Global X Emerging Markets ex-China ETF

Global X Emerging Markets ex-China ETF (EMM) is an actively managed fund of emerging-market stocks. It leaves out companies based in China and Hong Kong. Its managers favor companies that lead their markets, and it holds large positions in Taiwan, South Korea and India, including Taiwan Semiconductor and Samsung. Its 0.66% expense ratio is above the 0.40% average of similar funds and well above the 0.25% charged by the index-based iShares MSCI Emerging Markets ex China ETF.

• Over the year to Oct 27, 2026, EMM returned +25.7%, 2nd of 8 among similar funds.
• Its worst full calendar year was 2024 (+2.3%); its best was 2025 (+30.2%).
• The deepest fall in its price history was 22% (Jul 10, 2024 to Apr 8, 2025), recovered by Jun 24, 2025.

As of May 31, 2026, the fund held 42 securities; the ten largest made up 65.76% of assets.

• Over the three months to May 31, 2026, investors withdrew a net $6.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +10.22%, +17.18%, -12.48%.

EMM does not track an index. Global X Management Company is the adviser, and Mirae Asset Global Investments (Hong Kong) is the sub-adviser. Under normal conditions, at least 80% of net assets go into emerging-market companies that the managers see as current or future leaders in market share or market value. This can include common stock, preferred stock and depositary receipts (certificates that let a foreign company's shares trade on another exchange). Companies based in China or Hong Kong, or listed on a Chinese exchange, are excluded.

The team first screens stocks by trading volume and company size. It then researches companies one at a time instead of setting country or sector targets first. Limits on position size, on country and sector weights compared with a broad benchmark, and on the number of holdings keep the portfolio in check. The fund must hold at least three countries, but it may put 25% or more in one country or sector. As of May 31, 2026, it held 42 positions, and the top 10 made up about 66% of assets.

The fund can also own other ETFs. As of May 31, 2026, about 22% of assets sat in other funds, mainly the Global X India Active ETF (16.6%) and the Global X Brazil Active ETF (5.6%). The prospectus reports portfolio turnover of 95%, a sign of frequent trading. Unlike most ETFs, EMM handles many share creations and redemptions in cash. That can force it to sell holdings and make it less tax-efficient.

• EMM charges 0.66% a year, versus an average of 0.4% for the similar funds below (6th of 8, cheapest first).
• Of that, 0.65% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $67 in the first year and $822 over 10 years (assuming a 5% annual return).

It is an actively managed, concentrated slice of emerging markets with larger-than-average price swings, so it may work as a smaller add-on to broader holdings.

EMM adds emerging-market stocks outside China, with a tilt toward Asian chip and electronics companies. Its price swings are large. The prospectus shows a 20.41% loss in 2022, a 19.89% loss in 2018 and a 26.82% drop in the first quarter of 2020, though those periods came before the ETF's May 2023 launch. Since launch, its deepest fall was 22%, from July 10, 2024 to April 8, 2025. It recovered by June 24, 2025. Someone who had to sell shares during that stretch would have locked in losses. Income is small: the yield was 0.78% as of October 27, 2026, paid twice a year. In the SEC's standard $10,000 example, costs come to $822 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.