iShares Inc iShares MSCI Belgium ETF (ARCA: EWK)

iShares Inc iShares MSCI Belgium ETF (ARCA:EWK), Trade Ideas

iShares Inc iShares MSCI Belgium ETF

iShares MSCI Belgium Capped Investable Market Index Fund

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ETFs to Watch June 4, 2013 (BOND, FXA, VDE)

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For Europe ETFs, Unemployment Rates Don&#39;t Mean Much

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100 Injured Following Two Explosions at Brussels Airport -Wall Street Journal

As the United States gets ready to take on Belgium in the knock out round of the World Cup; investors can set their sights on investment opportunities in this small European nation.

	The Kingdom of Belgium is a founding member of the European Union and has a population of approximately 11 million people. In addition, this country hosts the EU headquarters and other important international organizations such as NATO.

	From an investment perspective, the single <a href="http://www.benzinga.com/etfs/broad-u-s-equity-etfs/14/06/4667402/how-to-replace-stodgy-mutual-funds-with-etfs">exchange-traded fund</a> dedicated to this country&rsquo;s cause is the iShares MSCI Belgium Capped ETF (NYSE: <a class="ticker" href="/stock/ewk#NYSE">EWK</a>).&nbsp;

	This ETF currently has over $85 million allocated to 43 stocks, with the largest holding being the well-known brewing company Anheuser-Busch InBev SA/NV (NYSE: <a class="ticker" href="/stock/bud#NYSE">BUD</a>).

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/etfs/broad-u-s-equity-etfs/14/06/4667402/how-to-replace-stodgy-mutual-funds-with-etfs">How To Replace Stodgy Mutual Funds With ETFs</a></bzrelatedlink>

	In fact, Anheuser-Busch makes up over 23 percent of the total EWK portfolio and has a significant pull on the total return of the fund.

	The current expense ratio of EWK is listed at 0.48 percent and it has a healthy 12-month trailing yield of 4.30 percent.&nbsp; Dividends are paid bi-annually to shareholders in June and December.

	Through the first half of the year, EWK has risen 6.48 percent and bested many of its European competitors.
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	The broader iShares MSCI EMU ETF (NYSE: <a class="ticker" href="/stock/ezu#NYSE">EZU</a>) and SPDR Euro Stoxx 50 ETF (NYSE: <a class="ticker" href="/stock/fez#NYSE">FEZ</a>) both have just over three percent exposure to Belgium within their Euro-zone indexes.&nbsp;

	These ETFs have only posted gains of 4.24 and 5.01 percent, respectively over that same time frame.

	Anheuser-Busch InBev has certainly been a big contributor to the outperformance in EWK, as this beer maker has jumped more than nine percent in 2014 and is currently sitting near all-time highs.

	A further broadening in European recovery efforts and central bank stimulus may well lead to Belgium stocks continuing the pace of growth throughout the remainder of the year.&nbsp;

	An increase in global alcohol consumption as a result of World Cup frenzy could certainly benefit this Belgium ETF as well.

Here is the ETF Professor's ETF Watch List for Tuesday, June 4, 2013.

The iShares MSCI Australia Index Fund (NYSE: <a class="ticker" href="/stock/ewa#NYSE">EWA</a>) and the iShares MSCI Japan Index Fund (NYSE: <a class="ticker" href="/stock/ewk#NYSE">EWK</a>) merit attention.

So does the First Trust NASDAQ Technology Dividend Index Fund (NYSE: <a class="ticker" href="/stock/tdiv#NYSE">TDIV</a>).

Give the Vanguard Energy ETF (NYSE: <a class="ticker" href="/stock/vde#NYSE">VDE</a>) a look.

Emering markets plays of the day: iShares MSCI Turkey Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/tur#NYSE">TUR</a>), Market Vectors Indonesia ETF (NSYE: IDX) and the PowerShares India Portfolio (NYSE: <a class="ticker" href="/stock/pin#NYSE">PIN</a>).

Forex play of the day: CurrencyShares Australian Dollar Trust (NYSE: <a class="ticker" href="/stock/fxa#NYSE">FXA</a>).

Bond play of the day: PIMCO Total Return ETF (NYSE: <a class="ticker" href="/stock/bond#NYSE">BOND</a>).

Politics

General

EU Commission Says Belgium has Not Taken Effective Action on its Budget Deficit, Must Take Action

At least not in 2013. The eurozone is contending with a jobless rate of around 12 percent, but when it comes to country-specific ETFs tracking European nations (both eurozone members and those that are not), the returns are not always tightly correlated to a country's employment picture.

	This is something of a departure from what has been <a href="http://www.benzinga.com/markets/bonds/12/11/3135065/these-etfs-track-countries-with-dreadful-employment-situations">seen in other parts of the world</a>. For example, Egypt and South Africa are home to dismal rates of unemployment. In 2013, the Market Vectors Egypt ETF (NYSE: <a class="ticker" href="/stock/egpt#NYSE">EGPT</a>) and the iShares MSCI South Africa Index Fund (NYSE: <a class="ticker" href="/stock/eza#NYSE">EZA</a>) have struggled, performing worse than major diversified emerging markets ETFs such as the iShares MSCI Emerging Markets Index Fund (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>).

	In Europe, however, a rosy jobs picture is not always a guarantee of stellar ETF returns. Likewise, some ETFs tracking nations with rancid employment situations have not been as bad some investors may have imagined at the start of the year.

	Upper Crust 
	Just two Eurozone members, Austria and Germany, have unemployment rates below six percent, <a href="http://www.stratfor.com/sample/image/opportunity-leftist-parties-amid-europes-unemployment">according to Stratfor data</a>. In fact, Austria's jobless rate is below five percent at 4.7 percent.

	That statistic has been of little help to the iShares MSCI Austria Capped Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ewo#NYSE">EWO</a>), which has traded slightly lower this year. Germany, the eurozone's largest economy, has a jobless rate of 5.4 percent. Obviously, that is much worse than Austria's, but still excellent, regionally speaking. The iShares MSCI Germany Index Fund (NYSE: <a class="ticker" href="/stock/ewg#NYSE">EWG</a>) is up nearly seven percent year-to-date.

	Bottom Feeders 
	When it comes to European nations that are investable via ETFs that also have terrible unemployment situations, Greece and Spain take the cake. As the Stratfor data indicate, the average unemployment rate between the two PIIGS members is nearly 27 percent.

	Investors have not been bothered by that this year as the iShares MSCI Spain Capped Index Fund (NYSE: <a class="ticker" href="/stock/ewp#NYSE">EWP</a>) and the Global X FTSE Greece 20 ETF (NYSE: <a class="ticker" href="/stock/grek#NYSE">GREK</a>) are each up almost six percent. GREK's performance is all the more impressive when considering Greece has had to deal with the situation in Cyprus and a <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/03/3386703/greece-etf-down-on-emerging-markets-demotion">demotion to emerging markets status</a> by one major index provider.

	In The Middle 
	There are 11 European nations with jobless rates ranging from six percent to 10 percent and six are accessible through country-specific ETFs. That list is comprised of the Netherlands (6.4 percent unemployment), Denmark (7.2 percent), the U.K. (7.8 percent), Belgium (8.2 percent), Finland (8.2 percent) and Sweden (8.4 percent).

	That is an average of 7.7 percent. The average return for a group of ETFs comprised of iShares MSCI Netherlands Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ewm#NYSE">EWM</a>), iShares MSCI Denmark Capped Investable Market Index Fund (BATS: EDEN), iShares MSCI Belgium Capped Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ewk#NYSE">EWK</a>), iShares MSCI U.K. Index Fund (NYSE: <a class="ticker" href="/stock/ewu#NYSE">EWU</a>), iShares MSCI Sweden Index Fund (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>) and the iShares MSCI Finland Capped Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/efnl#NYSE">EFNL</a>) is just over 9.2 percent.

	The worst performer of this group is EWN with a year-to-date gain of 6.3 percent. The best is EDEN, which is up over 13 percent. Danish equities have benefited from Denmark's <a href="http://www.benzinga.com/markets/bonds/13/03/3429049/4-developed-market-etfs-better-than-spy">negative interest rates and AAA credit rating</a>.

	Not Good, Not Bad 
	In normal circumstances, an unemployment rate of 11 percent would be considered bad, but hey, this is Europe so 11 percent is better than average. At least that is what France and Italy, the eurozone's second- and third-largest economies can say. France's jobless rate is 11 percent and Italy's is 11.5 percent, according to Stratfor.

	In terms of ETF returns, the iShares MSCI Italy Index Fund (NYSE: <a class="ticker" href="/stock/ewi#NYSE">EWI</a>) is barely higher this year, but it is not in the red, either. The iShares MSCI France Index Fund (NYSE: <a class="ticker" href="/stock/ewq#NYSE">EWQ</a>) is up 7.1 percent. Also laboring in the 10 percent to 20 percent rate of joblessness in Europe is Ireland at 14.1 percent. Clearly, the iShares MSCI Ireland Capped Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/eirl#NYSE">EIRL</a>) has had the luck of the Irish on its side because the ETF has surged 14.3 percent this year.

	For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

For Europe ETFs, Unemployment Rates Don't Mean Much

South Korean Interest Rate Cut to 2.50% vs 2.75% Forecast 

Actively managed ETFs remain just a sliver of the overall ETF universe.

	There are 1,445 ETFs and ETNs trading in the U.S., but a mere 58 are actively managed, a figure that equals just four percent of the U.S. exchange traded products universe, <a href="http://www.etftrends.com/2013/04/active-etf-market-gearing-up/">according to ETF Trends</a>.

	And when it comes to the conversation about actively managed ETFs, one fund stands above all others: The PIMCO Total Return ETF (NYSE: <a class="ticker" href="/stock/bond#NYSE">BOND</a>). Colloquially referred to as the "Bill Gross ETF," BOND has attracted over $4.8 billion in assets in less than 14 months of trading.

	That is an impressive haul and to be fair, BOND has delivered with a gain of 11 percent in the past year. The downside of BOND's dominance and popularity is that some other actively managed ETFs worthy of investors' consideration have almost been doomed to under the radar existences. That should not be the case as the following funds prove.

	AdvisorShares Cambria Global Tactical ETF (NYSE: <a class="ticker" href="/stock/gtaa#NYSE">GTAA</a>) 
	The Cambria Global Tactical ETF is managed by Mebane Faber's Cambria Investment Management and a simple way of looking at this ETF is that it is an ETF fund of funds. Meaning all of GTAA's roughly 65 holdings are other ETFs.

	That strategy leads to a broad mix of asset classes as foreign stocks, emerging markets equities, U.S. stocks and U.S. real estate names all receive double-digit allocations within the fund. U.S. bonds and commodities combine for another 23 percent of the fund's weight. GTAA's top holdings include the Vanguard REIT Index ETF (NYSE: <a class="ticker" href="/stock/vnq#NYSE">VNQ</a>), SPDR Dow Jones International Real Estate ETF (NYSE: <a class="ticker" href="/stock/rwx#NYSE">RWX</a>) and the iShares MSCI Belgium Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ewk#NYSE">EWK</a>).

	GTAA has a gross expense ratio of 1.41 percent, <a href="http://advisorshares.com/fund/gtaa">according to AdvisorShares data</a>. On that note, it should be highlighted that GTAA's fees <a href="http://www.mebanefaber.com/2010/09/29/cambria-global-tactical-etf-nysegtaa/">will be reduced as the funds attracts more assets</a>. The ETF has been a solid performer gaining 8.5 percent in the past year and 4.1 percent year-to-date.

	WisdomTree Emerging Markets Corporate Bond Fund (NASDAQ: <a class="ticker" href="/stock/emcb#NASDAQ">EMCB</a>) 
	The WisdomTree Emerging Markets Corporate Bond Fund had the misfortune of debuting around the same time that BOND came to market. While the two funds obviously have vastly different objectives, EMCB's place in the actively managed ETF conversation arguably suffered, at least initially. That is starting to change for the better.

	As it should. EMCB has attracted over $128 million in assets under management and has returned more than seven percent since its debut. Notably, EMCB does not represent increased credit risk for corporate bond investors as nearly 61 percent of the ETF's holdings are rated BBB. Another 11.3 percent are rated AA or A.

	Country allocations here are important and this is where EMCB has the potential to deliver for investors. EMCB devotes a combined 42.3 percent of its weight to Mexico and Russia, <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/04/3460980/profit-from-mexican-corporates-with-this-etf">two corporate bond markets currently viewed as attractive</a> by some portfolio managers.

	And for what it is worth, DoubleLine's Jeffrey Gundlach said on Thursday emerging markets corporates are the best area of investment-grade fixed income at the moment, <a href="http://blogs.barrons.com/emergingmarketsdaily/2013/04/11/the-return-of-emerging-market-bonds-gundlach-likes-corporates/">Barron's reported</a>.

	EMCB's effective duration is 6.03 years with an average yield to maturity of 4.44 percent.

	WisdomTree Asia Local Debt Fund (NYSE: <a class="ticker" href="/stock/ald#NYSE">ALD</a>) 
	By the standards of actively managed ETFs, the WisdomTree Asia Local Debt Fund is a behemoth with over $547 million in AUM. The fund is deserving of those assets and has proven as much. With the recent upgrade by Fitch Ratings of the Philippines to investment-grade territory, <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/04/3490395/looking-for-good-credit-among-em-bond-etfs">all of ALD's constituent countries have investment-grade ratings</a> from at least one major ratings agency.

	Additionally, although ALD has "Asia" in its name, it should be pointed out this not a pure play emerging markets fund. Rather, ALD does a fine job of mixing in AAA-rated developed markets such as Australia, Hong Kong and Singapore along with high-yielding New Zealand and rapidly growing emerging markets such as Thailand, Malaysia and Indonesia.

	ALD is also attractive regarding sensitivity to interest rate increases with an effective duration of just 3.52 years. The ETF's average yield to maturity is 2.73 percent and the fund has a 30-day SEC yield of 2.25 percent.

	For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Bonds

EMCB

GTAA

Three Actively Managed ETFs to Consider Right Now

EU Commission Temporarily Approves EUR 3.9B Bailout for Monte Paschi Bank

By this point in the year, it will not come as a surprise to most investors that many ETFs tracking developed European economies have delivered stellar returns in 2012. Metaphors involving rising from the ashes and Lazarus would be appropriate ways to describe the manner in which many Europe funds have acted this year. 

Whether it was yield hunting, the allure of tempting valuations or just a hunch that things could not get much worse, investors embraced an array of Europe-focused ETFs in 2012. From the largest Eurpope ETFs to the newer names such as the Market Vectors Germany Small ETF (NYSE: <a class="ticker" href="/stock/gerj#NYSE">GERJ</a>) to the contrarian plays such as the Global X FTSE Greece 20 ETF (NYSE: <a class="ticker" href="/stock/grek#NYSE">GREK</a>), 2012 was generally a good year in which to be long a couple of Europe ETFs.

What needs to be remembered is that the eurozone still faces a lot of issues. Greece teeters on the brink of a demotion to emerging markets status. Italy is mired in a recession and Spain's unemployment rate is near 26 percent. With that in mind, here are 10 of the top Europe ETF ideas for 2013.

Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>)
Lost in all the commotion about the Vanguard MSCI Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>) changing to a FTSE index is the fact that VGK is doing the same thing. VGK will transition to the FTSE Developed Europe Index next year. VGK's current top-10 holdings are quite similar to the top-10 found in the <a href="http://www.ftse.com/vanguard/Home/ftse-developed-euro-index">the FTSE index</a> and the ETF currently holds 455 stocks compared to 511 in the new index.

VGK currently holds shares of companies based in Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. 

On the surface, it appears as if there are no major differences between where VGK is right now and where it is going to in terms of indexes. For those that are long this one fund, one of the marquee Europe ETFs to be sure, they are hoping for a sequel to 2012's impressive run. As of December 7, VGK was up 17.3 percent year-to-date. The good news is that VGK is up almost 0.7 percent since November 30. As of that date, VGK's new index was up almost 16.9 percent on the year, according to FTSE data.

Global X FTSE Nordic Region ETF (NYSE: <a class="ticker" href="/stock/gxf#NYSE">GXF</a>)
Investors looking for ways to skirt eurozone headline risk only needed to look to the north in 2012. Fortunately for those savvy enough to have gotten involved with the Global X FTSE Nordic Region ETF, that did not mean sacrificing returns as this multi-country fund has surged 24 percent year-to-date.

Home to companies domiciled in Sweden, Denmark, Norway and Finland, GXF <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/08/2839102/as-europe-etfs-rebound-nordic-plays-flex-their-muscles">has proven durable without the controversy provided by ETFs focusing on Southern Europe</a>. 

For conservative investors looking for international developed market exposure, GXF provides exposure to steady economies and governments with AAA credit ratings and healthy balance sheets. When it comes to Europe these days, GXF is arguably nirvana.

Global X Norway ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>)
Keeping with the Nordic theme, the Global X Norway ETF has also been an admirable performer this year. With roughly the same volatility, NORW has outpaced the iShares MSCI Sweden Index Fund (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>) by over 100 basis points.

Of course past performance is no guarantee of future results and there is some risk with NORW. Namely, it comes from the ETF's heavy allocation to the energy sector and that comes about from Norway's status as a major oil exporter. However, Norway's oil production cuts both way. It may make NORW somewhat a tad riskier than some would like, but there is a silver lining.

Norway does not just produce oil, but it legitimately reaps the rewards of that production. The country has an <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/08/2839451/get-sovereign-wealth-fund-exposure-with-these-etfs">a $600 billion sovereign wealth fund</a> that can serve as a backstop for the economy in times of duress. Not to mention, Norway has an AAA credit rating, something the U.S. and France cannot say.

First Trust STOXX European Select Dividend Index Fund (NYSE: <a class="ticker" href="/stock/fdd#NYSE">FDD</a>)
Given that the First Trust STOXX European Select Dividend Index Fund has a <a href="http://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=FDD">30-day SEC yield of almost 6.5 percent</a>, the fund is under-appreciated relative to other Europe ETFs. 

The problem is that FDD has just $17.2 million in assets under management and that total is low enough to keep some at bay. FDD has also lagged the performance of other, more well-known Europe ETFs thus far in 2012. However, things are not all bad with this ETF. If risk appetite spikes in 2013, FDD is ideally positioned to thrive due to its almost 40 percent weight to financials. Clearly, a Europe ETF heavily weighted to the financial services sector implies a high degree of risk, but the aforementioned yield implies investors are at least compensated for taking that risk.

iShares MSCI Belgium Capped Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ewk#NYSE">EWK</a>)
The iShares MSCI Belgium Capped Investable Market Index Fund has jumped almost 24 percent this year in a performance that would seem to defy all conventional wisdom. In late <a href="http://www.benzinga.com/analyst-ratings/analyst-color/11/12/2213909/berating-brussels-trouble-awaits-belgium-etf-post-downgr">2011, Belgium suffered a spate of credit downgrades</a>. 

In fact, EWK was such a laggard last year that it was outpaced by the iShares Spain Index Fund (NYSE: <a class="ticker" href="/stock/ewp#NYSE">EWP</a>). How this ETF performs in 2013 is going to be interesting to watch and there are two big reasons why. First, the latest Belgian budget raised investment taxes and takes steps to curb wage inflation there because Belgian wage growth has outpaced that seen in Germany and the Netherlands in recent years.

Second, EWK's 2012 performance has been driven in large part by Anhueser-Busch InBev. That stock is up almost 44 percent year-to-date and accounts for over 22 percent of EWK's weight. With ETFs, that type of dependence on one stock works until it does not.

iShares MSCI Switzerland Index Fund (NYSE: <a class="ticker" href="/stock/ewl#NYSE">EWL</a>)
As has been the case with the Nordic ETFs, the iShares MSCI Switzerland Index Fund provided some nice non-Eurozone shelter for investors in 2012 as the fund gained nearly 20 percent. Despite what many know of Switzerland's status as a banking hub, financials are the third-largest sector weight in this ETF, not the largest.

On a related note, if EWK is a one-stock pony, than investors need to be aware that Nestle (OTC: <a class="ticker" href="/stock/nsrgy#OTC">NSRGY</a>), Novartis (NYSE: <a class="ticker" href="/stock/nvs#NYSE">NVS</a>) and Roche combine for over 48 percent of EWL's weight. 

Those looking for a bit more diversity at the stock level can consider the First Trust Switzerland AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fsz#NYSE">FSZ</a>), which has gained 10 percent in the past 90 days.

iShares MSCI Austria Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ewo#NYSE">EWO</a>)
The lone Austria ETF is 22.5 percent this year and with a price-to-earnings ratio of 15.34 and a price-to-book ratio of 1.51, the ETF is cheaper by those metrics than the comparable France ETF. On the other hand, Austria should be inexpensive because its economy is offering little in the way of growth. 

The Oesterreichische Nationalbank, Austria's central bank, last week pared its 2012 GDP growth forecast to 0.4 percent from a previous estimate of 0.9 percent. For 2013, the estimate was slashed to growth of 0.5 percent from a the prior estimate of 1.7 percent.

WisdomTree Europe Hedged Equity Index Fund (NYSE: <a class="ticker" href="/stock/hedj#NYSE">HEDJ</a>)
The WisdomTree Europe Hedged Equity Index Fund might be one of the better new ETFs a lot of folks have not heard about. That is because HEDJ is not a new ETF by the standard definition. Rather, it is an old ETF with a new twist. 

Actually, it is new "twists." Earlier this year, WisdomTree dramatically reduced HEDJ's exposure to bank stocks, eliminated 12 currencies from the ETF's lineup while increasing the ETF's allocations to European dividend-payers that derive the bulk of their sales from outside of the Eurozone. HEDJ debuted in its new <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/08/2871087/a-new-twist-on-an-old-etf">form on August 30</a>. Since then, the ETF has gained 8.3 percent.

PowerShares BLDRS Europe Select ADR Index Fund (NASDAQ: <a class="ticker" href="/stock/adru#NASDAQ">ADRU</a>)
The BLDRS Europe Select ADR Index Fund may not be a household name among Europe ETFs, but the fund is up 15 percent this year. Chances are investors are familiar with at least a few of ADRU's holdings because all 83 of them trade in the U.S. Top-10 holdings include Novartis, BP (NYSE: <a class="ticker" href="/stock/bp#NYSE">BP</a>) and Royal Dutch Shell (NYSE: RDS-A).

Health care and staples names combine for 31 percent of ADRU's weight, but financials and energy stocks combine for almost 39 percent. That gives this ETF plenty of risk on feel to it. ADRU's average daily volume, or lack thereof, could be a turnoff for some, but remember most of this ETF's holdings are heavily traded on U.S. exchanges. Those factors should provide for decent liquidity and tolerable bid/ask spreads.

iShares MSCI Germany Index Fund (NYSE: <a class="ticker" href="/stock/ewg#NYSE">EWG</a>)
There is no point in ignoring the 800-pound gorilla in the room. The room being the Eurozone economy and the gorilla being Germany. In recent days, the Eurozone's largest economy has been home to a spate of mixed economic data points. Last week, the Bundesbank forecast German GDP growth in 2013 of just 0.4 percent, down from an estimate of 1.6 percent in June.

The central bank has also warned about another German recession. On the other hand, German exports rose slightly in October. As is often seen with many ETFs focusing on Europe, the bull case for the iShares MSCI Germany Index Fund involves a lot of "ifs." In this case, the ifs are if emerging markets such as China rebound and if German GDP growth could surprise to the upside, EWG might be able to build on its 27.2 percent gain to this point in 2012 next year.

All of those sentiments can be applied to the Market Vectors Germany Small-Cap ETF (NYSE: <a class="ticker" href="/stock/gerj#NYSE">GERJ</a>) as well. Actually, the biggest concern is Germany's ability to dodge another recession. Most of the respondents <a href="http://www.businessweek.com/news/2012-11-29/germany-seen-recession-bound-in-poll-showing-euro-crisis-deepens">in a recent Bloomberg survey do not think Germany can do that</a>.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

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