Want to invest like an $18 billion exchange-traded fund strategy?
Charles Schwab & Co. affiliate Windhaven Investment Management, which runs $18 billion in funds of funds strategies primarily using index exchange-traded funds, disclosed its current market positioning to CNBC at ETF.com's Inside ETFs Conference in Hollywood, Fla.
The highlights: staying away from emerging markets, focusing on short-term bonds and believing that the U.S. stock market is still the best bet for equity profits right now.
"We love emerging markets long term, but in the short term there are real headwinds," said Windhaven Chief Investment Officer Steve Cucchiaro. "No one knows how the China credit bubble will unwind.
"China keeps me up at night" he said later in his interview with CNBC's Bob Pisani.
Windhaven's equities portfolio is 17 percent U.S. stocks, 4 percent international developed market stocks and 3 percent emerging markets.
(Read more: Emerging markets ETFs: How to profit)