Performance data is updated to 31 May 2026.
iShares MSCI Emerging Markets ex China ETF (EMXC) — Review & Analysis
EMXC is the only ASX-listed emerging markets ETF that excludes China entirely. AUM is $486.59 million as at May 2026 with a 0.25% p.a. management fee — a fraction of IEM's 0.69% and the cheapest EM equity product on the ASX. Compare EMXC across the EM cohort on our emerging markets ETF page.
The ex-China structure is a deliberate response to investor concerns about China's geopolitical and regulatory risks. Standard EM benchmarks like IEM hold around 25-30% China, with significant exposure to Tencent, Alibaba, JD.com and the Chinese state-owned bank complex. EMXC removes that exposure and redistributes weight to the remaining EM countries — India typically rises to 24-28% (the largest weight), Taiwan to 20-25%, South Korea to 12-14%, and smaller markets like Brazil, Saudi Arabia and Mexico get bigger allocations.
For investors who already hold dedicated China exposure separately (like CETF or CNEW) or who want EM exposure but believe China's structural risks justify exclusion, EMXC is the cleaner option. The 25bp fee versus IEM's 69bp is also a material long-term cost saving — over 20 years the gap compounds into roughly 8% in cumulative savings.
EMXC is unhedged. The fund has grown rapidly since launch as investor flows have shifted toward ex-China EM products globally. Our best Asia, China and emerging markets ETFs guide covers the ex-China vs full-EM decision in depth.
Performance (% return)
Investment Focus
Exposure Regions
Portfolio Breakdown
| Symbol | Company Name | % assets |
|---|---|---|
| EXCD | ISHARES MSCI EM EX-CHINA UCI USDHD | 99.97% |
| AUD | AUD CASH | 0.14% |
| EUR | EUR CASH | 0.01% |
| USD | USD CASH | -0.12% |
| Sector | % assets |
|---|---|
| Other | 99.88% |
| Cash and/or Derivatives | 0.12% |
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Last updated: January 2026
