Global X Funds has added the Global X Russell Emerging Markets Growth ETF (NYSE: EMGX) and the Global X Russell Emerging Markets Value ETF (NYSE: EMVX) to its lineup.

EMGX and EMVX are linked to a new suite of Russell indexes designed to reflect growth and value mega-cap stocks in emerging markets. Generally, mega-cap stocks are companies with a market size of $50 billion or larger.

“We are pleased to be pairing with Russell Indexes, a recognized leader in the development of style indices, to bring these products to market,” said Bruno del Ama, CEO of Global X Funds. “Both new funds seek to provide investors with well-diversified portfolios by granting exposure to emerging markets while still following the tenets of classic investment philosophies: growth and value.”

According to the prospectus, both Global X emerging markets ETFs charge annual expenses of 0.69%.

Russell’s examination of style differentiation in emerging markets shows that mega-cap stocks have exhibited performance and potential portfolio diversification benefits similar to Russell’s U.S. and Developed value and growth indexes. For example, there are periods when the market capitalization of emerging markets have been allocated more to value than to growth, countering the common perception that emerging markets are solely growth markets and thus style characteristics are not as distinguished as in developed markets.

At the end of 2010, Global X Funds had $1.29 billion under management in its U.S. listed ETFs.

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