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    iShares Core MSCI Emerging Markets ETF (Ondo Tokenized ETF)

    IEMGON

    Evaluation Score

    Overall rating on a scale of 0-10

    RiskReturn
    05.410
    Risk Level:
    Medium
    Recommendation:Hold
    Evaluated:August 28, 2026 (v14)

    Dimension Breakdown

    Development Activity6.5
    Community Health2.0
    Tokenomics6.0
    Market & Use Case4.8
    Team & Governance6.0
    Security & Audits6.5

    AI Analysis

    Comprehensive evaluation of the token

    IEMGON is an Ondo Finance tokenized wrapper of the iShares Core MSCI Emerging Markets ETF (IEMG), providing non-US persons on-chain economic exposure to emerging markets equities. The product operates on Ethereum and BNB Smart Chain, backed 1:1 by underlying assets custodied by Alpaca Securities and BitGo, with fund-level auditing by BPM UK Audit Ltd. Active development and operational tracking remain steady (6.5/10), though token-specific technical updates and smart contract audits are limited. Community support is minimal (2.0/10) due to its nature as a financial wrapper without a DAO or retail community infrastructure. Tokenomics (6.0/10) reflect an elastic, NAV-anchored supply, but access is tightly permissioned and centralized. Market adoption (4.8/10) and governance (6.0/10) are constrained by a small holder base (~185 holders, ~$10.1M market cap), low secondary market liquidity, and offshore BVI Reg S structural restrictions. Security is sound with no recorded exploits, depegs, or regulatory enforcement actions (6.5/10). With no qualifying red flags identified, the overall score mathematically synthesizes to 5.4.

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    Development Activity

    Code updates and developer engagement

    RiskReturn
    06.510

    Community Support

    Social media presence and community engagement

    RiskReturn
    02.010

    Tokenomics

    Supply, distribution, and utility

    RiskReturn
    06.010

    Market & Use Case

    Value proposition and competitive landscape

    RiskReturn
    04.810

    Team & Governance

    Team background and project governance

    RiskReturn
    06.010

    Security & Audits

    Security history and audit status

    RiskReturn
    06.510
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    About iShares Core MSCI Emerging Markets ETF (Ondo Tokenized ETF) (IEMGON)

    IEMGON (iShares Core MSCI Emerging Markets ETF (Ondo Tokenized ETF)) is a real-world asset (RWA) token wrapper issued by Ondo Global Markets (BVI) Limited. Deployed primarily on Ethereum and BNB Smart Chain, the token provides non-U.S. investors with on-chain economic exposure to emerging markets equities by tracking the net asset value (NAV) of BlackRock's iShares Core MSCI Emerging Markets ETF (IEMG).

    The token utilizes an elastic, demand-driven supply mechanism designed to maintain 1:1 economic backing with the underlying fund assets. Ondo Global Markets utilizes traditional and digital financial infrastructure for the token's operations, engaging Alpaca Securities LLC as the traditional broker and transfer agent, BitGo for cryptocurrency custody, and BPM UK Audit Ltd as the fund-level auditor.

    IEMGON is subject to specific regulatory and structural constraints. The product is issued under a U.S. Securities Act Regulation S exemption, is not registered under the Securities Act of 1933, and strictly excludes U.S. persons. Governance is centralized within Ondo with no decentralized autonomous organization (DAO) or voting rights for tokenholders. Additionally, while the product maintains fund-level auditing and has recorded no exploits or credit defaults, verified third-party smart contract audit scores for the specific token contracts remain absent, and secondary market liquidity is limited across a small holder base.

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