I rate the iShares MSCI Emerging Markets ex China ETF a buy, driven by strong exposure to Taiwanese and South Korean semiconductor manufacturers. EMXC benefits from robust earnings momentum in technology, with 51.46% sector allocation and key holdings like TSM, Samsung Electronics, and SK hynix. Despite recent outperformance, EMXC trades at a 35% forward P/E discount to developed markets, with continued AI infrastructure investment underpinning the bullish thesis.

The S&P 500 “earnings yield” jumped over 5% to 5.28% as of Friday's close. In early April '25 and late March '26, each time the S&P 500's earnings yield has closed the week above 5%, the S&P 500 has seen a nice rally following the 5% or better close. The current calendar 2026 S&P 500 EPS estimate is expecting $365.70 when the fourth quarter is wrapped up by mid-Feb '27, and then the current LSEG data is expecting $424 for calendar '27 and $492.62 for calendar '28. The iShares MSCI Emerging Markets ex-China was our fifth-largest position as of September 30th (and the fourth-largest equity position), but with the exception of some tax-sensitive, brokerage accounts which prefer capital gains kept to a minimum, the EMXC was mostly sold by Friday morning, October 16th.

Ayalon Insurance Comp Ltd. raised its position in shares of iShares MSCI Emerging Markets ex China ETF (NASDAQ: EMXC) by 29.9% during the undefined quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 700,439 shares of the company's stock after acquiring an additional 161,036

iShares MSCI Emerging Markets ex China ETF (NASDAQ: EMXC - Get Free Report) was the recipient of a large increase in short interest in September. As of September 15th, there was short interest totaling 1,912,612 shares, an increase of 48.2% from the August 31st total of 1,290,500 shares. Currently, 0.7% of the shares of the stock

It's been a great time to be an emerging markets equity ETF investor, but it may also be a great time to revisit your EM ETF.

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.