ETF Evaluator:
Putnam Emerging Markets Ex-China ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Diversified Emerging Mkts Over the Last Year
| 114.0% | Nomura Focused Emerging Mrkts Eq ETF (EMEQ) |
| 81.0% | FT EM Human Flourishing ETF (FTHF) |
| 68.7% | First Trust Bloomberg Emr Mkt Dem ETF (EMDM) |
| 67.8% | Freedom 100 Emerging Markets ETF (FRDM) |
| 59.4% | Pacific NoS Global EM Equity Active ETF (GEME) |
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ETF Details
Putnam Emerging Markets Ex-China ETF Overview
Putnam Emerging Markets Ex-China ETF (PEMX) is an actively managed International Equity Diversified Emerging Mkts exchange-traded fund (ETF). Franklin Templeton Investments launched the ETF in 2023.
The investment seeks long term capital appreciation.
Under normal circumstances, the fund invests at least 80% of the fund’s net assets in securities of emerging market companies excluding companies domiciled, or whose stock is listed for trading on an exchange, in China, as well as companies domiciled in Hong Kong. Putnam Management invests significantly in small and mid-size companies. In evaluating potential investments, Putnam Management seeks high-quality companies with mispriced earnings growth that can potentially deliver excess return over the fund’s benchmark. The fund is non-diversified.
About Putnam Emerging Markets Ex-China ETF (PEMX)
There are 1 members of the management team with an average tenure of 3.21 years: Brian Freiwald (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and MSCI EM ex China NR USD index with a weighting of 100%. Putnam Emerging Markets Ex-China ETF has 58 securities in its portfolio. The top 10 holdings constitute 54.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Putnam Emerging Markets Ex-China ETF is part of the Equity global asset class and is within the International Equity ETF group. Putnam Emerging Markets Ex-China ETF has 96.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.4% There is 96.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Putnam Emerging Markets Ex-China ETF has 2.2% of the portfolio in cash.
Assets Under Management
The fund has $31 million in total assets, which is below the $3 billion average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PEMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Putnam Emerging Markets Ex-China ETF expense ratio is above average compared to funds in the Diversified Emerging Mkts category. Putnam Emerging Markets Ex-China ETF has an expense ratio of 0.69%, which is 33% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Putnam Emerging Markets Ex-China ETF has a portfolio turnover rate of 78%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 44% for the Diversified Emerging Mkts category.
Recently, in the month of July 2026, Putnam Emerging Markets Ex-China ETF returned -7.6%, which earned it a grade of F, as the Diversified Emerging Mkts category had an average return of -3.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Putnam Emerging Markets Ex-China ETF has a trailing yield of 1.16%, which is below the 2.41% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Putnam Emerging Markets Ex-China ETF Grades
Year to date, the ETF has returned 29.7%, 12.6 percentage points better than the category, which translates into a grade of A. The fund has returned 50.3% over the past year (grade of A) and 29.2% over the past three years (grade of A).
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PEMX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PEMX Return (NAV) | -7.6% | 5.5% | 50.3% | 29.2% | na | na |
| PEMX Return (Price) | -11.4% | 0.6% | 47.3% | 27.9% | na | na |
| NAV +/- Price Return | 3.771% | 4.950% | 3.036% | 1.231% | na | na |
| Diversified Emerging Mkts Avg | -3.0% | 3.0% | 31.9% | 16.6% | 7.1% | 7.8% |
| PEMX Grade (NAV) | F | B | A | A | na | na |
| +/- Category (NAV) | -4.6% | 2.5% | 18.4% | 12.6% | na | na |
| PEMX Tax-Cost Ratio | na | na | 2.1% | 1.4% | na | na |
PEMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PEMX Return (NAV) | 29.7% | 33.8% | 17.5% | na | na | na | na | na | na | na | na |
| PEMX Return (Price) | 26.4% | 33.9% | 17.2% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.111% | 0.004% | -0.019% | na | na | na | na | na | na | na | na |
| Diversified Emerging Mkts Avg | 17.1% | 29.2% | 6.7% | 12.8% | -18.8% | 2.3% | 12.7% | 18.2% | -14.6% | 33.7% | 10.9% |
| PEMX Grade (NAV) | A | B | A | na | na | na | na | na | na | na | na |
| +/- Category | 12.6% | 4.5% | 10.9% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.21 |
| R-Squared: | 68% |
| Standard Deviation: | 20.4% |
| Category Risk Index: | 1.26 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.66 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 1.2% |
| Total Assets: | $ 31 Mil |
| Share Class Assets: | $ 31 Mil |
| Turnover: | 78.0% |
| Expense Ratio: | 0.69% |
| Index Fund: | No |
| Index Tracked: | MSCI ACWI Ex USA NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 3.2 years | |||
| Average Tenure: 3.2 years | |||
| Managers (Year): Freiwald Brian (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 58 |
| % in Top 10 Holdings: | 54.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 96.4% |
Portfolio Allocation |
|
| Domestic Stock: | 1.4% |
| Foreign Stock: | 96.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-225-1581 |
| Website: | |
| Inception Date: | May 17, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.69% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.52% |
