The PDF version of the October issue of ETFInvestor is now available for download.

The iPad version will be available in approximately 3 business days.

Per MSCI, emerging-markets stocks made up about 11.6% of the global stock market (using the MSCI All- Country World Index as a proxy) as of the end of September. Thirty years ago, these stocks represented less than 1% of the world’s investable equity market capitalization. These markets are dynamic by definition. They have changed dramatically in the past three decades, and the pace of change has only accelerated in recent years. In this month’s cover, I look at emerging-markets stocks’ long- and short-term performance, the most recent phase in their ongoing evolution, how their makeup may evolve in the future, and what this all might mean with respect to portfolio construction.

Also in this issue:

• Phillip Yoo discusses Venezuela’s current debt crisis and its implications for investors in emerging-markets bond ETFs.
• Daniel Sotiroff explores the relationship between economic growth and stock market performance.
• I tell the tale of two seemingly similar but fundamentally different emerging-markets equity ETFs: iShares MSCI Emerging Markets ETF EEM and iShares Core MSCI Emerging Markets ETF IEMG.
• I provide my latest take on Income and Asset Allocation Portfolio holdings PIMCO Dynamic Mortgage and Credit Income PCI and PIMCO Dynamic Income PDI.
• Alex Bryan profiles iShares Edge MSCI Minimum Volatility Emerging Markets ETF EEMV, which carries a Morningstar Analyst Rating of Silver.
• Phillip Yoo shares his analysis of Bronze-rated iShares JP Morgan USD Emerging Markets Bond ETF EMB.
• In this month’s Sector Snapshot, I look at a notable change in sector leadership in the S&P 500 in September.

You can download this month's issue here:

http://etf.morningstar.com/Newsletter.aspx?download=currentIssue

Best,

Ben Johnson, CFA