NEW YORK ( TheStreet) -- The popularity of China and India as investing destinations has lead to the creation of a broad selection of exchange-traded funds aimed at tracking their respective markets from various vantage points.

Aside from playing either nation independently, using ETFs, investors can combine the strengths of these two economic superpowers, using a "Chindia" ETF to gain exposure to an interesting mix of both Chinese and Indian companies under one roof.

With economic issues threatening to stifle the economic pictures within the United States and much of the developed world, a growing slice of the world economy is turning to the emerging markets as a source of economic potential. Within the realm of emerging markets, perhaps no two nations are as recognizable or as closely followed as India and China.

Boasting massive populations and -- as evidenced by India's nearly 9% GDP growth in the second quarter of 2010 -- breakneck economic growth pictures, these two economic superpowers will certainly be major shapers of global economic and political policy for years to come.

Given the strong prospects and popularity of these two countries, investing in China and India has become a popular area of focus for ETF providers who have opened the doors to a growing number of opportunities for China and India bulls and bears.

China

Initially, investors looking for a taste of the Chinese markets were forced to settle for ETFs such as iShares FTSE/Xinhua China 25 Index Fund ( FXI), and SPDR China ETF ( GXC)

While they certainly gain exposure to China's economy, their portfolios are laden with large, multinational and state-run companies which may not appeal to investors looking products which are more influenced by the average Chinese citizen.

Luckily, in more recent times, the China-based ETF industry has exploded. Today, tapping into smaller slices of China's economy such as the nation's small-cap market or technology picture has become as simple as holding the Claymore/AlphaShares China Small Cap ETF ( HAO) and Global X China Technology ETF ( CHIB).

India

While it still has some catching up to do if it wants to compete with the range of fund's dedicated to China's economy, the India-focused ETF industry has also gained impressive traction. Today, the largest and most successful of these products are large-cap focused products such as WisdomTree India Earnings ETF ( EPI) and PowerShares India Portfolio ( PIN). However, fund providers, Emerging Global Shares and Van Eck, have recently unveiled products which allow investors to tap into the small-cap companies which comprise India's markets.

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