The fund provides broad exposure to the emerging markets, excluding China. It tracks a market cap-weighted index that invests in large- and mid-cap companies, covering roughly 85% of each eligible countrys market capitalization. Overall, XEMC is designed for investors who prefer to tailor their exposure to China separately. The fund uses a sampling strategy, which means the fund may not hold all the stocks of the underlying index but will hold securities that collectively have the same investment profile. The index is rebalanced quarterly.