At a glance
EMXC charges 0.25% a year, below the 0.26% average of the 8 funds most like it (the 5th cheapest of 9). It has $24.92B in assets, the 5th largest of that group; it paid 2.15% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +27.3% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +24.6% a year. At its worst it fell 36.8% in the 2020 crash (S&P 500: 33.7%) and 28.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 21 months after the lows. Its ten largest positions make up 42.3% of the fund, out of 636 in all.
The short version
The iShares MSCI Emerging Markets ex China ETF (EMXC) tracks large and midsize stocks in 23 emerging market countries but leaves out China, so it may suit investors who want to hold China separately or skip it. As of August 31, 2026, Taiwan (34%) and South Korea (26%) dominated, and Taiwan Semiconductor Manufacturing was about 19% of assets. Its 0.25% annual fee is near the 0.26% average for similar funds but well above IEMG's 0.09%.
Price history
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EMXC +27.3% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EMXC official prospectus, to Dec 31, 2024 | — | +2.99% | — | +3.87% | — | +3.78% |
| MSCI Emerging Markets Index index, same period | — | +7.50% | — | +1.70% | — | +2.70% |
| MSCI Emerging Markets Ex China Index index, same period | — | +3.56% | — | +4.45% | — | +4.32% |
| EMXC price data to Nov 2, 2026 | +24.1% | +27.3% | +24.6% | +10.6% | — | +8.8% |
- Over the year to Nov 2, 2026, EMXC returned +27.3%, 1st of 9 among similar funds.
- Its 5-year annualized return was +10.6%.
- In the 2020 COVID crash it fell 36.8% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2022 (-19.6%); its best was 2025 (+35.1%).
- The deepest fall in its price history was 42.8% (Jan 26, 2018 to Mar 23, 2020), recovered by Dec 4, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +24.1% | — |
| 2025 | +35.1% | — |
| 2024 | +2.7% | +2.99% |
| 2023 | +19.0% | +18.71% |
| 2022 | -19.6% | -19.32% |
| 2021 | +8.6% | +8.67% |
| 2020 | +12.8% | +12.81% |
| 2019 | +15.8% | +15.65% |
| 2018 | -13.0% | -12.73% |
| 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 | Lost 36.8% over that stretch · deepest drop along the way 36.8%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26% over that stretch · deepest drop along the way 28.9%, back to its old high 21.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5900 | |
| 2025 | $2.0500 | +37.6% |
| 2024 | $1.4900 | +46.1% |
| 2023 | $1.0200 | -25.0% |
| 2022 | $1.3600 | +25.9% |
| 2021 | $1.0800 | +31.7% |
| 2020 | $0.8200 | -50.9% |
| 2019 | $1.6700 | +39.2% |
| 2018 | $1.2000 |
What's inside
As of Aug 31, 2026, the fund held 636 securities; the ten largest made up 42.34% of assets.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | 18.92% | |
| Samsung Electronics Co., Ltd. | 9.02% | |
| SK hynix Inc. | 6.83% | |
| MediaTek Inc. | 1.82% | |
| DELTA ELECTRONICS, INC. | 1.15% | |
| Samsung Electronics Co., Ltd. | 1.10% | |
| HON HAI PRECISION INDUSTRY CO., LTD. | 0.98% | |
| HDFC BANK LIMITED | 0.87% | |
| ICICI BANK LIMITED | 0.83% | |
| RELIANCE INDUSTRIES LIMITED | 0.82% | |
| SK Square Co., Ltd. | 0.70% | |
| ASE Technology Holding Co., Ltd. | 0.63% | |
| SAMSUNG ELECTRO-MECHANICS CO.,LTD | 0.60% | |
| ANGLOGOLD ASHANTI PLC | 0.58% | |
| VALE S.A. | 0.54% |
By country
Taiwan 33.98%South Korea 26.11%India 14.19%Brazil 4.27%South Africa 3.42%By asset type
Stocks 97.67%Other 1.87%Preferred stock 0.23%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $928.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.32%, -9.25%, +5.79%.
How it works
EMXC follows the MSCI Emerging Markets ex China Index. MSCI, not BlackRock, picks the index's stocks and weights, and the lineup changes over time. The index covers large and midsize companies in 23 of MSCI's 24 emerging market countries: all but China. It weights companies by market value, counting only shares available to public investors, so bigger firms weigh more. As of August 31, 2026, Taiwan Semiconductor Manufacturing was 18.9% of the fund, Samsung Electronics 9.0% and SK hynix 6.8%.
BlackRock uses representative sampling: it may skip some index stocks and hold a mix chosen to match the index's size, industry and yield traits. As of August 31, 2026, that meant 636 holdings. It generally keeps at least 80% of assets in index stocks or depositary receipts (certificates representing foreign shares), with up to 20% allowed in futures, options, swaps, cash and non-index securities. Cash was 1.2% on that date.
Because the fund aims to match the index, not beat it, it does not move to cash when markets fall. It may lend securities worth up to one-third of its total assets to earn extra income. It values holdings in US dollars, so weaker local currencies can cut returns. Portfolio turnover, the share of holdings replaced in a year, was 15% in the prospectus.
What it really costs
- EMXC charges 0.25% a year, versus an average of 0.26% for the similar funds below (5th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EMXC | $26 | $80 | $141 | $318 |
In a retirement portfolio
With Taiwan (34%) and South Korea (26%) dominating and Taiwan Semiconductor Manufacturing at about 19% of assets as of August 31, 2026, it is a concentrated, volatile slice rather than a portfolio foundation.
EMXC can add emerging markets stocks outside China, along with large swings. It launched in 2017, after the 2008 crisis. It fell 36.8% in the February–March 2020 COVID crash and recovered by November 2020. In the 2022 downturn it fell 28.9% from its January high and took 21 months from its September low to recover. Its deepest slide, 42.8% from January 2018 to March 2020, was erased 8.4 months after the low. Its worst calendar year was 2022, a 19.3% loss. Anyone drawing money near those lows would have locked in losses.
Income is modest: a 2.08% trailing 12-month yield as of October 29, 2026, paid twice a year. On the SEC's standard $10,000 example, the 0.25% annual expense ratio costs $26 in the first year and $318 over 10 years. Past results don't predict future ones, and a sound plan looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want emerging markets stocks without China, or who hold China separately, at 0.25% a year versus EEM's 0.72%.
- Those comfortable with heavy exposure to Taiwan (34%) and South Korea (26%), and to Taiwan Semiconductor Manufacturing at 18.9%, as of August 31, 2026.
- Long-horizon investors who can sit through drops like the 36.8% COVID plunge in early 2020 and the 28.9% slide in 2022.
Look elsewhere if
- Cost-focused investors: VWO and SPEM charge 0.07% and IEMG 0.09%, versus EMXC's 0.25%, though these broad funds hold a different mix.
- Anyone who may need cash soon: EMXC lost 30.2% in the first quarter of 2020 and took 21 months to recover from its 2022 low.
- Income seekers: the trailing 12-month yield was 2.08% as of October 29, 2026, and payments arrive 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 |
|---|---|---|---|---|---|
| EMXC this fund | — | 0.25% | $24.92B | +27.3% | +24.6% |
| EEM iShares MSCI Emerging Markets ETF | 77% | 0.72% | $31.21B | +12.7% | +20.3% |
| IEMG iShares Core MSCI Emerging Markets ETF | 66% | 0.09% | $160.90B | +11.7% | +19.8% |
| SCHE Schwab Emerging Markets Equity ETF | 63% | 0.11% | $13.00B | +4.4% | +16.7% |
| ESGE iShares ESG Aware MSCI EM ETF | 58% | 0.26% | $6.91B | +15.2% | +23.2% |
| VWO Vanguard FTSE Emerging Markets ETF | 55% | 0.07% | $162.04B | +3.3% | +16.8% |
| SPEM SPDR Portfolio Emerging Markets ETF | 49% | 0.07% | $17.31B | +5.0% | +16.8% |
| DFEM Dimensional Emerging Markets Core Equity 2 … | 45% | 0.39% | $8.96B | +14.6% | +21.4% |
Questions investors ask
What is EMXC's expense ratio?
EMXC's expense ratio, the yearly fee taken from fund assets, is 0.25%, according to the prospectus filed December 19, 2025. In the SEC's standard example, $10,000 earning 5% a year would cost $26 in the first year, $141 over five years and $318 over 10 years. That is close to the 0.26% average for similar funds. It is cheaper than EEM at 0.72% and pricier than IEMG at 0.09% or VWO at 0.07%.
Does EMXC pay dividends?
Yes, twice a year. Over the 12 months through October 29, 2026, EMXC paid $1.93 per share, a trailing yield of 2.08%. The money comes from dividends paid by the companies it owns, minus fund expenses, and amounts can vary from one payment to the next. Because the fund values holdings in US dollars, currency swings in markets such as Taiwan, South Korea and India can also change the size of payouts.
What's the difference between EMXC and EEM?
The main difference is China: EMXC leaves it out, while EEM is iShares' broader emerging markets fund. Based on SEC holdings reports as of August 31, 2026, about 77% of their holdings overlap. EMXC costs much less, at 0.25% a year versus 0.72%. Over the year through October 29, 2026, EMXC returned 30.9% and EEM 14.2%, though one year says little about the next. IEMG is a cheaper broad iShares option at 0.09%.
What countries does EMXC invest in?
Mostly Taiwan, South Korea and India. EMXC's index spans 23 emerging market countries, but as of August 31, 2026, Taiwan was 34.0% of assets, South Korea 26.1% and India 14.2%. Brazil (4.3%), South Africa (3.4%) and Saudi Arabia (3.1%) came next. The 10 largest positions made up 42.3% of the fund, led by Taiwan Semiconductor Manufacturing at 18.9%, Samsung Electronics at 9.0% and SK hynix at 6.8%. A few large Taiwanese and South Korean companies drive much of its return.
How has EMXC performed over the long term?
Modestly through 2024, then strongly. According to the prospectus, EMXC returned 3.87% a year over the five years ended December 31, 2024. That trailed its index's 4.45%, partly because of fees, but beat the broader MSCI Emerging Markets Index's 1.7%. Price returns then jumped: 35.1% in 2025, 28.6% in 2026 through October 29 (year to date) and 11.6% a year over the five years to that date. Its worst year was 2022, a 19.3% loss. Past results don't predict future ones.