To wit, why isn't there an analogue of XEF (that holds developED markets' stocks) for developING markets? Foreign Withholding Taxes by Justin Bender and Bortolotti don't list this category. I'm not asking about ZEM as it directly holds just 85% of its stocks.
ZEM is also slightly more tax efficient than XEC due to holding 85ish% of emerging equities directly rather than via USD ETFs[,] meaning only one layer of foreign withholding tax on 85% of it.
XEF holds its shares directly which saves you considerably more in terms of dividend withholding taxes. Both are fine but XEF/XEC provides better overall return.
XEF does this! It holds stocks directly and would work from that perspective.
XEC does not, it holds a USD ETF of emerging markets. ZEM tracks the same index as XEC but holds 85% stocks directly. ZEM can replace XEC and the two funds track each other extremely closely.
No, VEE doesn't hold the stocks directly. I don't believe there is any Canadian emerging market ETF that directly holds the stocks. It would probably cost too much and make it uncompetitive. [Why?]