IEMG costs 0.14 percent per year, or $14 on a $10,000 investment. Just three U.S.-listed emerging markets ETFs have lower fees than IEMG. The fund's price point is meaningful because it has lured droves of investors, both professional and retail. Today, IEMG has $61.17 billion in assets under management, making it the second-largest emerging markets ETF behind the Vanguard FTSE Emerging Markets ETF (NYSE:VWO).

“The fund’s low expense ratio helped it beat the category average by 30 basis points annually from its launch in October 2012 through February 2019,” said Morningstar in a recent note. “However, its performance did not stand out within the category. Many of its better-performing competitors had a growth tilt and used stock selection to improve their returns. The fund’s 0.14% expense ratio ranks as one of the lowest in its category and should continue to provide a reliable long-term advantage.”

“Some of these companies are partially owned by sovereign governments,” said Morningstar. “This can expose investors to a certain level of political risk because governments can put their political interests before those of public shareholders. Additionally, many of these developing nations do not have the infrastructure and mature legal systems that are more common in developed markets like the U.S. and Europe. This can increase both the cost and difficulty of conducting business in these countries.”