By Charles Sizemore, InvestorPlace.com
NEW YORK (InvestorPlace) -- Most experienced globetrotters have come across a copy of Rick Steves' Europe Through the Back Door in one of their travels. Appealing to budget-conscious students and backpackers, the book tells you how to avoid many of the expensive pitfalls of foreign travel and offers cheaper "back door" ways to enjoy Europe's treasures.
I want to do precisely the opposite: I want to recommend that investors use Europe itself as a back door way to access the riches of emerging markets. The explosive growth of emerging titans like China, India, Brazil and Turkey is real. Living standards are quickly rising, and tens of millions of eager consumers join the ranks of the global middle class every year. The problem is that it's not always easy to access their pocketbooks.
Unfortunately, it's also one of the most poorly named ETFs on the market -- it's not really an emerging-market ETF at all. It's an indirect play on the U.S., Europe and global factors, since most of its components are export-oriented companies, materials companies, and banks. Furthermore, nearly one-fourth of the fund is allocated to South Korea and Taiwan -- two countries that are not emerging -- they've already emerged.
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