Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
Last (Price)
88.53
Change
▼ -1.09 (-1.22)
Bid / Ask
88.53 - 90.00
Volume
29,980
Turnover
2,655,424
Open
90.04
Day Range
87.75 - 90.08
VWAP
88.57
Prev Close
89.62
Last Trade
30/10 4:10pm
Fund profile
Displays who issues the fund, how it is structured and invests, its Morningstar category and benchmark, size, headline costs and dates, sourced from Morningstar. Fund size counts every class of the fund; ETF net assets is this listing alone.
The Fund seeks to achieve its objective by tracking the performance of the MSCI Emerging Markets Net TR Index (AUD).
Asset allocation · 30 SEP 2026
Displays how the fund is split between shares, bonds, cash and other assets, sourced from Morningstar.
US equity 1.23%Non-US equity 98.12%
Asset class
Net %
Long %
Short %
Equity
99.35
99.35
0.00
Bond
0.00
0.00
0.00
Cash
0.63
1.20
0.56
Other
0.02
0.02
0.00
Sector exposure
Displays the share of the fund held in each sector, sourced from Morningstar.
Cyclical 34.98%Sensitive 57.47%Defensive 7.56%
Technology
41.62%
Financial Services
20.22%
Consumer Cyclical
7.82%
Industrials
6.01%
Communication Services
5.96%
Basic Materials
5.94%
Energy
3.88%
Healthcare
2.97%
Consumer Defensive
2.63%
Utilities
1.96%
Real Estate
1.00%
Region exposure
Displays the share of the fund held in each region, sourced from Morningstar.
Developed markets 52.50%Emerging markets 47.50%
Asia Developed
48.37%
Asia Emerging
32.89%
Latin America
7.47%
Africa / Middle East
7.28%
Europe Emerging
2.10%
North America
1.23%
Europe Developed
0.65%
United Kingdom
0.00%
Japan
0.00%
Australasia
0.00%
Country exposure
Displays the twelve countries the fund holds most of, sourced from Morningstar.
Taiwan
28.83%
China
19.00%
South Korea
18.96%
India
11.35%
Brazil
4.83%
Other Countries
4.71%
South Africa
2.64%
Mexico
1.76%
Poland
1.24%
United States
1.23%
Thailand
0.95%
Malaysia
0.89%
Style box
Displays where the fund's shareholdings sit on Morningstar's style box: size (large, mid, small) down and investment style (value, blend, growth) across, sourced from Morningstar.
LargeMidSmallValueBlendGrowth
Style
Large Blend
Average moat
Narrow
Size score
391
SmallMidLarge
Value-growth score
161
ValueBlendGrowth
Economic moat
None 41%Wide 38%Narrow 21%
Market capitalisation
Displays the share of the fund's shareholdings in giant, large, mid, small and micro cap companies, sourced from Morningstar.
Giant
60.94%
Large
31.88%
Mid
6.80%
Small
0.38%
Micro
0.00%
Giant 61%Large 32%Mid 7%Small 0%
Average market cap
$162.22B
Number of holdings
6
Shares held
0
Portfolio statistics · 22 OCT 2026
Displays the valuation, yield, size, concentration and quality of the fund's shareholdings taken together (trailing twelve months), sourced from Morningstar.
Price / earnings
14.46
Price / book
2.25
Price / sales
2.08
Price / cash flow
11.26
Dividend yield
2.05%
Assets in top 10
99.99%
Return on equity
26.64%
Net margin
29.00%
Earnings growth (3 yr)
15.50%
Top holdings · top 10 = 100.00% of assets
Displays the fund's ten largest holdings and their weight in the portfolio, sourced from Morningstar.
Holding
% Weight
First bought
Market value
Currency
Units held
Sector
Country
iShares MSCI EM ETF USD Dist IEEM.GB
99.96
—
1.82B
USD
19.0M
—
Ireland
USD - Spendable Cash
0.07
—
1.3M
USD
872,421
—
United States
AUD - Other Payables/Receivables
-0.04
—
-729,651
AUD
729,651
—
United States
AUD - Spendable Cash
0.01
—
168,699
AUD
168,699
—
United States
EUR - Spendable Cash
0.00
—
89,626
EUR
54,896
—
United States
HKD - Spendable Cash
0.00
—
0
HKD
2
—
United States
Icash
—
—
0
—
0
—
—
Trailing returns · 30 SEP 2026
Displays total returns after fees at net asset value, the return at the ASX market price, the return before fees, and where the fund ranks among funds in its Morningstar category, sourced from Morningstar.
Fund (NAV)Market price
1M
-0.7
3M
-0.5
6M
23.2
YTD
22.9
1Y
28.4
3Y
23.5
5Y
8.1
10Y
8.2
Period
Fund (NAV) %
Market price %
Before fees %
Rank in category
1 month
-0.75
0.25
-0.69
37 / 88
3 months
-0.47
-1.38
-0.30
46 / 87
6 months
23.22
23.91
23.66
35 / 87
Year to date
22.86
24.05
23.51
44 / 85
1 year
28.42
27.36
29.33
47 / 82
3 years p.a.
23.51
23.27
24.38
34 / 71
5 years p.a.
8.12
8.05
8.88
42 / 55
10 years p.a.
8.17
8.12
8.92
63 / 37
Returns to 30 SEP 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Calendar year returns
Displays the total return after fees and the capital (price) return for each calendar year, with the fund's rank in its Morningstar category, sourced from Morningstar.
TotalCapital
2016
13.1
2017
24.4
2018
-5.4
2019
16.5
2020
6.9
2021
2.1
2022
-16.4
2023
11.1
2024
17.5
2025
24.6
Year
Total %
Capital %
Rank in category
2025
24.57
21.49
51 / 82
2024
17.45
14.99
31 / 82
2023
11.13
7.07
54 / 89
2022
-16.45
-16.94
44 / 83
2021
2.13
0.04
68 / 72
2020
6.92
4.97
42 / 75
2019
16.47
13.78
59 / 67
2018
-5.43
-6.66
59 / 62
2017
24.38
23.89
34 / 57
2016
13.09
9.01
32 / 54
2015
-3.43
-7.13
76 / 49
Financial year returns
Displays the total return after fees for each financial year to 30 June, sourced from Morningstar.
FY17
19.4
FY18
11.6
FY19
5.8
FY20
-2.9
FY21
28.1
FY22
-19.0
FY23
3.9
FY24
10.5
FY25
16.9
FY26
35.0
Financial year
Total %
Financial year to date
-0.89
Year to 30 JUN 2026
35.02
Year to 30 JUN 2025
16.94
Year to 30 JUN 2024
10.52
Year to 30 JUN 2023
3.93
Year to 30 JUN 2022
-18.97
Year to 30 JUN 2021
28.06
Year to 30 JUN 2020
-2.86
Year to 30 JUN 2019
5.77
Year to 30 JUN 2018
11.60
Year to 30 JUN 2017
19.43
Risk statistics · 30 SEP 2026
Displays how the fund has moved relative to its category index: alpha (return beyond the index), beta (sensitivity to it), R-squared (how much the index explains), volatility and risk-adjusted returns, sourced from Morningstar.
1 year
3 years
5 years
10 years
Alpha
-0.57
-0.24
-0.87
-0.84
Beta
1.00
0.98
1.02
1.00
R-squared
99.99
99.72
97.71
96.45
Standard deviation
25.01
17.02
18.63
17.57
Sharpe ratio
1.00
1.22
0.47
0.63
Sortino ratio
1.58
2.17
0.63
0.86
Tracking error
0.22
0.71
2.07
2.28
Information ratio
-3.57
-0.82
-0.39
-0.40
Upside capture %
98.59
97.57
99.85
95.43
Downside capture %
100.56
97.79
105.20
98.99
Maximum drawdown %
-9.51
-9.51
-21.85
-25.02
Measured against MSCI EM NR AUD with RBA Bank accepted Bills 90 Days as the risk-free rate, to 30 SEP 2026. Maximum drawdown is on gross returns at the latest quarter end.
Portfolio risk score
Displays Morningstar's Portfolio Risk Score for the fund's holdings, how closely the ETF tracks its index day to day, the estimated cost of holding it against the index, the cost of trading it at market size, and its best and worst quarters since inception, sourced from Morningstar.
Risk score
97.2
Cash 0
Global shares 100
Morningstar Portfolio Risk Score at 30 SEP 2026.
Tracking volatility
1.360
Est. holding cost %
0.641
Market impact cost %
0.104
Fees and costs
Displays the fund's ongoing costs as a percentage of assets per year: the PDS management fees and costs, performance fee and transaction costs that make up the total cost ratio (the RG 97 forward estimate, and what was charged last financial year), and the buy / sell spread, sourced from Morningstar.
Management fees and costs
0.72% p.a.
Performance fee costs
0.00% p.a.
Transaction costs
0.02% p.a.
Total cost ratio
0.72% p.a.
Total cost ratio (last FY)
0.71% p.a.
Performance fee
Not Disclosed
PDS dated
24 SEP 2026
Distributions
Displays the most recent distribution paid per unit and its key dates, sourced from Morningstar.
Latest distribution
0.7544
Ex Date
1 JUL 2026
Record Date
2 JUL 2026
Pay Date
13 JUL 2026
NAV at ex date
98.25
Paid this year
0.7544
Distributions by year
Displays the total distributions paid per unit in each calendar year, sourced from Morningstar.
2024
1.3
2023
1.8
2022
0.4
2021
1.2
2020
1.3
2019
0.9
2018
2.2
2017
0.4
2016
1.2
2015
0.9
Year
Per unit ($)
2024
1.3354
2023
1.8007
2022
0.4491
2021
1.2478
2020
1.3293
2019
0.8671
2018
2.2128
2017
0.3934
2016
1.1634
2015
0.9013
Distribution history
Displays the most recent distributions by ex date, sourced from Morningstar.
Ex Date
Per unit ($)
1 JUL 2026
0.7544
29 DEC 2025
0.6022
1 JUL 2025
0.7332
27 DEC 2024
0.6140
1 JUL 2024
0.4443
2 JAN 2024
0.7424
3 JUL 2023
0.4491
21 DEC 2022
0.7035
1 JUL 2022
0.5443
21 DEC 2021
0.8351
1 JUL 2021
0.4941
22 DEC 2020
0.5628
Sustainability rating · 31 AUG 2026
Displays the Morningstar Sustainability Rating (1 to 5 globes, more is better) and the portfolio ESG risk score behind it (lower is less risk), against the average of the fund's global category, sourced from Morningstar and Sustainalytics.
Average
ESG risk score
20.19
NegligibleLowMediumHighSevere
Category average 20.31
Rank in category
59th percentile of 1,774 funds
Environmental risk
6.49
Social risk
7.19
Governance risk
5.94
Portfolio covered
98.6%
ESG risk of holdings
Displays the share of the covered portfolio held in companies with negligible, low, medium, high and severe ESG risk, sourced from Morningstar and Sustainalytics.
Negligible
0.36%
Low
60.73%
Medium
28.29%
High
7.05%
Severe
3.57%
1.63% of assets are in companies with high or severe controversies.
Carbon · 31 AUG 2026
Displays the portfolio carbon risk score (lower is less exposure to the transition to a low-carbon economy), the share of the portfolio in companies with fossil fuel revenue, and whether the fund earns Morningstar's Low Carbon Designation, sourced from Morningstar and Sustainalytics.
Carbon risk score
8.40
LowMediumHighSevere
Category average 8.22
Carbon risk
Low Risk
Rank in category
67th percentile of 60 funds
Fossil fuel involvement
7.14%
Category average
6.58%
Low Carbon Designation
No
Portfolio covered
98.6%
Fund managers
Displays the people Morningstar lists as managers of the fund, sourced from Morningstar.
SLS. Jane Leung
POPatrick O'Connor
Tenure
Displays how long the managers have run the fund: the average and longest tenure, who has served longest, the latest appointment and how many other funds the team manages, sourced from Morningstar.
Number of managers
2
Average tenure
19.0 years
Longest tenure
19.0 years
Longest serving
S. Jane Leung, Patrick O'Connor · since 10 OCT 2007
Most recent appointment
S. Jane Leung, Patrick O'Connor · since 10 OCT 2007
Managed since
10 OCT 2007
Other funds managed
2
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
This ETF provides exposure to a diversified portfolio of large and mid-cap companies across emerging market economies such as China, India and Brazil. The IEM is exposed to oil as its core exposure is in countries that are significant oil importers, i.e. higher oil prices create a headwind for the ETF. However, we particularly like the ETF because it’s effectively a “global AI supply chain + emerging market recovery” trade, supported by currency (weak $US) and valuation tailwinds.
The emerging markets have bounced along with most indices from last October although a resurgence by the $US has weighed on performance over the last few weeks. This is a basket of stocks that run their own race and at this stage, we like the exposure as China’s reopening should help the Asian region in particular – we may consider exiting our IEM ETF position ~8-10% higher depending on how the China v central banks balancing act is playing out.
This EM ETF has rallied +8.8% since it took its position in our list in late October, in line with our bullish outlook towards stocks and in particular China we can see an ongoing strength for emerging markets into Christmas.
The Emerging Markets (IEM) ETF has corrected 34% over the last 18 months but in a similar fashion to our earlier discussions around Chinese stocks we can see the IEM trading 5-10% higher into Christmas – at this stage 28% of the ETF is made up of Chinese companies followed by India at 15% - the one headwind we are mindful of is if the $US bounces strongly from the 105 area because they have a clear inverse correlation.
• We are initially targeting a test of the $60 area, or 5% higher – it might be tempting to take a small profit if this eventuates and months of treading water.
In line with our bullish outlook towards stocks and a pullback for bond yields & the $US we can see a sharp bounce for emerging markets into Christmas.
The MM Global Macro ETF Portfolio gained +0.6% last week with the Global Copper ETF (COPX US) +3.2% the standout performer while the Sprott Physical Uranium Trust (U-U CN) +3.7% was the main drag.
The MM Global Macro ETF Portfolio gained +2.47% last week with both of the battery & lithium ETF (ACDC) and the BetaShares Global Gold Miners ETF (MNRS) positions advancing over 6%, unfortunately, the BetaShares Asian Technology Tigers ETF (ASIA) dragged on the portfolio falling just under 6% courtesy of weakness in Tencent and Alibaba.
The MM Global Macro ETF Portfolio rallied +0.98% last week aided by strong moves in our Uranium Trust (U-U CN) +8.8% and the $A (AUDS) +3.7% while the standout drag across the portfolio came from our gold ETF (MNRS) -3.7%.
The IEM ETF has a significant correlation to the $US as well as global equities and if our assessment is accurate and the $US is set to correct and stocks bounce we should see a strong few months for emerging markets stocks sooner rather than later.
The ASX listed IEM ETF has traded sideways for around 2-months, not bad in today’s equities environment! MM is looking for a bounce towards the 62 area where we are likely to take a small profit and await a better opportunity.
Emerging Markets iShares ETF (IEM) aims to provide investors with the performance of the MSCI Emerging Markets Index, before fees and expenses. The index is designed to measure the equity market performance in global emerging markets.
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