Eastern Europe is not without risks, though.

The Economic Times reports that those countries are somewhat dependent on their Western neighbors, though less so than in years past. If the developed European nations can’t get a grip on finances, their neighbors may suffer. [Russia ETFs May Benefit from Modernization.]

That said, however, this is one of the first times in history that the Eastern to Central European countries may outdo their Western European counterparts economically.

In addition to single-country Eastern Europe ETFs, there are some broad offerings, too:

  • SPDR S&P Emerging Europe (NYSEArca: GUR): The top countries are Russia (64.5%), Turkey (15.9%), Poland (10.5%) and Hungary (4.7%); it’s up 10.1% year-to-date
  • iShares Emerging Markets Eastern Europe (NYSEArca: ESR): The top countries are Russia (73.6%), Poland (14.9%) and Hungary (6.8%); it’s up 6.8% year-to-date

Tisha Guerrero contributed to this article.

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