The two leading exchange-traded funds focusing on emerging markets have very different exposure to now-vulnerable Chinese stocks and will probably diverge further, a new analysis by S&P Capital IQ shows.The Vanguard FTSE Emerging Markets Stock Index ETF recently had 28 percent of its assets invested in China, while Blackrock Inc's iShares MSCI Emerging Markets ETF had 24 percent, even though both are index-following broad emerging markets funds. Chinese stocks fell 6 percent on Tuesday, and further weakness in both that market and China's economy could play out very differently in these two funds.
