iShares MSCI South Korea ETF (EWY): Price, Holdings and Outlook

The iShares MSCI South Korea ETF (EWY) is a US-listed fund that tracks the MSCI Korea 25/50 Index, a basket of large and mid-sized South Korean companies. It held 76 stocks on 23 October 2026, charges an expense ratio of 0.59% a year and pays one distribution a year. Two chipmakers make up almost half of it.

Think of EWY as a single ticker that stands in for the South Korean stock market as an overseas investor can reach it. In practice it behaves like a bet on global memory chips with a layer of banks, industrial firms and carmakers underneath, because SK Hynix and Samsung Electronics together account for most of its weight.

Key takeaways

• The iShares MSCI South Korea ETF is a passive fund managed by BlackRock under the iShares brand. It launched on 9 May 2000 and trades on NYSE Arca in US dollars.
• It tracks the MSCI Korea 25/50 Index, which covers about 85% of the free-float market value of Korean stocks across 74 constituents.
• SK Hynix and Samsung Electronics made up 46.49% of the fund on 30 September 2026, and information technology made up 50.31% on 23 October 2026.
• The fund returned 133.99% over the year to 30 September 2026 and 97.57% in 2025, but it lost 20.79% in 2024 and 26.70% in 2022.
• The 52-week range on the iShares fund page ran from USD 88.01 to USD 218.02, and the price closed at USD 151.26 on 23 October 2026, about 31% below the top of that range.
• The three-year standard deviation was 42.81% and the three-year beta against the S&P 500 was 1.98 on 30 September 2026, so price swings can be very large in both directions.

What is the iShares MSCI South Korea ETF (EWY)?

EWY is the ticker for the iShares MSCI South Korea ETF, an exchange-traded fund that gives investors exposure to South Korean equities. The fund pools investor money into a portfolio of Korean shares and trades on a US exchange like an ordinary stock, so buying one share gives a small slice of every company in the basket without opening an account on the Korean market.

The fund is passive. It follows the MSCI Korea 25/50 Index (Net) and aims to match it before fees and expenses, so its holdings change when MSCI changes the index and not when a manager changes a view. iShares has also announced that, on or around 9 November 2026, the fund’s index will change to the MSCI Korea 25/50 Daily 25 Capped Index. The notice appears on the fund page, and the holdings in this article reflect the index in place on the dates shown.

The fund is large and liquid. Net assets were USD 22.17 billion on 23 October 2026, spread over 146.55 million shares, and the 30-day median bid/ask spread was 0.02%.

EWY at a glance

Source: iShares fund page, figures as of the dates shown.

What is the MSCI Korea 25/50 Index?

The MSCI Korea 25/50 Index measures the performance of the large and mid-sized segments of the South Korean stock market, with investment limits that apply to US regulated investment companies. MSCI describes it as covering about 85% of the free-float adjusted market value in Korea. The index had 74 constituents on 30 September 2026 and an average constituent size of about USD 34.7 billion in market value.

The “25/50” in the name refers to those limits. They exist so that a US-listed fund can follow the Korean market without breaching rules on how much it may hold in any one company. This matters because Korea’s market is unusually top-heavy. A plain market-value-weighted index would give the two biggest companies even more weight than they have here.

MSCI launched the 25/50 version on 22 November 2012, and its returns before that date are back-tested. The fund tracked the broader MSCI Korea Index until February 2013 and has followed the 25/50 version since.

How the index has performed

MSCI publishes performance for the index itself. To 30 September 2026, the MSCI Korea 25/50 Index returned 138.50% over one year, against 29.65% for the MSCI Emerging Markets Index and 17.06% for the MSCI ACWI IMI, the global benchmark. Over ten years it returned 15.49% a year, against 9.53% for emerging markets and 12.59% for the world. Korea has therefore outperformed both groups, but the path has been bumpy and recent returns are unusually high.

Source: MSCI factsheet as of 30 September 2026. Returns are gross.

The table shows how much one year can change the picture. A near-doubling in 2025 followed a 19.55% loss in 2024, and the three-month return to 30 September 2026 was -6.54% even as the one-year figure stood above 130%.

What does EWY hold?

EWY holds Korean shares across many industries, but two companies carry nearly half of the weight and one sector carries half. Dozens of other names sit behind them, but the first two decide most of the fund’s day to day movement.

Top ten holdings

Source: iShares fact sheet as of 30 September 2026.

SK Hynix and Samsung Electronics together made up 46.49% of the fund. Both make memory chips, and both have benefited from demand for the memory used in artificial intelligence data centres. SK Square, which holds a stake in SK Hynix, and Samsung Electro-Mechanics add to the same theme, so the effective exposure to the chip cycle is larger than the two headline weights suggest. iShares noted in June 2026 that the two companies made up roughly half of the MSCI Korea Index. A guide to how technology ETFs work, their benefits and risks explains why concentration in a few large names changes a fund’s risk profile.

Sector weights

Source: iShares fund page.

Information technology, industrials and financials make up about 80% of the fund. That mix explains why EWY behaves differently from a broad global fund. A global fund holds a wide spread of US services, healthcare and consumer companies, while this one is a concentrated play on semiconductors, defence, power equipment and banks. The industrials weight reflects firms such as Doosan Enerbility, which sits in the top ten.

How does EWY work?

EWY works by owning a portfolio of Korean shares that mirrors the MSCI Korea 25/50 Index, passing on the dividends those shares pay after fund costs, and letting its share price rise and fall with the value of the portfolio. Four features explain most of what the fund does.

It is passive and low in turnover

The fund aims to track its index before fees and expenses, so its portfolio changes when the index changes. Costs are moderate for a single-country emerging market fund: the expense ratio is 0.59%, which equals USD 59 a year for every USD 10,000 held. A guide on how to pick an ETF compares passive and active funds on cost and exposure.

It trades in US dollars but owns won assets

EWY is listed on NYSE Arca and priced in US dollars, but its holdings trade in Korean won. Exchange rate moves can therefore add to or subtract from the return that a US dollar investor sees. iShares lists currency risk among the standard risks of international funds for this reason.

It pays one distribution a year

EWY makes an annual distribution. The most recent in iShares’ records had an ex-date of 16 December 2025 and totalled USD 2.037071 per share, payable on 19 December 2025. The amount varies with the dividends the underlying companies pay and with fund expenses, so it is not fixed.

Two yield figures are worth knowing:

• 30-day SEC yield: a standardised measure of the income the fund’s holdings are earning after expenses. It was 0.46% on 30 September 2026.
• 12-month trailing yield: the income actually distributed over the past year divided by the price. It was 1.11% on 30 September 2026.

Neither figure is a promise of future income, and the income is small next to the fund’s price swings.

The share price can differ slightly from net asset value

Because the fund trades on an exchange, its market price can move slightly away from its net asset value (NAV), the value of the portfolio per share. On 23 October 2026 the NAV was USD 151.31 and the closing price was USD 151.26, a gap of five cents. A narrow bid/ask spread of 0.02% suggests that trading costs are low in normal conditions, although spreads can widen when markets are stressed.

MSCI South Korea ETF price: how has EWY moved?

The EWY price has risen sharply over the past two years and has been very unsteady in recent weeks. All prices and returns in this section and the rest of the article were captured in October 2026 unless a different date is shown.

iShares showed a closing price of USD 151.26 on 23 October 2026 and a NAV of USD 151.31. The 52-week range on the fund page ran from USD 88.01 to USD 218.02. In other words, the fund was trading about 31% below the top of that range and about 72% above the bottom. The same price range shows how wide the swings have been inside a single year.

EWY returns over different periods

Source: iShares. Past performance is not an indication of future results.

The index beats the fund in every period. Over three, five and ten years the gap is under one percentage point a year, which is close to the 0.59% expense ratio plus trading costs, and it widened to 3.72 points over the latest year, when prices moved quickly. The more important message is how strong the recent returns have been compared with the long run. The one-year figure of 133.99% is far above the 10.05% annualised since inception, and returns that high rarely repeat in a straight line.

Calendar-year returns

Source: iShares fact sheet as of 30 September 2026.

Two losing years, 2022 and 2024, each took between a fifth and more than a quarter off the fund’s value, and 2025 almost doubled it. The sequence is a good illustration of why single-country funds that depend on one industry are considered volatile. A holder who bought at the start of 2025 saw a very large gain by the end of the year, while a holder who bought at the start of 2024 saw a large loss before that gain arrived.

Why has the EWY price swung in October 2026?

Korean stocks moved sharply in both directions in October 2026, and most of the moves traced back to the two chipmakers.

• 13 October: KED Global reported that the Kospi, Korea’s benchmark index, fell below 6,000 at midday and was down more than 7% at one point, triggering a sell-side trading curb for the first time in nearly two months. The report linked the fall to renewed fears about Chinese competition in chips and said foreign investors sold Samsung Electronics and SK Hynix heavily.
• 22 October: KED Global also reported that the Kospi closed down 3.52% at 5,533.77.
• 27 and 28 October: Korean shares rebounded. KED Global reported a one-week high on 27 October and attributed it to Anthropic reigniting hopes for technology spending. Dow Jones, via MarketScreener, tied the rebound to Anthropic’s public IPO filing and reported that the Kospi rose as much as 6.5% on the Wednesday session and was recently up 5.7% at 5,957.35. SK Hynix pledged a USD 75 billion shareholder payout and reported record third-quarter revenue and operating profit, although its net profit fell short of analyst estimates.

Dow Jones noted that SK Hynix and Samsung Electronics made up nearly half of the Kospi’s market value, which explains why one company’s results can lift or drag the whole market. An eToro analyst quoted in the same report argued that more capable AI models will need more memory, which could support spending. These are reported views and not forecasts, and sentiment can change quickly. A beginner’s guide on why markets fall covers the common causes of sell-offs, including falling earnings, weaker demand and shifts in investor risk appetite.

What affects the price of EWY?

The EWY price responds to anything that changes how investors value Korean companies, and above all the two memory chipmakers. Six drivers account for most of the moves.

None of these works in isolation. A strong earnings report can be overshadowed by a global sell-off in technology, and a falling won can offset a good local market. Traders who follow Asian equities also watch regional benchmarks, and a guide to how to trade Nikkei 225 CFDs shows how another Asian index is followed.

EWY valuation: how does the fund compare?

EWY’s valuation multiples have moved quickly, although a multiple alone is not a signal about future prices. iShares reported a price to earnings ratio of 17.69 and a price to book ratio of 1.95 for the fund on 23 October 2026. On the monthly fact sheet for 30 September 2026, the figures were 22.16 and 2.38, so the multiples changed noticeably within a few weeks.

A multiple can mislead in a market where profits are changing fast. iShares noted in June 2026 that Korean stocks traded at about seven times 12-month forward earnings in mid-May, the lowest level since 2008 on its reading, because earnings expectations had risen faster than prices. That is one firm’s view at one date, and forward estimates for memory chipmakers can be revised sharply when the cycle turns. Investors who compare valuations normally check both trailing and forward figures and the direction of earnings estimates.

The return data gives context. To 30 September 2026, the MSCI Korea 25/50 Index returned 138.50% over one year while the MSCI Emerging Markets Index returned 29.65%. Korea’s gain over the group came mainly from two stocks, which is a point worth weighing against the headline figure.

EWY outlook: what do bulls and bears say?

No one can forecast where the EWY price will go, and the debate over Korean stocks has two sides. This section sets out the main arguments that analysts and investors make on each side, as reported in October 2026.

The bull case

• AI memory demand: Supporters argue that growing AI use needs more memory, and an eToro analyst made that case after SK Hynix reported record quarterly revenue and operating profit.
• Shareholder returns: SK Hynix’s pledged USD 75 billion payout is read by supporters as a sign of confidence and a source of support for the share price.
• Earnings momentum: iShares noted in June 2026 that consensus expected 2026 earnings per share for Korea to grow roughly three-fold, which supporters cite as the reason valuations looked low.
• Strong long-run record: The index returned 15.49% a year over ten years against 9.53% for emerging markets.

The bear case

• Concentration: Two companies make up 46.49% of the fund, so a problem at either one has an outsized effect.
• Cyclical earnings: Memory chip profits swing with supply and demand, and critics argue that record profits can mark a peak.
• Competition and trade tension: The October sell-off was linked to fears about Chinese chip competition.
• Sentiment risk: Critics point to the speed of the moves. The Kospi fell more than 7% at midday on 13 October and closed down 5.5%, which shows how fast sentiment can turn.
• Extreme volatility: A three-year standard deviation of 42.81% means the fund has moved far more than most equity funds.

Both views can be right at different times. That is why EWY is usually described as a tool for gaining Korea and chip exposure on a particular view, not as a default holding.

Risks of the EWY ETF

EWY carries the risks of any equity fund, plus several that are specific to a single country and a single industry. The most relevant ones are summarised here, based on iShares’ fund disclosures and the fund’s own data.

The fund is not guaranteed or insured, and it can lose value. iShares states that the fund has no bank guarantee and is not FDIC insured.

EWY vs other Korea ETFs

EWY is one of several ways to reach Korean equities, and the funds differ in cost, breadth and use of leverage. Comparing them shows what EWY is and what it is not.

Sources: iShares, Franklin Templeton and Direxion, as of October 2026. FLKR holdings as of 30 September 2026.

FLKR follows a different index, holds roughly twice as many stocks and charges far less, but its top two holdings still made up 40.84% on 30 September 2026. The cost gap is therefore a difference in price and breadth, not a different kind of exposure. KORU is a separate category. It aims to deliver three times the daily move of the same index as EWY, and because it resets every day, its returns over longer periods can differ sharply from three times the index return. A guide on how a leveraged ETF such as TQQQ works explains the daily reset and volatility decay in detail, and the same mechanics apply here.

Funds in other emerging markets follow a similar pattern. A guide to the iShares MSCI India ETF shows how another single-country iShares fund is built and what drives it.

Advantages and disadvantages of the EWY ETF

EWY offers direct, liquid access to the Korean market, and the same focus on one country and one industry produces its main risks.

Is the EWY ETF a good investment?

Whether EWY suits a particular investor depends on that investor’s goals, time horizon and view on Korea and semiconductors, so there is no single answer. The arguments on each side are well known.

Supporters point to the record and the earnings story. A one-year return of 133.99% and a five-year annualised return of 20.31% show how much Korean stocks have gained, and they argue that demand for memory chips from AI data centres is still growing.

Critics point to the volatility and the concentration. A fall of 26.70% in 2022 and 20.79% in 2024 shows that the fund can lose around a quarter of its value in a year, and a market that fell more than 7% at midday on 13 October shows how fast sentiment can turn. They add that the fund is effectively a bet on two companies.

Both views can be correct at different times, which is why many investors treat EWY as a satellite holding for a specific view, and not as a core position.

Who may find the EWY ETF relevant?

The EWY ETF tends to attract three kinds of market participant:

• Investors with a view on Korea or chips. A fund that holds the two memory leaders is a direct way to express a view that AI-driven memory demand will keep growing or will fade, whether by holding the fund or by taking the opposite position through derivatives.
• Portfolio builders seeking Asian exposure. Some investors use a single-country fund to add Korea to a broader emerging market holding. Because the weight in one fund can swing sharply, a guide on how to rebalance an ETF portfolio explains how investors manage the size of a position like this over time.
• Traders following global technology themes. Short-term traders may follow the fund as a gauge of sentiment towards memory chips and AI spending, particularly around earnings seasons.

It is less likely to suit people who need stable capital over the next few years, who cannot tolerate falls of 20% or more in a year or who want predictable income. Anyone unsure should speak to an independent financial adviser.

How to get exposure to South Korean stocks

There are two broad ways to take a position on the market that the MSCI Korea 25/50 Index measures: buy a fund that tracks it, or trade a derivative that follows the price of a related instrument. Each has different mechanics and risks. A general process looks like this.

Step 1: Define what you want exposure to

Decide whether the aim is to hold Korean equities for years, to speculate on the direction of chip stocks over days or weeks, or to balance an existing portfolio. The right instrument depends on the answer, and so does the amount of risk involved.

Step 2: Choose between the fund and a derivative

Owning EWY means buying shares through a securities broker and holding the fund, with all of its price movement and its distributions. A contract for difference (CFD) works differently: it lets a trader speculate on the price movement of an asset without owning it, and the trader can go long or short.

Step 3: Check which instruments a provider actually offers

Not every provider lists every fund, so it is worth checking before opening a position. VT Markets offers ETF CFDs across a range of funds, including the iShares MSCI Emerging Markets ETF (EEM), so a trader can speculate on the price movement of a fund without owning the shares. A broad emerging markets fund will not behave in the same way as EWY, because it spreads money across many countries and holds Korean stocks as only one part.

Step 4: Choose a regulated provider

Check that the provider is authorised by a financial regulator in the jurisdiction that applies to you, and read its terms on fees, margin and overnight financing.

Step 5: Plan risk before opening a position

Korean equities can move quickly on chip news, foreign investor flows or global risk sentiment. Decide in advance how much capital is at risk, where a position would be closed if it moves against you, and how leverage will affect the result. Leverage magnifies losses as well as gains, and in CFD trading losses can exceed the initial deposit.

Step 6: Keep following the data

EWY responds to memory chip results, foreign investor flows, central bank decisions and moves in the won. A calendar of these events helps in understanding why the fund moves on a given day.

Tips for following EWY

• Watch the two chipmakers first. With SK Hynix and Samsung at 46.49%, their results and news explain most of the fund’s moves.
• Read the price against the range. A close of USD 151.26 against a 52-week range of USD 88.01 to USD 218.02 shows how far the fund can travel in a year.
• Separate price return from total return. The annual distribution adds to returns, so compare total return figures with the price chart.
• Check the date on every figure. The iShares fund page updates daily, while the fact sheet is monthly, so the holdings, yields and returns in this article carry the dates shown.
• Know the index change. The index switch planned around 9 November 2026 may change weights, so check the fund page after it takes effect.
• Treat forecasts with caution. Forecasts for Korean equities rely on forecasts for chip demand, interest rates and the won, and all of them have a poor record over long horizons.

Conclusion

The iShares MSCI South Korea ETF is a low-cost, passive fund that gives access to large and mid-sized Korean companies through the MSCI Korea 25/50 Index. It holds 76 stocks, charges 0.59% and pays one distribution a year, but two chipmakers make up almost half of its weight. The price closed at USD 151.26 on 23 October 2026, about 31% below the top of its 52-week range, after a year in which returns were very large and moves in either direction were sharp.

Understanding the link between the fund, the MSCI Korea 25/50 Index and the drivers of memory chip demand, foreign flows and the won is the foundation for using or analysing it. The same understanding applies to any instrument that tracks Korean equities, including ETF CFDs.

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EWY frequently asked questions (FAQs)

What is EWY?

EWY is the ticker symbol of the iShares MSCI South Korea ETF. It is a fund that tracks the MSCI Korea 25/50 Index, which covers large and mid-sized South Korean companies. It trades on NYSE Arca in US dollars, held 76 stocks on 23 October 2026 and has an expense ratio of 0.59%.

Does the EWY ETF pay a dividend?

EWY pays one distribution a year, made up of the dividends earned by its holdings less fund expenses. The most recent distribution in the fund’s records had an ex-date of 16 December 2025 and was USD 2.037071 per share. The amount varies, and a distribution does not protect the share price from falling.

What is the difference between EWY and FLKR?

Both give exposure to South Korean equities, but they follow different indices and cost different amounts. EWY tracks the MSCI Korea 25/50 Index, held 76 stocks and charges 0.59%, while FLKR tracks the FTSE South Korea RIC Capped Index, held 148 stocks on 30 September 2026 and charges 0.09%. Both are heavily weighted towards Samsung Electronics and SK Hynix.

How much of EWY is Samsung and SK Hynix?

SK Hynix made up 23.72% and Samsung Electronics made up 22.77% of the fund on 30 September 2026, which adds up to 46.49%. Two related holdings, SK Square and Samsung Electro-Mechanics, added a further 5.84%, so the fund’s link to the chip cycle is stronger than the two headline weights suggest.

Is EWY the same as the Kospi?

No. The Kospi is the benchmark index of all companies listed on the main Korean exchange, while EWY follows the MSCI Korea 25/50 Index, which covers large and mid-sized companies and applies investment limits designed for US funds. The two often move in the same direction because the same two chipmakers dominate both, but their returns are not identical.

Sources

• iShares, iShares MSCI South Korea ETF (EWY) fund page
• iShares, EWY fact sheet as of 30 September 2026
• MSCI, MSCI Korea 25/50 Index factsheet as of 30 September 2026
• iShares, International investing 2026: Why consider global stocks?, 10 June 2026
• KED Global, Kospi tumbles as chip rout deepens, briefly breaking below 6,000, 13 October 2026
• KED Global, Kospi hits one-week high as Samsung, SK Hynix rally, 27 October 2026
• MarketScreener, South Korean stocks rally as SK Hynix payout and AI optimism boost markets
• Franklin Templeton, Franklin FTSE South Korea ETF (FLKR) fact sheet
• Direxion, Daily South Korea Bull 3X Shares (KORU)

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