EEM isn't of the same composition as it was in the good ol' 2000s. Today, China and Taiwan make up approximately 52% of EEM, whereas in 2005 it was only about 25%.
Today:
Taiwan Semiconductor Manufacturing Co Ltd 6.41% Tencent Holdings Ltd 5.59% Alibaba Group Holding Ltd 5.30% Samsung Electronics Co Ltd 4.24% Meituan 1.67% Naspers Ltd Class N 1.20% Reliance Industries Ltd Shs Dematerialised 0.93% China Construction Bank Corp Class H 0.92% Vale SA 0.90% JD JD.Com Inc 0.81%
If a breakout in EEM happens, it is really a story of China, Taiwan, and South Korea. Are they really "emerging"? Where are the South American and African equities? And the South-East Asian countries?