The World Equity Benchmark Series (WEBS) was an international fund traded on the American Stock Exchange. It was introduced in 1996 by Morgan Stanley and was a type of hybrid security that possesses qualities of both open-end and closed-end funds.

In 2000, WEBS was renamed to iShares MSCI Emerging Markets Exchange Traded Fund (ETF). The iShares MSCI Emerging Markets ETF seeks to track the investment results of the MSCI Emerging Markets Index, an index composed of large- and mid-capitalization emerging market equities.