The EGShares Emerging Markets Consumer ETF (ECON) - Get Report has dropped over 6% this year as worries have heightened about growth in developing countries. Bob Holderith, president of Emerging Global Advisors, said emerging market consumers are still spending even as their economies cool down.

"There are a lot of people coming into the middle class and spending a lot of money and that just continues to go on regardless of stock prices," said Holderith.

The EGShares Emerging Markets Consumer ETF owns 30 stocks total, 15 of them in consumer goods and 15 in consumer services. The fund seeks to track, before fees and expenses, the price and yield performance of the Dow Jones Emerging Markets Consumer Titans 30 Index.

The fund's largest holding is the South African internet company Naspers (NPSNY) at 10% of the fund. The second-largest holding is Brazilian brewery giant Ambev (ABEV) - Get Report at 6% of assets.

South Africa is the biggest country exposure in the fund at 24%, followed by China at 16%. And despite the widely reported slowdown in the Chinese economy, Holderith said the Chinese consumer remains robust.

"China is slowing to an enviable 6.5% to 7% so it still continues to grow," said Holderith. "It's more of a commodities-going-away story in China. The positive side of that is that the Chinese consumer -- 200 million strong -- continues to grow and spend money."

The fund has about 13% of its assets in Brazilian companies. Brazil has gone through a massive commodity bust, alongside a major political scandal for the Rousseff government. Holderith said the biggest problem has not been the consumer, but the currency translation due to the strong dollar.

"Our biggest holdings there are Ambev and Brazil Foods and both have done exceptionally well in Brazilian real, local currency terms, but unfortunately against the U.S. dollar there has been a lot of pain," said Holderith.