While emerging market stocks have rebounded 16 percent since late June, after plunging earlier in the year, many experts advise staying away.

They cite three problems, The Wall Street Journal reports.

First, global economic growth is sluggish, putting a damper on developing markets' export machines. Now emerging markets have to rely more on domestic demand, which takes time to grow, The Journal notes.

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Second, emerging stock markets had grown dependent on an influx of foreign cash, which has now slowed. Again it will take time for them to develop domestic financing, The Journal explains.

Finally, there's rising interest rates. Eventually that Federal Reserve will taper its quantitative easing, which has helped to encourage investing in emerging markets.

Investing in emerging markets "is certainly going to be a much more volatile ride than most people expect," Manoj Pradhan, emerging markets economist at Morgan Stanley, tells The Journal.

"The worst is not behind us. In fact, things likely have to get worse so they can then get better," he wrote in a recent report.

If you do want to invest in emerging market stocks, "but don't have the time or expertise to hand-pick a few, the SPDR S&P BRIC 40 ETF [exchange-traded fund] could save you a lot of trouble," Selena Maranjian of The Motley Fool writes.

"Instead of trying to figure out which emerging market stocks will perform best, you can use this ETF to invest in lots of them simultaneously."

The fund holds about 40 stocks from Brazil, Russia, India and China.

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