Exchange traded funds (ETFs) are expanding with novel options that will perhaps entice the weary investor or enthrall the risk-seeker in the markets.

By using ETFs, investors may diversify their portfolios with ETFs that track national indexes or broad baskets of well-known local stocks in emerging-market countries, iShares Emerging Markets Index Fund (EEM), writes Kirk Shinkle for U.S. News & World Report. It is noted that investors should check the holdings of such funds, as they may favor specific countries or sectors.

For those with a high risk tolerance, investors could use country funds, such as China’s iShares FTSE/Xinhua China 25 (FXI), to get in on the long-term action for a fast-growing economy or for short-term trades depending on market-moving news. There are many countires with their related ETFs trading, but among the few hopefuls that we may one day see in the ETF world include Argentina, Colombia, Egypt, Peru and the Philippines.

Funds that track world currencies such as the Russian ruble, CurrencyShares Russian Ruble Trust (XRU), and the Mexican peso, CurrencyShares Peso (FXM), are already at play.

Risky “frontier” markets, Claymore/BNY Mellon Frontier Markets (FRN), are also being traded with ETFs tracking stocks in the Middle East, WisdomTree Middle East Dividend Fund (GULF), and Africa, Market Vectors Africa (AFK).