KEMX vs XCEM: Grades, Fees and Holdings Compared

KraneShares MSCI Emerging Markets ex China Index ETF

KEMXBNYSE Arca

Columbia EM Core ex-China ETF

XCEMANYSE Arca

Overlap

63.4%by weight

Expense ratio

XCEM −0.08pt a year

KEMX0.24%XCEM0.16%

Avg volume · 30D

XCEM 18.7×the volume

KEMX8.67KXCEM162K

5Y return · a year

KEMX +1.6pt

KEMX+11.7%XCEM+10.1%

KEMX vs XCEM Performance

Oct 29, 2021 – Oct 30, 2026

+74.1%KEMX+61.9%XCEM

Expense ratio: KEMX 0.24%; XCEM 0.16%, better
Fund size: KEMX $124M; XCEM $2.01B
1Y total return: KEMX +30.9%, better; XCEM +24.3%
Yield (12M): KEMX 2.60%; XCEM 2.68%, better
Holdings: KEMX 278; XCEM 465
Avg volume (30D): KEMX 8.67K sh; XCEM 162K sh, better
NAV per share: KEMX $47.82; XCEM $46.99
52W range

ETF.net Grade

Pillar letters and Scores for KEMX, XCEM, with each pillar’s weight
Pillar	KEMX	XCEM
Cost30% weight	A81	A90Higher
Mission25% weight	A100	A100
Risk15% weight	B55Higher	C51
Tradability15% weight	F15	B62Higher
Holdings10% weight	B62Higher	B60
Durability5% weight	C54	A78Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. KEMX 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 KEMX 5th 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 5BEEMAiShares MSCI Emerging Markets Asia ETFScore 68
Rank 5BKEMXKraneShares MSCI Emerging Markets ex China Index ETFScore 68
Rank 7BDEXCDimensional Emerging Markets ex China Core Equity ETFScore 65

Our read on each fund

ETF.net Research

KEMXBKraneShares MSCI Emerging Markets ex China Index ETF

XCEMAColumbia EM Core ex-China ETF

In short

KEMX KraneShares made its name on China funds. This is the one that leaves China out: roughly 300 large and mid cap stocks from the rest of the emerging world, at 0.24% net of a waiver through August 1, 2028.

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

KEMX The Fund seeks to track the price and yield performance of the MSCI Emerging Markets ex China Index. It normally invests at least 80% of assets in securities or instruments corresponding to that 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

KEMX 0.24% a year, net of a waiver running through August 1, 2028, which lands below the category median. The gross fee underneath is 0.59%.
Plain index replication: at least 80% of assets in MSCI Emerging Markets ex China Index securities, and it has tracked that benchmark tightly.
The index reaches about 85% of free-float market cap in each country it covers, so dropping China still leaves broad reach across Taiwan, Korea, India and the rest.msci.com msci.com 2
Listed since 2019 and sitting in the upper half of its emerging markets peer group in our review.sec.gov

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

KEMX Thinly traded next to the category's giants, so bid-ask spreads can be wider and big orders can move the price.
The 0.24% is a waived rate; if it lapses after August 1, 2028, the gross fee is 0.59%. Cheaper unwaived options sit in the group, including VEXC at 0.07% and XCEM at 0.16%.
Zero China exposure, by design. That makes it a different animal from a standard emerging markets fund, not a tweak at the margin.

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 KEMX profile⁠

Full XCEM profile⁠

KEMX vs XCEM Holdings

How KEMX and XCEM differ

Overlap by weight

63.4%

Shared holdings make up 84.1% of KEMX and 69.8% of XCEM.

Level by level

Holdings187 in both63.4%
Sector11 Sectors90.6%
Countryby domicile92.8%
Asset classEquity100%

Sector

Sector weights in KEMX and XCEM, widest gap first
Sector	More in KEMXMore in XCEM	KEMX	XCEM
Technology	XCEM +6.9 points	45.0%	51.9%
Financials	KEMX +4.0 points	21.3%	17.3%
Materials	KEMX +2.7 points	8.0%	5.3%
Industrials	XCEM +1.7 points	7.3%	9.0%
Energy	KEMX +1.0 points	4.1%	3.1%
Consumer Staples	KEMX +0.9 points	2.6%	1.7%
Health Care	XCEM +0.8 points	1.6%	2.4%
Consumer Discretionary	KEMX +0.4 points	4.7%	4.3%
Communication	KEMX +0.2 points	2.9%	2.7%
Real Estate	KEMX +0.2 points	1.0%	0.8%
Utilities	XCEM +0.1 points	1.5%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in KEMX and XCEM, widest gap first
Country	More in KEMXMore in XCEM	KEMX	XCEM
Taiwan	XCEM +4.6 points	35.5%	40.1%
South Korea	KEMX +1.9 points	27.2%	25.3%
Brazil	KEMX +1.7 points	5.4%	3.7%
United States	XCEM +1.0 points	0.9%	1.9%
Mexico	KEMX +0.8 points	3.0%	2.2%
India	XCEM +0.6 points	14.9%	15.5%
Peru	KEMX +0.6 points	0.6%	0.0%
Thailand	XCEM +0.6 points	1.2%	1.8%
Other countries (11)	KEMX +1.9 points	11.3%	9.4%

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

Concentration

Weight in the 10 largest Holdings

KEMX36.2%
XCEM35.3%

Securities held

KEMX271
XCEM452

Asset class

KEMX: Equity
XCEM: Equity

Holdings

Only in KEMX84
In both187
Only in XCEM265

Only in KEMX

84 securities, 15.8% of KEMX by weight

Icici Bank Ltd0.97%
Samsung Electronics Co Lt0.86%
Hdfc Bank Limited0.77%
Petrobras - Petroleo Bras0.73%
Infosys Ltd-Sp Adr0.68%
Anglogold Ashanti PLC0.58%
Nu Holdings Ltd/Cayman Isl-A0.45%
Credicorp Ltd0.42%
First Financial Holding Co0.36%
Tata Consultancy Svcs Ltd0.36%
Eternal Ltd0.34%
Discovery Ltd0.31%
State Bank of India0.31%
Southern Copper Corp0.30%
Grupo Cibest SA0.29%
Hindustan Aeronautics Ltd0.28%
Hcl Technologies Ltd0.28%
Emirates Telecom Group Co0.26%
Hindustan Unilever Ltd0.25%
Bank Central Asia Tbk Pt0.24%
Nedbank Group Ltd0.23%
Taiwan Cooperative Financial0.22%
The Shanghai Commercial & SA0.22%
Samsung Biologics Co Ltd0.21%
Abu Dhabi Commercial Bank0.20%
Pegatron Corp0.20%
Ultratech Cement Ltd0.19%
Remgro Ltd0.18%
Cia De Minas Buenaventur-Adr0.17%
Itc Ltd0.17%
Nepi Rockcastle N.v.0.17%
Bank Rakyat Indonesia Perser0.17%
Dr. Reddy's Laboratories0.16%
Axia Energia SA0.15%
Grupo Cibest SA0.15%
Chailease Holding Co Ltd0.14%
Sanlam Ltd0.13%
Komercni Banka As0.13%
Bajaj Finserv Ltd0.13%
Erste Bank Polska SA0.13%
United Tractors Tbk Pt0.12%
Ultrapar Participacoes SA0.12%
Banco Do Brasil S.a.0.12%
Equatorial SA - Ord0.12%
Cipla Ltd0.12%
Indian Oil Corp Ltd0.12%
Godrej Consumer Products Ltd0.11%
Allwyn AG0.11%
Banco Bradesco S.a.0.11%
Suzano SA0.11%

Only in XCEM

265 securities, 29.6% of XCEM by weight

Icici Bank Ltd0.93%
International Holding Co Pjsc0.92%
Hdfc Bank Ltd0.83%
Vaneck Semiconductor Etf0.73%
Ishares Semiconductor Etf0.69%
Al Rajhi Bank0.63%
Chroma Ate Inc0.45%
Saudi Arabian Oil Co0.45%
Delta Electronics Thailand Pcl0.43%
Banco Btg Pactual SA0.36%
State Bank of India0.33%
Global Unichip Corp0.33%
Yageo Corp0.32%
Jentech Precision Industrial Co Ltd0.32%
Saudi National Bank/The0.31%
Embraer SA0.30%
Aspeed Technology Inc0.28%
Realtek Semiconductor Corp0.28%
Waaree Energies Ltd0.27%
Winbond Electronics Corp0.27%
Saudi Telecom Co0.26%
Shoprite Holdings Ltd0.25%
Saudi Arabian Mining Co0.25%
Largan Precision Co Ltd0.25%
Taiwan Union Technology Corp0.25%
Alchip Technologies Ltd0.24%
Leeno Industrial Inc0.24%
King Yuan Electronics Co Ltd0.24%
Hon Precision Inc0.23%
Laurus Labs Ltd0.23%
Phison Electronics Corp0.23%
Emirates Telecommunications Group Co Pjsc0.21%
Kuwait Finance House Kscp0.21%
Ls Electric Co Ltd0.20%
Emirates Nbd Bank Pjsc0.20%
Divi's Laboratories Ltd0.20%
National Bank of Greece SA0.20%
Bid Corp Ltd0.20%
Mpi Corp0.19%
Gold Circuit Electronics Ltd0.19%
Kinsus Interconnect Technology Corp0.19%
Powertech Technology Inc0.18%
Eurobank SA0.18%
Meritz Financial Group Inc0.18%
Compeq Manufacturing Co Ltd0.18%
Ltm Ltd0.17%
Saudi Basic Industries Corp0.17%
Zhen Ding Technology Holding Ltd0.17%
Samvardhana Motherson International Ltd0.17%
Silergy Corp0.16%

Weight gaps

The 100 widest of 187 Holdings in both funds.

Holding weights in KEMX and XCEM, widest gap first
Holding	More in KEMXMore in XCEM	KEMX	XCEM
Samsung Electronics Co Ltd	XCEM +2.24 points	6.24%	8.48%
Nan Ya Plastics Corp	KEMX +1.34 points	1.89%	0.55%
Sk Square Co Ltd	KEMX +1.12 points	1.80%	0.68%
Mediatek Inc	KEMX +0.80 points	2.58%	1.78%
Accton Technology Corp	KEMX +0.68 points	1.01%	0.33%
Samsung Electro-Mechanics Co	KEMX +0.40 points	1.08%	0.68%
Elite Material Co Ltd	XCEM +0.35 points	0.25%	0.60%
Fubon Financial Holding Co	KEMX +0.32 points	0.67%	0.35%
Hana Financial Group	KEMX +0.32 points	0.77%	0.45%
Sk Hynix Inc	KEMX +0.32 points	3.63%	3.31%
Ase Technology Holding Co Lt	XCEM +0.30 points	0.74%	1.05%
Kgi Financial Holding Co Ltd	KEMX +0.30 points	0.44%	0.14%
Posco Holdings Inc	KEMX +0.28 points	0.51%	0.23%
Hanwha Aerospace Co Ltd	KEMX +0.28 points	0.49%	0.21%
Lpp SA	KEMX +0.29 points	0.39%	0.10%
Asia Vital Components	XCEM +0.28 points	0.23%	0.51%
Grupo Financiero Banorte-O	KEMX +0.27 points	0.53%	0.26%
Ihh Healthcare Bhd	XCEM +0.25 points	0.08%	0.33%
Yuanta Financial Holding Co	KEMX +0.25 points	0.43%	0.18%
Doosan Enerbility Co Ltd	KEMX +0.25 points	0.49%	0.24%
Hua Nan Financial Holdings C	KEMX +0.25 points	0.34%	0.09%
Naspers Ltd-N Shs	KEMX +0.25 points	0.65%	0.40%
Woori Financial Group Inc	KEMX +0.23 points	0.47%	0.24%
Samsung Fire & Marine Ins	KEMX +0.23 points	0.42%	0.19%
Bharti Airtel Ltd	KEMX +0.23 points	0.79%	0.56%
Vale SA	KEMX +0.23 points	0.62%	0.39%
Naver Corp	KEMX +0.22 points	0.44%	0.22%
Lite-On Technology Corp	KEMX +0.22 points	0.44%	0.22%
Hyundai Glovis Co Ltd	KEMX +0.21 points	0.32%	0.11%
Kia Corp	KEMX +0.22 points	0.49%	0.27%
Samsung Life Insurance Co Lt	KEMX +0.21 points	0.40%	0.19%
Celltrion Inc	KEMX +0.21 points	0.56%	0.35%
Samsung C&T Corp	KEMX +0.21 points	0.44%	0.23%
KT&G Corp	KEMX +0.20 points	0.41%	0.21%
Reliance Industries Limited	KEMX +0.20 points	0.99%	0.79%
Interglobe Aviation Ltd	KEMX +0.20 points	0.29%	0.09%
Cimb Group Holdings Bhd	KEMX +0.19 points	0.29%	0.10%
Ts Financial Holding Co Ltd	KEMX +0.19 points	0.39%	0.20%
Lg Corp	KEMX +0.19 points	0.28%	0.09%
Bharat Electronics Ltd	KEMX +0.18 points	0.35%	0.17%
Fomento Economico Mexica-Ubd	KEMX +0.18 points	0.42%	0.24%
Public Bank Berhad	KEMX +0.18 points	0.31%	0.13%
Mega Financial Holding Co Lt	KEMX +0.18 points	0.30%	0.12%
Qatar National Bank	KEMX +0.18 points	0.37%	0.19%
Axis Bank Ltd	KEMX +0.17 points	0.50%	0.33%
Korea Aerospace Industries	KEMX +0.17 points	0.23%	0.06%
Lg Electronics Inc	KEMX +0.18 points	0.34%	0.16%
Tenaga Nasional Bhd	XCEM +0.17 points	0.25%	0.42%
Taiwan Business Bank	XCEM +0.17 points	0.02%	0.19%
Petroleo Brasileiro SA -	KEMX +0.18 points	0.69%	0.51%
Kotak Mahindra Bank Ltd	KEMX +0.17 points	0.44%	0.27%
Novatek Microelectronics Cor	XCEM +0.17 points	0.27%	0.44%
Chunghwa Telecom Co Ltd	KEMX +0.16 points	0.34%	0.17%
China Steel Corp	KEMX +0.16 points	0.16%	<0.01%
Powszechny Zaklad Ubezpiecze	XCEM +0.16 points	0.23%	0.39%
Taiwan Mobile Co Ltd	KEMX +0.16 points	0.25%	0.09%
Uni-President Enterprises Co	KEMX +0.16 points	0.23%	0.07%
Malayan Banking Bhd	KEMX +0.15 points	0.28%	0.13%
Unimicron Technology Corp	XCEM +0.15 points	0.32%	0.47%
Pko Bank Polski SA	XCEM +0.15 points	0.48%	0.63%
Advanced Info Service-Nvdr	KEMX +0.14 points	0.20%	0.06%
Cemex Sab-Cpo	KEMX +0.14 points	0.26%	0.12%
Far Eastone Telecomm Co Ltd	KEMX +0.14 points	0.22%	0.08%
Itausa SA	XCEM +0.14 points	0.23%	0.37%
Walmart De Mexico Sab De Cv	KEMX +0.14 points	0.24%	0.10%
Hon Hai Precision Industry	XCEM +0.14 points	0.97%	1.11%
Ctbc Financial Holding Co Lt	XCEM +0.13 points	0.43%	0.56%
Emaar Properties Pjsc	KEMX +0.13 points	0.33%	0.20%
Grupo Aeroport Del Sureste-B	KEMX +0.13 points	0.14%	<0.01%
Bank Pekao SA	KEMX +0.13 points	0.22%	0.09%
Lg Chem Ltd	KEMX +0.13 points	0.24%	0.11%
Formosa Plastics Corp	KEMX +0.13 points	0.19%	0.06%
United Microelectronics Corp	KEMX +0.13 points	0.64%	0.51%
Cg Power and Industrial Solu	KEMX +0.12 points	0.25%	0.13%
Banco Bradesco SA	KEMX +0.12 points	0.25%	0.13%
Localiza Rent A Car	KEMX +0.13 points	0.13%	<0.01%
Kghm Polska Miedz SA	KEMX +0.12 points	0.18%	0.06%
Firstrand Ltd	XCEM +0.12 points	0.31%	0.43%
Titan Co Ltd	XCEM +0.12 points	0.23%	0.35%
Mtn Group Ltd	XCEM +0.12 points	0.14%	0.26%
America Movil Sab De C-Ser B	KEMX +0.12 points	0.39%	0.27%
Hd Hyundai	KEMX +0.12 points	0.18%	0.06%
Banco De Chile	KEMX +0.12 points	0.18%	0.06%
Sinopac Financial Holdings	KEMX +0.11 points	0.22%	0.11%
Samsung Heavy Industries	KEMX +0.12 points	0.24%	0.12%
Wistron Corp	KEMX +0.11 points	0.33%	0.22%
Chang Hwa Commercial Bank	KEMX +0.11 points	0.33%	0.22%
Bim Birlesik Magazalar As	KEMX +0.12 points	0.22%	0.10%
Maruti Suzuki India Ltd	KEMX +0.11 points	0.25%	0.14%
Hindalco Industries Ltd	KEMX +0.11 points	0.27%	0.16%
Kb Financial Group Inc	KEMX +0.11 points	0.71%	0.60%
Sk Inc	KEMX +0.10 points	0.28%	0.18%
Jumbo SA	KEMX +0.10 points	0.18%	0.08%
Asustek Computer Inc	XCEM +0.11 points	0.16%	0.27%
Wipro Ltd	XCEM +0.11 points	0.10%	0.21%
Ntpc Ltd	KEMX +0.10 points	0.22%	0.12%
Bdo Unibank IncBDOUF	KEMX +0.10 points	0.10%	<0.01%
Grupo Aeroport Del Pacific-B	KEMX +0.10 points	0.19%	0.09%
Akbank T.a.s.	KEMX +0.09 points	0.13%	0.04%
Absa Group Ltd	KEMX +0.10 points	0.17%	0.07%

All 304 KEMX 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.

KEMX vs XCEM Cost

Overpaying KEMX vs XCEM

$1,617

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

KEMX 0.24%
$4,959
XCEM 0.16%
$3,342

Amount$10,000

Years30 years

Cost over time

KEMX 0.24%
XCEM 0.16%
Overpaying

Year by year

Year	KEMX	XCEM	Overpaying
10	$437	$292	$145
20	$1,699	$1,141	$558
30	$4,959	$3,342	$1,617

Expense ratio

0.24%KEMX
0.16%XCEM, cheaper

XCEM0.16%KEMX0.24%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XCEM 3rd cheapest of 20 funds

KEMX 5th cheapest of 20 funds

KEMX vs XCEM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): KEMX 2.60%; XCEM 2.68%, better
Payout (12M): KEMX $1.22; XCEM $1.25
Last payment: KEMX $0.04; XCEM $1.25
Ex-dividend: KEMX Dec 30, 2025; XCEM Dec 18, 2025
Paid on: KEMX Dec 31, 2025; XCEM Dec 26, 2025
Frequency: KEMX Irregular; XCEM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

KEMXIrregular · 8 paymentsAll KEMX payments⁠

XCEMAnnual · 9 paymentsAll XCEM payments⁠

KEMX vs XCEM Risk

Fall from peak · 5 years

KEMX
XCEM

Risk facts

VolatilityStd dev, 3 years: KEMX 20.0%XCEM 20.0%
Return per unit of riskSharpe ratio, 3 years: KEMX 1.06, betterXCEM 0.95
Worst fallMax drawdown, 5 years: KEMX −30.8%XCEM −29.5%, better
Market sensitivityBeta, 5 years: KEMX 1.33XCEM 1.27; Market = 1

KEMX 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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KEMX vs XCEM

In short

Stated mandate

Why people hold it

Worth knowing

How KEMX and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in KEMX

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 KEMX and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in KEMX

Only in XCEM

Weight gaps