At a glance
XCNY charges 0.19% a year, below the 0.46% average of the 7 funds most like it (the cheapest of 7). It has $9.9M in assets, the 8th largest of that group; it paid 2.31% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +17.6% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds. Its ten largest positions make up 31.0% of the fund, out of 1,206 in all.
The short version
SPDR S&P Emerging Markets ex-China ETF (XCNY) is a State Street index fund that tracks the S&P Emerging ex-China BMI Index, a broad basket of emerging-market stocks that leaves out China. Its 0.19% annual expense ratio is the lowest among the comparable ex-China funds we reviewed, which averaged 0.46%. The trade-offs: it held only about $9.9 million in assets as of June 30, 2026, and Taiwan made up 43.7% of the portfolio.
Price history
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XCNY +17.6% 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 | |
|---|---|---|---|---|---|---|
| XCNY official prospectus, to Dec 31, 2025 | — | +20.08% | — | — | — | +12.19% |
| XCNY price data to Oct 27, 2026 | +16.5% | +17.6% | — | — | — | +15.4% |
- Over the year to Oct 27, 2026, XCNY returned +17.6%, 6th of 7 among similar funds.
- Its worst full calendar year was 2025 (+20.4%); its best was 2025 (+20.4%).
- The deepest fall in its price history was 19.4% (Sep 26, 2024 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.5% | — |
| 2025 | +20.4% | +20.08% |
| 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) | $0.2800 | |
| 2025 | $0.7500 |
What's inside
As of Jun 30, 2026, the fund held 1,206 securities; the ten largest made up 30.99% of assets.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Co Ltd | 19.83% | |
| MediaTek Inc | 2.69% | |
| Delta Electronics Inc | 1.85% | |
| Hon Hai Precision Industry Co Ltd | 1.11% | |
| ASE Technology Holding Co Ltd | 1.08% | |
| HDFC Bank Ltd | 1.05% | |
| Reliance Industries Ltd | 1.03% | |
| ICICI Bank Ltd | 0.83% | |
| Accton Technology Corp | 0.79% | |
| United Microelectronics Corp | 0.73% | |
| Unimicron Technology Corp | 0.68% | |
| Credicorp Ltd | 0.59% | |
| Bharti Airtel Ltd | 0.58% | |
| Al Rajhi Bank | 0.58% | |
| Vale SA | 0.58% |
By country
Taiwan 43.7%India 21.23%Brazil 5.18%South Africa 4.23%Saudi Arabia 3.74%By asset type
Stocks 97.29%Preferred stock 1.64%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.37%, +6.94%, -0.21%.
How it works
XCNY follows the S&P Emerging ex-China BMI Index, run by S&P Dow Jones Indices. The index is the emerging-markets slice of the S&P Global BMI, minus China. New companies need a float-adjusted market value of at least $100 million and enough trading activity. Existing members stay if they're above $75 million at the yearly review. "Float-adjusted" means only shares available to the public count, and bigger companies get bigger weights. As of November 30, 2025, the index held 3,658 stocks, led by India and Taiwan. South Korea does not appear on its country list.
State Street's adviser, SSGA Funds Management, uses sampling. That means it may hold a representative subset of the index rather than every stock, aiming for similar risk and return. As of June 30, 2026, the fund owned 1,206 securities. At least 80% of assets must be in index stocks or depositary receipts (certificates representing foreign shares). The fund may also hold stocks outside the index. It can use futures contracts, a type of derivative, to track the index and manage cash.
The index is rebuilt each September and updated quarterly to add eligible new listings. Portfolio turnover was 1%, meaning the fund rarely changes its holdings. As of June 30, 2026, Taiwan Semiconductor Manufacturing was 19.8% of the fund, and the 10 largest holdings made up 31.0%.
What it really costs
- XCNY charges 0.19% a year, versus an average of 0.46% for the similar funds below (1st of 7, cheapest first).
- Of that, 0.15% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $19 in the first year and $243 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XCNY | $19 | $61 | $107 | $243 |
In a retirement portfolio
Its narrow focus, with 43.7% in Taiwan and nearly 20% in one company as of June 30, 2026, plus its short record and tiny size, makes it a higher-risk add-on rather than a foundation.
XCNY could add emerging-market stocks outside China to a US-heavy portfolio at low cost: the SEC's standard example shows $243 in costs over 10 years on $10,000, assuming 5% yearly returns. It yielded 2.31% over the 12 months to October 27, 2026, paid twice a year. It launched in September 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 19.4%, from September 26, 2024 to April 8, 2025. It recovered by June 26, 2025, about 2.6 months after the low. Its only full calendar year, 2025, returned 20.1%.
Anyone withdrawing cash near that low would have locked in losses. Its small size also matters: about $9.9 million as of June 30, 2026. The prospectus warns this can mean wider trading spreads and possible closure. 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
- Cost-conscious index investors: its 0.19% expense ratio was the lowest among comparable ex-China funds we reviewed, against a 0.46% average.
- Long-term holders comfortable with Taiwan at 43.7% and India at 21.2% of assets, plus about 20% in Taiwan Semiconductor, as of June 30, 2026.
- Investors who hold China separately, or want none, and prefer to set their China weighting themselves rather than accept a standard emerging-markets mix.
Look elsewhere if
- Investors who value size and trading volume: XCNY had about $9.9 million in assets as of June 30, 2026, the smallest of the comparable ex-China funds.
- Anyone wanting a long track record: it launched in September 2024 and has no history through the 2008, 2020 or 2022 market drops.
- Those needing steady income or a smooth ride: its 12-month yield was 2.31% as of October 27, 2026, and its deepest drop was 19.4%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XCNY this fund | — | 0.19% | $9.9M | +17.6% | — |
| EMXC iShares MSCI Emerging Markets ex China ETF | 65% | 0.25% | $24.92B | +27.3% | +24.6% |
| KEMX KraneShares MSCI Emerging Markets ex China … | 53% | 0.24% | $133.7M | +35.1% | +28.3% |
| DEXC Dimensional Emerging Markets ex China Core … | 39% | — | $307.9M | — | — |
| PEMX Putnam Emerging Markets ex-China ETF | 31% | 0.85% | $31.2M | +28.4% | +31.8% |
| XC WisdomTree Emerging Markets Ex-China Fund | 30% | 0.32% | $78.6M | -4.5% | +11.4% |
| AVXC Avantis Emerging Markets ex-China Equity ETF | 30% | 0.33% | $454.5M | +26.5% | — |
| EMM Global X Emerging Markets ex-China ETF | 24% | 0.76% | $57.8M | +25.7% | +21.7% |
Questions investors ask
What's the difference between XCNY and EMXC?
Both hold emerging-market stocks excluding China, but they follow different indexes and differ sharply in cost and size. XCNY follows the S&P Emerging ex-China BMI Index and charges 0.19% a year. iShares MSCI Emerging Markets ex China ETF (EMXC) charges 0.25%. EMXC had about $24.9 billion in assets as of August 31, 2026, while XCNY had about $9.9 million as of June 30, 2026. Their holdings overlapped by about 65%. Over one year, EMXC returned 27.4% (to October 30, 2026) and XCNY returned 17.6% (to October 27, 2026).
Is XCNY good for retirement?
It may fit as a small, higher-risk slice of a diversified retirement portfolio rather than a core position. Costs are low at 0.19% a year. But the fund launched in September 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop was 19.4%, between September 2024 and April 2025. Taiwan made up 43.7% of assets as of June 30, 2026, and the 12-month yield was a modest 2.31% as of October 27, 2026.
Does XCNY pay dividends?
Yes. XCNY pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $0.75 per share, a yield of 2.31%. The money comes from dividends paid by the stocks it owns, so payments can vary from one distribution to the next. Most of its holdings trade in local currencies, so swings in exchange rates against the US dollar can also raise or lower what shareholders receive.
How much of XCNY is in TSMC and Taiwan?
Taiwan Semiconductor Manufacturing was 19.8% of the fund as of June 30, 2026, and Taiwan as a whole was 43.7%. That follows from the index's design: stocks are weighted by the market value of their publicly available shares, so the biggest companies get the biggest slices. As a result, one company's results can move the whole fund noticeably. India came second at 21.2%, led by HDFC Bank and Reliance Industries at about 1.0% each.
What is the expense ratio of XCNY?
XCNY's expense ratio is 0.19% a year, including a 0.15% management fee. That was the lowest among the comparable ex-China funds we reviewed, which averaged 0.46%. In the SEC's standard example, $10,000 invested at a 5% yearly return would cost about $19 over one year and $243 over 10 years. One trade-off: it was the smallest of its peers, at about $9.9 million in assets as of June 30, 2026.