We introduce a framework to help investors consider the most suitable way to access EMD including benchmark relative and several benchmark agnostic strategies, including unconstrained, absolute return (long/short) and private credit. Key points Passive investment in EMD is sub-optimal and investors should tread carefully. The most suitable way to access EMD is to consider an investor's requirements with respect to benchmark, liquidity, flexibility regarding asset class exposure and yield. Choices include: Benchmark relative strategies (asset class focus, flexible) and benchmark agnostic (Total return, unconstrained, absolute return, long/short, private credit).