This ETF offers exposure to emerging market economies, standing out as a potential alternative to cap-weighted products such as EEM or VWO. Instead of simply including the largest emerging market stocks, PIE screens potential components based on relative strength factors, selecting approximately 100 securities. For investors who buy into the investment thesis behind the relative strength strategy, PIE might make for a better way to access emerging economies. The methodology may also be appealing because it avoids the concentration issues that can plague cap-weighted products; though PIE has only 100 or so components, exposure is spread very evenly across the names that make up the portfolio. It's also likely to have a bigger allocation to small caps and mid caps, while EEM and VWO are primarily comprised of large cap stocks. The biggest drawback of PIE is the expenses; the management fee is considerably higher than low cost options such as VWO, and the potentially higher turnover may lead to less-than-optimal tax efficiency. If you buy the relative strength methodology, PIE might be very attractive. Otherwise, there are a number of alternatives, including the equal-weighted EWEM or the RAFI-weighted PXH.