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International Investing: International Outperformance Vs. S&P 500 Is Healthy, And It's Still EarlySeeking Alpha · Sep 4, 2026This iShares Exchange Traded Fund (ETF), known as the MSCI Emerging Markets ex China ETF, aims to replicate the investment performance of a benchmark index. This underlying index is composed of equities from large and mid-sized companies operating in emerging economies globally, with the explicit exclusion of any Chinese-based firms.