“Whether or not there is currently a rotation occurring from domestic to foreign is certainly debatable, but if not now, there will be one at some point,” Hamman said. “It is the nature of foreign versus domestic—one outperforms for a time and then the other, and then it repeats.”

While quantitative easing and loose monetary policies in the Eurozone and Japan would benefit their respective markets, Hamman also warns that these international ETFs will be the most at risk once central banks cut back on the quantitative easing. Consequently, he suggests looking into country-specific funds or actively managed ETFs that are able to avoid potential trouble spots. [Japanese Yen ETF: BOJ Governor Sees No Reason for Strong Currency]

For example, the actively managed AdvisorShares Accuvest Global Opportunities ETF (NYSEArca: ACCU) tracks country-specific ETFs, and the managers could shift strategies based on the market environment. Currently, ACCU includes exposure to China, the U.S., Sweden, Germany, South Korea and Israel.

For more information on global markets, visit our global ETFs category.

Max Chen contributed to this article.