At a glance
EMXF charges 0.16% a year, below the 0.25% average of the 8 funds most like it (the 4th cheapest of 9). It has $165.8M in assets, the 8th largest of that group; it paid 2.86% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +17.2% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +21.5% a year. At its worst it fell 28.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 31 months after the low. Its ten largest positions make up 26.3% of the fund, out of 598 in all.
The short version
iShares ESG Advanced MSCI EM ETF (EMXF) is a BlackRock index fund that tracks the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index, a filtered version of the MSCI Emerging Markets Index. It keeps only companies with MSCI ESG ratings of BBB or higher and removes fossil fuels and a long list of controversial industries. Its 0.16% expense ratio is below the 0.25% average of similar funds, but it is much smaller than most of them.
Price history
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EMXF +17.2% 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 | |
|---|---|---|---|---|---|---|
| EMXF official prospectus, to Dec 31, 2024 | — | +7.91% | — | — | — | +3.48% |
| MSCI Emerging Markets Index index, same period | — | +7.50% | — | — | — | +1.83% |
| EMXF price data to Oct 27, 2026 | +16.5% | +17.2% | +21.5% | +6.6% | — | +5.5% |
- Over the year to Oct 27, 2026, EMXF returned +17.2%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +6.6%.
- Its worst full calendar year was 2022 (-19.1%); its best was 2025 (+29.4%).
- The deepest fall in its price history was 32.9% (Jun 28, 2021 to Oct 24, 2022), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.5% | — |
| 2025 | +29.4% | — |
| 2024 | +8.1% | +7.91% |
| 2023 | +6.7% | +6.77% |
| 2022 | -19.1% | -18.96% |
| 2021 | — | +4.05% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.2% over that stretch · deepest drop along the way 28.9%, back to its old high 31.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4700 | |
| 2025 | $1.6000 | +46.8% |
| 2024 | $1.0900 | +36.3% |
| 2023 | $0.8000 | -2.4% |
| 2022 | $0.8200 |
What's inside
As of Aug 31, 2026, the fund held 598 securities; the ten largest made up 26.27% of assets.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | 5.03% | |
| SK hynix Inc. | 4.89% | |
| Tencent Holdings Limited | 4.58% | |
| MediaTek Inc. | 3.13% | |
| DELTA ELECTRONICS, INC. | 1.99% | |
| CHINA CONSTRUCTION BANK CORPORATION | 1.78% | |
| HDFC BANK LIMITED | 1.48% | |
| SK Square Co., Ltd. | 1.21% | |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED | 1.10% | |
| ASE Technology Holding Co., Ltd. | 1.08% | |
| XIAOMI CORPORATION | 1.06% | |
| SAMSUNG ELECTRO-MECHANICS CO.,LTD | 1.04% | |
| Nu Holdings Ltd. | 0.93% | |
| AL RAJHI BANKING AND INVESTMENT CORPORATION SJSC | 0.92% | |
| MEITUAN | 0.89% |
By country
Taiwan 24.03%Cayman Islands 14.09%South Korea 13.76%China 11.94%India 10.34%By asset type
Stocks 97.36%Other 1.93%Preferred stock 0.26%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $5.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.09%, -4.34%, +3.81%.
How it works
The index starts with the MSCI Emerging Markets Index, which holds large and mid-sized companies in developing countries. MSCI rates each company's ESG (environmental, social and governance) record on a scale from CCC (lowest) to AAA (highest), compared with peers in its own sector. Only companies rated BBB or higher can get in. The index then removes the energy sector and any company tied to thermal coal, oil and gas reserves or fossil-fuel power. Companies that earn more than 50% of revenue from alternative energy can be added back. It also cuts companies tied to tobacco, alcohol, gambling, weapons, nuclear power, palm oil, private prisons, predatory lending and other listed areas, and any company involved in very serious controversies.
The remaining stocks are weighted by free float-adjusted market value. That means bigger companies get bigger weights, counting only shares the public can trade. No single company can exceed 5%. As of August 31, 2026, Taiwan Semiconductor Manufacturing sat right at that cap at 5.03%, followed by SK hynix at 4.89% and Tencent at 4.58%. The index is reviewed every quarter.
BlackRock uses "representative sampling": it holds a sample of stocks that behaves like the index rather than always owning every one. At least 90% of assets go into index stocks or their depositary receipts. The fund does not try to beat the index, and it does not move to cash when markets fall. Portfolio turnover was 21%.
What it really costs
- EMXF charges 0.16% a year, versus an average of 0.25% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $16 in the first year and $205 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EMXF | $16 | $52 | $90 | $205 |
In a retirement portfolio
It adds screened emerging-market stocks that swing more than the broad market, so it fits better as a smaller position than as a portfolio's foundation.
EMXF could add emerging-market stocks with an ESG screen to a portfolio built mostly on US holdings. Expect big swings. The fund launched in October 2020, so it has no record for the 2008 crisis or the 2020 crash. In the 2022 bear market it fell 28.9% and took about 31 months to recover. Its deepest drop was 32.9%, from June 2021 to October 2022, and it did not regain that peak until June 24, 2025, 32 months later. Its worst calendar year was 2022, at -18.96%. Anyone forced to sell in a year like that would lock in losses. The yield was 2.86% as of October 27, 2026, paid twice a year. Costs are low: $16 in year one and $205 over 10 years on $10,000 in the SEC example. 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 emerging-market stocks without fossil fuels, tobacco, weapons and other excluded industries, at a 0.16% expense ratio.
- People comfortable with heavy Asian tech exposure: Taiwan was 24% of assets, with TSMC, SK hynix and MediaTek among the top holdings.
- Long-term holders who can ride out drops like the 32.9% fall from 2021 to 2022, which took 32 months to recover.
Look elsewhere if
- Cost-focused investors: IEMG (0.09%), VWO (0.07%) and SCHE (0.11%) charge less for broad emerging-market exposure without ESG screens.
- Anyone who needs steady income: the 2.86% yield, as of October 27, 2026, is paid only twice a year.
- People who prefer large funds: with about $166 million in net assets as of August 31, 2026, it ranks 8th of 9 among similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EMXF this fund | — | 0.16% | $165.8M | +17.2% | +21.5% |
| LDEM iShares ESG MSCI EM Leaders ETF | 65% | 0.17% | $33.9M | -2.8% | +15.5% |
| ESGE iShares ESG Aware MSCI EM ETF | 52% | 0.26% | $6.91B | +15.2% | +23.2% |
| EEM iShares MSCI Emerging Markets ETF | 50% | 0.72% | $31.21B | +12.7% | +20.3% |
| EMXC iShares MSCI Emerging Markets ex China ETF | 47% | 0.25% | $24.92B | +27.3% | +24.6% |
| SCHE Schwab Emerging Markets Equity ETF | 46% | 0.11% | $13.00B | +4.4% | +16.7% |
| NUEM Nuveen ESG Emerging Markets Equity ETF | 45% | 0.36% | $372.8M | +9.5% | +19.4% |
| IEMG iShares Core MSCI Emerging Markets ETF | 44% | 0.09% | $160.90B | +11.7% | +19.8% |
Questions investors ask
What does EMXF exclude?
EMXF excludes the energy sector and companies tied to thermal coal, oil and gas reserves or fossil-fuel power. It also screens out adult entertainment, alcohol, gambling, tobacco, genetic engineering, all types of weapons, civilian firearms, palm oil, private prisons, predatory lending and nuclear power, using revenue limits for some categories and outright bans for others. Companies with very serious controversies are removed, and only firms with an MSCI ESG rating of BBB or higher can be included.
What's the difference between EMXF and LDEM?
Both are iShares ESG emerging-market funds, and about 65% of their holdings overlap. LDEM costs 0.17% a year, compared with 0.16% for EMXF. Their recent results have split sharply: over the year to October 27, 2026, EMXF returned 17.2% while LDEM lost 2.8%. Both are small. LDEM had about $34 million in net assets as of August 31, 2026, against about $166 million for EMXF. ESGE, a larger iShares ESG option with $6.9 billion, charges 0.26%.
Does EMXF pay dividends?
Yes. EMXF pays dividends twice a year. Over the 12 months to October 27, 2026, it paid $1.54 per share, a yield of 2.86%. Payments from emerging-market companies can vary a lot from year to year with company profits and currency moves, so the amount is not fixed. Because it pays only twice a year, it may not suit someone who needs regular monthly cash from a fund.
What is EMXF's expense ratio?
EMXF's expense ratio is 0.16%, according to the prospectus filed December 19, 2025. Under the SEC's standard example of $10,000 earning 5% a year, that adds up to about $16 after one year, $52 after three, $90 after five and $205 after 10. That is below the 0.25% average of similar funds and far below EEM's 0.72%. Broad funds without ESG screens, such as IEMG at 0.09% and VWO at 0.07%, cost less.
What countries does EMXF invest in?
EMXF leans heavily toward Taiwan and South Korea. As of August 31, 2026, Taiwan made up 24.03% of the fund and South Korea 13.76%. Chinese shares were 11.94%, and companies registered in the Cayman Islands, such as Tencent, Xiaomi and Meituan, added 14.09%. India was 10.34% and Saudi Arabia 3.55%. The largest holdings were Taiwan Semiconductor at 5.03%, SK hynix at 4.89% and Tencent at 4.58%, so chip companies drive much of the fund's results.