iShares Core MSCI Emerging Markets IMI Index ETF (XEC)

iShares Core MSCI Emerging Markets IMI Index ETF (XEC $38.92)
- $38.92 P/E (TTM): 13.94X Cap: $3.60B
- View XEC Profile
- View Questions on XEC

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iShares Core MSCI EAFE IMI Index ETF (XEF $48.34)
- $48.34 P/E (TTM): 16.42X Cap: $17.85B
- View XEF Profile
- View Questions on XEF
iShares Core MSCI Emerging Markets IMI Index ETF (XEC $38.92)
- $38.92 P/E (TTM): 13.94X Cap: $3.60B
- View XEC Profile
- View Questions on XEC
Vanguard FTSE Developed All Cap ex North America Index ETF (VIU $45.31)
- $45.31 P/E (TTM): 23.36X Cap: $8.49B
- View VIU Profile
- View Questions on VIU
Vanguard FTSE Emerging Markets All Cap Index ETF (VEE $46.73)
- $46.73 P/E (TTM): 6.44X Cap: $3.51B
- View VEE Profile
- View Questions on VEE

Q: Hi, I was made aware of a gap (The "Korea Gap") in my international ETF strategy based on your ETF Update model portfolios that I believe is worth sharing.

The "Korea Gap" occurs when an investor mixes ETF providers that use different index benchmarks (specifically MSCI and FTSE). Because these two providers categorize South Korea differently, an investor can inadvertently end up with 0% exposure to the world's 10th-largest economy.

MSCI (Used by iShares XEF): Classifies South Korea as an Emerging Market. Therefore, it is excluded from XEF (Developed Markets).

FTSE (Used by Vanguard VEE): Classifies South Korea as a Developed Market. Therefore, it is excluded from VEE (Emerging Markets).

The result is if you hold only XEF and VEE, South Korea effectively disappears from your portfolio!

In 2025, this meant missing out on the massive "HBM (High-Bandwidth Memory) Craze" led by Samsung and SK Hynix, which drove the KOSPI to record highs.

Portfolio Combo | Provider | Where is Korea? | Avg. MER
XEF + VEE | Mixed | Missing (0%) | 0.24%
XEF + XEC | MSCI | XEC (Emerging) | 0.25%
VIU + VEE | FTSE | VIU (Developed) | 0.24%

I'll personally be replacing my VEE with XEC to hold the MSCI Blackrock combination.

In the XEF + XEC combo, South Korea makes up about 12-13% of the Emerging Markets (XEC) slice. In the VIU + VEE combo, it makes up about 5-6% of the Developed (VIU) slice. This means the iShares combo actually gives you a "heavier" bet on Korea.

Read Answer Asked by Michael on January 24, 2026

BMO MSCI Emerging Markets Index ETF (ZEM $29.18)
- $29.18 P/E (TTM): 5.83X Cap: $2.47B
- View ZEM Profile
- View Questions on ZEM
iShares Core MSCI Emerging Markets IMI Index ETF (XEC $38.92)
- $38.92 P/E (TTM): 13.94X Cap: $3.60B
- View XEC Profile
- View Questions on XEC
Vanguard FTSE Emerging Markets All Cap Index ETF (VEE $46.73)
- $46.73 P/E (TTM): 6.44X Cap: $3.51B
- View VEE Profile
- View Questions on VEE
Vanguard FTSE Emerging Markets ETF (VWO $57.64)
- $57.64 P/E (TTM): 4.24X Cap: $108.06B
- View VWO Profile
- View Questions on VWO
iShares MSCI Emerging Markets ETF (EEM $60.44)
- $60.44 P/E (TTM): 7.85X Cap: $25.99B
- View EEM Profile
- View Questions on EEM
iShares Core MSCI Emerging Markets ETF (IEMG $74.09)
- $74.09 P/E (TTM): 6.9X Cap: $140.26B
- View IEMG Profile
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Q: Emerging markets sure seem to be emerging from the doldrums. What do you see as the short and long term futures here? What ETFs to you recommend in both CAD and USD? Are there any particular parts of the world you would focus on & is there a specific index that covers the emerging markets?

Thanks

Paul

Read Answer Asked by paul on October 08, 2025

BMO MSCI Emerging Markets Index ETF (ZEM $29.18)
- $29.18 P/E (TTM): 5.83X Cap: $2.47B
- View ZEM Profile
- View Questions on ZEM
iShares Core MSCI Emerging Markets IMI Index ETF (XEC $38.92)
- $38.92 P/E (TTM): 13.94X Cap: $3.60B
- View XEC Profile
- View Questions on XEC
Vanguard FTSE Emerging Markets All Cap Index ETF (VEE $46.73)
- $46.73 P/E (TTM): 6.44X Cap: $3.51B
- View VEE Profile
- View Questions on VEE

Q: Dear 5i
Is now a good time to invest in the emerging markets ? I'm considering ZEM , VEE , and XEC .Which would you recommend for an RRSP account? Do you really think there is a major shift to small cap stocks currently and if so do you see it continuing for awhile ?
Thanks
Bill C

Read Answer Asked by Bill on July 12, 2024