Semiconductors and hardware dominate emerging-markets technology exposure, but what investors own varies considerably by market.

Taiwan and Korea have particularly large semiconductor exposures, while hardware makes up a substantial share of the technology sectors in Korea and China. In India, by contrast, IT services account for the overwhelming majority of the technology sector, with relatively little exposure to semiconductors, software or hardware.

These differences matter for investors. Semiconductor and hardware companies tend to be more sensitive to global electronics demand and technology investment cycles, while IT services companies depend more on client technology spending and outsourcing contracts. As a result, India's technology sector may respond differently to changing market conditions than the broader emerging-markets technology sector.