Alternatively, investors can target the two large Asian economies through the First Trust ISE Chindia Index Fund (NYSEArca: FNI), which includes both Chinese and Indian stocks.

Additionally, institutional funds continue to overweight Thailand and the Philippines. Retail investors can also gain exposure to the Thai equities market through the iShares MSCI Thailand Capped ETF (NYSEArca: THD) and the Philippine market through iShares MSCI Philippines ETF (NYSEArca: EPHE).

However, institutions remain underweight Taiwan, Korea, Malaysia and Hong Kong. Emerging market ETF investors should be aware that their broad fund positions may include heavier positions in these countries. For instance, the iShares MSCI Emerging Markets ETF (NYSEArca: EEM) includes South Korea 14.1% and Taiwan 12.1%. So, investors with more assets in their portfolios can pick and choose their emerging market exposure with country-specific ETFs.

For more information on developing economies, visit our emerging markets category.

Max Chen contributed to this article.