How to invest in Korea through US-listed ETFs: EWY and other options

How can investors get exposure to Korean stocks through a US-listed ETF? The iShares MSCI South Korea ETF, ticker EWY, and Franklin FTSE South Korea ETF, ticker FLKR, both offer Korean equity exposure and trade on NYSE Arca, according to their issuer documents.

The transaction is a purchase of ETF shares on the US exchange. For the separate process of purchasing locally listed shares, see our guide to how foreign investors can buy Korean stocks.

EWY and FLKR: benchmarks and fees

EWY seeks to track an index of South Korean equities. As of November 6, 2026, its benchmark is the MSCI Korea 25/50 Index. An October 23 announcement schedules a switch to the MSCI Korea 25/50 Daily 25 Capped Index on or around November 9, 2026.

FLKR tracks the FTSE South Korea RIC Capped Index, covering large- and mid-sized companies. The two funds follow different benchmarks; sharing a country label does not make their portfolios identical.

The published annual expense ratios are 0.59% for EWY and 0.09% for FLKR. These describe fund expenses, rather than the full cost of placing a trade. Franklin Templeton separately identifies brokerage commissions as a cost that reduces returns.

Broader funds: the country classification matters

The iShares MSCI Emerging Markets ETF, EEM, tracks large- and mid-cap emerging-market equities. Its country breakdown includes South Korea alongside markets such as Taiwan, China and India. EEM provides Korean exposure within a multinational portfolio, rather than a Korea-only mandate. Its published expense ratio is 0.72%.

The Vanguard FTSE Emerging Markets ETF, VWO, follows the FTSE Emerging Markets All Cap China A Inclusion Index, according to its factsheet. FTSE Russell classifies South Korea as developed in its country matrix, placing Korea outside that emerging-market benchmark.

How the exchange transaction works

Start with the ticker and full fund name in the issuer documents, then match them to the broker’s security listing. EWY and FLKR both identify NYSE Arca as their listing exchange.

As Vanguard’s factsheet explains, ETF shares trade at market prices during the trading day. That price can differ from net asset value, or NAV: shares may trade above it at a premium, or below it at a discount. The amount paid therefore need not equal reported NAV.

Compare annual fund expenses, brokerage commissions and the bid-ask spread, the difference between the quoted buying and selling prices. Also check whether the shares trade above or below NAV. EWY’s product page publishes both premium or discount information and a median bid-ask spread, alongside its expense ratio.

Currency and concentration risks

A US listing does not remove the risks of the underlying international investments. Changes in the won–dollar exchange rate can affect the dollar value of Korean holdings. Franklin Templeton identifies currency fluctuations, economic and political uncertainty, and the possibility of greater volatility from concentrating investments in one country.

EEM reports country and sector allocations separately. BlackRock says its country figures principally reflect issuers’ domicile; in some cases, they reflect where issuers conduct much of their business. A country allocation therefore does not necessarily describe where the underlying companies earn all their revenue. Allocations can change.