At a glance
XC charges 0.32% a year, above the 0.27% average of the 6 funds most like it (the 5th cheapest of 7). It has $78.6M in assets, the 7th largest of that group; it paid 12.77% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −4.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +11.4% a year. Its ten largest positions make up 19.7% of the fund, out of 513 in all.
The short version
WisdomTree Emerging Markets Ex-China Fund (XC), named WisdomTree True Emerging Markets Fund in its prospectus, is an index ETF holding 513 emerging-market stocks. It leaves out China, Taiwan, South Korea and state-owned companies. That leaves it heavily weighted to India, at 36.5% of assets as of June 30, 2026. It charges 0.32% a year, more than the iShares MSCI Emerging Markets ex China ETF (0.25%), and it is far smaller.
Price history
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XC -4.5% 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 | |
|---|---|---|---|---|---|---|
| XC official prospectus, to Dec 31, 2025 | — | +18.08% | — | — | — | +13.63% |
| Wisdom Tree True Emerging Markets Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +19.12% | — | — | — | +14.72% |
| MSCI Emerging Markets ex-China Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +34.61% | — | — | — | +17.47% |
| XC price data to Oct 27, 2026 | -6.1% | -4.5% | +11.4% | — | — | +10.7% |
- Over the year to Oct 27, 2026, XC returned -4.5%, 7th of 7 among similar funds.
- Its worst full calendar year was 2024 (+5.5%); its best was 2023 (+21.3%).
- The deepest fall in its price history was 21% (Sep 26, 2024 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -6.1% | — |
| 2025 | +18.2% | +18.08% |
| 2024 | +5.5% | +5.57% |
| 2023 | +21.3% | +21.63% |
| 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
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4000 | |
| 2025 | $3.8200 | +712.8% |
| 2024 | $0.4700 | +11.9% |
| 2023 | $0.4200 |
What's inside
As of Jun 30, 2026, the fund held 513 securities; the ten largest made up 19.72% of assets.
| Holding | Weight | |
|---|---|---|
| MERCADOLIBRE INC | 3.43% | |
| RELIANCE INDUSTRIES LTD | 2.44% | |
| HDFC BANK LTD | 2.33% | |
| AL RAJHI BANK | 2.26% | |
| ICICI BANK LTD | 1.91% | |
| DELTA ELECTRONICS (THAILAND) PCL | 1.79% | |
| BHARTI AIRTEL LTD | 1.44% | |
| OTP BANK NYRT | 1.40% | |
| GRUPO MEXICO SAB DE CV | 1.37% | |
| FIRSTRAND LTD | 1.35% | |
| CAPITEC BANK HOLDINGS LTD | 1.07% | |
| GRUPO FINANCIERO BANORTE SAB DE CV | 1.06% | |
| MTN GROUP LTD | 1.05% | |
| STANDARD BANK GROUP LTD | 1.04% | |
| AMERICA MOVIL SAB DE CV | 0.97% |
By country
India 36.51%South Africa 10.21%Mexico 10.04%Brazil 7.89%Saudi Arabia 5.2%By asset type
Stocks 98.84%Preferred stock 0.86%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $19.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.35%, -0.47%, -0.36%.
How it works
XC tracks the WisdomTree True Emerging Markets Index. WisdomTree builds this index itself and also owns the fund's adviser. The starting pool is companies whose main business is in a set list of emerging markets, such as India, Brazil, Mexico, Saudi Arabia, South Africa, Thailand and Poland. China, Taiwan and South Korea are not on the list. A company must have a float-adjusted market value of at least $1 billion and meet trading-volume minimums. Float-adjusted means only shares available to the public are counted. Any state-owned enterprise is then removed. WisdomTree defines that as a company more than 20% owned by a government.
Stocks are weighted by float-adjusted market value. Then each country's total is adjusted to match its share of the starting pool. So in countries with many state-owned firms, the remaining private companies can get bigger weights than they would under plain market-value weighting. At each annual rebalance, no country can exceed 35% and no company can exceed 5%. Between rebalances, weights can drift past these caps: India made up 36.5% of assets as of June 30, 2026.
The fund uses representative sampling, which means it holds a sample of index stocks that behaves like the whole index. It keeps at least 80% of its assets in index stocks or close equivalents. Portfolio turnover was 99%, and because the fund usually pays redemptions in cash, it may realize taxable capital gains.
What it really costs
- XC charges 0.32% a year, versus an average of 0.27% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $33 in the first year and $406 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XC | $33 | $103 | $180 | $406 |
In a retirement portfolio
It is a small, India-heavy emerging-markets fund with a short record, so it fits as a modest add-on rather than a foundation.
XC adds emerging-market stocks outside China, Taiwan and South Korea, mainly in India, South Africa and Mexico, which a US-focused portfolio may lack. Its record is short. It launched September 22, 2022, so it was not around for the 2008, 2020 or 2022 sell-offs. Its weakest calendar year was 2024, a gain of about 5.6%. But from September 26, 2024 to April 8, 2025 it fell about 21%, and it regained that peak by June 24, 2025. Anyone who sold or drew income during that stretch would have locked in losses. The trailing 12-month yield was 12.77% as of October 27, 2026, paid quarterly. That is unusually high for a stock fund and may include one-off payouts. On the SEC's standard example, it costs $33 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want emerging-market stocks without China, Taiwan, South Korea or state-owned companies, all in one index fund.
- Those comfortable with a large India tilt (36.5% of assets as of June 30, 2026) plus about 10% each in South Africa and Mexico.
- Holders using it as a small satellite who can accept drops like its roughly 21% decline from September 2024 to April 2025.
Look elsewhere if
- Cost-focused investors: VWO and SPEM charge 0.07% and SCHE charges 0.11%, against XC's 0.32%.
- Those who want Taiwan and South Korea exposure. The MSCI Emerging Markets ex-China Index returned 34.61% in 2025, versus XC's 18.08%.
- Investors who prefer large funds: XC held $78.6 million as of June 30, 2026, after about $19 million of net outflows over three months.
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 |
|---|---|---|---|---|---|
| XC this fund | — | 0.32% | $78.6M | -4.5% | +11.4% |
| EMXC iShares MSCI Emerging Markets ex China ETF | 24% | 0.25% | $24.92B | +27.3% | +24.6% |
| SCHE Schwab Emerging Markets Equity ETF | 21% | 0.11% | $13.00B | +4.4% | +16.7% |
| VWO Vanguard FTSE Emerging Markets ETF | 19% | 0.07% | $162.04B | +3.3% | +16.8% |
| FNDE Schwab Fundamental Emerging Markets Equity … | 19% | 0.39% | $10.31B | +15.0% | +22.8% |
| EEM iShares MSCI Emerging Markets ETF | 18% | 0.72% | $31.21B | +12.7% | +20.3% |
| SPEM SPDR Portfolio Emerging Markets ETF | 17% | 0.07% | $17.31B | +5.0% | +16.8% |
Questions investors ask
Does XC pay dividends?
Yes. XC pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $3.84 per share, a trailing yield of 12.77%. That is very high for a stock fund. It may include one-off or capital gains distributions, which are possible given the fund's 99% portfolio turnover. So it may not repeat at that level. Anyone counting on the income may want to look at how big each payment was, not just the headline yield.
What's the difference between XC and EMXC?
Both skip China. XC also leaves out Taiwan, South Korea and state-owned companies, and it follows WisdomTree's own index rather than an MSCI index. The two share only about 24% of their holdings. EMXC charges 0.25% versus XC's 0.32%, and it is much larger: about $24.9 billion in net assets as of August 31, 2026, against XC's $78.6 million as of June 30, 2026. EMXC returned 27.4% over the year to October 30, 2026. XC returned -4.5% over the year to October 27, 2026.
What countries does XC exclude?
XC excludes China, Taiwan and South Korea. It also excludes any company more than 20% owned by a government. Its index draws from a set list of emerging markets that includes India, Brazil, Mexico, Saudi Arabia, South Africa, Thailand, Poland and Vietnam. As of June 30, 2026, India made up 36.5% of assets, South Africa 10.2% and Mexico 10.0%. The largest single holding was MercadoLibre, at 3.4%.
Why has XC underperformed other emerging market ETFs?
The clearest differences are what XC leaves out and where it concentrates. Besides China, it excludes Taiwan, South Korea and state-owned companies, and India made up 36.5% of assets as of June 30, 2026. In 2025, XC returned 18.08% while the MSCI Emerging Markets ex-China Index returned 34.61%. Over the year to October 27, 2026, XC lost 4.5%. Its one- and three-year returns trailed all six similar funds it was compared with.
What is XC's expense ratio?
XC's expense ratio is 0.32%, all of it management fee, according to its prospectus filed October 28, 2026. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs come to about $33 after one year, $103 after three, $180 after five and $406 after ten. That is above the 0.27% average of similar funds, and well above VWO and SPEM at 0.07% each.