electronics Corporation	VEXC +0.07 points	0.09%	0.16%
Oil & Natural Gas Corp Ltd	VEXC +0.06 points	0.06%	0.12%
Axia Energia S.a.	VEXC +0.06 points	0.12%	0.18%
Grasim Industries Ltd	VEXC +0.06 points	0.09%	0.15%
Arca Continental S.a.b. De C.v.	VEXC +0.06 points	0.06%	0.12%
Nan Ya Printd Circuit Brd Corp	VEXC +0.06 points	0.07%	0.13%
Hua Nan Financial Holdings Co., Ltd	VEXC +0.06 points	0.11%	0.17%
Impala Platinum Hldgs Ord	VEXC +0.06 points	0.08%	0.14%
Qatar Islamic Bank	VEXC +0.06 points	0.07%	0.13%
Varun Beverages Ltd	VEXC +0.06 points	0.02%	0.08%
Dr. Sulaiman Al Habib For Medical Services Group	VEXC +0.06 points	0.02%	0.08%
Embraer S.a.	VEXC +0.06 points	0.11%	0.17%
Grupo Financiero Banorte-O	VEXC +0.05 points	0.28%	0.33%
Taiwan Cement	VEXC +0.06 points	0.01%	0.07%
Gold Circuit Electronics Ltd.	VEXC +0.06 points	0.10%	0.16%
Advantech Co., Ltd.	VEXC +0.05 points	0.08%	0.13%
Rumo S.a	VEXC +0.06 points	<0.01%	0.06%

All 1,804 GSEE holdings⁠All VEXC 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.

GSEE vs VEXC Cost

Overpaying GSEE vs VEXC

$5,840

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

GSEE 0.36%
$7,320
VEXC 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

GSEE 0.36%
VEXC 0.07%
Overpaying

Year by year

Year	GSEE	VEXC	Overpaying
10	$652	$128	$524
20	$2,522	$503	$2,019
30	$7,320	$1,480	$5,840

Expense ratio

0.36%GSEE
0.07%VEXC, cheaper

VEXC0.07%GSEE0.36%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

VEXC cheapest of 20 funds

GSEE 9th cheapest of 20 funds

GSEE vs VEXC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GSEE 2.29%; VEXC No data
Payout (12M): GSEE $1.42; VEXC No data
Last payment: GSEE $1.42; VEXC $0.54
Ex-dividend: GSEE Dec 23, 2025; VEXC Sep 18, 2026
Paid on: GSEE Dec 30, 2025; VEXC Sep 22, 2026
Frequency: GSEE Annual; VEXC Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

GSEEAnnual · 14 paymentsAll GSEE payments⁠

VEXCQuarterly · 4 paymentsAll VEXC payments⁠

GSEE vs VEXC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GSEE 16.2%VEXC 19.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years: GSEE 0.94VEXC 0.65since Nov 2025
Worst fallMax drawdown, 5 years: GSEE −30.9%VEXC −12.4%since Oct 2025
Market sensitivityBeta, 5 years: GSEE 1.12VEXC 1.14; Market = 1

GSEE and VEXC in the news

All news⁠

First-Year Review
Vanguard Emerging Markets ex-China returned 27.4%; iShares MSCI ex China returned 48.6%
Oct 1, 2026VEXC
Deep Dive
Korea's 3.9% drop split two kinds of emerging-markets fund
Sep 20, 2026VEXC
Deep Dive
Korea funds gained 94% this year. China internet funds lost 28%
Sep 13, 2026VEXC
Deep Dive
Two $160 billion EM funds are 11 percentage points apart. Korea is why
Sep 5, 2026VEXC

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GSEE vs VEXC

In short

Stated mandate

Why people hold it