Chamois16

Currency, Precious Metal and Futures ETFs: Don't Get Caught in the Tax Trap

Purely a nitpick, but ETF are not mutual funds. From the SEC:

"There are some investment companies, known as exchange-traded funds or ETFs, which are legally classified as open-end companies or UITs. ETFs differ from traditional open-end companies and UITs, because, pursuant to SEC exemptive orders, shares issued by ETFs trade on a secondary market and are only redeemable in very large blocks (blocks of 50,000 shares for example). ETFs are not considered to be, and are not permitted to call themselves, mutual funds."

A Long/Short ETF Portfolio For Emerging Markets

IF one wanted to do this, there are closed-end funds for India, Indonesia and Turkey that are as good and perhaps better vehicles than index funds, were such available. Going short in any of these places is very risky. I certainly would not attempt it on the basis of current account deficits