At a glance
GEME charges 0.75% a year, above the 0.06% average of the 5 funds most like it (the most expensive of 6). It has $366.7M in assets, the 6th largest of that group; it paid 5.84% of its price in distributions over the past 12 months, annual. Over the past year it returned +24.0% with distributions reinvested (S&P 500: +11.5%), the best of those 6 funds. Its ten largest positions make up 46.4% of the fund, out of 50 in all.
The short version
Pacific North of South EM Equity Active ETF (GEME) is an actively managed fund. It holds a concentrated portfolio of 20 to 50 large and mid-sized emerging-market stocks, chosen by the sub-adviser North of South Capital using a value approach. Its 0.75% expense ratio is far above index rivals such as IEMG (0.09%) and VWO (0.07%). Its record is also short, because it launched on January 23, 2025.
Price history
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GEME +24.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GEME price data to Oct 27, 2026 | +20.0% | +24.0% | — | — | — | +30.9% |
- Over the year to Oct 27, 2026, GEME returned +24.0%, 1st of 6 among similar funds.
- The deepest fall in its price history was 16.9% (Mar 17, 2025 to Apr 7, 2025), recovered by Jun 13, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +20.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 50 securities; the ten largest made up 46.44% of assets.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | 10.95% | |
| Samsung Electronics Co., Ltd. | 6.48% | |
| SK Square Co., Ltd. | 6.36% | |
| SK Inc. | 4.80% | |
| Contemporary Amperex Technology Co., Ltd. | 3.62% | |
| Alibaba Group Holding Limited | 3.25% | |
| ICICI BANK LIMITED Other | 3.24% | |
| Samsung Electronics Co., Ltd. | 2.69% | |
| YPF Sociedad Anonima Other | 2.53% | |
| MediaTek Inc. | 2.52% | |
| JD.COM, INC. Other | 2.45% | |
| United Microelectronics Corporation | 2.36% | |
| KIA CORPORATION | 2.25% | |
| CP All Public Company Limited | 2.07% | |
| NASPERS LIMITED | 2.07% |
By country
South Korea 23.9%Taiwan 20.1%Cayman Islands 11.94%China 8.26%South Africa 5.84%By asset type
Stocks 82.93%Other 12.75%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $99.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +15.02%, +12.97%, -2.59%.
How it works
GEME does not track an index. Its sub-adviser, North of South Capital LLP, picks 20 to 50 companies worth more than $5 billion when first bought. Each company must trade mainly on an emerging-market exchange or earn at least half its profits in emerging markets. Under normal conditions, at least 80% of net assets go into these stocks. They can be common shares, preferred shares or American Depositary Receipts (ADRs), which are US-listed certificates for foreign shares.
The manager is a value investor. It looks for companies it believes trade below their intrinsic, or underlying, worth, judged by book value, cash, price-to-earnings ratio, franchise value and management quality. A stock also has to look attractive against local bond yields after adjusting for risks such as trading liquidity, price swings, debt and corporate governance. The manager combines country-level views with company research. It sells when a stock looks expensive, rises faster than its value targets, or no longer fits the original case. Portfolio turnover was 80%, so the fund replaced holdings worth about four-fifths of the portfolio over a year.
The fund may put up to 15% in bonds, with up to 10% in below-investment-grade debt. It may also put up to 10% in participatory notes, which are contracts that track stocks in markets it cannot buy directly, such as India, Vietnam and Saudi Arabia. It may use equity swaps and currency forwards as hedges. As of June 30, 2026, derivatives were about 0.05% of assets.
What it really costs
- GEME charges 0.75% a year, versus an average of 0.06% for the similar funds below (6th of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GEME | $77 | $240 | $417 | $930 |
In a retirement portfolio
A concentrated, actively managed emerging-market stock fund with a beta of 1.4, a 0.75% fee and about 1.7 years of history works as a higher-risk add-on, not a core.
GEME could add an actively managed slice of emerging-market stocks alongside broader core funds. It launched January 23, 2025, so it has no record from the 2008, 2020 or 2022 sell-offs and no full calendar year of returns. Its deepest drop was 16.9%, from March 17 to April 7, 2025. It had recovered by June 13, about 2.2 months later. Beta measures how much a fund moves with the market. GEME's beta was 1.4 over the year to October 27, 2026, which points to bigger swings than the broad market. Selling in a bad year could lock in steeper losses.
Its trailing yield was 5.84% as of October 27, 2026. It pays once a year, so the income is lumpy. The 0.75% expense ratio compares with a 0.06% average for matched funds. The SEC's standard example puts costs at $77 after one year on $10,000. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking an actively managed, value-focused emerging-market fund of 20 to 50 stocks, led by Taiwan Semiconductor at about 11% as of June 30, 2026.
- Investors with a low-cost core who want a higher-risk satellite holding 23.9% in South Korea and 20.1% in Taiwan as of June 30, 2026.
- Patient investors who can sit through swings like the fund's 16.9% drop from March to April 2025 and judge an active manager over many years.
Look elsewhere if
- Cost-focused investors: the 0.75% expense ratio is the highest among matched funds, versus 0.09% for IEMG and 0.07% for VWO.
- Retirees needing steady income: the 5.84% trailing yield, as of October 27, 2026, is paid only once a year and may vary widely.
- Anyone wanting a tested track record: launched January 23, 2025, it has no full calendar year and wasn't around for the 2020 or 2022 sell-offs.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GEME this fund | — | 0.75% | $366.7M | +24.0% | — |
| IEMG iShares Core MSCI Emerging Markets ETF | 20% | 0.09% | $160.90B | +11.7% | +19.8% |
| VWO Vanguard FTSE Emerging Markets ETF | 17% | 0.07% | $162.04B | +3.3% | +16.8% |
| VEU Vanguard FTSE All-World ex-US Index Fund | 9% | 0.04% | $95.84B | +13.4% | +20.6% |
| IXUS iShares Core MSCI Total International Stock… | 8% | 0.07% | $58.39B | +13.8% | +19.5% |
| VXUS Vanguard Total International Stock ETF | 8% | 0.05% | $645.86B | +12.9% | +20.3% |
Questions investors ask
Is GEME good for retirement?
GEME may suit a small, higher-risk slice of a retirement portfolio rather than a core position. It is an actively managed emerging-market stock fund from Pacific Investments. Its sub-adviser, North of South Capital, uses a value approach to pick 20 to 50 stocks. Over the year to October 27, 2026, its volatility (how widely returns swing) was 24.6% and its beta was 1.4. It launched January 23, 2025, so it has no record from the 2008, 2020 or 2022 downturns.
What's the difference between GEME and IEMG?
IEMG is a broad, low-cost index fund, while GEME is a concentrated, actively managed value fund. The iShares Core MSCI Emerging Markets ETF charges 0.09% a year, versus 0.75% for GEME. The two shared about 20% of their holdings, the most of any matched fund. GEME returned 24% over the year to October 27, 2026. IEMG returned 11.3% over the year to October 30, 2026. But GEME's history covers only about 1.7 years.
Does GEME pay dividends?
Yes, but only once a year. GEME's trailing yield was 5.84% as of October 27, 2026, based on $2.255 per share. Trailing yield divides the past year's payouts by the share price. A single yearly payment can change a lot from one year to the next, so that figure may not repeat. Investors who depend on regular monthly or quarterly cash may find the timing awkward and the amount hard to plan around.
What are GEME's top holdings?
Taiwan Semiconductor Manufacturing was the largest holding, at about 11% of assets as of June 30, 2026. Next came Samsung Electronics at 6.48%, plus another 2.69% in a second line of Samsung shares. Then came SK Square at 6.36%, SK Inc. at 4.80% and Contemporary Amperex Technology at 3.62%. The top 10 positions made up 46.44% of the fund. By country, South Korea led at 23.9%, ahead of Taiwan at 20.1%.
How much does GEME cost?
GEME's expense ratio is 0.75% a year, all of it management fee, according to its prospectus filed April 27, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On that basis, costs come to $77 after one year, $240 after three, $417 after five and $930 after 10. That is the highest fee among its matched emerging-market and international funds, which averaged 0.06%.