Emerging market countries are progressing toward becoming advanced in a way similar to developed countries such as the United States, Japan and many European countries. Generally, these nations have financial infrastructures, such as banking institutions and stock exchanges, but they do not have the same levels of market efficiency and regulatory standards as developed nations. Though investments in emerging markets can add diversification benefits to your portfolio, many investors consider the variety of risks too high. Some investors even opt to go short emerging market equities, which means that they profit when emerging market stocks decline in price. If that's something you want to consider, below is a list of three exchange-traded funds (ETFs) that provide short exposure to this asset class.

ProShares Short MSCI Emerging Markets Fund

The ProShares Short MSCI Emerging Markets Fund (NYSEARCA: EUM) aims to provide a negative 1x return of the daily performance of the MSCI Emerging Markets Index. If the index declines by 5%, an investor would expect this fund to gain 5%. Likewise, if the index goes up in value 10%, an investor in this fund would expect to lose 10%. As of April, 2016, it was the largest negative 1x emerging markets ETF on the market with $312 million in assets under management (AUM).

The fund achieves its objective by entering into a variety of different swaps on the iShares MSCI Emerging Markets Fund (NYSEARCA: EEM). It has a standard deviation of 16.28%. Versus the MSCI Emerging Markets index, it has a negative beta of 0.95 and an R-squared of 0.9523. When calculated against the Standard & Poor's 500 index, the fund has a five-year upside and downside capture ratios of negative 82.21% and negative 151.98%, respectively. It has an expense ratio of 0.95% and a very low bid-ask spread of 0.04%.

ProShares UltraShort MSCI Emerging Markets Fund

As of April 2016, the largest negative 2x emerging markets fund was the ProShares UltraShort MSCI Emerging Markets Fund (NYSEARCA: EEV), with approximately $64 million in AUM. This fund aims to provide negative 200% of the daily return of the MSCI Emerging Markets Index. Like the ProShares Short MSCI Emerging Markets Fund, this fund also uses a variety of swaps on the iShares MSCI Emerging Markets Fund. If the index declines in price by 5%, an investor could expect this fund to gain 10%. On the other hand, if the index gains 5%, an investor could expect to lose 10% with this fund.

The ProShares UltraShort MSCI Emerging Markets Fund has a standard deviation of 32.14%. Versus the MSCI Emerging Markets index, it has a negative beta of 1.87 and an R-squared of 0.9434. When calculated against the S&P 500, the fund has a five-year upside and downside capture loss ratios of 170.45 and 289.29%, respectively. It has an expense ratio of 0.95% and a bid-ask spread of 0.1%.

Direxion Daily Emerging Markets Bear 3x Shares

The Direxion Daily Emerging Markets Bull and Bear 3x Shares (NYSEARCA: EDZ) was the only negative 3x emerging markets exchange-traded product available as of April, 2016. This fund aims to provide negative 300% of the daily performance of the MSCI Emerging Markets Index. Like the other funds in this article, EDZ achieves its objective by utilizing various swaps. If the index declines in price by 10%, an investor can expect to gain 30% with this fund. Likewise, if the index gains 10%, an investor can expect to lose 30% with this fund.

This is not recommended to be a long-term buy-and-hold-type investment, but rather a short-term tactical tool. It is quite volatile, as seen by its 47.67% standard deviation. Versus the MSCI Emerging Markets index, it has a negative beta of 2.76 and an R-squared of 0.9328. When calculated against the S&P 500, the fund has a five-year upside and downside capture loss ratios of 265.44 and 406.87%, respectively. It has an expense ratio of 0.95% and a bid-ask spread of 0.1%.