According to Eric Balchunas, Vanguard has filed for an Emerging Markets Ex-China ETF with a highly competitive 0.07% fee, marking its first equity ETF filing in years. This move directly targets BlackRock’s $EMXC, which charges 0.25%, and follows the trend set by FRDM. The filing reflects rising anti-China sentiment among investors, as reported by Balchunas (source: Twitter, May 30, 2025). For crypto traders, this shift could signal increased capital flows to non-China EM markets, potentially impacting crypto adoption and liquidity patterns in these regions as institutional investors rebalance portfolios away from China-focused assets.