iShares MSCI vs Amundi Core MSCI Emerging Markets Swap
IE00B4L5YC18iSharesLU2573967036AmundiThe comparison in short
iShares MSCI (iShares MSCI EM UCITS ETF USD (Acc), IE00B4L5YC18) and Amundi Core MSCI Emerging Markets Swap (Amundi Core MSCI Emerging Markets Swap UCITS ETF Acc, LU2573967036) both track the MSCI Emerging Markets index. Amundi Core MSCI Emerging Markets Swap has the lower total expense ratio (TER): 0.14% a year against 0.18% for iShares MSCI, 0.04 percentage points less, or about 4 a year on 10,000 invested. iShares MSCI is the larger fund, with USD 9.9bn in assets against USD 5.8bn for Amundi Core MSCI Emerging Markets Swap, about 1.7 times the size. iShares MSCI reports 785 holdings and Amundi Core MSCI Emerging Markets Swap 349. Amundi Core MSCI Emerging Markets Swap replicates its index through a swap and publishes the collateral basket behind it, so the holdings overlap is not measured. In 2025, iShares MSCI returned +33.8% and Amundi Core MSCI Emerging Markets Swap +33.9%, a gap of 0.1 percentage points. Over 3 years, iShares MSCI returned +22.5% a year and Amundi Core MSCI Emerging Markets Swap +22.8% a year. iShares MSCI and Amundi Core MSCI Emerging Markets Swap both reinvest their income (accumulating share classes). iShares MSCI holds the index securities directly (physical replication), while Amundi Core MSCI Emerging Markets Swap replicates its index through a swap (synthetic). iShares MSCI is domiciled in Ireland and Amundi Core MSCI Emerging Markets Swap in Luxembourg. iShares MSCI and Amundi Core MSCI Emerging Markets Swap both carry a risk indicator (SRRI) of 4 on the 1–7 scale. This is a factual comparison from the fund houses' documents, not investment advice.
Side by side
| Figure | iShares MSCI | Amundi Core MSCI Emerging Markets Swap |
|---|---|---|
| ISIN | IE00B4L5YC18 | LU2573967036 |
| Fund house | iShares | Amundi |
| Total expense ratio (TER) | 0.18% | 0.14% |
| Ongoing charges (KID) | 0.18% | 0.14% |
| Fund size | USD 9.9bn | USD 5.8bn |
| Launch date | September 25, 2009 | March 24, 2023 |
| Replication | Physical | Synthetic (swap) |
| Domicile | Ireland | Luxembourg |
| Distribution policy | Accumulating | Accumulating |
| Share class currency | USD | USD |
| Number of holdings | 785 | 349 |
| Risk indicator (SRRI) | 4 / 7 | 4 / 7 |
| SFDR classification | Article 6 | Article 6 |
| Benchmark | MSCI Emerging Markets Index (Net) | MSCI Emerging Markets Net Total Return USD Index |
Performance
Calendar-year returns
| Year | iShares MSCI | Amundi Core MSCI Emerging Markets Swap | Difference |
|---|---|---|---|
| 2025 | +33.8% | +33.9% | −0.1 |
| 2024 | +7.6% | +7.6% | 0.0 |
Annualised returns
| Period | iShares MSCI | Amundi Core MSCI Emerging Markets Swap | Difference |
|---|---|---|---|
| 1 year | +16.5% | +18.2% | −1.7 |
| 3 years | +22.5% | +22.8% | −0.3 |
Holdings
Amundi Core MSCI Emerging Markets Swap replicates its index through a swap and publishes the collateral basket behind it, so the holdings overlap is not measured.
Top 10 holdings of iShares MSCI
| # | Holding | Weight |
|---|---|---|
| 1 | TAIWAN SEMICONDUCTOR MANUFACTURING | 15.75% |
| 2 | SAMSUNG ELECTRONICS LTD | 6.65% |
| 3 | SK HYNIX | 4.66% |
| 4 | ISH MSCI CHINA A ETF USD ACC | 3.37% |
| 5 | TENCENT HOLDINGS | 2.64% |
| 6 | ISHARES MSCI BRAZIL UCITS ET USDHA | 2.41% |
| 7 | ALIBABA GROUP HOLDING | 1.83% |
| 8 | MEDIATEK | 1.57% |
| 9 | CHINA CONSTRUCTION BANK CORP H | 0.92% |
| 10 | SAMSUNG ELECTRONICS NON VOTING PRE | 0.88% |
Top 10 holdings of Amundi Core MSCI Emerging Markets Swap
Amundi Core MSCI Emerging Markets Swap replicates its index through a swap: the securities it publishes are the collateral basket behind the swap, not the index, so they are not compared.| # | Holding | Weight |
|---|---|---|
| 1 | AMAZON.COM INC | 6.28% |
| 2 | ADVANCED MICRO DEVICES | 4.57% |
| 3 | APPLE INC | 4.03% |
| 4 | ALPHABET INC CL C | 3.97% |
| 5 | NVIDIA CORP | 3.96% |
| 6 | APPLIED MATERIALS INC | 3.27% |
| 7 | MICROSOFT CORP | 3.21% |
| 8 | MICRON TECHNOLOGY INC | 2.86% |
| 9 | INTEL CORP | 2.52% |
| 10 | BROADCOM INC | 2.07% |
Sectors and countries
Largest sectors of iShares MSCI
- 40.1%
- 24.6%
- 7.4%
- 5.9%
- 5.4%
- 5.2%
Largest sectors of Amundi Core MSCI Emerging Markets Swap
- 40.7%
- 20.6%
- 7.9%
- 6.1%
- 6.1%
- 6.1%
Largest countries of iShares MSCI
- 28.9%
- 18.7%
- 16.4%
- 11.4%
- 6.1%
- 3.4%
Largest countries of Amundi Core MSCI Emerging Markets Swap
- 28.9%
- 20.4%
- 18.4%
- 11.5%
- 5.0%
- 3.2%
Frequently asked questions
What is the difference between iShares MSCI and Amundi Core MSCI Emerging Markets Swap?
iShares MSCI (iShares MSCI EM UCITS ETF USD (Acc), IE00B4L5YC18) and Amundi Core MSCI Emerging Markets Swap (Amundi Core MSCI Emerging Markets Swap UCITS ETF Acc, LU2573967036) both track the MSCI Emerging Markets index. Amundi Core MSCI Emerging Markets Swap has the lower total expense ratio (TER): 0.14% a year against 0.18% for iShares MSCI, 0.04 percentage points less, or about 4 a year on 10,000 invested. iShares MSCI and Amundi Core MSCI Emerging Markets Swap both reinvest their income (accumulating share classes). iShares MSCI holds the index securities directly (physical replication), while Amundi Core MSCI Emerging Markets Swap replicates its index through a swap (synthetic). iShares MSCI is domiciled in Ireland and Amundi Core MSCI Emerging Markets Swap in Luxembourg. This is a factual comparison from the fund houses' documents, not investment advice.Which is cheaper, iShares MSCI or Amundi Core MSCI Emerging Markets Swap?
Amundi Core MSCI Emerging Markets Swap has the lower total expense ratio (TER): 0.14% a year against 0.18% for iShares MSCI, 0.04 percentage points less, or about 4 a year on 10,000 invested. Their key information documents state ongoing charges of 0.18% for iShares MSCI and 0.14% for Amundi Core MSCI Emerging Markets Swap.Which is bigger, iShares MSCI or Amundi Core MSCI Emerging Markets Swap?
iShares MSCI is the larger fund, with USD 9.9bn in assets against USD 5.8bn for Amundi Core MSCI Emerging Markets Swap, about 1.7 times the size.Do iShares MSCI and Amundi Core MSCI Emerging Markets Swap hold the same companies?
Amundi Core MSCI Emerging Markets Swap replicates its index through a swap and publishes the collateral basket behind it, so the holdings overlap is not measured.How did iShares MSCI and Amundi Core MSCI Emerging Markets Swap perform in 2025?
In 2025, iShares MSCI returned +33.8% and Amundi Core MSCI Emerging Markets Swap +33.9%, a gap of 0.1 percentage points. Over 3 years, iShares MSCI returned +22.5% a year and Amundi Core MSCI Emerging Markets Swap +22.8% a year. Over the past year, iShares MSCI returned +16.5% and Amundi Core MSCI Emerging Markets Swap +18.2%. Past performance does not predict future returns.Are iShares MSCI and Amundi Core MSCI Emerging Markets Swap accumulating or distributing?
iShares MSCI is accumulating: it reinvests its income in the fund. Amundi Core MSCI Emerging Markets Swap is accumulating: it reinvests its income in the fund.Go further
- iShares MSCI (iShares MSCI EM UCITS ETF USD (Acc)): full fund page
- Amundi Core MSCI Emerging Markets Swap (Amundi Core MSCI Emerging Markets Swap UCITS ETF Acc): full fund page
- All funds tracking MSCI Emerging Markets
- Compare the largest holdings of iShares MSCI and Amundi Core MSCI Emerging Markets Swap in the overlap checker
- All ETF comparisons
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