The Global X Emerging Markets ex-China ETF (EMM) is an actively managed fund with a narrow mandate: long-term capital growth in emerging market equities outside China. It entered 2026 with net assets in the low tens of millions and a trailing year NAV return of roughly 49 percent. The fund trades at or very near its NAV, and its total expense ratio is high for a fund of its size.
The core tension is that EMM pairs an aggressive ex-China stance with persistent underperformance against its own benchmark. Over the trailing 12 months the fund lagged the MSCI Emerging Markets ex China Index by roughly 14 percentage points. A six month turnover rate in the mid fifties and a portfolio that is roughly 44 percent information technology, with about 59 percent concentrated in just two countries, make the fund a leveraged bet on Asia Pacific tech rather than a diversified ex-China portfolio. The expense ratio and a net asset base in the low tens of millions mean the fund pays a meaningful fixed cost to deliver active alpha that has not materialized.