If an investor wants to gain exposure to Brazil's underlying growth, the Market Vectors Brazil Small-Cap ETF (BRF) may be a better choice. Unlike the iShares EWZ, the Market Vectors BRF focuses more on domestic consumer discretionary and industrial companies, which arguably give investors better exposure to Brazil's domestic economy than the iShares fund, which is more influenced by global demand for oil. The BRF fund also has an expense ratio of 0.59%.

It should be noted that these funds do not hedge their currency exposure. But in Brazil, that might be for the best: The Brazilian real has strengthened against the U.S. dollar this year, contributing to higher returns in the Brazil ETFs.
Since they hold Brazilian securities, these funds are augmented once the securities are converted back into U.S. dollars. Most country-related ETFs do not hedge currency risks, so any appreciation in their home currencies benefits fund performance.

Russia
After making a strong rebound at the start of the year, Russian stocks languished some as Greece's debt troubles resurfaced. But now that the euro zone liquidity concerns have been addressed, Russian equities should see the return of funding. The Russian government is currently trying to develop its local capital market, reducing its stake in large government-owned corporations, notably the large energy producers and banks, which incidentally are two of the largest sectors in the Russian economy. Russian equities are heavily influenced by the direction of the oil markets.

One ETF devoted to the country, the Market Vectors TR Russia ETF (RSX), favors the energy sector, which is 40% of its allocation, and materials, which is 22%. Gazprom, the large state-owned energy company, is the largest component at 8%. RSX has an expense ratio of 0.62%.

The iShares MSCI Russia Capped Index Fund ETF (ERUS) also has a heavy emphasis on the energy sector, with a 54% allocation. The second-largest representation is the financial sector, at 15.6%. This fund puts a heavier emphasis on Gazprom: 22.8%. In comparing the iShares ERUS and Market Vectors RSX based on allocations, the RSX ETF seems more evenly spread out. However, if you expect oil prices to rise and oil producers to catch a hefty payday, then ERUS may be your play. ERUS has an expense ratio of 0.58%.

India
Unlike most emerging markets, India's economy relies more on domestic consumption and investments for growth, so its stocks show less correlation with U.S. equities. Nevertheless, as an emerging market India still exhibits volatility, as it did last year. This was attributed to foreign fund flows, since India is a popular locale for international investors. Currently, the country is facing high levels of inflation, but the government has kept it from running out of control.

ETFs that track the performance of India's equity market have been some of the best-performing funds this year, with some already vaulting over 30%. The quick appreciation in the India rupee, which gained 8% against the U.S. dollar in January, also pushed the performance of India-related ETFs (since there was no currency hedge).

The WisdomTree India Earnings Fund ETF (EPI) is the largest of the India funds. It uses an earnings-based weighting methodology, which makes the component holdings skew toward a lower average market cap, whereas the other funds use a market-cap methodology. The financial and energy sectors are the two largest areas, making up 26.4% and 18.5% of the fund, respectively. EPI has an expense ratio of 0.83%.

The iPath MSCI India Index ETN (INP) is an exchange-traded note that tracks Indian equity securities. Financials are also the largest sector component here, accounting for 26.2% of the fund, followed by information technology at 16.9%. As an ETN, the investment is considered an unsecured debt obligation subject to the creditworthiness of the issuing bank, which in this case is Barclays Bank. In the unlikely event that the bank goes under, investors may lose their principal. INP has an expense ratio of 0.89%.

China
China has boasted an exceptional growth rate as its economy has taken off on exports and foreign investments. In 2010, its economy pushed ahead of Japan's, becoming the second largest in the world. The exponential growth was mirrored by the strong returns in Chinese equities; however, as the government moves toward more sustainable growth rates and promotes private consumption, equity performance may begin to slow down.