Five Obscure Emerging Markets ETFs to Consider

In case you didn't get the memo, emerging markets ETFs aren't just about the iShares MSCI Emerging Markets Index Fund

and the Vanguard MSCI Emerging Markets ETF

. Nor is this asset class just about ETFs that track Brazil or China. Of course it must be acknowledged that only in the past few days have emerging markets ETFs started to perk up and show some signs of life. While emerging markets ETFs have been badly bruised in 2011, if headline risk diminishes next year, this asset class could thrive. Yes, that will be great news for funds like EEM and VWO, but it should also provide a jolt to some more obscure EM fare. Let's have a look at five EM ETFs that qualify as “obscure, but merit consideration none the less. PowerShares DWA Emerging Markets Technical Leaders

: With about $236 million in assets under management, calling PIE “obscure” might be a stretch, but in the world of multi-country EM ETFs, this ETF isn't as widely known as a fund like EEM. PIE holds about 100 stocks from countries including, but not limited to Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. A move above $16 would be bullish for this fund. Global X Russell Emerging Markets Value ETF

: A case of bad timing is the likely reason why EMVX has attracted just $2 million in AUM after its January debut. Or we can vote the 45% weight to the energy sector as the culprit. With that emphasis on energy, EMVX allocates a combined 45% of its weight to Russia and Brazil, so consider this ETF as a way to play a rebound in oil prices and in shares of Petrobras

, which accounts for over 12% of EMVX's weight. Guggenheim Frontier Markets ETF

: Given that there aren't a lot of ETFs out there focusing on frontier markets and that FRN has over $132 million in AUM, it's hard to say this ETF is completely unknown. It's not. However, investors need to realize that FRN may imply that it's a multi-region fund, Chile, Colombia, Argentina and Peru account for two-thirds of FRN's weight. So if Latin America isn't your bag, then FRN is not the fund for you. Market Vectors Latin America Small-Cap Index ETF

: If you're looking for total LatAm exposure, LATM can be paired with FRN because LATM devotes more than 58% of its weight to Brazil and Mexico. Combine that with FRN, and an investor has LatAm's most relevant economies covered. Just remember this fund's curious 25% exposure to the U.S. and Canada. And be advised LATM is loaded with mining stocks, so gold and silver prices can have an impact on this ETF. SPDR S&P Emerging Middle East & Africa ETF

: Four sectors – financials, materials, consumer discretionary and telecom – get double-digit weights in GAF and that's decent sector diversity for this type of ETF. GAF will surge if risk on is here to stay, but there are two issues to be aware: Light volume and almost 89% exposure to South Africa.