Emerging markets stocks continue to sustain meaningful rallies after being cut at the knees to start off 2016. The Dow Jones Emerging Markets Index has soared nearly 20% since hitting its lowest level for the year in late-January 2016, giving the index overall year to date (YTD) returns of 4% as of April 2016.

Much like the rest of global stocks, emerging markets have been caught up in the volatile start to 2016. Emerging markets appeared to be entering a full-blown bear market, as fears regarding stability in China led the declines within the emerging markets.

A bear market features declining stock prices, pessimistic outlooks among top investors, no risky asset rallies, flight to safety assets and more. Conversely, a bull market features increasing prices, demand for riskier assets, economic optimism and more. Global investors have certainly become increasingly bullish once again, as stocks continue to rebound and test former highs. Whether you believe the bears will return to emerging markets or the bulls will continue to run, here are four ETFs to consider for investors looking for bullish and bearish investments in emerging markets.

Bull Market: Vanguard Emerging Markets Stock Index Fund

The Vanguard Emerging Markets Stock Index Fund (NYSEARCA: VWO) is the ideal investment for those who want broad exposure to 22 emerging markets while maintaining cheap fees and a robust yield. Over 68% of VWO was allocated to emerging Asia economies, including China, as of April 2016. The FTSE Emerging Markets All-Cap China A Transitions Index serves as the Vanguard ETF’s benchmark.

VWO is likely to be among the biggest beneficiaries of an emerging markets bull market because of its diversified portfolio and strong dividend yield. As of April 2016, the Vanguard ETF had an expense ratio of 0.15%, a yield of 3.04% and a three-star rating from Morningstar Investment Research.

Bull Market: iShares MSCI Emerging Markets Minimum Volatility

The iShares MSCI Emerging Markets Minimum Volatility ETF (NYSEARCA: EEMV) is another index fund that tracks emerging markets stocks; however, the ETF seeks to take some of the volatility-edge off emerging markets exposure. The low-volatility ETF takes the least volatile companies across the emerging markets space in order to provide returns.

EEMV is an ideal ETF in a bull market because it provides strong exposure to emerging markets, while allowing investors to sidestep the higher volatility the overall emerging markets stocks could face. As of April 2016, EEMV had an expense ratio of 0.25%, a yield of 2.41% and a four-star rating from Morningstar.

Bear Market: ProShares Short MSCI Emerging Market ETF

ProShares Short MSCI Emerging Market ETF (NYSEARCA: EUM) is an ideal ETF for investors who are looking to short emerging market stocks during a bear market. EUM is nonleveraged and seeks to provide inverse (negative 100%) of daily returns for the MSCI Emerging Markets Index.

EUM is an ideal option during a bear market because it provides exposure to price declines among stocks within the MSCI Emerging Markets Index without heavy use of leverage and risk. As of April 2016, EUM had an expense ratio of 0.95%, no yield and no Morningstar rating.

Bear Market: Direxion Daily Emerging Markets Bear 3X ETF

For extremely bearish market conditions, aggressive investors could choose short-term positions within the Direxion Daily Emerging Market Bear 3X ETF (NYSEARCA: EDZ). EDZ uses leverage to seek returns that are three times the inverse of the daily returns of the MSCI Emerging Markets Index.

Overall, short-term positions within EDZ are worth considering during a bear market because it is among the best investment options for investors who want to make money during a free-fall in emerging markets. Strategic, short-term use of leveraged ETFs, such as EDZ, could have been utilized during the global stock market free-fall that the global markets witnessed at the start of 2016.

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