Emerging Market Links + The Week Ahead (July 31, 2023)
China’s robotic uptake, Industry Multiples in Latin America (LATAM) report, EM + Brazil stock picks, Singapore Post strategic review, Nayuki to expand tea shops & the week ahead for emerging markets.
If you are interested in Latin American stocks, Kroll has launched the fourth edition of our Industry Multiples in Latin America (LATAM) quarterly report providing valuable insights into trading multiples for various key industries in the region.
Otherwise, we are entering the quiet August month where I guess many investment professionals and key decision makers (like politicians…) are busy with summer which leads me to this interesting observation from Peter Tchir of Academy Securities (Land Wars In Asia, Opening Two Fronts, & Fighting Consensus In August):
While having nothing to do with war, I’ve found that over time (as a contrarian):
Don’t fight consensus in December and August. Of the two, December is the most obvious to me. Whatever you think about the consensus always being wrong, consensus seems to be able to handle December remarkably well. August comes in a close second. There are plenty of reasons why this could be true (senior decision makers on vacation being high on the list) and I am reluctant to fight consensus in August.
Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
CMBI China and Hong Kong Equity Research (June 2023) Partially $
Includes: Bosideng, Topsports, FIT Hon Teng, Q Technology, Intron Technology, China Gas Holdings, Atour Lifestyle, EC Healthcare, Li Auto, Great Wall Motor, Dalipal Holdings, CR Power, Cafe De Coral, WuXi Biologics, Sunny Optical, BOE Varitronix, NIO Inc, Trip.com, SANY International, CMGE Technology, Baidu, Greentown Service Group Co, Ke Holdings, EVA Precision Industrial Holdings, Bilibili & JOYY Inc
Afya (NASDAQ: AFYA): Shares of Brazil's Leading Medical Education Group Struggle to Breakout
Arco Platform Limited (NASDAQ: ARCE): Minority Shareholder Are Wary of this Brazil Education Stock
Emerging Market Stock Picks / Stock Research
$ = behind a paywall
In uncertain times, Nayuki bets on enduring consumer taste for premium tea (The Bamboo Works)
See their second-quarter business update filing.
The leading maker of milk tea aims to boost its store network by 40% in the second half of this year, taking advantage of favorable rents and locations in China’s depressed retail market
Nayuki Holdings (HKG: 2150 / OTCMKTS: NYKHF) plans to open 474 new stores in the second half of this year, a major boost from its total of 1,194 stores at the end of June
The company recorded lower spending per order in the second quarter compared with the first, reflecting growing consumer caution.
Travelsky (696): Time to Fly (Smart Karma) $
Share price of Travelsky Technology Ltd H (HKG: 0696 / FRA: TVL / OTCMKTS: TSYHY / TSYHF) is still down YTD as investors are still overly cautious on Chinese travel data.
YTD operational data shows that the number of flights processed is very close to the pre-COVID era.
The company announced a profit alert recently, that should help to boost share price.
LianLian DigiTech IPO: The Bull Case + LianLian DigiTech IPO: The Bear Case (Smart Karma) $
Lianlian DigiTech (2104619D CH), a digital payment services provider in China, has filed for an HKEx IPO to raise US$500 million, according to press reports.
Lianlian ranked first among the independent digital payment solution providers in China in terms of TPV in 2022, with a market share of 9.1%, according to Frost & Sullivan.
The key elements of the bull case rest on rising market share, doubling of active customers, resilient core business growth and rapidly growing additional revenue streams.
The key elements of the bear case rest on margin pressure on the fastest-growing business, operating losses, an unconvincing path to profitability, FCF burn with a weak balance sheet.
Keep finally crosses IPO finish line, but fails to pump up investors (The Bamboo Works)
The maker of a popular fitness app completed its Hong Kong IPO more than a year after its first application, only to debut unimpressively
Fitness app operator Keep Inc.’s (HKG: 3650) IPO shares debuted with a small gain after pricing at the bottom of an unusually wide range
The company’s revenue growth has slowed over the last four years as it reins in promotional spending to try to become profitable
Feng Tay Enterprise: Risks from Higher Inventory at Nike & Unattractive Valuations (Smart Karma) $
We are negative on Feng Tay Enterprise's (TPE: 9910) share price in the next 6-12 months mainly due to inventory/margin concerns at its largest customer Nike combined with unattractive valuations.
In the next several months, we think there is a higher probability of Feng Tay's share price underperforming versus Nike.
Feng Tay Enterprise is one of the largest global OEM/ODM companies that specializes the design and manufacturing of footwear. Nike is one of the largest customers of Feng Tay Enterprise.
Our thoughts on Grab buying a taxi company in Singapore (Momentum Works)
Last week, Grab Holdings Limited (NASDAQ: GRAB) announced that it would be acquiring 100% ownership of Trans-cab, Singapore’s 3rd largest licensed taxi operator. The acquisition, undertaken by Grab subsidiary Grab Rentals, includes Trans-cab’s taxi and car rental business (with a current combined fleet of >2500 vehicles), maintenance workshop, and fuel pump operations.
Singapore Post is Undergoing a Strategic Review: Can its Share Price Regain its Former Glory? (The Smart Investor)
The postal group has appointed a financial advisor and is seeking to become a major logistics player.
It has been a challenging time for Singapore Post Limited (SGX: S08 / FRA: SGR / OTCMKTS: SPSTY / SPSTF), or SingPost.
The postal and logistics group posted a 70% year on year plunge in net profit for its fiscal 2023 (FY2023) ending 31 March and sharply reduced its annual dividend to S$0.0058.
SingPost’s board of directors has initiated a strategic review of the group’s portfolio of businesses and appointed BofA Securities as its exclusive financial advisor.
We dig deep into SingPost’s business and strategic review to see if its share price can regain its former glory.
BBD: Time to Buy Bradesco Stocks? (Brazil Stocks Substack) Partially $
Banco Bradesco (NYSE: BBD)
Investing in a Brazilian bank with returns like a commodity stock
For many years, market leader among private banks.
It was the bank that most invested in technology in its early days.
Strong culture, training its players from the base categories.
It has already been compared to Japanese companies, due to its modus operandi.
With the Itaú - Unibanco merger in 2008, it left the leadership and, little by little, began to lose its shine.
By the way, what a genius idea it is to create 3 digital banks (Next, Digio, Bitz) and stimulate competition between them, isn't it? They must have taken it from a McKinsey slide, that's for sure. What are the chances of this working?
Brazilian Value: The Trade of the Decade (Superfluous Value)
I believe Brazilian value equities (most of the market) represent one of the best opportunities I have seen in my 15 years of investing.
Discusses: Ultrapar Participaçoes (NYSE: UGP), Despegar (NYSE: DESP), Vale (NYSE: VALE), Embraer (NYSE: ERJ), Sendas Distribuidora S.A. or Assaí (NYSE: ASAI), Companhia Energética Minas Gerais (NYSE: CIG), Petrobras (NYSE: PBR), Companhia Brasiliera de Distribuição (NYSE: CBD) and Telefônica Brasil (NYSE: VIV).
Further Suggested Reading
$ = behind a paywall
The Long March Of The Machines In China (Robeco)
Robotic installations are set to accelerate globally but worries loom over a slowdown in China. Our analysis suggests these fears are overblown.
Multiple structural themes driving automation in manufacturing
Industry sources indicate China’s robotic uptake is approaching a ceiling
Internal analysis reveals China’s potential much higher than estimates
Asia Ex-Japan and Emerging Markets: Beta Versus Alpha (Man Institute)
What are the merits of allocations to Asia ex-Japan versus emerging markets more broadly?
Our conclusions from 2021 are unchanged: the best utilisation of our resources is to focus on uncovering differentiated, independent investment opportunities. A small slice of deliberate macro input can materially improve returns at various points in the cycle. But the secret to enduring outperformance is a diversified portfolio.
Industry Multiples in Latin America – Q1 2023 (Kroll)
We are pleased to launch the fourth edition of our Industry Multiples in Latin America (LATAM) quarterly report. This report provides valuable insights into trading multiples for various key industries in LATAM as of March 31, 2023. Our analysis uses publicly traded companies in Latin American countries, distributed among several different industries and sectors, following the definitions by the Global Industry Classification Standard (GICS).
Our report provides a detailed overview of the EV/revenues, EV/EBITDA, P/E and P/B multiples of publicly traded companies in LATAM covering nonfinancial industries and market capitalization/revenues, P/TBV, P/E and P/B multiples covering financial industries for which such data is available. We also provide an eight-quarter lookback at the trends of these multiples for the industries covered.
Country Risk: A July 2023 Update (Musings on Markets) & Country Risk: Determinants, Measures and Implications – The 2023 Edition
Since country risk is multidimensional and dynamic, my annual country risk update runs to more than a hundred (boring) pages, but I will try to summarize what the last year has brought in this post.
Earnings Calendar
Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):
Economic Calendar
Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).
Election Calendar
Frontier and emerging market highlights (from IFES’s Election Guide calendar):
Argentina Referendum Aug 13, 2023 (d) Confirmed
Ecuador Ecuadorian Presidency Aug 20, 2023 (t) Confirmed Apr 11, 2021
Ecuador Ecuadorian National Congress Aug 20, 2023 (t) Confirmed Feb 7, 2021
Ecuador Referendum Aug 20, 2023 (t) Confirmed Feb 5, 2023
Zimbabwe Zimbabwean National Assembly Aug 23, 2023 (d) Confirmed Jul 30, 2018
Zimbabwe Zimbabwean Presidency Aug 23, 2023 (d) Confirmed Jul 30, 2018
Singapore Singaporean Presidency Sep 13, 2023 Date not confirmed Sep 23, 2017
Slovakia Slovakian National Council Sep 30, 2023 (t) Confirmed Feb 29, 2020
Pakistan Pakistani National Assembly Oct 14, 2023 (t) Date not confirmed Jul 25, 2018
Argentina Argentinian Chamber of Deputies Oct 22, 2023 (d) Confirmed Oct 24, 2021
Argentina Argentinian Senate Oct 22, 2023 (d) Confirmed Nov 14, 2021
Argentina Argentinian Presidency Oct 22, 2023 (d) Confirmed Aug 13, 2023
Ukraine Ukrainian Supreme Council Oct 29, 2023 (d) Confirmed Jul 21, 2019
Poland Polish Sejm Oct 31, 2023 (t) Date not confirmed Oct 13, 2019
Poland Polish Senate Oct 31, 2023 (t) Date not confirmed Oct 13, 2019
PolandReferendum Oct 31, 2023 (t) Date not confirmed Sep 6, 2015
Chile Referendum Dec 17, 2023 (t) Confirmed Sep 4, 2022
Indonesia Indonesian Regional Representative Council Feb 14, 2024 (t) Confirmed Apr 17, 2019
Indonesia Indonesian Presidency Feb 14, 2024 (t) Confirmed Apr 17, 2019
Indonesia Indonesian House of Representatives Feb 14, 2024 (t) Confirmed Apr 17, 2019
South Korea South Korean National Assembly Apr 10, 2024 (t) Confirmed Apr 15, 2020
Emerging Market IPO Calendar/Pipeline
Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):
Cheetah Net Supply Chain Service Inc. CTNT, 1.3M Shares, $4.00-6.00, $6.3M, 8/1/2023 Tuesday
Cheetah Net Supply Chain Service Inc. imports luxury cars, including Mercedes and BMW, to China. (Incorporated in the Cayman Islands)
We are a supplier of parallel-import vehicles sourced in the U.S. to be sold in the PRC market. In the PRC, parallel-import vehicles refer to those purchased by dealers directly from overseas markets and imported for sale through channels other than brand manufacturers’ official distribution systems.
We purchase automobiles, primarily luxury brands such as Mercedes, BMW, Porsche, Lexus, and Bentley, from the U.S. market and resell them to our customers, including both U.S. and PRC parallel-import car dealers. We derive profits primarily from the price difference between our buying and selling prices for parallel-import vehicles.
The primary driver for our industry is the continued growth of wealthy groups in China. The core of our business is the ability to identify the type of parallel-import vehicles that are in high demand and to procure them in a timely manner. Since our inception in 2016, our management has focused on building our procurement team. We procure our automobiles from U.S. automobile dealers via a network of independent contractors acting as purchasing agents on our behalf. As of Dec. 31, 2022, and 2021, we actively worked with 342 and 300 purchasing agents, respectively.
As of Dec. 2022, and 2021, we had an active customer base of 17 and eight dealers, respectively. Specifically, we had eight U.S. customers and nine PRC customers in 2022 and had four customers in each of the U.S. and the PRC in 2021. During the years ended Dec. 31, 2022, and 2021, we sold 434 and 167 parallel-import vehicles to Chinese parallel-import car dealers, respectively. During the same period, we sold 29 and 220 parallel-import vehicles to our U.S. domestic customers, respectively.
We sold 463 and 387 vehicles during the years ended Dec. 31, 2022, and 2021, respectively.
**Note: Net income and revenue are for the 12 months that ended Dec. 31, 2022.
(Note: Cheetah Net Supply Chain Service Inc. cut its IPO on June 20, 2023, to 1.25 million shares – down from 2.0 million shares – and kept the price range at $4.00 to $6.00 – to raise $6.25 million, according to an S-1/A filing. The IPO will raise $3.75 million less – or about 38 percent less – than it would have done under its original terms. Background: Cheetah Net Supply Chain Service Inc. filed an S-1/A on April 28, 2023, in which it disclosed its IPO terms: 2.0 million shares at $4.00 to $6.00 to raise $10.0 million. Cheetah Net Supply Chain Service Inc. filed its S-1 on April 7, 2023.)
Hanryu Holdings, Inc. HRYU, 0.9M Shares, 10.00-10.00, $8.8 mil, 8/8/2023 Tuesday
We aim to provide an all-inclusive online global playground for fans, where they can consume, create, and get rewarded for all things related to their fandom within our FANTOO platform, an engaging and innovative social media platform that connects users around the world that share similar interests. (Incorporated in Delaware)
We created FANTOO to provide distinctive service offerings, technology, applications and websites, through a multi-media global platform for our users to interact with other like-minded users, and share their appreciation as fans of various types of entertainment and cultures, create their own content, enjoy other user’s content, engage in e-commerce, and experience a community we believe is unlike any other.
Our current users are enthusiasts of South Korean culture (“K-Culture”), also known as the “Korean Wave,” or “Hanryu”. Though we anticipate expanding into additional entertainment genres, the Korean Wave is the current basis of FANTOO. The growing popularity of the Korean Wave has historically been driven by social networking services and online video sharing platforms. Through these channels, the dispersion and export of South Korean arts, music and entertainment has grown rapidly from a regional influence into a global appreciation of K-Culture. The expansion of the Korean Wave into a global phenomenon provides a significant opportunity to unite fans across the globe within the FANTOO platform.
FANTOO leverages the growing groups of fans with similar interests, known as “fandoms,” in order to tap into the “Fandom Economy” and monetize the growing fandom community. Through fandoms, fans have expanded the scope of their spending in a variety of ways, including paying for advertisements, production of products that promote or express their adulation for their favorite entertainers, and purchasing merchandise, as well as supporting the activities related to their interests by enthusiastically promoting them online through social media. With the rise of social media platforms, fans are no longer passive consumers of content, but are actively sharing ideas and acting as producers and content creators. Fans’ connectivity to fandoms is extremely high due to the ease of access allowed by mobile devices and applications. FANTOO allows fans to be proactive in their fandoms, and rewards users for their activity.
We believe an opportunity exists for FANTOO to become an industry leader in fandom platforms and content creation by exploiting the current market sentiment that we believe treats fandoms and fans only as a group of passive consumers, despite the fans’ contributions. Other existing platforms and social networks often fail to meet the needs of their users, as such platforms offer limited products and services, causing their users to look elsewhere for the products and services that reflect their interests. In addition, most other platforms and applications either do not provide rewards for user contributions, or do not reward users simply for daily activity within the application or platform. FANTOO is an all-in-one platform that fills this void. Through its well-designed ecosystem, FANTOO not only supports fans’ interests in entertainment and entertainers, but also provides in-platform economic rewards in return for users’ contributions. These in-platform rewards, formerly called “Kingdom Gold” or “KDG”, now called “Fantoo Point” or “FP” (“FP”), can then be accumulated in the user’s account and used to pay other users for goods and services within the FANTOO platform. We believe the services and offerings within the FANTOO platform will result in a growing “Fandom Economy” that benefits both our Company and fans across the globe.
**Note: As of Sept. 30, 2022, we had generated $904,041 of revenue (for the nine months ended Sept. 30, 2022) in aggregate from marketing service sales, product sales and content sales from certain Company subsidiaries; however, as of Sept. 30, 2022, we had not yet generated revenue from the FANTOO platform, which we expect to be a primary source of revenue going forward.
**Note: Revenue and net loss figures are for the 12 months that ended Sept. 30, 2022.
(Note: Hanryu Holdings Inc. increased its IPO’s size to 877,328 shares – up from 727.272 shares – and set the assumed IPO price at $10.00 – the mid-point of its previous price range of $9.00 to $11.00 – to raise $8.77 million, according to an S-1/A filing dated July 11, 2023. Background: Hanryu Holdings Inc. drastically cut the size of its IPO to 727,272 shares – down from 3.64 million shares – and kept the price range at $9.00 to $11.00 to raise $7.27 million – in an S-1/A filing dated June 2, 2023. The IPO’s new terms represent a reduction of 80 percent in the deal’s original estimated proceeds of $36.4 million – according to the S-1/A filing dated June 2, 2023. In that S-1/A filing on June 2, 2023, Hanryu also said a selling stockholder would sell 1.0 million shares. The company will not receive any proceeds from the sale of the selling shareholder’s stock. Background: Hanryu Holdings Inc filed its S-1/A on April 6, 2023, with the terms for its IPO: 3.64 million shares (3,636,363 shares) at $9.00 to $11.00 to raise $36.4 million. Hanryu Holdings, Inc. filed its S-1 on Jan. 25, 2023; a confidential IPO filing was submitted to the SEC on Feb. 17, 2022.)
Gamer Pakistan Inc. GPAK, 1.7M Shares, $4.00-5.00, $8.0 mil, 8/10/2023 Thursday
We are an early-stage esports company focused on developing and organizing esports events in Pakistan. (Incorporated in Delaware)
We are a development-stage interactive esports event promotion and product marketing company, founded in November 2021. Our initial focus is on creating college, inter- university and professional esports events for both men’s and women’s teams, particularly esports opportunities with colleges and universities in Pakistan. The Government of Pakistan’s 2021-22 Pakistan Economic Survey estimated that from 2020-21 there were approximately 500,000 students enrolled in technical and vocational education, approximately 760,000 in degree-awarding colleges, and 1.96 million students in universities.1 Though the foregoing likely will remain our focus for at least 12 months, over time, we intend to expand the range of our esports offerings, expand to other markets and eventually consider live sports. We will endeavor to integrate competitive events that include our teams and leagues with regional and global teams and leagues sponsored by others.
Pakistan is a large market for esports. Pakistan is the fifth most populous country in the world, with a current population estimated to be approximately 231 million persons. The median age in Pakistan is 22.8 years, and 35.1% of the population is urban (77,437,729). Mobile cellular subscriptions have grown at an astounding rate in Pakistan, with 79.51% of the inhabitants having a mobile cellular subscription in 2020 compared to only 0.22% in 2000. Approximately 36.8 million persons in Pakistan have been estimated to play video games in 2022, and the number is expected to increase to 50.9 million by 2026.
We plan to conduct our operations in Pakistan through K2 Gamer (PVT) Ltd. (“K2 Gamer”), and Elite Sports Pakistan Pvt. Ltd. (“ESP”), each a company duly incorporated under the laws of Pakistan. Pursuant to agreements with the three owners of K2 Gamer, we acquired 90% ownership of K2 Gamer on July 10, 2023 when the transfer was approved by the Securities and Exchange Commission of Pakistan (“SECP”). We will account for the transfer as an acquisition of a business under the provisions of ASC 805. To date all activities have been conducted by K2 Gamer and ESP, and not the Company, although the Company has received public recognition as a sponsor for many of the tournaments.
As a result of the assignment to K2 Gamer by ESP of all of its rights with respect to the exploitation of esports, ESP is an affiliate of K2 Gamer and, as a result of the acquisition by us of 90% of the stock of K2 Gamer, ESP now is our affiliate as well. For purposes of this prospectus, we have assumed, except where otherwise stated, that K2 Gamer has been our subsidiary and that ESP has been our affiliate during the periods mentioned. Mr. Muhammed Jamal Qureshi is an owner of K2 Gamer and ESP as well as CEO and a director of K2 Gamer and ESP.
Esports are the competitive playing of video games by amateur and professional teams or individuals for cash and other prizes. Esports typically take the form of organized, multiplayer video games that include real-time strategy and competition, including virtual fights, first-person shooter and multiplayer online battle arena games. The games are played on dedicated hardware (consoles), personal computers (PCs), or a range of mobile devices including smart phones and tablets. Unlike games of chance or luck, esports are defined as competitive games of skill, timing, knowledge, experience, practice, attention and teamwork. Tournaments can be held using consoles, PCs, mobile devices, or a combination of the foregoing. Competitors participate at large in-person events, small in-person events and virtually from home or computer cafes.
Between November 2021 and November 2022, we organized and held 27 separate championships, including the first “Annual University Esports National Tournament and Championship on June 30 through July 1 of 2022. In December 2022 we held the week-long inaugural National Esports Free Fire Championship. During 2023, K2 Gamer and/or ESP are expected to organize and conduct at least 18 championships. There were no paying sponsors for these championships, as a result of which we recognized no revenue from them. We believe that we will be able to gain paying sponsors as the championships gain popularity.
*Note: Revenue and net loss figures are for the year ended Dec. 31, 2022.
(Note: Gamer Pakistan Inc. filed its S-1 on July 12, 2023, and disclosed terms for its IPO: 1.7 million shares at $4.00 to $5.00 to raise $8.0 million. Selling stockholders are offering up to 2.9 million shares (2,290,429 shares) of common stock. The company will NOT receive any proceeds from the sale of the selling stockholders’ shares.)
Emerging Market ETF Launches
Climate change and ESG are clearly the latest flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
05/18/2023 - Putnam Emerging Markets ex-China ETF PEMX - Value + growth stocks
05/11/2023 - JPMorgan BetaBuilders Emerging Markets Equity ETF BBEM - Large + midcap stocks
03/16/2023 - JPMorgan Active China ETF JCHI - Active, equity, China
03/03/2023 - First Trust Bloomberg Emerging Market Democracies ETF EMDM - Principles-based
1/31/2023 - Strive Emerging Markets Ex-China ETF STX - Passive, equity, emerging markets
1/20/2023 - Putnam PanAgora ESG Emerging Markets Equity ETF PPEM - Active, equity, ESG, emerging markets
1/12/2023 - KraneShares China Internet and Covered Call Strategy ETF KLIP - Active, equity, China, options overlay, thematic
1/11/2023 - Matthews Emerging Markets ex China Active ETF MEMX - Active, equity, emerging markets
12/13/2022 - GraniteShares 1.75x Long BABA Daily ETF BABX - Active, equity, leveraged, single stock
12/13/2022 - Virtus Stone Harbor Emerging Markets High Yield Bond ETF VEMY - Active, fixed income, junk bond, emerging markets
9/22/2022 - WisdomTree Emerging Markets ex-China Fund XC - Passive, equity, emerging markets
9/15/2022 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF KDIV - Passive, equity, Asia, dividend strategy
9/15/2022 - OneAscent Emerging Markets ETF OAEM - Active, Equity, emerging markets, ESG
9/9/2022 - Emerge EMPWR Sustainable Select Growth Equity ETF EMGC - Active, equity, emerging markets
9/9/2022 - Emerge EMPWR Unified Sustainable Equity ETF EMPW - Active, equity, emerging markets
9/8/2022 - Emerge EMPWR Sustainable Emerging Markets Equity ETF EMCH - Active, equity, emerging markets, ESG
7/14/2022 - Matthews China Active ETF MCH - Active, equity, China
7/14/2022 - Matthews Emerging Markets Equity Active ETF MEM - Active, equity, emerging markets
7/14/2022 - Matthews Asia Innovators Active ETF MINV - Active, equity, Asia
6/30/2022 - BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF XEMD - Passive, fixed income, emerging markets
5/2/2022 - AXS Short CSI China Internet ETF SWEB - Active, inverse, thematic
4/27/2022 - Dimensional Emerging Markets High Profitability ETF DEHP - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Core Equity 2 ETF DFEM - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Value ETF DFEV - Active, equity, emerging markets
4/27/2022 - iShares Emergent Food and AgTech Multisector ETF IVEG - Passive, equity, thematic [Mostly developed markets]
4/21/2022 - FlexShares ESG & Climate Emerging Markets Core Index Fund FEEM - Passive, equity, ESG
4/6/2022 - India Internet & Ecommerce ETF INQQ - Passive, equity, thematic
2/17/2022 - VanEck Digital India ETF DGIN - Passive, India market, thematic
2/17/2022 - Goldman Sachs Access Emerging Markets USD Bond ETF GEMD - Passive, fixed income, emerging markets
1/27/2022 - iShares MSCI China Multisector Tech ETF TCHI - Passive, China, technology
1/11/2022 - Simplify Emerging Markets PLUS Downside Convexity ETF EMGD - Active, equity, options strategy
1/11/2022 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF REMG - Passive, equity, ESG
Emerging Market ETF Closures/Liquidations
Frontier and emerging market highlights:
07/07/2023 - Emerge EMPWR Sustainable Emerging Markets Equity ETF - EMCH
06/23/2023 - Invesco PureBeta FTSE Emerging Markets ETF - PBEE
06/16/2023 - AXS Short China Internet ETF - SWEB
04/11/2023 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF - REMG
3/30/2023 - Invesco BLDRS Emerging Markets 50 ADR Index Fund - ADRE
3/30/2023 - Invesco BulletShares 2023 USD Emerging Markets Debt ETF - BSCE
3/30/2023 - Invesco BulletShares 2024 USD Emerging Markets Debt ETF - BSDE
3/30/2023 - Invesco RAFI Strategic Emerging Markets ETF - ISEM
2/17/2023 - Direxion Daily CSI 300 China A Share Bear 1X Shares - CHAD
1/13/2023 - First Trust Chindia ETF - FNI
12/28/2022 - Franklin FTSE Russia ETF - FLRU
12/22/2022 - VictoryShares Emerging Market High Div Volatility Wtd ETF CEY
8/22/2022 - iShares MSCI Argentina and Global Exposure ETF AGT
8/22/2022 - iShares MSCI Colombia ETFI COL
6/10/2022 - Infusive Compounding Global Equities ETF JOYY
5/3/2022 - ProShares Short Term USD Emerging Markets Bond ETF EMSH
4/7/2022 - DeltaShares S&P EM 100 & Managed Risk ETF DMRE
3/11/2022 - Direxion Daily Russia Bull 2X Shares RUSL
1/27/2022 - Legg Mason Global Infrastructure ETF INFR
1/14/2022 - Direxion Daily Latin America Bull 2X Shares LBJ
Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as some ETF lists are still being updated as of Summer 2022).
I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.
Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.
Emerging Market Links + The Week Ahead (July 31, 2023) was also published on our website under the Newsletter category.