Emerging markets are seeing historic investment demand: Assets under management (AUM) in the MSCI emerging markets ETF, $IEMG, are up to a record $160 billion. And, the assets of the FTSE emerging markets ETF, $VWO, are up to a record $120 billion. Over the last 12 months, $IEMG assets have nearly doubled while $VWO assets have risen nearly +50%. This comes as $IEMG has rallied +39% over this period while $VWO has returned +23%. Furthermore, $IEMG attracted +$22 billion in inflows over the last 12 months, more than double the inflows into $VWO. The difference between the two funds comes down to South Korea, which is classified as "emerging" by MSCI and "developed" by FTSE Russell. South Korea's AI boom is reshaping emerging market investing.