Invesco PowerShares, looking to replicate the success of the S&P 500-focused low volatility fund it brought to market last year, today launched two more low-volatility ETFs, these aimed at non-U.S. companies in the developing and emerging markets, respectively.

The two new funds are:

• PowerShares S&P Emerging Markets Low Volatility Portfolio (NYSEArca: EELV)
• PowerShares S&P International Developed Low Volatility Portfolio (NYSEArca: IDLV)

EELV and IDLV will initially have net annual expense ratios of 0.29 percent and 0.25 percent, respectively. Both prices reflects fee waivers effective through April 20, 2013 of 16 basis points on EELV and 10 basis points on IDLV.

The company’s PowerShares S&P 500 Low Volatility Portfolio ETF (NYSEArca: SPLV), which has gathered more than $1 billion since launching last May, is the most conspicuous sign of growing interest in investments that try to minimize the gyrations in the market since the market collapse in 2008. Other companies are also trying to take advantage of the popularity of low-volatility funds, such as Russell, iShares and Direxion.

With all the European uncertainty still roiling markets, oil prices hovering around $100 a barrel and investors wondering if the bloom is off the rose in the developing markets, international versions of SPLV may well prove successful.

IDLV, the fund focused on developed markets, tracks the S&P Developed ex US and South Korea Large Mid Cap BMI Index, which includes publicly listed equity securities with float-adjusted market values of at least $100 million and annual dollar value traded of at least $50 million.

IDLV will target stocks from the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

EELV, the emerging markets fund, is based on the the S&P Emerging BMI Plus Large Mid Cap Index, which includes publicly listed equity securities with float-adjusted market values of at least $100 million and annual dollar value traded of at least $50 million.

EELV targets stocks from the following countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand and Turkey.

Both of the new PowerShares funds utilize sampling strategies, meaning they won’t own all the securities in their underlying indexes.