Investing in emerging markets has yielded quite the payday. The MSCI Emerging Markets Index was up 213% over the five years ended Aug. 11, vs. 78% for the MSCI EAFE (it tracks developed markets, excluding North America), and 46% for the S&P 500. But with returns in many emerging markets waning, the investing craze may shift to less developed and riskier "frontier" markets. A raft of new frontier market exchange-traded funds (ETFs) have launched in recent months (boxes).
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