Buying a country label does not guarantee a balanced slice of that country.

EWY seeks to track an index of South Korean equities. On the official iShares page, the fund held 78 positions and Information Technology represented 50.16% of market value as of 27 July 2026.

That makes $EWYB a useful lesson in look-through analysis.

The headline exposure is “South Korea.” The portfolio driver can still be heavily shaped by one sector, large constituents and the index methodology.

My country-ETF checklist:

1. Number of holdings.
2. Largest sector weight.
3. Largest company weights.
4. Currency and country-specific risks.

Only after those four checks would I describe what the position actually adds to a portfolio.

An ETF can diversify single-company risk and still concentrate sector risk.

Source date matters: holdings change. Figures above are from the iShares EWY page as of 27 July 2026.

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