EMXC tracks the MSCI Emerging Markets ex China index. Due to growth, China has received considerably increased weight in ETFs that track versions of the full index (such as siblings EEM and IEMG). EMXC is designed for investors who prefer to tailor their exposure to China separately. The index covers roughly 85% of the market cap of 25 emerging market countries excluding China. Note that the fund excludes small-cap exposure. During the May and November semi-annual index reviews, the index is rebalanced.