Emerging markets ETFs are secretly tech bets. The top five holdings in the MSCI EM benchmark mirror the top five in the S&P 500 almost sector-for-sector. Buy traditional EM ETFs and you're really just doubling down on the same tech risk. Pictet's new ETF, RISE, kicks out the biggest names in EM. That demographic engine deserves the same portfolio spotlight in EM allocations that AI gets in US ones.