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Compare iShares MSCI Emerging Markets ex China Index ETF (CA) (XEMC) vs BMO MSCI Emerging Markets Index ETF (ZEM) to find the best fit for your portfolio. XEMC and ZEM provide the same top sector exposures: Technology, Finance, and Non-Energy Materials. When evaluating costs, XEMC features a management fee (MER) of 0.3%, compared to 0.25% for ZEM. Performance-wise, XEMC has returned 37.76% year-to-date with +$65 M in net flows, whereas ZEM is at 23.9% with +$881 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
XEMC
ZEM
| AuM | $143.89 M | $3,532.71 M |
| Management Fees | 0.30% | 0.25% |
| Exp. ratio | 0.31% | 0.27% |
| Tracking Difference | - | -1.19% |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XEMC | +1.82% | -4.59% | +37.76% | +59.96% | +107.41% |
ZEM | +0.50% | -4.31% | +23.90% | +37.30% | +83.92% | |
| Flows | XEMC | -$1 M | +$36 M | +$65 M | +$69 M | +$105 M |
ZEM | +$91 M | +$88 M | +$881 M | +$1,157 M | +$1,184 M |
XEMC vs ZEM exposure
Countries
XEMC
Taiwan
33.46%
Republic of Korea
22.87%
India
15.94%
Other
27.73%
ZEM
Taiwan
25.86%
China
20.43%
Republic of Korea
17.68%
India
12.30%
Other
23.72%
Sectors
XEMC
Technology
45.68%
Finance
23.06%
Non-Energy Materials
7.21%
Other
24.06%
ZEM
Technology
41.63%
Finance
22.76%
Other
35.61%
As of September 2, 2026
Top 10 Holdings
XEMC
Taiwan Semiconductor Manufacturing Co., Ltd.
19.25%
Samsung Electronics Co., Ltd.
7.75%
SK hynix, Inc.
5.84%
MediaTek, Inc.
1.65%
Delta Electronics, Inc.
1.06%
HDFC Bank Ltd.
1.02%
Hon Hai Precision Industry Co., Ltd.
0.99%
Samsung Electronics Co., Ltd.
0.96%
Reliance Industries Ltd.
0.94%
ICICI Bank Ltd.
0.90%
ZEM
Taiwan Semiconductor Manufacturing Co., Ltd.
14.88%
Samsung Electronics Co., Ltd.
5.99%
SK hynix, Inc.
4.52%
Tencent Holdings Ltd.
3.29%
Alibaba Group Holding Ltd.
2.12%
MediaTek, Inc.
1.28%
China Construction Bank Corp.
0.89%
Delta Electronics, Inc.
0.82%
HDFC Bank Ltd.
0.78%
Hon Hai Precision Industry Co., Ltd.
0.77%
Diversification
XEMC
Total weight of top 10 holdings out of 603 total
40.37%
ZEM
Total weight of top 10 holdings out of 1,179 total
35.34%
Characteristics
Compare
XEMC
ZEM
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI Emerging Markets ex China NTR Index - USD | MSCI Emerging Markets Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.72% | 1.81% |
| Meets ESG criteria | No | No |
| Inception Date | February 7, 2023 | October 20, 2009 |
Frequently asked questions about XEMC and ZEM
Which ETF has performed better year to date: XEMC or ZEM?
As of September 2, 2026, XEMC has returned 37.76% year to date, while ZEM has returned 23.90%. XEMC is ahead on YTD performance.
Which ETF is larger by assets under management: XEMC or ZEM?
As of September 2, 2026, XEMC manages $143.89 M in assets, while ZEM manages $3.53 B. ZEM is the larger fund by AUM.
How are XEMC and ZEM managed?
XEMC is passively managed by iShares. It tracks the MSCI Emerging Markets ex China NTR Index - USD benchmark. ZEM is passively managed by BMO. It tracks the MSCI Emerging Markets Net Total Return Index - CAD benchmark.
What sectors do XEMC and ZEM emphasize?
XEMC is most exposed to Technology, Finance, and Non-Energy Materials. ZEM is most exposed to Technology, Finance, and Non-Energy Materials.
Which ETF is attracting more investor flows: XEMC or ZEM?
Year to date, XEMC has seen +$65.34 M in net flows, compared with +$881.05 M for ZEM. ZEM has attracted more net investor money so far.
How do the fees of XEMC and ZEM compare?
XEMC has an expense ratio of 0.31%, while ZEM has an expense ratio of 0.27%.
What are the top holdings of XEMC and ZEM?
XEMC's largest holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and SK hynix, Inc.. ZEM's top holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and SK hynix, Inc..
Which ETF is more diversified: XEMC or ZEM?
XEMC holds 595 securities, while ZEM holds 1120. On holdings count, ZEM is the more diversified portfolio.
Recent articles about XEMC and ZEM
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