At a glance
EMCR charges 0.15% a year, below the 0.25% average of the 8 funds most like it (the 5th cheapest of 9). It has $61.6M in assets, the 9th largest of that group; it paid 1.6% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +9.0% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +21.8% a year. Its ten largest positions make up 30.8% of the fund, out of 1,531 in all.
The short version
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR), from DWS, is an index fund. It holds about 1,500 large and mid-sized emerging-market stocks, screened on environmental, social and governance (ESG) rules and weighted to cut carbon emissions. Its 0.15% expense ratio is below the 0.25% average of similar funds but above IEMG's 0.09% and VWO's 0.07%. With $62 million in assets as of August 31, 2026, it is the smallest of nine comparable funds.
Price history
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EMCR +9.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EMCR official prospectus, to Dec 31, 2024 | — | +10.37% | — | +3.55% | — | +5.48% |
| EMCR price data to Oct 27, 2026 | +10.3% | +9.0% | +21.8% | — | — | +8.7% |
- Over the year to Oct 27, 2026, EMCR returned +9.0%, 6th of 9 among similar funds.
- Its worst full calendar year was 2024 (+9.7%); its best was 2025 (+33.3%).
- The deepest fall in its price history was 27.6% (Feb 23, 2022 to Oct 24, 2022), recovered by Jul 3, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.3% |
| 2025 | +33.3% |
| 2024 | +9.7% |
| 2023 | +10.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Feb 23, 2022 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Feb 23, 2022 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3200 | |
| 2025 | $0.9000 | -52.4% |
| 2024 | $1.8900 | +250.0% |
| 2023 | $0.5400 |
What's inside
As of Aug 31, 2026, the fund held 1,531 securities; the ten largest made up 30.81% of assets.
| Holding | Weight | |
|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD | 9.60% | |
| SAMSUNG ELECTRONICS CO LTD | 5.34% | |
| TENCENT HOLDINGS LTD | 4.33% | |
| SK HYNIX INC | 4.15% | |
| ALIBABA GROUP HOLDING LTD | 2.67% | |
| DELTA ELECTRONICS INC | 1.24% | |
| MEDIATEK INC | 1.10% | |
| HON HAI PRECISION INDUSTRY COMPANY LTD | 0.97% | |
| ASE TECHNOLOGY HOLDING CO LTD | 0.71% | |
| CHINA CONSTRUCTION BANK CORP | 0.70% | |
| SK SQUARE CO LTD | 0.67% | |
| SAMSUNG ELECTRONICS CO LTD Preferred stock | 0.66% | |
| PDD HOLDINGS INC | 0.65% | |
| NU HOLDINGS LTD | 0.57% | |
| MEITUAN LLC | 0.56% |
By country
Taiwan 24.28%South Korea 17.27%Cayman Islands 14.41%China 13.13%India 11.24%By asset type
Stocks 97.27%Preferred stock 1.77%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $4.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.28%, -2.83%, +3.13%.
How it works
EMCR tracks the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR. The index starts from the Solactive GBS Emerging Markets Large & Mid Cap USD Index PR, which covers roughly the largest 85% of emerging-market stocks by free-float value (shares available to the public). It then drops companies that break global norms on the environment, human rights, corruption or labor. It also drops makers of controversial weapons and companies earning a set share of revenue from fossil fuels, oil sands, military work, tobacco, gambling, alcohol, pornography or cannabis. Companies cut for their sector, or for being based in a high social risk country, can return if they commit to science-based emissions targets through the Science Based Targets initiative.
Next, holdings are weighted to lower "carbon intensity", which means emissions measured against a company's enterprise value. The goal is at least 60% lower intensity than the parent index, plus a cut of at least 7% a year. A rating from ISS gives more weight to companies doing more to reduce emissions. That lets heavy emitters with credible plans, called "climate improvers", stay in.
The index rebalances in February and August. The fund aims to own every index stock in the same weights. Turnover was 17%, and the fund does not hedge foreign currencies.
What it really costs
- EMCR charges 0.15% a year, versus an average of 0.25% for the similar funds below (5th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EMCR | $15 | $48 | $85 | $192 |
In a retirement portfolio
It adds emerging-market stocks with a climate tilt, but its swings are large and the fund is small, so it fits better as a minority position than as a core holding.
EMCR could add Asian and other emerging-market stocks to a portfolio built mostly on US shares. Its price history only starts February 23, 2022, so it doesn't show how the fund did in 2008 or at the start of the 2022 bear market. The prospectus shows a 21.88% loss in the first quarter of 2020. The deepest measured drop was 27.6%, from February 23 to October 24, 2022. It took about 20 months from that low to recover, finally doing so on July 3, 2024. Each full calendar year from 2023 to 2025 was positive, but that is a short record. Someone forced to sell in a slump like 2022 would have locked in steep losses.
Income is modest: the yield was 1.6% as of October 27, 2026, paid twice a year. In the SEC's standard $10,000 example, costs total $192 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want broad emerging-market stocks with fossil fuel, tobacco and weapons screens, at 0.15% a year against a 0.25% peer average.
- Long-term holders who are comfortable with a heavy tilt to Asian tech. TSMC, Samsung, Tencent and SK Hynix made up about 23% as of August 31, 2026.
- People who want climate goals built into the weighting, with a target of at least 60% lower carbon intensity than the parent index.
Look elsewhere if
- Cost-focused investors: IEMG charges 0.09% and VWO 0.07%, and each holds more than $160 billion in assets.
- Anyone wary of small funds: EMCR had $62 million in assets as of August 31, 2026, the smallest among nine similar funds.
- Income seekers: the yield was 1.6% as of October 27, 2026, and the fund pays only twice a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EMCR this fund | — | 0.15% | $61.6M | +9.0% | +21.8% |
| EEM iShares MSCI Emerging Markets ETF | 70% | 0.72% | $31.21B | +12.7% | +20.3% |
| IEMG iShares Core MSCI Emerging Markets ETF | 66% | 0.09% | $160.90B | +11.7% | +19.8% |
| EMXC iShares MSCI Emerging Markets ex China ETF | 61% | 0.25% | $24.92B | +27.3% | +24.6% |
| SCHE Schwab Emerging Markets Equity ETF | 60% | 0.11% | $13.00B | +4.4% | +16.7% |
| VWO Vanguard FTSE Emerging Markets ETF | 56% | 0.07% | $162.04B | +3.3% | +16.8% |
| ESGE iShares ESG Aware MSCI EM ETF | 54% | 0.26% | $6.91B | +15.2% | +23.2% |
| SPEM SPDR Portfolio Emerging Markets ETF | 50% | 0.07% | $17.31B | +5.0% | +16.8% |
Questions investors ask
What does EMCR invest in?
EMCR held about 1,530 large and mid-sized emerging-market companies as of August 31, 2026. Taiwan made up 24.3% of assets, South Korea 17.3%, China 13.1% and India 11.2%. Another 14.4% was in companies incorporated in the Cayman Islands, including Chinese firms Tencent and Alibaba. The largest holdings were Taiwan Semiconductor at 9.6%, Samsung Electronics at 5.3%, Tencent at 4.3% and SK Hynix at 4.2%. The top 10 made up about 31% of the fund.
Does EMCR exclude oil and gas companies?
Mostly, but not strictly. The index drops companies that earn a set share of revenue from fossil fuels or oil sands. It also drops those tied to military work, tobacco, gambling, alcohol, pornography or cannabis. However, a company excluded for its sector can still be included if it has committed to science-based emissions targets through the Science Based Targets initiative. Heavy emitters with strong plans to improve, which the index calls "climate improvers", can also stay in.
What's the difference between EMCR and ESGE?
Both screen emerging-market stocks on ESG grounds. EMCR costs 0.15% a year against ESGE's 0.26%, and EMCR also weights its holdings to cut carbon intensity. ESGE is far larger, with about $6.9 billion in assets against EMCR's $62 million as of August 31, 2026. About 54% of their holdings overlap. As of October 27, 2026, ESGE returned 15.2% over one year and 23.2% a year over three years, against 9% and 21.8% for EMCR.
Does EMCR pay dividends?
Yes, twice a year. EMCR paid $0.65 per share over the 12 months to October 27, 2026, a trailing yield of 1.6%. Payouts depend on the dividends of the companies it holds. Currency moves also affect them, because the fund does not hedge foreign currencies. With a modest yield and only two payments a year, it works more as a growth holding than as a source of steady income.
How has EMCR performed since it launched?
The prospectus shows average annual returns of 10.37% over one year, 3.55% over five years and 5.48% since the December 2018 launch, all as of December 31, 2024. Based on price, the fund gained 33.27% in 2025 and 10.29% in 2026 through October 27. Its three-year annualized return of 21.8% as of that date ranked third among nine similar funds. Swings can be sharp: the fund lost 21.88% in the first quarter of 2020.