October 22, 2026
Global Head of Product Strategy and Development
Portfolio Manager
Portfolio Manager
Head of the Emerging Markets Debt Team, Portfolio Manager
Watch this video online:
https://youtu.be/tB-1IsyKhEI
William Blair has spent decades investing outside the United States in developed and emerging markets, across both equity and fixed income. A similar approach is now available in an active ETF wrapper.
A non-U.S. equity strategy spanning developed and emerging markets.
View Fund:
https://im.williamblair.com/investments/etfs/wbie-international-equity-etf
A broad emerging markets equity strategy focused on larger, more liquid companies.
View Fund:
https://im.williamblair.com/investments/etfs/wbem-emerging-markets-equity-etf
An income-oriented strategy investing across the full emerging markets fixed income opportunity set.
View Fund:
https://im.williamblair.com/investments/etfs/winc-emerging-income-etf
Jay: ETFs have exploded in the industry overall in terms of AUM and flows. If you look back, the ICI reported in 2015 just over $2 trillion in ETF AUM. That number at the end of 2025, a decade later, is almost $13.5 trillion. Now, mutual funds still make up about two-thirds of the long-term fund AUM in the industry, but the flows have been dominated by ETFs in the space. We have a long heritage of non-U.S. investing in developed and emerging markets, across equity and fixed income. They’re relatively underserved in the market for active ETFs. Morningstar shows in the foreign large growth there’s only 20 active ETFs in the space. For the emerging market debt category, there are only 12 active ETFs in the space. Our goal is to deliver our investment edge in a vehicle-agnostic way.
Simon: Well, the greatest opportunity is that growth is broadening all around the world, across sectors, across industries, regions. And after a period in which we had quite a low level of growth, we've now got a turbocharged element of growth. It's not just technology; it's in broader industries as well. Growth is everywhere. Now, a platform shift like AI tends to mean there's a lot of excitement around it, but actually, the portfolio [WBIE] has got exposure to lots of different growth areas—not just AI. It’s not just in one country; it’s not just in one region.
Todd: I think in the 30 years that I've done emerging markets, at this point, I see more pillars of growth within them than I ever had before. One of the themes that's really the most important globally in helping EMs is the weakness in the dollar. U.S. debt levels have gotten so high—we're about to hit $40 trillion—and the rest of the world is starting to get worried about this. These concerns may lead to a weaker dollar going forward, which would be a big benefit for emerging markets. This is really emerging markets 3.0. The industrial capacity that's required by the world is really almost solely located in emerging markets at this point.
Marcelo: Emerging markets fixed income is an asset class that is impacted by two predominant global forces: global growth and global liquidity conditions. And we believe that we now live in a very favorable environment for the asset class. The fundamental backdrop in emerging markets is now very solid, from an economic growth perspective, from a fiscal trajectory perspective, levels of debt are pretty much stable. Emerging market countries have been experiencing strong capital flows, which in turn have supported these countries’ external balances. The average experience in the team, the diversity of the team, our multi-site approach, where we have investment professionals based on three continents, in five locations, allows us to have a very in-depth focus on the asset class and also allows us to identify risks and identify opportunities.
Jay: What the ETF wrapper does change for investors is it provides transparency, liquidity, and potential tax mitigation. What the ETF wrapper does not change for investors is our investment approach, our investment philosophy, and our focus on deep fundamental research. This is a broader way to access our investment edge in the ETF wrapper. It is the same investment philosophy, the same approach—our long-standing heritage of non-U.S. investing, now available in an ETF wrapper.
Filmed October 2026
Please carefully consider the William Blair ETFs’ investment objectives, risks, charges, and expenses before investing. This and other information is contained in the Fund’s prospectus and summary prospectus, which you may obtain by calling 1-800-742-7272. Read the prospectus and summary prospectus carefully before investing. Investing includes the risk of loss.
The William Blair ETFs are distributed by William Blair & Company, L.L.C., member FINRA/SIPC.
The views and opinions expressed herein are those of the speaker(s) as of the date of publication, are subject to change without notice as economic and market conditions dictate, and may not reflect the views and opinions of other investment teams within William Blair. Factual information has been obtained from sources we believe to be reliable, but its accuracy, completeness, or interpretation cannot be guaranteed. This material may include estimates, outlooks, projections, and other forward-looking statements. Due to a variety of factors, actual events may differ significantly from those presented. This video has been provided for informational purposes only and should not be considered as investment advice or a recommendation of any particular strategy or investment product, or as an offer to buy or sell any securities or related financial instruments in any jurisdiction. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions.
Investing involves risks, including the possible loss of principal. Equity securities may decline in value due to both real and perceived general market, economic, and industry conditions. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks. These risks may be enhanced in emerging and frontier markets. Investing in the bond market is subject to certain risks including market, interest rate, issuer, credit, and inflation risk. High-yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Diversification does not ensure against loss. Past performance is not indicative of future returns.
ETF shares are bought and sold on an exchange at market prices rather than NAV and may trade at a premium or discount to NAV. Investors may pay more than NAV when buying shares and receive less than NAV when selling shares. Brokerage commissions and other trading costs may reduce returns. Shares of the ETFs are not redeemable with the ETF other than in creation unit aggregations. There can be no assurance that an active trading market for the ETF’s shares will develop or be maintained. Tax-efficient investing does not eliminate taxes. Investors may incur taxes when buying or selling ETF shares, and tax treatment varies based on individual circumstances. Consult a tax professional regarding your specific situation.
Copyright © 2026 William Blair. “William Blair” refers to William Blair & Company, L.L.C., William Blair Investment Management, LLC, and affiliates. William Blair is a registered trademark of William Blair & Company, L.L.C.
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Any investment or strategy mentioned herein may not be appropriate for every investor. There can be no assurance that investment objectives will be met. Products and services listed are available only to residents of this jurisdiction and may only be available to certain categories of investors. The information on this website does not constitute an offer for products or services, or a solicitation of an offer to any persons outside of this jurisdiction who are prohibited from receiving such information under applicable laws and regulations. Nothing on this webpage should be construed as advice and is therefore not a recommendation to buy or sell shares.
Please carefully consider the Funds’ investment objectives, risks, charges, and expenses before investing. This and other information is contained in the Funds’ prospectus and summary prospectus, which you may obtain by calling 1-800-742-7272. Read the prospectus and summary prospectus carefully before investing. Investing includes the risk of loss.
The William Blair Funds and William Blair ETFs are distributed by William Blair & Company, L.L.C., member FINRA/SIPC.
The William Blair SICAV is a Luxembourg investment company with variable capital registered with the Commission de Surveillance du Secteur Financier (“CSSF”) which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). The Management Company of the SICAV has appointed William Blair Investment Management, LLC as the investment manager for the fund.
Please carefully consider the investment objectives, risks, charges, and expenses of the William Blair SICAV. This and other important information is contained in the prospectus and Key Investor Information Document (KIID). Read these documents carefully before investing. The information contained on this website is not a substitute for those documents or for professional external advice.
Information and opinions expressed are those of the authors and may not reflect the opinions of other investment teams within William Blair Investment Management, LLC, or affiliates. Factual information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Information is current as of the date appearing in this material only and subject to change without notice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. This material may include estimates, outlooks, projections, and other forward-looking statements. Due to a variety of factors, actual events may differ significantly from those presented.
Investing involves risks, including the possible loss of principal. Equity securities may decline in value due to both real and perceived general market, economic, and industry conditions. The securities of smaller companies may be more volatile and less liquid than securities of larger companies. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks. These risks may be enhanced in emerging markets and frontier markets. Investing in the bond market is subject to certain risks including market, interest rate, issuer, credit, and inflation risk. High-yield, lower-rated, securities involve greater risk than higher-rated securities. Different investment styles may shift in and out of favor depending on market conditions. Diversification does not ensure against loss.
Past performance is not indicative of future returns. References to specific companies are for illustrative purposes only and should not be construed as investment advice or a recommendation to buy or sell any security.
William Blair Investment Management, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission.
Issued in the United Kingdom by William Blair International, Ltd., authorized and regulated by the Financial Conduct Authority (FCA), and is only directed at and is only made available to persons falling within articles 19, 38, 47, and 49 of the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (all such persons being referred to as "relevant persons").
Issued in the European Economic Area (EEA) by William Blair B.V., authorized and supervised by the Dutch Authority for the Financial Markets (AFM) under license number 14006134 and also supervised by the Dutch Central Bank (DNB), registered at the Dutch Chamber of Commerce under number 82375682 and has its statutory seat in Amsterdam, the Netherlands. This material is only intended for eligible counterparties and professional clients.
Issued in Switzerland by William Blair Investment Services (Zurich) GmbH, Talstrasse 65, 8001 Zurich, Switzerland ("WBIS"). WBIS is engaged in the offering of collective investment schemes and renders further, non-regulated services in the financial sector. WBIS is affiliated with FINOS Finanzomubdsstelle Schweiz, a recognized ombudsman office where clients may initiate mediation proceedings pursuant to articles 74 et seq. of the Swiss Financial Services Act ("FinSA"). The client advisers of WBIS are registered with regservices.ch by BX Swiss AG, a client adviser registration body authorized by the Swiss Financial Market Supervisory Authority ("FINMA"). WBIS is not supervised by FINMA or any other supervisory authority or self-regulatory organization. This material is only intended for institutional and professional clients pursuant to article 4(3) to (5) FinSA.
Issued in Australia by William Blair Investment Management, LLC (“William Blair”), which is exempt from the requirement to hold an Australian financial services license under Australia's Corporations Act 2001 (Cth). William Blair is registered as an investment advisor with the U.S. Securities and Exchange Commission (“SEC”) and regulated by the SEC under the U.S. Investment Advisers Act of 1940, which differs from Australian laws. This material is intended only for wholesale clients.
Issued in Singapore by William Blair International (Singapore) Pte. Ltd. (Registration Number 201943312R), which is regulated by the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management activities. This material is intended only for institutional investors and may not be distributed to retail investors.
Issued in Canada by William Blair Investment Management, LLC, which relies on the international adviser exemption, pursuant to section 8.26 of National Instrument 31-103 in Canada.
The content contained in this site is intended as informational or educational in nature and does not constitute investment advice or a recommendation of any investment strategy or product for a particular investor. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions. Investors should consult a financial professional/financial consultant or investment adviser before making any investment decisions. Investing includes the risk of loss.
Copyright © 2026 William Blair. William Blair is a registered trademark of William Blair & Company, L.L.C. “William Blair” refers to William Blair Investment Management, LLC and affiliates.
