Billions of new consumers in emerging markets are driving a digital revolution.
Our Partner
A growing middle class
Demographic changes are increasing consumerism in developing economies. ~90% of population under 30 lives in emerging markets. By 2025, annual consumption in emerging markets is expected to reach $30 trillion.
The shift to smartphones opening up economies
The plunging costs of smartphones and wireless broadband are providing unprecedentedly large swaths of the population in developing countries with internet access for the first time.
Diversified holdings across emerging and frontier markets
Targeted exposure to over 80 emerging market companies. Significant proportion of holdings derive their revenue from outside of China to capture potential growth in frontier and emerging markets.
There are numerous emerging markets across the globe, including frontier markets, creating a diversified theme.
EMQQ Emerging Markets Internet UCITS ETF (EMQQ) seeks to provide exposure to the growth of online consumption in the developing world as middle classes expand and affordable smartphones provide unprecedentedly large swaths of the population with access to the internet for the first time. The emerging markets ETF tracks an index of leading internet and Ecommerce companies that serve emerging markets, including search engines, online retailers, social networks, online video, online gaming, e-payment systems and online travel.
Kevin Carter, Founder & CIO of EMQQ Global, breaks down why emerging markets are the biggest growth story in capitalism. With a spotlight on India’s digital revolution, Kevin makes the case for a smarter, more targeted approach to emerging market investing. Discover how 6.5 billion people, mobile-first economies, and rising digital entrepreneurs are reshaping the global investment landscape.
Key Risks
The value of equities and equity-related securities can be affected by daily stock and currency market movements. Emerging frontier markets are subject to greater market volatility than developed markets. Investors’ capital is fully at risk and investors may not get back the amount originally invested. For a complete overview of all the risks, please refer to the “Risk Factors” in the Prospectus.
Source: HANetf, data as of 30.09.2026. Please note that all performance figures are showing net data. Performance before inception is based on back-tested data. Back-testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled « Risk Factors » for further details of risks associated with an investment in this product. If fund is less than 12 months old, YTD field will be calculated since inception. When you invest in ETFs your capital is at risk.
*The fund changed its index on 24th June 2024. The index performance is a composite of the old index prior to this date and the new index after.
No. of holdings: 54
Data as of 31st March 2025. The figures shown relate to past performance. Past performance is not a reliable indication of current or future results. Maximum on-loan figure may increase or decrease over time. With securities lending there is a risk of loss should the borrower default before the securities are returned, and due to market movements, the value of collateral held has fallen and/or the value of the securities on loan has risen.
Download Collateral Snapshot
The Emerging Markets ETF tracks the EMQQ The Emerging Markets Internet ESG-Screened Index, which rebalances semi-annually. Companies must generate the majority of their revenues from internet activities in emerging markets. China’s weight in the index is capped at 45%, and South Korea’s at 10%. Constituents are ESG screened for compliance with UN Global Compact principles in addition to any operational business involvement in the fields of fossil fuels, tobacco or controversial weapons.
*The fund changed its index on 24th June 2024.
This type of exposure focuses on companies in developing economies that generate most of their value from online consumer activity. It typically includes e-commerce marketplaces, digital payment platforms, online travel services, classified ads, and internet-enabled consumer services. These businesses tend to be leaders in digital adoption within their domestic markets, where online penetration is still growing. This exposure is structurally linked to rising smartphone usage, expanding middle-class consumption, and improved digital infrastructure across these economies. Exposure is usually concentrated in a relatively small number of large platforms, alongside a broader universe of mid- and small-cap digital enablers.
Internet adoption is a central growth driver because many emerging economies are still in earlier stages of digital transformation. As mobile connectivity expands and data costs fall, more consumers shift from offline to online services. This transition supports rapid growth in e-commerce, digital advertising, and online financial services. In several markets, internet-based platforms are leapfrogging traditional retail infrastructure, accelerating structural change. Investors should understand that growth rates can be higher than in developed markets, but they can also be more uneven due to regulatory shifts, infrastructure gaps, and currency volatility. The exposure is therefore closely tied to both digital penetration trends and broader macroeconomic development.
Methodologies generally focus on identifying companies that derive a significant portion of revenues from internet and e-commerce-related activities within emerging markets. This can include minimum revenue thresholds, sector classification screens, and liquidity requirements to ensure investability. Some approaches also apply market capitalisation filters to focus on established platforms while still allowing exposure to high-growth digital businesses. Rebalancing is typically done on a periodic basis to reflect changes in business models, such as offline-to-online transitions or expansion into fintech and advertising. Investors should review methodology documents closely, as classification can vary depending on whether companies are listed locally or internationally and how digital revenue is defined.
Exposure is often heavily weighted toward larger emerging economies with established digital ecosystems. This typically includes China, India, and parts of Southeast Asia, along with selected Latin American markets. China has historically represented a significant share due to its scale in e-commerce, social commerce, and digital payments, although weights can shift over time due to regulation or index rebalancing. India’s representation is increasingly important, driven by rapid smartphone adoption and digital public infrastructure. Smaller allocations may extend to markets such as South Korea or Brazil depending on listing location and revenue exposure. Geographic concentration is a key feature, meaning performance can be strongly influenced by developments in a few dominant markets.
Unlike broad global technology indices that include semiconductors, software, and hardware across developed markets, this exposure is specifically focused on internet-native business models in emerging economies. It emphasises consumer-facing platforms rather than enterprise software or chipmakers. As a result, it is more closely tied to retail spending patterns, digital advertising cycles, and platform competition in developing markets. It also tends to have higher exposure to regulatory change and currency movements compared with developed-market tech. Investors should note that this thematic focus can lead to more concentrated sector and regional risk, but it also captures a different stage of digital growth compared with mature technology markets.
Key risks include regulatory intervention, geopolitical tensions, currency volatility, and concentration risk. Several major markets within emerging economies have experienced evolving regulatory frameworks for large internet platforms, which can impact earnings visibility and business models. Currency fluctuations can also materially affect returns for international investors due to local revenue generation. In addition, exposure is often concentrated in a small number of dominant companies, increasing sensitivity to individual stock performance. Liquidity risk may arise in smaller constituents, and market access conditions can change. Investors should also consider structural risks such as varying data governance rules and differences in legal and accounting standards across jurisdictions.
E-commerce growth in emerging markets is closely linked to the expansion of digital payments and broader fintech adoption. As consumers shift online, demand increases for seamless payment solutions, including mobile wallets, QR-based payments, and embedded credit services. Many leading platforms operate integrated ecosystems that combine shopping, payments, logistics, and financial services, creating network effects that reinforce user engagement. This integration can support monetisation through transaction fees, lending products, and advertising. However, it can also attract regulatory scrutiny, particularly where financial services are bundled within large digital ecosystems. The interaction between commerce and fintech is therefore a defining feature of this thematic exposure.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
Explore our expert-written monthly fund reports, periodic reviews, and key insights.
Beyond a Chatbot: How can emerging-market platforms monetise AI?
July 2026
The Future of Emerging Markets: 2026 Market Outlook
January 2026
Emerging Markets ETF & India Internet ETF Report | August 2026
September 2026
Emerging Markets ETF & India Internet ETF Report | November 2025
November 2025
Emerging Markets ETF & India Internet ETF Report | September 2025
September 2025
Emerging Markets ETF & India Internet ETF Report | August 2025
August 2025
EMQQ Global’s Kevin Carter sees renewed momentum in emerging markets and digital consumers
May 2025 |
About Partner
EMQQ Emerging Markets Internet UCITS ETF has been developed by HANetf, EMQQ Index and EMQQ Global LLC, a US-based emerging market investment specialist and provider of NYSE-listed EMQQ ETF. https://www.emqqetf.com/
Select Your Country
Select Your Investor Type
Choose a brokerage
IG
AJ Bell
Invest Engine
Hargreaves Lansdown
Aviva (D2C)
Bestinvest
Halifax
Interactive Investor
Charles Stanley
Trading 212
You are now leaving HANetf's website and accessing a third-party website. HANetf may provide access to information, products, or services offered on websites that are owned or operated by other companies ("third-party websites"). We provide this access through the use of hyperlinks that automatically move you from a HANetf website to the third-party site.
While we do our best to provide you with helpful, trustworthy resources, HANetf cannot endorse, approve, or guarantee information, products, services, or recommendations provided at a third-party website. Since we may not always know when information on a linked site changes, HANetf is not responsible for the content or accuracy of any third-party website. HANetf shall not be responsible for any loss or damage of any sort resulting from the use of a link on its websites nor will it be liable for any failure of products or services advertised or provided on these linked sites.
HANetf offers you links on an "as is" basis. When you visit a third-party website by using a link on a HANetf site, you will no longer be protected by the HANetf privacy policy or security practices. The data collection, use, and protection practices of the linked site may differ from the practices of HANetf sites. You should familiarize yourself with the privacy policy and security practices of the linked website. Those are the policies and practices that will apply to your use of the linked website, not the HANetf policies and practices.
Here are some tips to help you tell if you have left a HANetf website:
Important Notice: HANetf is a provider of Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs). We do not sell investment products directly to individual investors. Our funds are available through regulated investment platforms and brokers. Our only official website is www.hanetf.com. Any other domain is not affiliated with or authorised by HANetf in any way. If you suspect fraudulent activity, please contact your local financial regulator and/or the police and report the website or individual involved.