While Thailand’s SET Index is trading at its lowest levels in almost two months, its volatility is at its highest since December 2011. Still, Charamporn said trading there is normal and that the exchange is not planning any extraordinary measures to keep stocks from falling further, Bloomberg reported.

That may not be enough to appease skittish U.S. investors that have grown increasingly frustrated with the slack performances of major emerging markets ETF. On the other hand, Thai stocks, previously deemed as too pricey compared to the broader emerging markets universe by some money managers, are now discounted relative their recent standards. The SET trades at 13 times forward earnings, the lowest since January, according to Bloomberg.

iShares MSCI Thailand Capped Investable Market Index Fund

ETF Trends editorial team contributed to this report.