Of course, there is a disclaimer. The Philippines is not 100% immune from the ills afflicting other developing markets. Stocks in Manila have risen in nine of the past 10 sessions, but that will not be enough to prevent EPHE from being a baby thrown out with the bathwater if the situation worsens for emerging equities.

Still, any near-term steadying of developing world bourses could shine a light on EPHE as one of the better ways to play an emerging markets bounce.

EPHE against rival Asia ETFs

Tom Lydon’s clients own shares of EEM.