As the global market crawls out of the recession, the rapid proliferation of narrowly focused exchange-traded funds, which slowed as markets crumbled in the past two years, is beginning to gain momentum again.

One new trend to take note of: Providers are launching single-country small-cap ETFs. Through these funds, providers are offering exposure to domestic growth in specific emerging and developed countries, hoping to avoid the large cap companies that correlate closely with the still struggling global economy.

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