Commentary The investing term “ex-China” has a lovely ring to it. It means everything but China. So for emerging market (EM) investors, many of whom have traditionally invested in China, an EM ex-China fund provides the opportunity to invest in emerging markets, except China. The biggest emerging market economies, ex-dictatorships, are Brazil, India, and Mexico, in that order. In 2021, some of the biggest investors have finally accepted the risks of China, like its crackdown on the booming tech sector, opaque accounting, shell companies through which international investments are made, and Beijing’s deleveraging efforts. That’s not to mention the long-term threat of China to democracy and human rights, which is one of those intangibles that could eventually bite investors where they aren’t looking. According to a government document from early 2021, the top-20 institutional investors in China had $2.3 trillion tied up in the country. The biggest investor was BlackRock, …