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More investors are adding emerging market exchange traded funds to their portfolios as part of a diversified allocation strategy. Still, most tend to focus on the largest products out there, ignoring other potentially favorable investment opportunities.

The iShares MSCI Emerging Index Fund (NYSEARCA:EEM) and the Vanguard Emerging Markets ETF (NYSEARCA:VWO) have been the de facto, go-to investments for emerging market exposure, as they both track the widely monitored MSCI Emerging Markets Index.

The iShares Emerging Market fund has a 0.67% expense ratio and 840 holdings. The ETF is up 5.1% year-to-date.

EEM's sector allocations include financials 24.3%, information tech 13.5%, energy 13.0%, materials 11.4%, consumer staples 8.7%, telecom 8.3%, consumer discretionary 8.3%, industrials 6.7%, utilities 3.8%, and health care 1.3%. Country allocations include China 17.0%, South Korea 15.4%, Brazil 13.1%, Taiwan 10.8%, South Africa 8.0%, India 6.4%, Russia 6.1%, Mexico 4.9%, Malaysia 3.8%, Indonesia 2.7%.

The Vanguard Emerging Market fund has a 0.20% expense ratio and 901 holdings. The fund is up 5.4% year-to-date.

VWO's sector allocations include financials 23.3%, tech 14.6%, basic materials 12.7%, consumer cyclical 8.0%, real estate 1.9%, communication services 8.2%, energy 11.5%, industrials 7.6%, consumer staples 8.0%, health care 1.0%, and utilities 3.4%. Country allocations include China 17.4%, Korea 15.2%, Brazil 15.1%, Taiwan 10.9%, South Africa 7.4%, India 7.3%, Russia 7.1%, Mexico 4.4%, Malaysia 3.2%, Indonesia 2.8%, and Thailand 2.0%.

Nevertheless, investors have other ETF options, including:

The Powershares BLDRS Emerging Markets 50 ADR Index Fund (NASDAQ:ADRE) tracks the BNY Mellon Emerging Markets 50 ADR Index, which is comprised of 50 depositary receipts. ADRE has a 0.30% expense ratio and has 50 holdings. The fund is up 0.2% year-to-date.

The PowerShares emerging market ETF's sector allocations include consumer discretionary 1.5%, consumer staples 8.2%, energy 22.8%, financials 16.7%, info. tech. 13.7%, materials 15.2%, telecom services 19.5%, and utilities 2.4%. Top country allocations include Brazil 34.8%, China 17.7%, Taiwan 10.8%, Mexico 9.9%, South Korea 6.4%, India 5.1%, South Africa 5.0%, Hong Kong 3.4%, Colombia 2.0%, and Chile 1.3%.

The Schwab Emerging Markets Equity ETF (NYSEARCA:SCHE) follows large- and mid-cap stocks from the FTSE All Emerging Index. SCHE has a 0.25% expense ratio and 621 holdings. The ETF is up 4.5% year-to-date.

The Schwab emerging market fund's sector allocations include financials 26.9%, energy 13.6%, materials 12.4%, telecom services 9.4%, info. tech. 8.7%, industrials 8.3%, consumer staples 7.99%, consumer discretionary 7.4%, utilities 4.1%, and health care 1.3%. Country allocations include China 17.3%, Brazil 16.4%, Taiwan 12.6%, South Africa 10.8%, India 8.8%, Russia 6.1%, Mexico 6.0%, Malaysia 4.9%, Indonesia 2.7%, and Thailand 2.5%.

The SPDR S&P Emerging Markets ETF (NYSEARCA:GMM) tries to reflect the performance of the S&P Emerging BMI Index. GMM has a 0.59% expense ratio and 604 holdings. The fund is up 4.6% year-to-date.

The SPDR ETF's sector allocations include financials 22.4%, energy 15.6%, info. tech 11.6%, materials 10.6%, consumer staples 9.5%, telecom services 8.9%, consumer discretionary 8.4%, industrials 5.8%, utilities 2.9%, and health care 1.3%. Top country allocations include: China 19.7%, Brazil 14.2%, Taiwan 11.8%, South Africa 10.8%, Russia 9.3%, India 7.5%, Mexico 6.7%, Malaysia 4.0%, Indonesia 3.3%, Thailand 2.5%, Chile 2.3%, and Turkey 1.9%.

The SPDR MSCI EM 50 ETF (NYSEARCA:EMFT) follows the largest emerging market stocks from the MSCI Emerging Markets Index by market-cap. EMFT has a 0.50% expense ratio and currently has 56 holdings. The fund launched on Feb. 27, 2012, and it is up 4.0% over the past three months.

EMFT's sector allocations include financials 23.0%, info tech 22.1%, energy 19.3%, telecom services 12.3%, materials 10.5%, consumer discretionary 7.3%, consumer staples 4.3%, and industrials 0.7%. It should be noted that Samsung accounts for 9.3% of the overall allocations. Country allocations include China 25.8%, South Korea 21.1%, Brazil 14.3%, Taiwan 10.7%, Russia 10.6%, South Africa 9.7%, Mexico 5.2%, and India 2.6%.

Additionally, investors may consider an equal-weight exposure to the overall emerging markets, which provides a heavier emphasis on small- and mid-cap stocks, compared to the previously mentioned ETFs.

The Guggenheim MSCI Emerging Markets Equal Weight ETF (NYSEARCA:EWEM) tries to reflect the performance of the MSCI Emerging Markets Equal Weighted Index. EWEM has a 0.71% expense ratio and 474 holdings. The ETF is up 4.5% year-to-date.

The Guggenheim ETF's sector allocations include financials 19.3%, materials 13.5%, industrials 13.5%, info. tech. 9.2%, consumer discretionary 8.2%, consumer staples 6.5%, energy 6.2%, telecom services 5.7%, utilities 4.0%, and health care 1.2%. Top country allocations include China 17.3%, South Korea 17.0%, Taiwan 14.8%, Brazil 8.4%, India 8.2%, South Africa 7.3%, Turkey 3.6%, Malaysia 3.2%, Thailand 3.1%, Russia 3.0%, Indonesia 2.9%, and Mexico 2.4%.

Max Chen contributed to this article.

Source: Looking Beyond The Usual Suspects In Emerging Market ETFs