NEW YORK (ETF Expert) -- In 1986, I visited the Philippine Stock Exchange. There were few, if any, computers on the floor. Black markers registered trading activity on a giant whiteboard. The feeling that I came away with was that I had caught a glimpse of an incomplete science experiment.Today, however, a number of frontier economies have upped their level of sophistication. The Philippines recently benefited from credit agency upgrades to its sovereign debt. Direct investment by foreigners has been bountiful. What's more, stock investors have pursued the up-n-comer for greater total return potential. Year-over-year, ETF enthusiasts have garnered roughly 53% from a dedication to iShares MSCI Philippines ( EPHE). That said, EPHE seems to be running on fumes. The Relative Strength Factor score for this exchange-traded vehicle has stayed in the top 5% of all exchange-traded funds for most of 2013, making it vulnerable to a volatile "risk-off" change of heart. Even in the local equities market where one might track the Philippine Stock Exchange Index, the relative strength data have flashed bright yellow warning lights.