Single-country focused exchange traded funds (ETFs) are well-recognized for their investment benefits and instant diversification. They are one of the most simple ways to gain foreign stock exposure across a range of sectors, with less volatility and expense than single stocks.

Single-country ETFs offer instant currency diversification, with precise, and concentrated exposure. They take the guesswork out of single-stock picking from a faraway and unknown economy, says ETF Guide.

For a long time, iShares was one of the only providers of single-country ETFs, but lately we’ve seen the options expanding. The iShares line has 29 such funds, and this year has seen the launch of a number of single-country funds from Northern Trust, as well, and some of those cover new territories.

Among the offerings are:

• NETS ISEQ 20 Index Fund (IQE): Covers Ireland; launched June 16
• NETS PSI 20 Index Fund (LIS): Covers Portugal; launched May 21
• iShares MSCI Israel Capped Investable Market Index Fund (EIS): up 10.2% since March 31 inception
• iShares MSCI Malaysia Index Fund (EWM): down 17.5% year-to-date
• Market Vectors Russia (RSX): up 3.1% year-to-date

iShares MSCI Brazil (EWZ) and iShares MSCI Canada (EWC) are the two top-performing single-country ETFs year-to-date, up 3.5% and 8.9%, respectively.

When considering single-country funds, be sure to look at the holdings and sector/company weightings. If you’re already invested in energy, then you might not be interested in Russia’s ETF, because it’s 42.6% weighted in the sector. Malaysia’s ETF is 30.9% weighted in financial services, and if you’re skittish about the industry, it may not be the fund for you.

Tags: Asia, Brazil, Canada, Currency ETFs, Eastern Europe, Emerging Markets, Europe, EWC, EWZ, Ireland, Israel, Latin America, Malaysia, Middle East, Sector ETFs