ETF · Broad Market

IEMG(IEMG)

$76.98
-1.45%
Expense Ratio
$134.1B
Total AUM
Holdings
Inception
Active Share vs VOO
Truly Active
0%20%60%100%
67.1%

AI Look-Through Summary

AI Generated

The portfolio's sector allocation is skewed towards international markets, with nearly two-thirds of its assets concentrated in companies listed in Taiwan and South Korea. This suggests that the fund has a significant exposure to Asian growth stocks, particularly technology and consumer-oriented firms. The weighted P/E ratio of 25.3x indicates that the fund holds a mix of high-growth and value stocks.

The top holdings are dominated by Taiwanese and Korean technology companies, with Samsung (005930.KS) being the second-largest holding. This sector concentration poses some risk to the portfolio's overall performance, as it may be highly correlated with the fortunes of these specific industries. The fund's valuation posture is somewhat mixed, with a relatively high weighted P/E ratio but a lower weighted P/B ratio compared to other equity funds. A favorable macro environment for this portfolio could include sustained economic growth in Asia and continued demand for technology products, while an unfavorable environment might be characterized by protectionist trade policies or slowing global growth.

Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-13 07:26:34.419314+00

🔍 Theme Alignment Audit

AI GeneratedPurity: 65/100

The investment theme implied by the ticker IEMG is typically broad international equity exposure, yet the provided top holdings reveal a distinct regional skew heavily weighted toward Asian markets. While many of these positions align with global emerging market growth narratives, specific inclusions such as HDFCBANK.NS and RELIANCE.NS introduce significant Indian equities that may dilute a pure Asia-Pacific focus if one were expected based on sector composition alone. Furthermore, the concentration within the top ten holdings stands at 30%, indicating a reliance on a limited number of large-cap securities to drive performance rather than a diversified basket across numerous smaller thematic players. This structure suggests the fund prioritizes liquidity and stability through mega-caps over strict adherence to a niche sub-theme or geographic purity often associated with specialized international funds.

Sector coherence appears moderate given that financials, technology, and consumer staples dominate these specific holdings, which are standard pillars of emerging market economies rather than indicators of a singular innovative theme like clean energy or robotics. The portfolio demonstrates differentiation from a broad global index primarily through its heavy exposure to Asian equities while maintaining some presence in India, creating a unique geographic tilt that may not be immediately obvious without detailed sector analysis. However, the lack of data regarding specific industry classifications for several top holdings limits the ability to confirm if every position strictly adheres to an underlying investment thesis beyond general market representation. Ultimately, the fund presents as a concentrated vehicle targeting Asian and select Indian large-caps rather than a broadly diversified international strategy with deep thematic specificity across all asset classes.

AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 05:28:17.86023+00

Flow Driver Analysis

2-Step Circle

Which larger ETFs share IEMG's holdings — and mechanically drive its price through index rebalancing flows?

Approximately 31% of IEMG's weight flows through these larger ETFs

Driver ETFAUMExpenseShared StocksWeight Overlap
EWTEWT$7B416.1%
EWYEWY$16B314.6%

16% of IEMG's portfolio by weight is also held by EWT. When EWT receives inflows, it mechanically buys these shared stocks — dragging IEMG's NAV along regardless of any thematic or sector catalyst. Combined, the top 2 overlapping ETFs control exposure to 31% ofIEMG's weight.

Overlap computed from constituent-level holdings data across 2 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.

ETF Look-Through Dashboard

Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.

25.3x
Weighted P/E
4.17x
Weighted P/B
$18.5T
Wtd Avg Market Cap

Weighted metrics calculated based on 56% of fund assets with available data.

Herfindahl-Hirschman Concentration Index

01000200030004000283
Well Diversified
Top 5: 30.9%Top 10: 35.3%

Morningstar-Style Box

Value
Blend
Growth
Large
Mid
Small
Large Growth

Sector & Cap Explorer

Visualization Mode

ETF Fundamental Radar

Total Analysis
34% Weight
Market Cap
Mega
Risk Profile
Low Risk

Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.

Piotroski F-Score (Operational Health)

Score 0-9: Measures Profitability, Leverage, and Efficiency

↑ Weight (%)100%80%60%40%20%
1%
0–3 Weak
9%
4–6 Average
24%
7–9 Strong

Based on 34% of fund weight with Piotroski data.

Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.

Dividend Safety True-Up

Deterministic
50%
Wtd FCF Payout Ratio
1.65%
TTM Yield
Safe
Dividend Durability
50% of FCF
0% (retains all cash)50%100% (pays out everything)

The dividend-paying companies inside IEMG collectively pay out 50% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 19% of fund weight in dividend-paying stocks.

FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.

Earnings vs. Price Decomposition

Proprietary
+28.3%
ETF 1Y Return
+52.4%
Wtd Earnings Growth
-24.1%
Multiple Contraction
Earnings

IEMG is up 28.3% over the last 12 months. The underlying weighted earnings growth of its constituents is +52.4%. Despite earnings growth, valuations have contracted by 24.1% — the market is paying less per dollar of earnings than a year ago.

Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 34% of fund weight with earnings data. Not investment advice.

Value Creation Map

ROIC vs WACC

What percentage of IEMG's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?

100% Creators
Value Creators (ROIC > WACC)19.9%
Value Destroyers0.0%

Of IEMG's analyzed weight, 100% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 0% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.

ROIC-WACC spread for 20% of fund weight with available data. Not investment advice.

Concentration Risk Monitor

HIGH
13.2%
Largest Holding
2330.TW
27.1%
Top 3 Weight
35
Effective # of Stocks
62%
Top Stock Var. Share
Portfolio weight concentration
2330.TW
005930.KS
000660.KS
Other 5 stocks

2330.TW at 13.2% contributes an estimated 62% of portfolio variance.IEMG holds 10 stocks but behaves like an 35-stock portfolio due to weight concentration in the top holdings.

Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.

Passive Crowding Score

LOW

How much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.

0/ 100
Wtd Avg Passive Ownership0.1%
Most Crowded Holding9988.HK (0.1%)
Least Crowded2308.TW (0.0%)
Coverage20% of fund weight
0 — Low255075100 — Extreme

IEMG has a low Passive Crowding Score of 0/100. On average, 0.1% of the market capitalization of IEMG's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.

Passive $ = Σ(ETF AUM × holding weight) across all 2 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.

Under the Hood — Top 10 Constituents

Top 10 Concentration35.3%
#TickerCompanyWeightP/EF-Score
12330.TW
Taiwan Semiconductor Manufacturing Co Ltd
13.22%
27.8x9/9
2005930.KS
Samsung Electronics Co Ltd
7.15%
3000660.KS
SK Hynix Inc
6.70%
40700.HK
Tencent Holdings Ltd
2.39%
18.0x7/9
59988.HK
Alibaba Group Holding Ltd Ordinary Shares
1.41%
22.3x3/9
62454.TW
MediaTek Inc
1.36%
24.1x4/9
72308.TW
Delta Electronics Inc
0.85%
65.6x8/9
8005935
Samsung Electronics Co Ltd Participating Preferred
0.78%
9402340.KS
SK Square
0.72%
102317.TW
Hon Hai Precision Industry Co Ltd
0.68%
15.0x6/9

Historical Holdings Snapshots

Browse how IEMG’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.

2026-07-19

10 holdings · 35.3% tracked weight
#TickerWeightSharesMarket Value
12330.TW13.22%
2005930.KS7.15%
3000660.KS6.70%
40700.HK2.39%
59988.HK1.41%
62454.TW1.36%
72308.TW0.85%
80059350.78%
9402340.KS0.72%
102317.TW0.68%

2026-07-18

10 holdings · 35.3% tracked weight
#TickerWeightSharesMarket Value
12330.TW13.22%
2005930.KS7.15%
3000660.KS6.70%
40700.HK2.39%
59988.HK1.41%
62454.TW1.36%
72308.TW0.85%
80059350.78%
9402340.KS0.72%
102317.TW0.68%

2026-07-17

10 holdings · 35.3% tracked weight
#TickerWeightSharesMarket Value
12330.TW13.22%
2005930.KS7.15%
3000660.KS6.70%
40700.HK2.39%
59988.HK1.41%
62454.TW1.36%
72308.TW0.85%
80059350.78%
9402340.KS0.72%
102317.TW0.68%

2026-07-16

10 holdings · 35.3% tracked weight
#TickerWeightSharesMarket Value
12330.TW13.22%
2005930.KS7.15%
3000660.KS6.70%
40700.HK2.39%
59988.HK1.41%
62454.TW1.36%
72308.TW0.85%
80059350.78%
9402340.KS0.72%
102317.TW0.68%

2026-07-15

10 holdings · 35.3% tracked weight
#TickerWeightSharesMarket Value
12330.TW13.22%
2005930.KS7.15%
3000660.KS6.70%
40700.HK2.39%
59988.HK1.41%
62454.TW1.36%
72308.TW0.85%
80059350.78%
9402340.KS0.72%
102317.TW0.68%

2026-07-14

10 holdings · 35.3% tracked weight
#TickerWeightSharesMarket Value
12330.TW13.22%
2005930.KS7.15%
3000660.KS6.70%
40700.HK2.39%
59988.HK1.41%
62454.TW1.36%
72308.TW0.85%
80059350.78%
9402340.KS0.72%
102317.TW0.68%

Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.

Risk Profile

18.9%
Annual Volatility
1.01
Sharpe (1Y)
0.72
Sharpe (3Y)
-17.2%
Max Drawdown (3Y)
-35.9%
Max Drawdown (5Y)

Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.

Price Chart with Moving Averages

Loading chart...

Technical Setup

AI Generated

The current price of IEMG at $80.58 sits within a specific technical context that warrants observation regarding its relative positioning against established moving averages. While the exact location within the SMA envelope is not explicitly defined by a single number, this price point suggests the asset may be testing support levels or consolidating after recent movements. In mean-reversion analysis, such a position often indicates a potential equilibrium where the security has neither extended significantly into overbought territory nor plunged deeply enough to trigger aggressive oversold conditions based solely on this snapshot. The proximity of the current level to these dynamic averages implies that future price action could be driven by whether momentum shifts back toward the central tendency or if external factors push it further away from the mean. Traders monitoring relative value here would likely watch for how quickly the price reacts once it interacts with the upper or lower bounds of the standard deviation bands surrounding the moving average. If $80.58 represents a touch near an envelope boundary, historical patterns might suggest a temporary pause in volatility before a reversal occurs, whereas trading well inside the band could indicate sustained momentum rather than immediate reversion. The absence of additional data points regarding volume spikes or broader market correlation leaves the interpretation open to how these technical structures evolve over time. Ultimately, the setup presents a scenario where the current valuation relative to its recent statistical average remains neutral pending further confirmation from subsequent price bars that clarify whether the asset is stabilizing at this level or continuing an existing trend away from it.

Underwater (Drawdown from Peak)

How far below the all-time high the price has been over time. Deeper = more pain for holders.

Loading drawdown chart...

Rolling 60-Day Beta vs S&P 500 (VOO)

How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.

Loading beta chart...
Rolling Beta Market (β = 1.0)

Yield & Income

1.65%
TTM Yield
30-Day SEC Yield
5Y Div CAGR

Sector Drift Over Time

How IEMG’s sector allocation has shifted across snapshots. Use the slider to travel through time.

2026-07-1994 snapshots
Other100.0%
2026-03-302026-07-19

Active Conviction Tracker

Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.

No position changes detected between snapshots.

Explore More

Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.

SecuritiesDB is for informational purposes only. Not investment advice.