A Giant ETF Comes Under Pressure

In the crowded exchange-traded fund business, the industry's largest cash cow is fast losing ground to a low-cost competitor. The $33 billion iShares MSCI Emerging Markets Index Fund (EEM) isn't the biggest ETF. But because its exotic investing strategy has seemed to justify hefty fees for investors, it's thought to be one the most, if not the most, lucrative: It generates about $240 million in...