We often hear from clients that they love certain Asia strategies, but have to resort to ETFs traded in the US or Europe due to ETF liquidity considerations. But what they really mean, is not the ETF liquidity itself, but rather the cost of liquidity that investors are worried about. Liquidity is a proxy for cost – the less liquid something is the more it’ll cost to get in and out, particularly during crises or market dislocations where whatever liquidity exists can go to 0. While a lot of investors trade Asian risk in the US and Europe, thinking that it is cheaper and more efficient where the ETF liquidity is, that is actually not the full picture. In this webinar, we would like to share with you a series of comparisons for a niche market, Vietnam, across ETFs listed in NY, London and HK.