The next evolution for emerging market exchange traded funds (ETFs) is here.

Global X today launched two more unique ways to play emerging markets with the Global X Russell Emerging Markets Growth (NYSEArca: EMGX) and Global X Russell Emerging Markets Value (NYSEArca: EMVX).

Emerging markets are typically associated with growth, but value has surged ahead over the last several years. Russell’s research shows that value has outperformed growth by 10.02% in the last three years, although in the last year, value has outperformed by 4.54%. [Listen to Tom Talk Emerging Market ETFs on MarketWatch.]

The addition of these new funds in the ETF landscape help further change the way that investors can incorporate emerging markets into their portfolios. Just a few years ago, fine-tuning your exposure to these countries wouldn’t have been so easy.

The new funds usher in a new era in the quickly-evolving emerging market ETF space. The original emerging market funds, such as iShares MSCI Emerging Markets (NYSEArca: EEM) and Vanguard Emerging Markets (NYSEArca: VWO), were all-purpose, broad plays that served as a one-stop emerging market shop for investors looking to dabble in the space.

In the last year or so, we’ve seen a rapid shift, with the launch of emerging market sector funds like Global X China Consumer (NYSEArca: CHIQ) and EGShares Brazil Infrastructure (NYSEArca: BRXX), as well as asset class funds, such as Guggenheim China Small-Cap (NYSEArca: TAO) and Market Vectors Brazil Small-Cap (NYSEArca: BRF).

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.