This is from a 1/6/12 post on the UL message board. UL is the American Depository Receipt stock for the largest component of EWN. "Bought some UL today. Even if it appreciates back to $33.16 per share, the dividend yield would still be large at 3.71%. No foreign tax is withheld on UL dividends, making UL appropriate for IRA or regular investment accounts. According to Yahoo Finance, UL's operating margin is 13.2% compared with 6.21% for the industry. Per Yahoo Finance: UL's Return on Equity is 33.14% versus 9% for the industry, 13.65% for Del Monte, 9.07% for Kraft, 15.91% for Danone, 19.38% for Agro Tech Foods (Indian entity of similar market cap), 35.87% for Heinz, and 20.73% for Lancaster Colony."
If you seek a higher dividend than EWN, a lower Beta than EWN and also like exposure to emerging markets, you might wish to consider directly investing in UL.
P.S.: We have a modest long position in UL (less than $7500).