
This iShares Exchange Traded Fund (ETF), known as the MSCI Emerging Markets ex China ETF, aims to replicate the investment performance of a benchmark index. This underlying index is composed of equities from large and mid-sized companies operating in emerging economies globally, with the explicit exclusion of any Chinese-based firms.
Is EMXC's expense ratio expensive, average, or a steal for its category?
Pro reveals the verdict on a 5-tier spectrum calibrated against ICI 2025 industry averages, with strategy-aware bands so the comparison is meaningful.

International or non-US investing has been quietly putting up robust numbers for shareholders. Today, we are seeing international, gold and even grains of late start to rally, without much give-back in the S&P 500 or Nasdaq.

iShares MSCI Emerging Markets ex China ETF is rated HOLD due to its concentrated exposure to Asian semiconductor leaders and recent rally. EMXC's returns are driven by TSMC, Samsung, and SK hynix, making it highly sensitive to the semiconductor cycle and AI infrastructure spending. Despite broad holdings, EMXC's performance is not diversified; volatility is high and future returns likely to be more moderate and uneven.

When Chinese equities perform well, the fund benefits from that allocation. When China struggles, the country's weighting can become a drag on overall emerging market returns.

The action in Emerging Markets ETFs this year has been really interesting to watch. From record-breaking asset flows to impressive results, albeit massively dispersed, this category of funds has had quite a ride so far in 2026.

Three funds dominate the emerging markets ex-China conversation right now, and each one has put meaningful daylight between itself and the S&P 500 so far this year.