GSEE vs XCEM: Grades, Fees and Holdings Compared

Goldman Sachs MarketBeta Emerging Markets Equity ETF

GSEEBCboe

Columbia EM Core ex-China ETF

XCEMANYSE Arca

Overlap

61.1%by weight

Expense ratio

XCEM −0.20pt a year

GSEE0.36%XCEM0.16%

Avg volume · 30D

XCEM 55.4×the volume

GSEE2.93KXCEM162K

5Y return · a year

XCEM +3.8pt

GSEE+6.3%XCEM+10.1%

GSEE vs XCEM Performance

Oct 29, 2021 – Oct 30, 2026

+35.4%GSEE+61.9%XCEM

Expense ratio: GSEE 0.36%; XCEM 0.16%, better
Fund size: GSEE $129M; XCEM $2.01B
1Y total return: GSEE +10.7%; XCEM +24.3%, better
Yield (12M): GSEE 2.29%; XCEM 2.68%, better
Holdings: GSEE 1799; XCEM 465
Avg volume (30D): GSEE 2.93K sh; XCEM 162K sh, better
NAV per share: GSEE $64.35; XCEM $46.99
52W range

ETF.net Grade

Pillar letters and Scores for GSEE, XCEM, with each pillar’s weight
Pillar	GSEE	XCEM
Cost30% weight	B62	A90Higher
Mission25% weight	A100	A100
Risk15% weight	B61Higher	C51
Tradability15% weight	F10	B62Higher
Holdings10% weight	B68Higher	B60
Durability5% weight	B56	A78Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. GSEE 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 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 3ABKEMBNY Mellon Emerging Markets Equity ETFScore 76
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

XCEMAColumbia EM Core 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.

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

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

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

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.

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

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%.

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 GSEE profile⁠

Full XCEM profile⁠

GSEE vs XCEM Holdings

How GSEE and XCEM differ

Overlap by weight

61.1%

Shared holdings make up 89.4% of XCEM and 64.7% of GSEE.

Level by level

Holdings375 in both61.1%
Countryby domicile76.7%
Sector11 Sectors89.1%
Asset classEquity100%

Sector

Sector weights in GSEE and XCEM, widest gap first
Sector	More in GSEEMore in XCEM	GSEE	XCEM
Technology	XCEM +9.2 points	42.7%	51.9%
Consumer Discretionary	GSEE +3.6 points	7.9%	4.3%
Communication	GSEE +3.1 points	5.8%	2.7%
Industrials	XCEM +1.7 points	7.3%	9.0%
Financials	GSEE +1.4 points	18.7%	17.3%
Health Care	GSEE +0.7 points	3.1%	2.4%
Consumer Staples	GSEE +0.6 points	2.3%	1.7%
Utilities	GSEE +0.5 points	2.1%	1.6%
Energy	GSEE +0.5 points	3.6%	3.1%
Real Estate	GSEE +0.3 points	1.1%	0.8%
Materials	GSEE +0.2 points	5.5%	5.3%

Country, concentration and asset class

Country by domicile

Country weights in GSEE and XCEM, widest gap first
Country	More in GSEEMore in XCEM	GSEE	XCEM
China	GSEE +21.6 points	21.6%	0.0%
Taiwan	XCEM +10.1 points	30.0%	40.1%
South Korea	XCEM +5.6 points	19.7%	25.3%
India	XCEM +2.6 points	12.9%	15.5%
Poland	XCEM +1.7 points	0.0%	1.7%
United States	XCEM +1.2 points	0.7%	1.9%
Malaysia	XCEM +0.8 points	0.5%	1.3%
South Africa	XCEM +0.6 points	4.0%	4.6%
Other countries (13)	GSEE +1.3 points	10.7%	9.4%

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

Concentration

Weight in the 10 largest Holdings

GSEE35.3%
XCEM35.3%

Securities held

GSEE1,784
XCEM452

Asset class

GSEE: Equity
XCEM: Equity

Holdings

Only in GSEE1,409
In both375
Only in XCEM77

Only in GSEE

1,409 securities, 35.2% of GSEE by weight

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%
Icici Bank Limited0.63%
Industrial and Commercial Bank of China Ltd0.55%
Ishares, Inc.-Ishares Msci Mal0.50%
Pdd Holdings Inc-Adr0.48%
Xiaomi Corporation0.46%
Bank of China Limited0.43%
Meituan0.39%
Nu Holdings Ltd.0.38%
Ping An Insurance (Group)0.34%
Petroleo Brasileiro Petrobras0.33%
Netease, Inc.0.32%
Infosys Limited0.27%
Jd.com, Inc.0.25%
Byd Company Limited0.25%
Petrochina Co Ltd0.23%
Beone Medicines Ltd.0.23%
Agricultural Bank of China Limited0.22%
China Merchants Bank Co Ltd0.21%
Boc Hong Kong (Holdings) Ltd0.19%
China Life Insurance Co Ltd0.18%
Trip.com Group Limited0.18%
Baidu, Inc.0.17%
Tata Consultancy Services Limited0.17%
Zijin Mining Group Company Limited0.16%
Emirates Telecommunications Group Co (Etisalat Gro0.16%
Wuxi Biologics (Cayman) Inc.0.16%
China Shenhua Energy Co Ltd0.15%
State Bank of India0.15%
Eternal Limited0.15%
Innovent Biologics Inc0.13%
Picc Ppty & Casualty Co Ltd0.13%
First Financial Holding Co. Ltd.0.13%
Ultratech Cement Limited0.12%
Axia Energia S.a.0.12%
Lenovo Group Limited0.12%
Abu Dhabi Commercial Bank0.12%
China Pete & Chemical Corp0.11%
Piraeus Bank S.a.0.11%
Kweichow Moutai - Stock Connect0.11%
Samsung Biologics Co., Ltd.0.10%
Pt Bank Central Asia Tbk0.10%
Wuxi Apptec Co., Ltd.0.10%
Gulf Development Pcl0.10%
China Resources Land Limited0.10%

Only in XCEM

77 securities, 9.9% of XCEM by weight

Icici Bank Ltd0.93%
Hdfc Bank Ltd0.83%
Vaneck Semiconductor Etf0.73%
Ishares Semiconductor Etf0.69%
Powszechna Kasa Oszczednosci Bank Polski SA0.63%
Tenaga Nasional Bhd0.42%
Powszechny Zaklad Ubezpieczen SA0.39%
Ihh Healthcare Bhd0.33%
State Bank of India0.33%
Waaree Energies Ltd0.27%
Shoprite Holdings Ltd0.25%
Leeno Industrial Inc0.24%
Emirates Telecommunications Group Co Pjsc0.21%
Kinsus Interconnect Technology Corp0.19%
Orlen SA0.18%
Abu Dhabi Commercial Bank Pjsc0.15%
Win Semiconductors Corp0.14%
Landmark Optoelectronics Corp0.14%
Malayan Banking Bhd0.13%
Public Bank Bhd0.13%
Db Hitek Co Ltd0.12%
Adata Technology Co Ltd0.11%
Macronix International Co Ltd0.11%
Dabur India Ltd0.10%
Lpp SA0.10%
Aldar Properties Pjsc0.10%
Winway Technology Co Ltd0.10%
Cimb Group Holdings Bhd0.10%
Universal Microwave Technology Inc0.09%
Bank Polska Kasa Opieki SA0.09%
Chipbond Technology Corp0.09%
Asseco Poland SA0.09%
Adnoc Drilling Co Pjsc0.09%
Ap Memory Technology Corp0.08%
Jusung Engineering Co Ltd0.08%
Yuhan Corp0.08%
Amorepacific Corp0.08%
Coway Co Ltd0.08%
Emirates Integrated Telecommunications Co Pjsc0.08%
Lg Cns Co Ltd0.07%
Catcher Technology Co Ltd0.07%
Adnoc Gas PLC0.07%
Sunway Healthcare Holdings Bhd0.06%
Kghm Polska Miedz SA0.06%
Bangkok Bank Pcl0.06%
Cd Projekt Red SA0.05%
Innodisk Corp0.05%
Idbi Bank Ltd0.04%
Hlb Co Ltd0.04%
Acer Inc0.03%

Weight gaps

The 100 widest of 375 Holdings in both funds.

Holding weights in GSEE and XCEM, widest gap first
Holding	More in GSEEMore in XCEM	GSEE	XCEM
Sk Hynix Inc	GSEE +1.91 points	5.22%	3.31%
Samsung Electronics Co., Ltd.	XCEM +1.91 points	6.57%	8.48%
Taiwan Semiconductor Mfg Co	XCEM +1.44 points	14.46%	15.90%
Ase Technology Holding Co Ltd	XCEM +0.41 points	0.64%	1.05%
Hon Hai Precision Industry	XCEM +0.36 points	0.75%	1.11%
Novatek Microelectronics Ltd	XCEM +0.35 points	0.09%	0.44%
Mediatek Inc.	XCEM +0.33 points	1.45%	1.78%
Delta Electronics, Inc.	XCEM +0.31 points	0.69%	1.00%
Grupo Mexico S.a De C.v	XCEM +0.28 points	0.33%	0.61%
Chroma Ate Inc.	XCEM +0.27 points	0.18%	0.45%
International Holdings Co PjscIHC	XCEM +0.27 points	0.65%	0.92%
Ctbc Financial Holding Co Ltd	XCEM +0.26 points	0.30%	0.56%
Banco Btg Pactual S.a.	XCEM +0.26 points	0.10%	0.36%
Itausa-Investimentos Itau	XCEM +0.26 points	0.11%	0.37%
Kb Financial Group Inc.	XCEM +0.25 points	0.35%	0.60%
Shinhan Financial Group Co. Ltd.	XCEM +0.25 points	0.25%	0.50%
Hana Financial Group Inc.	XCEM +0.25 points	0.20%	0.45%
Samsung Electro-Mechanics	XCEM +0.24 points	0.44%	0.68%
Asia Vital Components Co., Ltd	XCEM +0.25 points	0.26%	0.51%
Samsung Sdi Co.	XCEM +0.25 points	0.16%	0.41%
Al-Rajhi Banking & Investment Corporation	XCEM +0.23 points	0.40%	0.63%
Reliance Industries Limited	XCEM +0.22 points	0.57%	0.79%
Otp Bank Nyrt	XCEM +0.22 points	0.23%	0.45%
Adani Ports and Special Economic Zone Limited	XCEM +0.21 points	0.09%	0.30%
Titan Company Limited	XCEM +0.21 points	0.14%	0.35%
Elite Material Co., Ltd.	XCEM +0.20 points	0.40%	0.60%
Firstrand Ltd	XCEM +0.20 points	0.23%	0.43%
Embraer S.a.	XCEM +0.19 points	0.11%	0.30%
Wipro Limited	XCEM +0.19 points	0.02%	0.21%
Realtek Semiconductor Corp	XCEM +0.18 points	0.10%	0.28%
Delta Electronics (Th) Pcl	XCEM +0.18 points	0.25%	0.43%
Celltrion Inc	XCEM +0.18 points	0.17%	0.35%
United Microelectronics Corp	XCEM +0.17 points	0.34%	0.51%
Sk Square Co., Ltd.	XCEM +0.18 points	0.50%	0.68%
Alchip Technologies Ltd	XCEM +0.17 points	0.07%	0.24%
Petrobras Pref Reg Shs	XCEM +0.16 points	0.35%	0.51%
Chang Hwa Commercial Bank	XCEM +0.17 points	0.05%	0.22%
King Yuan Electronics Co., Ltd.	XCEM +0.16 points	0.08%	0.24%
First Abu Dhabi Bank P.j.s.c.FAB	XCEM +0.16 points	0.18%	0.34%
Itau Unibanco Holding S.a.	XCEM +0.16 points	0.32%	0.48%
Ltm Limited	XCEM +0.16 points	0.01%	0.17%
Taiwan Business Bank Ltd.	XCEM +0.15 points	0.04%	0.19%
Global Unichip Corporation	XCEM +0.15 points	0.18%	0.33%
Laurus Labs Limited	XCEM +0.15 points	0.08%	0.23%
Mphasis Limited	XCEM +0.15 points	0.01%	0.16%
Taiwan Union Technology Corporation	XCEM +0.15 points	0.10%	0.25%
Larsen and Toubro Limited	XCEM +0.14 points	0.23%	0.37%
Tech Mahindra Limited	XCEM +0.14 points	0.11%	0.25%
Naspers Ltd	XCEM +0.14 points	0.26%	0.40%
Hyundai Motor Company	XCEM +0.15 points	0.25%	0.40%
Jentech Precision Industrial Co., Ltd.	XCEM +0.15 points	0.17%	0.32%
Powertech Technology Inc.	XCEM +0.13 points	0.05%	0.18%
Quanta Computer Inc	XCEM +0.13 points	0.21%	0.34%
Nan Ya Technology Corporation	XCEM +0.13 points	0.18%	0.31%
Winbond Electronics Corp	XCEM +0.13 points	0.14%	0.27%
Unimicron Technology Corp	XCEM +0.13 points	0.34%	0.47%
Posco Holdings Inc	XCEM +0.13 points	0.10%	0.23%
Phison Electronics Corporation	XCEM +0.14 points	0.09%	0.23%
Ls Electric Co Ltd	XCEM +0.12 points	0.08%	0.20%
Compeq Manufacturing Co Ltd	XCEM +0.13 points	0.05%	0.18%
Aspeed Technology Inc	XCEM +0.12 points	0.16%	0.28%
Gold Fields Ltd	XCEM +0.12 points	0.26%	0.38%
Woori Financial Group Inc.	XCEM +0.12 points	0.12%	0.24%
Meritz Financial Group Inc	XCEM +0.11 points	0.07%	0.18%
Siam Cement Pcl	XCEM +0.12 points	0.02%	0.14%
National Aluminium Co., Ltd.	XCEM +0.11 points	0.00%	0.11%
Bid Corporation Ltd	XCEM +0.12 points	0.08%	0.20%
Silergy Corp	XCEM +0.11 points	0.05%	0.16%
Nan Ya Plastics Corp	XCEM +0.11 points	0.44%	0.55%
Kia Corp	XCEM +0.11 points	0.16%	0.27%
Airports of Thailand Public Company Limited	XCEM +0.11 points	0.06%	0.17%
Saudi Arabian Oil Company	XCEM +0.11 points	0.34%	0.45%
Hon. Precision, Inc	XCEM +0.11 points	0.12%	0.23%
Lg Innotek Co., Ltd.	XCEM +0.11 points	0.03%	0.14%
Mahindra and Mahindra Limited	XCEM +0.11 points	0.22%	0.33%
America Movil, S.a.b. De C.v.	XCEM +0.10 points	0.17%	0.27%
Saudi Basic Industries Corporation	XCEM +0.11 points	0.06%	0.17%
Vanguard International Semiconductor Corporation	XCEM +0.11 points	0.04%	0.15%
Hmm Co Ltd	XCEM +0.11 points	0.04%	0.15%
Largan Precision Co., Ltd.	XCEM +0.10 points	0.15%	0.25%
Hanmi Semiconductor Co., Ltd.	XCEM +0.10 points	0.05%	0.15%
Yageo Corp	XCEM +0.10 points	0.22%	0.32%
Powerchip Semiconductor Manufacturing Corporation	XCEM +0.10 points	0.06%	0.16%
King Slide Works Co., Ltd.	XCEM +0.10 points	0.20%	0.30%
Cathay Financial Holding Co	XCEM +0.09 points	0.27%	0.36%
Mtn Group Ltd	XCEM +0.10 points	0.16%	0.26%
Wiwynn Corporation	XCEM +0.10 points	0.14%	0.24%
Accton Technology Corp	XCEM +0.09 points	0.23%	0.33%
Samvardhana Motherson International Limited	XCEM +0.10 points	0.07%	0.17%
Ecopro Co., Ltd.	XCEM +0.10 points	0.04%	0.14%
Doosan Enerbility Co Ltd	XCEM +0.09 points	0.15%	0.24%
Aurobindo Pharma Ltd	XCEM +0.09 points	0.04%	0.13%
Mabanee Co Sakc	XCEM +0.09 points	0.02%	0.11%
Krung Thai Bank Public Co., Ltd.	XCEM +0.09 points	0.04%	0.13%
Central Pattana Public Co Ltd	XCEM +0.09 points	0.06%	0.15%
Divi's Laboratories Limited	XCEM +0.09 points	0.11%	0.20%
Bank Mandiri Persero Tbk Pt	XCEM +0.09 points	0.04%	0.13%
Hyosung Heavy Industries Co Ltd	XCEM +0.10 points	0.06%	0.16%
Innolux Corporation	XCEM +0.09 points	0.09%	0.18%
Ls Corp	XCEM +0.09 points	0.02%	0.11%

All 1,804 GSEE 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.

GSEE vs XCEM Cost

Overpaying GSEE vs XCEM

$3,978

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

GSEE 0.36%
$7,320
XCEM 0.16%
$3,342

Amount$10,000

Years30 years

Cost over time

GSEE 0.36%
XCEM 0.16%
Overpaying

Year by year

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

Expense ratio

0.36%GSEE
0.16%XCEM, cheaper

XCEM0.16%GSEE0.36%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XCEM 3rd cheapest of 20 funds

GSEE 9th cheapest of 20 funds

GSEE vs XCEM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GSEE 2.29%; XCEM 2.68%, better
Payout (12M): GSEE $1.42; XCEM $1.25
Last payment: GSEE $1.42; XCEM $1.25
Ex-dividend: GSEE Dec 23, 2025; XCEM Dec 18, 2025
Paid on: GSEE Dec 30, 2025; XCEM Dec 26, 2025
Frequency: GSEE Annual; XCEM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

GSEEAnnual · 14 paymentsAll GSEE payments⁠

XCEMAnnual · 9 paymentsAll XCEM payments⁠

GSEE vs XCEM Risk

Fall from peak · 5 years

GSEE
XCEM

Risk facts

VolatilityStd dev, 3 years: GSEE 16.2%, betterXCEM 20.0%
Return per unit of riskSharpe ratio, 3 years: GSEE 0.94XCEM 0.95, better
Worst fallMax drawdown, 5 years: GSEE −30.9%XCEM −29.5%, better
Market sensitivityBeta, 5 years: GSEE 1.12XCEM 1.27; Market = 1

GSEE and XCEM in the news

All news⁠

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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GSEE vs XCEM

In short

Stated mandate

Why people hold it

Worth knowing

How GSEE and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GSEE

Only in XCEM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Korea funds gained 94% this year. China internet funds lost 28%

Two $160 billion EM funds are 11 percentage points apart. Korea is why

How GSEE and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GSEE

Only in XCEM

Weight gaps