Wirjawan also said in the same story that he and the rest of the government officials responsible for economic development in Indonesia could sleep for the next five years and the economy would still grow 6% a year.

From last year's performance of IDX, it does indeed look as though the economy is on cruise control. The fund advanced 200% from the end of last March to the end of 2009.

So far in 2010, IDX and EWM have led the way amongst emerging market ETFs in Asia and have even done better than funds representing the BRIC countries. Some political flare-ups could occur and have the potential to hurt growth in these countries, but this is true for most emerging markets as well as many developed markets and is extremely difficult to predict.

I see no reason why the outperformance trend of these two funds will not continue, making these ETFs a great way to diversify an international portfolio beyond the obvious choices.

-- Written by Don Dion in Williamstown, Mass.
At the time of publication, Dion owns iShares MSCI Brazil.

Don Dion is president and founder of Dion Money Management, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.

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