如何投资新兴市场
投资外国市场的方式不止一种。本指南介绍主要途径及本站常见术语，仅供教育参考，不构成建议。
本站适合哪些读者？
两类研究者：一是希望分散海外布局、权衡哪些市场可能表现更优的美国投资者；二是正在移居海外的人——或许是为了黄金签证或第二国籍——需要了解或投资特定国家/地区市场。
什么是新兴市场？
新兴市场是正向发达经济体迈进、但仍具有较高政治、货币和流动性风险的经济体。MSCI、富时罗素等指数提供商将国家/地区划分为发达市场、新兴市场或前沿市场，各家分类标准不同且会随时间调整。
Emerging vs. frontier markets
Think of it as a spectrum. Developed markets — the US, Japan, Germany — are large, liquid and tightly regulated. Emerging markets such as China, India and Brazil are big, fast-growing economies that are increasingly open to foreign investors but still carry more currency, political and liquidity risk. Frontier markets such as Vietnam, Nigeria and Kazakhstan sit one step earlier: smaller and less liquid, with the highest potential return and the highest risk.
The line between the three is drawn by index providers such as MSCI, and it shifts as markets mature or stumble. This site tracks 24 emerging and 38 frontier markets, grouped by MSCI's classification.
Browse 24 emerging markets → Browse 38 frontier markets → How we classify countries →
四种获取敞口的方式
从最简便到最深度参与：
2. ADR与交叉挂牌
部分外国公司以美国存托凭证（ADR）形式在美国交易，可像购买美股一样买入，无需开设境外账户即可选择特定公司。
3. 直接在本地交易所投资
通过全球券商（如盈透证券、盛宝银行）或本地券商开通该国交易所准入。可选公司范围最广，但手续更繁琐，涉及货币兑换及当地规定。
Risks to understand
Higher potential return comes with higher — and different — risks than a developed market. These are the ones specific to emerging and frontier investing.
Currency risk
You are exposed to the local currency. A market can rise in its own terms while you still lose money once it is converted back to dollars — and frontier currencies swing the most.
Political & policy risk
Elections, capital controls, sanctions and outright expropriation can strand foreign investors quickly. When Russia was sanctioned in 2022, the index funds holding it were written down to zero and foreign holdings were frozen.
Liquidity risk
Trading can be thin, especially in frontier markets — wider spreads, fewer listed companies, and funds that are hard to exit when everyone heads for the door at once.
Concentration risk
Single-country funds ride one economy, and even broad emerging-market funds lean heavily on a few countries and sectors — China's weight, or energy, financials and state-owned firms.
Fund & access risk
The vehicle itself can disappear: ETFs are liquidated, ADRs are terminated, and some markets cap foreign ownership. Several funds listed on this site are flagged 'Delisted' for exactly this reason.
Transparency & governance risk
Financial reporting is less standardised, minority-shareholder protections are weaker, and some of the largest companies are state-owned enterprises run for policy rather than profit.
Reclassification risk
When a market moves between developed, emerging and frontier status, index funds are forced to buy or sell — driving flows and volatility. A country demoted to 'standalone' can lose liquidity fast.
Common questions
What is the difference between emerging and frontier markets?
Both are developing economies, but emerging markets — for example China, India or Brazil — are larger, more liquid and easier for foreign investors to reach. Frontier markets — such as Vietnam, Nigeria or Kazakhstan — are smaller and earlier-stage, with higher potential return and higher risk. Index providers such as MSCI decide which is which and reclassify countries as they develop.
How can I invest in emerging markets from the United States?
The simplest route is a US-traded ETF, which you can buy in an ordinary brokerage account. You can also buy individual foreign companies that list in the US as ADRs, or open access to a country's local exchange through a global broker. Each country page lists the ETFs, ADRs and local-exchange options that apply.
What is the difference between an ETF and an ADR?
An ETF is a fund — a basket of many companies that trades like a single stock, giving instant diversification for an annual fee. An ADR is a US-traded certificate representing shares in one specific foreign company. ETFs spread risk across a whole market; ADRs let you pick individual companies.
Are emerging-market ETFs risky?
They carry more risk than developed-market funds: prices swing more, currencies can move against you, and political or liquidity shocks are more common. A diversified, low-cost ETF spreads that risk across many companies, but does not remove it — and frontier-market funds are riskier still.
What is a golden visa?
A golden visa is residency — sometimes a route to citizenship — granted in exchange for a qualifying investment in a country, such as real estate, a government fund or a business. It buys the right to live somewhere rather than a stake in the stock market, though the two often overlap for people relocating abroad.
Which emerging market should I invest in?
There is no single answer: it depends on your goals, your risk tolerance and your view of each economy. This site is built to help you compare markets on the data — growth, market size, valuations and the funds available — rather than to recommend one. It is research, not advice.
术语表
- 新兴市场
- 快速发展中的经济体，相比发达市场具有更高的增长潜力和更高的风险。
- 市值
- 公司股票的总价值（股价×流通股数），用于衡量公司及市场规模的排名依据。
- ADR
- 美国存托凭证——代表外国公司股份、在美国交易的凭证。
- ETF
- 交易所交易基金——一篮子证券的组合，像单只股票一样在交易所买卖。
- 费率
- 基金每年收取的管理费，以资产的百分比表示。费率越低，持有成本越低。
- 黄金签证
- 通过在某国进行符合条件的投资而获得居留权或公民身份的途径。
- Withholding tax
- Tax a country deducts from dividends or interest paid to foreign investors before it reaches you. Rates vary by country and may be partly reclaimable under a tax treaty.
本指南为一般性信息，不构成个性化财务、税务、法律或移民建议。