Emerging market opportunities in India and Japan are being capitalized on by investors.

Emerging market exchange-traded funds are increasingly becoming a popular choice among investors seeking growth at a reasonable cost.

In the past year, ETF investors have named India as one of the most popular countries, according to David Mann, head of capital markets at Franklin Templeton.

"India has been a standout in the emerging markets, with strong GDP growth," he said on CNBC's "ETF Edge" on Monday.

As of Tuesday's close, the Franklin FTSE India ETF (FLIN) has increased by 18.19% in the past year, and HDFC Bank and are among its top holdings.

ETF Action's founding partner, Mike Akins, advised that while India presents a promising macro opportunity, investors should exercise caution due to increasing valuations.

According to the interview, the India ETFs are currently trading at a ratio of 22 to 23 times next year's earnings, which is significantly higher than most foreign ETFs and even higher than its 10-year average of 18.

Japan was identified by Akins as a more affordable and "conservative" international option.

He stated that Japan, like the U.S., has a global presence but their valuations are significantly lower, trading at 14 times next 12 months' earnings.

Japan is gaining favor among investors, who see the country as a distinct region.

The Franklin FTSE Japan ETF (FLJP) experienced a 12.58% increase in value from the previous year, as of Tuesday's close. Its top three holdings are currently Toyota Motor, Mitsubishi UFJ Financial, and Nippon Paper Industries.

After years of stagnation or deflation, Japan's market performance indicates a clear pro-growth mindset, according to ETF Action's Akins.