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JEFFERSON CITY, Mo. – Missouri State Treasurer Vivek Malek receives international recognition for his role in prompting a significant shift in global investment strategy. Following months of direct engagement between the Missouri State Treasurer’s Office and Vanguard—the world’s second-largest investment firm—the company has filed with the U.S. Securities and Exchange Commission (SEC) to launch its first-ever Emerging Markets fund that deliberately excludes Chinese equities. 

The move follows an April 14 letter from Treasurer Malek to the program and investment managers of Missouri’s MOST 529 Education Savings Plan. In the letter, Treasurer Malek urged the creation of a low-cost international equity option that omits China, citing fiduciary responsibility and mounting concerns about regulatory opacity and systemic risk in Chinese markets. He argued that relying solely on China-inclusive funds was “no longer defensible” for a program serving nearly 200,000 Missouri families.

“This proves that conservative leaders can drive meaningful market change through principled, policy-driven engagement,” said Treasurer Malek. “We made the case—and Vanguard responded.”

Before the emergence of the new investment option, Vanguard itself warned in SEC filings that companies tied to China face “considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty” and may be “restricted or sanctioned by the U.S. government,” with a potential to “decline in value or become less liquid.” 

“I saw this as a rare and meaningful opportunity to influence broader global investment practices—particularly in the emerging markets space, where concerns about China’s audit transparency, state influence, and military-linked enterprises remain serious issues,” adds Treasurer Malek. 

Moving forward, Treasurer Malek plans to encourage public finance stakeholders—both in Missouri and nationally—to evaluate this new ETF as part of a broader review of exposure to Chinese markets.