IndexIQ, the Rye Brook, N.Y. developer of index-based commodity and liquid alternative investment products, this week unveiled a new exchange-traded fund designed for investors looking for even more exposure to emerging markets.

Its Emerging Markets Mid Cap ETF (NYSE Arca: EMER) launched Wednesday, giving investors frustrated by the sluggish economic growth in the U.S., Europe and much of Asia an opportunity to cash in on midsized firms in faster-growing economies in small countries around the world.

All of the equities included in the fund’s underlying index will be listed on an exchange in a less developed market in the Americas, Europe, Asia, Africa and the Middle East.

Company officials said fund will be diversified across both Emerging Market countries and industry sectors. As of May 31, 2011, the fund’s underlying index contained exposures to Consumer Discretionary (18.69 percent), Financials (18.10 percent), Industrials (15.88 percent), Materials (13.28 percent), Technology (9.15 percent) and more.

“Just as it is important for investors to diversify across capitalization spectrum in their domestic portfolios, the same holds true for investors allocating to emerging markets," Adam Patti, IndexIQ's CEO, said in a statement. “Prior to EMER, only the large- and small-cap sectors of the Emerging Markets landscape were available to ETF investors."

"That changes today as we bring out this first-of-its-kind product to allow investors to access the growth potential of the Emerging Market mid-cap sector in a highly-liquid, highly-transparent way," he added.

The fund seeks to replicate, before fees and expenses, the performance of the IQ Emerging Markets Mid Cap Index (IQMDEMG), a float-adjusted market cap-weighted index that is intended to track the overall performance of the mid-capitalization sector of publicly traded companies domiciled and primarily listed on an exchange in the Emerging Markets.