But those who expect the greenback to continue to strengthen should consider iShares Currency Hedged MSCI Emerging Markets ETF ( HEEM ). The IHS Materials Price index is at its lowest level since December 2003, spelling disaster for such exporters as Brazil, Russia and South Africa. GMO, a Boston investment firm, says that emerging-markets stocks are cheap and believes the group will return an annualized 4% after inflation over the next seven years.