# iShares MSCI EM ex-China UCITS ETF (EXCS)

**Page:** https://fundology.uk/fund/excs · ISIN IE00BMG6Z448

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 13/11/2026, EXCS (iShares MSCI EM ex-China UCITS ETF, ISIN IE00BMG6Z448) closed at £6.43 on the London Stock Exchange. Its ongoing charge is 0.18% a year (about £18 on £10,000). Over the five years to 13/11/2026 its total return was +58.9%, or +24.0% after UK CPIH inflation.

## Summary

iShares MSCI EM ex-China UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2021. It tracks the MSCI EM (Emerging Markets) ex China — companies in emerging economies such as China, India, Taiwan and Brazil. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.18% a year — about £18 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

Latest close: **£6.43** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | EXCS |
| ISIN | IE00BMG6Z448 |
| Also listed as | 84X0 (Xetra, euros) |
| Category | Emerging markets |
| Type | ETF |
| Provider | iShares |
| Tracks | MSCI EM (Emerging Markets) ex China |
| Income | Accumulating |
| Ongoing charge | 0.18% a year (£18 per £10,000) |
| Fund size | £3.8bn |
| Launched | 2021 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 29/04/2021 |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +27.37% | +22.86% | income reinvested |
| 3 years | +80.96% | +63.50% | income reinvested |
| 5 years | +58.92% | +24.05% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of iShares MSCI EM ex-China UCITS ETF in pounds (price, with income reinvested in the fund): 2022 −8.4%, 2023 +11.0%, 2024 +7.6%, 2025 +25.9%; 2026 to 13/11/2026 +22.7%. Returns of iShares MSCI EM ex-China UCITS ETF in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +48.3%; to 30/09/2025: +13.0%; to 30/09/2024: +17.5%; to 30/09/2023: +4.5%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -8.4% | -16.2% | Price |
| 2023 | +11.0% | +6.5% | Price |
| 2024 | +7.6% | +3.9% | Price |
| 2025 | +25.9% | +21.5% | Price |
| 2026 to 13/11/2026 | +22.7% | +18.8% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 23.87% | -18.21% |
| 3 years | 17.37% | -18.21% |

## Largest fall

Volatility of iShares MSCI EM ex-China UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 23.9% over 1 year, 17.4% over 3 years. Largest fall in the price of iShares MSCI EM ex-China UCITS ETF since December 2021, in pounds: −18.2% from 19/06/2026 to 06/11/2026. The lowest 12-month return of iShares MSCI EM ex-China UCITS ETF in pounds (price, with income reinvested in the fund) since December 2021 was −10.4% (12 months to 09/12/2022); the highest was +78.5% (12 months to 19/06/2026). On 13/11/2026 the price of iShares MSCI EM ex-China UCITS ETF was 14.6% below its highest weekly close since December 2021 (19/06/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares MSCI EM ex-China UCITS ETF 0.18% a year. Compared on 14/11/2026, 124 of the 151 other emerging-market share funds charge more, 11 the same and 16 less (share classes counted once).

## Funds tracking the same index

3 funds track MSCI EM (Emerging Markets) ex China, this one included and share classes counted once; their ongoing charges range from 0.15% to 0.54% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Amundi MSCI Emerging Ex China Swap UCITS ETF Acc Capitalisation | 0.15% | +27.4% | +80.0% | +67.9% |
| iShares MSCI EM ex-China UCITS ETF (this fund) | 0.18% | +27.4% | +81.0% | +58.9% |
| Xtrackers MSCI Emerging Markets Ex China UCITS ETF | 0.54% | +27.5% | +71.1% | +54.5% |

Returns are as reported, in pounds, income reinvested unless marked "(price)".

## Charges & eligibility

- Ongoing charges figure (OCF): **0.18%** per year (as of 13/11/2026)
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## What it holds

As of 06/11/2026, EXCS holds 570 positions, according to its published holdings. The largest is TSMC at 18.96% of the fund; the ten largest make up 44.1%.

### Top holdings

Largest positions (as of 06/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | TSMC | [2330](https://fundology.uk/stock/2330) | 18.96% |
| 2 | Samsung Electronics | [005930](https://fundology.uk/stock/005930) | 7.67% |
| 3 | SK hynix | [000660](https://fundology.uk/stock/000660) | 5.43% |
| 4 | Ishares MSCI Brazil Ucits et Usdha | — | 5.15% |
| 5 | MediaTek | [2454](https://fundology.uk/stock/2454) | 1.77% |
| 6 | HDFC Bank | [HDFCBANK](https://fundology.uk/stock/HDFCBANK) | 1.13% |
| 7 | ICICI Bank | [ICICIBANK](https://fundology.uk/stock/ICICIBANK) | 1.05% |
| 8 | Samsung Electronics | [005930](https://fundology.uk/stock/005930) | 1.04% |
| 9 | Hon Hai Precision Industry | [2317](https://fundology.uk/stock/2317) | 1.00% |
| 10 | Reliance Industries | [RELIANCE](https://fundology.uk/stock/RELIANCE) | 0.95% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By sector

As published for the fund, as of 06/11/2026.

| Sector | Weight |
|---|---|
| Information Technology | 45.1% |
| Financials | 19.7% |
| Industrials | 5.9% |
| Materials | 5.8% |
| Other funds | 5.2% |
| Consumer Discretionary | 4.2% |
| Communication Services | 3.5% |
| Energy | 2.8% |
| Other sectors | 7.9% |

### By country

As published for the fund, as of 06/11/2026.

| Country | Weight |
|---|---|
| Taiwan | 33.7% |
| South Korea | 22.1% |
| India | 16.9% |
| Brazil | 5.2% |
| South Africa | 4.4% |
| Saudi Arabia | 3.2% |
| Mexico | 2.4% |
| United Arab Emirates | 1.8% |
| Other countries | 10.3% |

### By type of asset

Added up from the fund’s published holdings, as of 06/11/2026.

| Type of asset | Weight |
|---|---|
| Equity | 99.5% |
| Cash and money market | 0.5% |

The 546 holdings on record (of 570 reported): https://fundology.uk/fund/excs/holdings

## Questions people ask

**What is the ongoing charge of EXCS?**

The ongoing charge of EXCS is 0.18% a year — about £18 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of iShares MSCI EM ex-China UCITS ETF 0.18% a year. Compared on 14/11/2026, 124 of the 151 other emerging-market share funds charge more, 11 the same and 16 less (share classes counted once).

**What does EXCS track?**

EXCS tracks the MSCI EM (Emerging Markets) ex China — companies in emerging economies such as China, India, Taiwan and Brazil.

**Is EXCS accumulating or distributing?**

EXCS is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

**What is the ISIN of EXCS?**

The ISIN of EXCS is IE00BMG6Z448. An ISIN identifies one exact share class of a fund; EXCS is its ticker on the London Stock Exchange. The same share class is also listed as 84X0 (Xetra, euros).

**What does EXCS hold?**

As of 06/11/2026, EXCS holds 570 positions, according to its published holdings. The largest is TSMC at 18.96% of the fund; the ten largest make up 44.1%. Its ten largest holdings are TSMC (18.96%), Samsung Electronics (7.67%), SK hynix (5.43%), Ishares MSCI Brazil Ucits et Usdha (5.15%), MediaTek (1.77%), HDFC Bank (1.13%), ICICI Bank (1.05%), Samsung Electronics (1.04%), Hon Hai Precision Industry (1.00%) and Reliance Industries (0.95%).

**What were EXCS’s returns in each of the last five years?**

Calendar-year returns of EXCS in pounds (price, with income reinvested in the fund): 2022 −8.4%, 2023 +11.0%, 2024 +7.6%, 2025 +25.9%; 2026 to 13/11/2026 +22.7%. Past performance is not a guide to future returns.

**How has EXCS done after inflation?**

Over the five years to 13/11/2026 EXCS’s total return was +58.9%, or +24.0% after UK CPIH inflation. Past performance is not a guide to future returns.

## Fund documents

- [Fund page at iShares](https://www.ishares.com/uk/individual/en/products/315592/ishares-msci-em-ex-china-ucits-etf)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-msci-em-ex-china-ucits-etf-usd-acc-gb-ie00bmg6z448-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/exch-ishares-msci-em-ex-china-ucits-etf-fund-fact-sheet-en-gb.pdf)
- Links checked 12/10/2026.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.