Global X MSCI Norway ETF (ARCA:NORW), Quote.Headers.trade-ideas

Global X MSCI Norway ETF

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The Fund invests at least 80 percent of its total assets in the securities of the MSCI Norway IMI 25/50 Index (the Underlying Index) and in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) based on the securities in the Underlying Index. The Fund also invests at least 80 percent of its total assets in securities of companies that are economically tied to Norway. The Fund's 80 percent investment policies are non-fundamental and require 60 days prior written notice to shareholders before they can be changed. The Fund may lend securities representing up to one-third of the value of the Funds total assets (including the value of the collateral received).

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Norway’s sovereign wealth fund will have to liquidate assets in order to make “room to maneuver” through an economic crisis, according to 

Norway&#39;s Sovereign Wealth Fund Will Have To Liquidate Assets: Report

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After Brexit: Dexit, Nexit Or Swexit Could Be Next

NORWEGIAN CRUISE LINE HOLDINGS ORD

NORWEGIAN AIR SHUTTLE NEW by Norwegian Air Shuttle Asa

Norwegian Air Shuttle ASA

Norwegian Cruise Line Holdings Ltd. Ordinary Shares

Norwegian Cruise Line Holdings Ltd

NORWEST MINERALS LTD by NORWEST MINERALS LTD.

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https://www.sodir.no/en/whats-new/news/exploration-drilling-results/2024/gascondensate-discovery-in-the-norwegian-sea-64062-l-2-h/

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Norwegian Offshore Directorate Reported Earlier, Equinor, Partners Have Proven Gas/Condensate In Development Well 6406/2-L-2 H, 260KM SW Of Brønnøysund

<a href="https://www.reuters.com/business/autos-transportation/tesla-faces-inquiry-by-norways-safety-regulator-over-suspension-failures-2023-12-21/" title="https://www.reuters.com/business/autos-transportation/tesla-faces-inquiry-by-norways-safety-regulator-over-suspension-failures-2023-12-21/">https://www.reuters.com/business/autos-transportation/tesla-faces-inquiry-by-norways-safety-regulator-over-suspension-failures-2023-12-21/</a>

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Reuters Reported Earlier: Tesla Faces Inquiry By Norway's Safety Regulator Over Suspension Failures On Its Model S And X Vehicles

Norway&rsquo;s sovereign wealth fund will have to liquidate assets&nbsp;in order to make &ldquo;room to maneuver&rdquo; through an economic crisis, according to <a href="https://www.bloomberg.com/news/articles/2020-05-07/historic-asset-sale-at-1-trillion-fund-gives-norway-an-edge?utm_campaign=socialflow-organic&amp;cmpid=socialflow-twitter-business&amp;utm_source=twitter&amp;utm_medium=social&amp;utm_content=business">Bloomberg.</a>&nbsp;
This is the first time in its history that&nbsp;Norway&rsquo;s sovereign wealth fund is having to liquidate its assets, as the coronavirus pandemic and low oil prices impact markets.
Norges Bank governor Oystein Olsen, who oversees the country&rsquo;s $1-trillion bank, told&nbsp;Bloomberg Television that this will provide &ldquo;room to maneuver&rdquo; through the worst economic crisis since World War II.
&ldquo;It&rsquo;s part of the general guidelines that in such circumstances you can spend more,&rdquo; Olsen said in an interview with Bloomberg Television.
&ldquo;It obviously is a positive feature of our society that we have this room to maneuver, unlike a number of other countries.&rdquo;&nbsp;
Related Links:
<a href="https://www.benzinga.com/news/earnings/19/08/14228918/norwegian-cruise-line-reports-q2-earnings-beat?utm_campaign=Watchlist&amp;utm_source=Benzinga&amp;utm_medium=Email">Norwegian Cruise Line Reports Q2 Earnings Beat</a>
<a href="https://www.benzinga.com/news/19/11/14821950/gdp-comparison-norway-vs-switzerland?utm_campaign=Watchlist&amp;utm_source=Benzinga&amp;utm_medium=Email">GDP Comparison: Norway Vs. Switzerland</a>

Norway's Sovereign Wealth Fund Will Have To Liquidate Assets: Report

Norway and Switzerland boast beautiful landscapes and are known for their neutral political stances, growth economies, strong currencies&nbsp;and low unemployment rates.&nbsp;
Switzerland is landlocked and scattered with mountains and scenic lakes. The country&nbsp;is considered to be an international tax haven due to low tax levels and privacy laws.
Norway boasts fjords and has quaint cities like Bergen and Oslo.&nbsp;The Nordic country&rsquo;s wealth is fueled by oil and gas exports, which has made it one of the richest countries.
Norway and Switzerland are not part of the European Union. The two countries are able to enjoy trade benefits with Europe due to the&nbsp;<a href="https://www.efta.int/">European Free Trade Association </a>agreement,&nbsp;an organization for&nbsp;four states: Iceland, Liechtenstein, Norway&nbsp;and Switzerland.
<h3>Expect Slowdown In Norway, Switzerland&nbsp;&nbsp;</h3>
Norway&rsquo;s third-quarter GDP data confirmed that the country&#39;s economy is faring much better than Nordic peers&nbsp;Sweden, Finland and Denmark.
GDP for mainland Norway excluding shipping and petroleum extraction grew by 0.7% from the second to third quarter. The growth was particularly strong in July and tapered off in both August and September, <a href="https://www.ssb.no/en/nasjonalregnskap-og-konjunkturer/artikler-og-publikasjoner/growth-rate-tapered-off-throughout-the-third-quarter">Statistics Norway</a> said in a statement.
The economy appears poised to lose some of its momentum in the coming months, said Melanie Debono, an economist at Capital Economics.&nbsp;
&ldquo;The 0.7% q/q increase in mainland GDP in Q3 matched Q2&rsquo;s outturn and left GDP 2.9% higher than it was in July-September last year. Yet another fall in output in petroleum and ocean transport means that total GDP stagnated.&rdquo;&nbsp;
Norway&rsquo;s expenditure breakdown is encouraging and shows that fixed mainland investment rose sharply by 5.3% in the third quarter, while household spending and government consumption both grew again by 0.4% and 0.9% respectively.
&ldquo;We think the economy will slow somewhat, we still expect Norway to continue to outperform its Nordic peers over the coming two years. And we do not expect the economy to slow by enough to convince the Norges Bank to start reversing its recent series of deposit rate hikes; we expect the Bank to keep the deposit rate unchanged at 1.5% until at least the end of 2021,&rdquo; the economist said.&nbsp;
<h3>Swiss Stability?</h3>
The<a href="https://www.seco.admin.ch/seco/en/home/seco/nsb-news.msg-id-76304.html"> Swiss economy </a>also grew slightly faster than expected in the second-quarter. Switzerland&#39;s GDP rose by 0.3% in the second- quarter of 2019&nbsp;after increasing by 0.4% in the previous quarter.
&ldquo;The 0.3% increase in GDP in Q2 was a touch higher than what we and the consensus had expected both 0.2%, although this follows a downward revision to growth in the first-quarter from 0.6%, to 0.4%,&rdquo; said David Oxley, a senior Europe economist at Capital Economics.
The expenditure breakdown shows that both private and government spending rose for the third quarter in a row in the second quarter, but investment and exports of goods both declined, the economist said.&nbsp;
&ldquo;Looking ahead, indicators are consistent with the economy staying sluggish at best over the second half of the year. While activity in the manufacturing sector has been remarkably resilient to the deep downturn in German industry, we suspect that it will slow sharply in the second half of the year.&rdquo;
The rise in the value of the franc in recent months suggests that the pressure on exporters will only have intensified in the third quarter of 2019, Oxley said.&nbsp;
The State Secretariat for Economic Affairs recently<a href="https://www.seco.admin.ch/seco/en/home/seco/nsb-news/medienmitteilungen-2019.msg-id-76902.html"> released data </a>showing consumer sentiment and expectations regarding the Swiss economy have been deteriorating; expectations for&nbsp;general economic development have deteriorated significantly.
Related Links:&nbsp;
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/11/14809725/germany-avoids-technical-recession-eurozone-gdp-projected-to-rise-0-5-in-2020?utm_campaign=Watchlist&amp;utm_source=Benzinga&amp;utm_medium=Email">Germany Avoids Technical Recession, Eurozone GDP Projected To Rise 0.5% In 2020</a>
<a href="https://www.benzinga.com/news/19/11/14758477/eu-cuts-growth-forecasts-for-eurozone-on-global-trade-tensions?utm_campaign=Watchlist&amp;utm_source=Benzinga&amp;utm_medium=Email">EU Cuts Growth Forecasts For Eurozone On Global Trade Tensions</a>

British voters voted in favor of leaving the European Union Thursday, sending global equity futures and the British pound into a downward spiral. In the essence of keeping things real, do not bet on the iShares MSCI United Kingdom ETF (iShares Trust (NYSE: <a class="ticker" href="/stock/ewu#NYSE">EWU</a>)) or the Guggenheim CurrencyShares British (NYSE: <a class="ticker" href="/stock/fxb#NYSE">FXB</a>) closing higher Friday.
The vote is not legally binding, but it obviously tells parliament what their constituents want. Politicians are politicians, and the smart ones, of which there are few here in Washington, D.C., listen to their constituents. It remains to be seen how many members of parliament will put their careers on the line to keep Great Britain in the European Union (EU).
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/media/cnbc/16/06/8148718/so-that-happened-whats-next-after-brexit">So That Happened...What's Next After Brexit?</a></bzrelatedlink>
What is not up for debate is human nature, and that nature is to wonder who will be next. In this case, that means what other countries could be the next to consider departing. In this space, that also means considering the ETF impact of such moves.
<h3>Who's Next?</h3>
Apparently, there are several countries that could wave goodbye to the EU and they are accessible via ETFs.
&ldquo;Sixty-nine percent of Swedes believed it was likely there would be further exits from the EU &#39;post-Brexit,&#39; with 66 percent of Danes and 57 percent of Norwegians feeling the same way,&rdquo; according to <a href="http://www.cnbc.com/">CNBC</a>.
According to those data points, a Dexit, Nexit or Swexit could be possible. Year-to-date, EWU has outperformed the iShares MSCI Sweden ETF (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>), the lone Sweden ETF. However, the Global X Norway ETF (Global X Funds (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>)) has been boosted by rebounding oil prices because Norway is one of the largest developed markets producers of crude in the world. NORW is up 12.1 percent year-to-date. The iShares MSCI Denmark Capped ETF (BATS: EDEN) is up 2.4 percent this year and <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/06/8059413/great-dane-denmark-etf-hits-all-time-highs">recently hit an all-time high</a>.
<h3>Nothing Is Rotten In The State Of Denmark</h3>
EDEN&#39;s ascent also comes against the backdrop of growing concerns about weakness in the export-driven Danish economy.
&ldquo;Denmark slashed its estimate for economic growth this year to 1.1 percent from the 1.9 percent it forecast in December,&rdquo; <a href="http://www.streetinsider.com/Reuters/Denmark+cuts+2016,+2017+GDP+forecasts%3A+govt+report/11679637.html">Reuters</a> reported last month. &ldquo;The government also cut its growth forecast for 2017, to 1.7 percent from 2.0 percent.&rdquo;
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/16/06/8148491/brexit-cameron-resigns-european-stocks-tank-and-pound-hits-30-year-low">Brexit: Cameron Resigns, European Stocks Tank And Pound Hits 30-Year Low</a></bzrelatedlink>
Although Denmark is far from the largest European economy (it is not even the largest Nordic economy), it can be a tell on the economic health of the broader region because a combined quarter of Danish exports go to Sweden and Germany, the eurozone&#39;s largest economy. Sweden also has negative interest rates.
Carsten Nickel, a political risk analyst at Teneo Intelligence, told CNBC the Netherlands could be another country to watch as a possible EU departure. The iShares MSCI Netherlands Investable(ETF) (NYSE: <a class="ticker" href="/stock/ewn#NYSE">EWN</a>) is up 4.9 percent this year. 
Interestingly, Denmark, the Netherlands, Norway and Sweden share something in common: They all hold AAA credit ratings from Standard &amp; Poor&#39;s.

With the United States Brent Oil Fund, LP (NYSE: <a class="ticker" href="/stock/bno#NYSE">BNO</a>) higher by nearly 23 percent year-to-date, a bevy of single-country exchange-traded funds tracking equities in major oil-producing nations are benefiting. That includes developed and emerging markets ETFs.
<h3>Let's Talk Oil</h3>
The group certainly includes the Global X MSCI Norway ETF (Global X Funds (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>)), the first ETF dedicated to stocks in the AAA-rated Nordic economy. While NORW is not moving in lockstep with BNO (the Norway ETF is up 9.2 percent year-to-date), NORW&#39;s 2016 upside underscores the advantages and drawbacks of its sensitivity to Brent prices.
This year, Brent is a blessing for NORW. Look at the iShares MSCI Sweden Index (ETF) (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>). Sweden is not a big oil producer like Norway is, and EWD is off a third of a percent this year.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/16/05/7993842/asian-european-stocks-mostly-higher-as-investors-follow-oils-move">Asian, European Stocks Mostly Higher As Investors Follow Oil's Move</a></bzrelatedlink>
<h3>NORW: What To Consider</h3>
There are important points to consider with NORW.
&ldquo;The first one is that of all the petro states in the world, geopolitically Norway is by far the most stable. It&rsquo;s the richest. It&rsquo;s the most politically stable. In an era of heightened geopolitics, that&rsquo;s an attractive characteristic of that market,&rdquo; said RiverFront Investment Group Director of International Portfolio Management Chris Konstantinos <a href="http://www.globalxfunds.com/riverfronts-chris-konstantinos-talks-oil-and-international-exposure/">in an interview</a> with Global X.
NORW&#39;s standard deviation of 19.6 percent is high compared to some developed market ETFs, but since coming to market nearly six years, NORW has been less volatile than other single-country ETFs tracking major petro states, including Russia funds.
NORW reflects Norway&#39;s oil exposure. The ETF allocates nearly 28.8 percent of its weight to the energy, 870 basis points more than it devotes to its second-largest sector exposure, financial services. State-run Statoil ASA(ADR) (NYSE: <a class="ticker" href="/stock/sto#NYSE">STO</a>) is NORW&#39;s largest individual holding at a weight of 15.3 percent, or 560 basis points more than NORW allocates to its second-largest holding.
&ldquo;The second point I&rsquo;d like to make is that in a Europe where more than half of sovereign debt is at negative interest rates, the dividend yields on Norwegian stocks are highly attractive. If you think that the currency can stop going down because of increased stability in the emerging world and with the dollar, if you think that the dividend yields are highly attractive, if you think that it&rsquo;s got the kind of correlation to energy that you&rsquo;re looking for but without geopolitical risk, and on top of all of that, it&rsquo;s trading cheap relative to its own history, then Norway looks like a very attractive place to invest,&rdquo; added Konstantinos in the Global X interview.

Commodities

This Country ETF Is Loving Higher Brent Prices

In previous bouts of weakness in European equity markets, investors could count on Scandinavian stocks and the corresponding U.S.-listed exchange traded funds being, at the very least, less bad. There have been times when ETFs tracking Eurozone equities plummeted while funds such as the iShares MSCI Sweden ETF (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>) stood tall.

	That has not been the case this year as several of the major ETFs tracking Scandinavian economies have performed notably worse than the iShares Europe ETF (NYSE: <a class="ticker" href="/stock/iev#NYSE">IEV</a>) and the iShares MSCI Eurozone ETF (NYSE: <a class="ticker" href="/stock/ezu#NYSE">EZU</a>).

	For example the $341.1 million EWD, the lone ETF dedicated to Swedish stocks, is off 7.1 percent to start 2016 compared to an average loss of about 6.3 percent for EZU and IEV. To be fair, EWD has been less volatile than the two diversified Europe ETFs.

	&quot;Scandinavia has been in the headlines periodically in terms of potential terror threats in the past several quarters regarding ISIS, but to a much lesser degree than say France or Belgium, which are also of course represented by investable iShares single country ETFs. It is worth noting that the largest fund mentioned above in terms of asset size, EWD, traded at a multi-year low just yesterday before rebounding to some extent this morning,&quot; said <a href="http://streetonefinancial.com/">Street One Financial</a> Vice President Paul Weisbruch in a note out earlier this week.

	Speaking of new lows, EWD found its way to one on Friday. The Global X MSCI Norway ETF(NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>) barely avoided such a fate, finishing the week less than half a percent above its 52-week low.

	With a 14.7 percent weight to Norway&#39;s state-run oil giant Statoil Asa (NYSE: <a class="ticker" href="/stock/sto#NYSE">STO</a>) and an overall energy sector allocation of 29.3 percent <a href="http://www.globalxfunds.com/NORW/FS">as of the end of the third quarter</a>, the ETF&#39;s largest, NORW has been stymied by tumbling oil prices and the volatility that accompanies those slumping crude prices. NORW&#39;s year-to-date volatility of 31.6 percent is more than six times that of EWD and nearly triple that of the Global X FTSE Nordic Region ETF (NYSE: <a class="ticker" href="/stock/gxf#NYSE">GXF</a>).

	Among ETFs that track stocks in developed markets that are major oil producers, only the iShares MSCI Canada ETF has performed worse than NORW over the past year. With Norway&#39;s economy flailing, <a href="http://www.bloomberg.com/news/articles/2015-12-17/norway-signals-easing-ahead-as-weak-krone-keeps-rates-steady">some market observers believe</a> the central bank there will cut interest rates at some point in the current quarter with little to no possibility of higher interest rates until at least 2018.

	As for Sweden&#39;s central bank, the Riksbank, the world&#39;s oldest central bank has a benchmark lending rate of -0.35 percent, indicating it is close to running out of tools with which to prop up the Nordic region&#39;s largest economy. Earlier this week, the Riksbank gained authority <a href="http://www.reuters.com/article/sweden-cenbank-idUSL8N14O2O820160104">to intervene in the currency market</a> to prop up Sweden&#39;s currency in an effort to boost inflation.

Intraday Update

No Refuge With Nordic ETFs

The price of crude oil continues to fall as supply increases and demand is waning.

	There are pros and cons to the price of oil hitting the lowest level in four years. For example, the consumer is seeing lower gas prices when they fill up their gas tank. However, energy-reliant countries are getting hurt by the fall in energy prices.

	Russia is one of the largest oil producers in the world, just behind the United States and Saudi Arabia. The country has had to deal with falling energy prices as well as a slew of sanctions against it from the United States and eurozone. The Market Vectors Russia ETF Trust (NYSE: <a class="ticker" href="/stock/rsx#NYSE">RSX</a>) recently hit a five-year low and the sellers appear to remain in control. If energy prices rebound it could help slow the fall, however, the sanctions remain a major issue.

	Nigeria, a member of OPEC, saw its August oil production jump to the <a href="http://www.bloomberg.com/news/2014-08-29/opec-august-crude-output-increases-to-one-year-high-in-survey.html">highest level</a> since January 2006 and the country continues to rely on the commodity to boost its economy. The Global X Nigeria Index ETF (NYSE: <a class="ticker" href="/stock/nge#NYSE">NGE</a>) hit its lowest level since it began trading in April 2013 as it fell with the price of oil. If one country ETF stands to benefit from an oil rebound, it could be NGE as its trading patterns have mimicked oil over the last few months. The 30 percent fall in the last four months could be a great long-term opportunity for the fast-growing frontier country.

	Norway is the world&rsquo;s seventh-largest oil exporter and supplies the European Union with one-fifth of its gas. There are concerns as the countries oil production peaks, it could spell trouble for the economy. The last few months are not a good sign of what may be on the horizon. The Global X FTSE Norway 30 ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>) has moved lower with oil prices and hit a two-year low in October before beginning to rebound. Because the country is more stable than both Russia and Nigeria, the risk is not as high as the former countries.

	The direct rebound in oil prices could be played with ETFs that track the commodity or related stocks, but the country ETFs are a secondary option for the individual investor. The diversification with this strategy helps lower the direct exposure to oil prices.

Sector ETFs

Emerging Market ETFs

Market Vectors Russia ETF Trust Shares of Beneficial Interest

International ETFs For Oil Rebound

ETF Outlook for Wednesday, April 30, 2014:

	Global X Social Media ETF (NYSE: <a class="ticker" href="/stock/socl#NYSE">SOCL</a>)

	Shares of nearly every social media-related stock are lower Wednesday morning after Twitter (NYSE: <a class="ticker" href="/stock/twtr#NYSE">TWTR</a>)reported quarterly earnings that were not met with enthusiasm.

	The stock is down over 10 percent in early morning trading to the lowest level since it went public last year. The black cloud that has been hanging over the social media niche sector has just gotten bigger and SOCL is set for big losses to begin the trading day. The only support in the near-term for SOCL is the low of Monday at $16.60, below that the ETF could see the high $14 level.

	SPDR Technology ETF (NYSE: <a class="ticker" href="/stock/xlk#NYSE">XLK</a>)

	The TWTR debacle on top of eBay (NASDAQ: <a class="ticker" href="/stock/ebay#NASDAQ">EBAY</a>) lower by nearly four percent after their earnings call has the entire technology sector on edge this morning. The one saving grace for XLK is that its largest holding, Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>), is up this morning and may help soften the blow of its technology peers.

	The chart of XLK shows an ETF in the middle of a trading range it has been in for several months. A close above $37 would be a breakout, while a breach below $35.25 would be troublesome. The ETF closed Tuesday at $36.34.

	Global X FTSE Norway 30 ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>)

	The often-overlooked Scandinavian country broke out to the highest level since November of last year and is closing in on a multi-year high. The reason for the breakout is the ETF’s largest holding, Statoil (NYSE: <a class="ticker" href="/stock/sto#NYSE">STO</a>), an integrated oil and gas company.

	The stock makes up 21 percent of the ETF and was up 4 percent yesterday to the best level since 2008. The ETF is heavily invested in the energy sector, 43 percent, which is another reason for the recent outperformance. The ETF is a sold play for investors that are looking for energy exposure as well as international diversity.

	iShares Barclays 20+ Year Treasury Bond ETF (NYSE: <a class="ticker" href="/stock/tlt#NYSE">TLT</a>)

	The first quarter GDP was revised down significantly from the original estimate above two percent to 0.1 percent this morning. As soon as the news hit the price of bonds moved higher as yields fell.

	However, as the morning trading progressed, the yields began to increase and the 10-year was last yielding 2.69 percent, only one basis point below yesterday. With more news coming out today from the FOMC, the volatility in TLT should be above average as investors try and decipher the future of the tapering and the U.S. economy.

Bonds

Previews

Pre-Market Outlook

AAPL

EBAY

SOCL

iShares Trust Barclays 20+ Year Treasury Bond Fund

TWTR

ETF Outlook For Wednesday, April 30, 2014 (SOCL, XLK, NORW, TLT, TWTR)

The top performing countries thus far in the 2014 Winter Olympics are a mixed group that covers three continents. 

	The question is whether their success grabbing medals at the Olympics will result in strong results for their country’s stock market?

	The small Northern European country of Netherlands is surprising sports enthusiasts around the globe by sitting near the top of the medal count. Not only is the country celebrating the medal lead, but they also have bragging rights when it comes to their stock market. The iShares MSCI Netherlands ETF (NYSE: <a class="ticker" href="/stock/ewn#NYSE">EWN</a>) is up 23.4 percent over the last 12 months, outpacing the other countries in the top five of the medal count.

	The U.S. is currently in second place in the medal count and is not far behind the Netherlands in stock market performance. The SPDR S&amp;P 500 ETF (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>)is up 21.1 percent over the last 12 months. SPY is trading just below an all-time high after what has become a typical pullback to begin 2014. Based on valuations, potential growth, and risk, the U.S. is considered one of the more attractive countries in the world going forward.

	See also: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/14/02/4296148/do-olympic-medals-mean-a-stronger-national-economy">Do Olympic Medals Mean A Strong National Economy?</a>

	The host country of Russia is now leading the  U.S. by one medal and sits atop the leader board, but their stock market performance could not be more different. The Market Vectors Russia ETF (NYSE: <a class="ticker" href="/stock/rsx#NYSE">RSX</a>) is down 12.9 percent over the last 12 months. The issues with the Russian economy are no secret and even though the country’s valuation is well below its average, the risk remains high for the ETF.

	Of course there is a Baltic country near the top of the medal count at a Winter Olympics. Norway is leading the way for the region this time around. The country of just over five million people has had its ups and downs over the last year, as measured by the Global X FTSE Norway 30 ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>). Throughout the volatility the last 12 months the ETF is near flat with a minimal gain of 2.6 percent. Because the ETF has 43 percent of its assets in the energy sector, the price of oil will be a major factor in the performance.

	The other North American country near the top of the list is Canada, which was the host of the 2010 winter Olympics. The country is often viewed as the little cousin of the U.S. and over the last 12 months it has been the little underperforming cousin with the iShares MSCI Canada ETF (NYSE: <a class="ticker" href="/stock/ewc#NYSE">EWC</a>)only up 1.9 percent.

	Of the countries near the top of the medal count both past performance and the outlook for 2014 the U.S. appears poised to win the stock market competition. There is a chance that Russia could turn things around, however the risk may be too high for the average investor.

Broad U.S. Equity ETFs

Investing In Olympic Medal Winners (EWN, SPY, RSX, NORW, EWC)

Analyst Color

Analyst Ratings

Fitch Affirms Norway at 'AAA'; Outlook Stable

The woes in Western Europe were greatly documented during the financial crisis a few years ago. The PIIGS were the countries at the greatest risk of imploding and affecting the entire region.

	As the continent and the entire world continue to improve their economic standing, there is one region in Europe that has been a constant performer.

	Scandinavia, made up of Sweden, Norway, Finland, and Denmark, did not completely sidestep the global recession, however it did rebound much quicker than the Western European nations. As the U.S. stock market hits new all-time highs, it is time to look at other countries around the world that can help diversify a portfolio. The beauty of ETFs is that the average investor has several options when if comes to investing in Scandinavia.

	iShares MSCI Sweden ETF (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>)

	The ETF has been around longer than any other that invests in the region and it has had its share of ups and downs over the years. Most recently the ETF hit a new two-year high and is on its way to test a quadruple top pattern that dates back to 2000. EWD is composed of 33 Swedish stocks with a heavy concentration on the financials and industrials.

	The country’s GDP is expected to grow 1.3 percent in 2013 and increasing to 2.4 percent in 2014. From a technical perspective, the ETF has struggled to break above the $39 area. Over the last 13 years the ETF has failed to breakout and run into the $40’s. With the ETF currently trading at $35.25, it is time to watch EWD closely for a potential buy signal in the coming months.

	Global X FTSE Norway 30 ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>)

	The country relies heavy on the energy industry and that is why 43 percent of the 30 stocks that make up the ETF are in the energy business. Even though the price of oil has been struggling lately, NORW has continued to move higher and is currently trading at the best level in two years.

	The GDP in 2013 is expected to increase by only 0.5 percent before expanding to 2.5 percent growth in 2014. The chart shows a recent breakout above the $16.25 area and the next level to watch is the all-time high for the ETF at $18.

	iShares MSCI Finland Capped ETF (NYSE: <a class="ticker" href="/stock/efnl#NYSE">EFNL</a>)

	The economy in Finland has not been as strong as its peers with the Central Bank predicting the GDP to contract 0.8 percent this year, followed by an increase of 0.7 percent in 2014. With that said, the ETF is up 25 percent this year, outpacing both EWD and NORW.

	The 43 stocks that make up the ETF are concentrated in the industrial, IT, and financial sectors. The ETF has only been around since January 2012 and the rally this year has put it at a new all-time high. Technically if the ETF can hold the breakout level of $32 in the coming weeks it will be a bullish sign for the remainder of the year.

	iShares MSCI Denmark Capped ETF (NYSE: <a class="ticker" href="/stock/eden#NYSE">EDEN</a>)

	Slow growth is expected in 2013 with the government expecting the GDP to expand by 0.2 percent before increasing by 1.6 percent in 2014. The ETF is the best performer of the group with a gain of 35 percent in 2013 as it trades at an all-time high. The 38 stocks in the ETF are heavily concentrated in the health care and industrial sectors with one stock, Novo Nordisk (NYSE: <a class="ticker" href="/stock/nvo#NYSE">NVO</a>), making up an eye-catching 21 percent. Any time one stock accounts for such a high percentage it is a red flag for investors. From a technical perspective the ETF is overbought and needs to pull back to the low $40’s before it can once again be considered a buying opportunity.

	Because it can be difficult for an investor to decided on which country is the best option in the Scandinavian region, Global X has the FTSE Nordic 30 ETF (NYSE: <a class="ticker" href="/stock/gxf#NYSE">GXF</a>). The ETF invests in all four countries with the highest percentage in the Swedish market.

	The ETF is up 24 percent this year, falling in the middle of the four single-country ETFs. Based on reward versus risk, it appears GXF would be the best bet for the average investor playing at home.

EFNL

Time To Consider Investing In Scandinavia (EWD, EFNL, NORW, EDEN, GXF)

Reiteration

Fitch Affirms Norway at 'AAA', Outlook Stable 

In less than two months a dizzying array of global central banks have lowered interest rates. The European Central Bank, the Reserve Bank of Australia, the Reserve Bank of India, the Bank of Israel, the Central Bank of Turkey and the list goes on.

	When the domino effect will end is anyone's guess, but it does not appear the end is near. The U.S. and Japan have little or no room for further rate cuts, but plenty of other countries do. Many are emerging markets economies where central banks' hands are being forced <a href="http://www.benzinga.com/markets/bonds/13/01/3268254/em-currencies-have-tailwinds">due to strengthening currencies</a>.

	Other prime candidates for additional rate-cutting are developed markets with significant commodities and/or emerging markets exposure. What is clear is the path of least resistance for international interest rates is lower in the near-term and the following country-specific equity-based ETFs stand to be affected.

	iShares MSCI Turkey Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/tur#NYSE">TUR</a>) 
	Earlier this week, Turkey's Monetary Policy Committee lowered rates by 50 basis points to 4.5 percent after country previously said its first-quarter GDP will be weaker than expected. Bankers there said the move was made largely to keep Turkey inline with what other country's are doing on the rate-cutting front.

	Turkey's rate reduction also comes just six months after Fitch Ratings gave the country its <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/05/3557775/turkey-etf-hits-new-high-on-credit-rating-chatter">first investment grade rating in almost two decades</a> and as the country is angling for a credit ratings boost from the other major ratings agencies.

	At 4.5 percent, Turkey has plenty of room to pare rates further, though it is noteworthy that the country's rate trajectory has been plunging since <a href="http://www.global-rates.com/interest-rates/central-banks/central-bank-turkey/cbrt-interest-rate.aspx">the savage inflation seen there earlier this century</a>. Those keeping score at home will want to know Turkish rates could go as low as South Korea's at 2.5 percent, <a href="http://online.wsj.com/article/SB10001424127887324767004578486751827652558.html">according to the Wall Street Journal</a>. Speaking of South Korea...

	iShares MSCI South Korea Capped Index Fund (NYSE: <a class="ticker" href="/stock/ewy#NYSE">EWY</a>) 
	With its hand forced by its counterparts in Tokyo, the Bank of Korea lowered rates <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/05/3575799/south-korea-etf-rises-modestly-as-bok-joins-rate-cut-bonanza">to 2.5 percent earlier this month</a>.

	While EWY has picked up the pace recently, the ETF is up 2.7 percent in the past month, the Bank of Korea's piddly rate cut is akin to fighting the Bank of Japan's bazooka with a squirt gun. More of problem for South Korea and EWY is that the yen currently trades against the won at levels that were close to where they were when BoK announced its rate cut.

	iShares MSCI Israel Capped Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/eis#NYSE">EIS</a>) 
	On Monday, the Bank of Israel lowered interest rates by 25 basis points to 1.5 percent while unveiling a plan to purchase $2.1 billion in foreign currency in an effort to weaken the country's currency, the shekel. Israel's emerging status as a <a href="http://seekingalpha.com/article/1430391-israel-joins-rate-cut-club-etf-doesn-t-care-and-falls">natural gas exporter</a> has boosted the shekel, which prompted the rate cut.

	There was immediate enthusiasm for the rate cut, but $1 currently buys about 3.64 shekels, roughly the same level that was seen a month. With an interest rate of 1.5 percent, the Bank of Israel may have no choice but to take a page from the Federal Reserve's playbook and take rates as low as possible without going to zero.

	As for EIS, the ETF is up almost 0.4 percent since the rate cut was announced.

	Global X FTSE Norway 30 ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>) 
	Call this is a speculative play, particularly because the Norges Bank recently left rates unchanged at 1.5 percent. While much of the bull case for NORW centers around Norway's strong government balance sheet, massive sovereign wealth fund and AAA credit rating, the country has a currency problem and one that is being made worse by rival <a href="http://www.benzinga.com/markets/bonds/13/03/3429049/4-developed-market-etfs-better-than-spy">Denmark's peg to the euro</a>.

	As in the Norwegian krone is getting progressively stronger against the euro, hampering Norway's exporters that depend on the Eurozone. Since May 6, NORW is up modestly, though the ETF is down this week. On May 6, EUR/NOK traded around 7.65. At this writing, pair was below 7.5160.

	Norway is a dark horse for a rate cut, but not a far-flung possibility, either.

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

Events

iShares MSCI Israel Capped Investable Market Index Fund

iShares MSCI Turkey Investable Market Index Fund

These ETFs Could be Affected by Future Rate Cuts

With the benefit of the broader market's recent sturdy performance, plenty of exchange-traded funds can be found within spitting distance of their 52-week highs. To be precise, nearly 670 ETFs, or almost half the entire exchange-traded products universe, currently reside with five percent or less of their 52-week highs.

Obviously, that is a lot of ETFs to sort through to find credible candidates exhibiting strong technicals without being overbought. To whittle the list down, a screen was run to find only those ETFs trading above their 20-, 50- and 200-day moving averages with relative strength index readings of 60 or below so as to include those ETFs that are not overbought. 

Using those parameters, 140 ETFs came back, still a healthy list. To pare the group down even further while ensuring the funds that came back would represent better yield plays than short-term cash instruments, a dividend yield of at least one percent was added. That cut the list down to 41. Not a large number, but enough to find some ETFs worth embracing even though they have already run higher.

First Trust Large Cap Core AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fex#NYSE">FEX</a>)
The First Trust Large Cap Core AlphaDEX Fund is not the typical large-cap broader market ETF on the market today. For starters, Netflix (NASDAQ: <a class="ticker" href="/stock/nflx#NASDAQ">NFLX</a>) is the fund's top holding. More importantly, FEX keeps with AlphaDEX tradition of eschewing traditional market capitalization weighting in favor of a deeper screening process.

Screening by growth factors such as price appreciation and value factors such as return assets, FEX is an almost 380-stock ETF where no individual holding represents more than 0.87 percent of the ETF's total weight. FEX is also diverse at the sector level as five industry groups – consumer discretionary, industrials, energy, technology and financials – receive double-digit allocations. 

Thirty-day average daily volume of less than 70,000 shares might imply lower liquidity with FEX, but that assumption would be inaccurate. Not only are the bulk of the ETF's underlying holdings robustly traded, but FEX rarely trades <a href="http://www.ftportfolios.com/Retail/Etf/EtfPriceHistory.aspx?Ticker=FEX">uncomfortably above the midpoint of its bid/ask spread</a>. FEX is currently just 0.9 percent below its 52-week high.

Guggenheim Multi-Asset Income ETF (NYSE: <a class="ticker" href="/stock/cvy#NYSE">CVY</a>)
The Guggenheim Multi-Asset Income ETF may not be as large as some of the more well-known dividend ETFs out there, but it is by no means small. Nearly $909 million in assets under management affirms as much. More importantly, CVY makes good on its name and provides investors exposure to several high-yielding asset classes under one roof.

Yes, CVY is home to common stocks such as Norfolk Southern (NYSE: <a class="ticker" href="/stock/nsc#NYSE">NSC</a>) and Gannett (NYSE: <a class="ticker" href="/stock/gci#NYSE">GCI</a>), but the ETF also features Canadian royalty trusts, closed-end funds, MLPs, REITs, preferred and foreign stocks among its lineup. The result is a trailing 12-month yield of almost 5.1 percent.

Conservative investors will like the fact that CVY is not exceptionally volatile with a beta of 0.97 and a standard deviation of 12.37 percent, <a href="http://guggenheiminvestments.com/products/etf/cvy">according to Guggenheim data</a>. CVY is up 7.2 percent year-to-date and is currently trading just 0.6 percent below its 52-week high.

Global X FTSE Nordic Region ETF (NYSE: <a class="ticker" href="/stock/gxf#NYSE">GXF</a>)
Southern Europre has again shown it can be a volatile place to invest. Recent challenging headlines include Spain's astronomical unemployment rate, pressure on Italian equities following that country's elections and <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/03/3386703/greece-etf-down-on-emerging-markets-demotion">Greece's demotion to emerging markets status</a>.

That type of news flow reminds investors that the Nordic region remains an area of strength in Europe. It is not surprising to see the Global X FTSE Nordic Region ETF on this list, particularly because the iShares MSCI Sweden Index Fund (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>) and the Global X Norway ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>) are flirting with new 52-week highs as well. Sweden and Norway combine for over 69 percent of GXF's weight.

Do not sleep on GXF's 20.6 percent allocation to Denmark, either. Danish equities have performed well this year and the country, like Sweden and Norway, is not a Eurozone member, perhaps adding to the bull case for investing in Denmark. As for GXF, it is just pennies away from a new high and if the ETF breaks through resistance at $22, that could represent a breakout.

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

Dividends

Technicals

Movers

NFLX

Buy These Almost 52-Week High ETFs

Last week, the S&amp;P 500 endured its first weekly loss of 2013 due in large part to rampant speculation that the Federal Reserve is mulling a slowdown of or outright halt of its $85 billion-a-month bond-buying activities.

Known as quantitative easing, central bank asset-buying programs have arguably become an addictive gambit throughout parts of the developed world. At the same time, those that have been long stocks and other risky assets are not likely to complain. 

Over the past two years, the SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) has jumped nearly 15 percent, helped by various editions of quantitative easing. In the past three months, the iShares MSCI Japan Index Fund (NYSE: <a class="ticker" href="/stock/ewj#NYSE">EWJ</a>) has gained nine percent on hopes that Prime Minister Shinzo Abe's government will be able to press the Bank of Japan to engage in unlimited easing. 

Examples like that (and others) might leave investors thinking that when it comes to developed market country-specific ETFs the best opportunities are found with QE nations. However, some non-easing developed market ETFs have recently delivered solid returns as the following list indicates. 

iShares MSCI New Zealand Capped Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/enzl#NYSE">ENZL</a>)
New Zealand stands as one developed market that has not eased. That fact seems to be a source of pride among some of the country monetary officials and politicians. 

As for as the iShares MSCI New Zealand Capped Investable Market Index Fund is concerned, arguing with New Zealand eschewing QE is impossible because the ETF has surged 19.3 percent in the past year.

Those betting on New Zealand becoming a QE nation might want to look elsewhere. Simply put, despite the strong New Zealand dollar, the Reserve Bank of New Zealand is believed to be more likely to raise interest rates than pare them. 

All that said, a near-term issue investors in this ETF must monitor is currency intervention. RBNZ has <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/02/3349835/new-zealand-etf-falls-despite-intervention-comments">warmed to intervention as a means of cooling the kiwi</a>. Still, New Zealand appears unlikely to cut rates, let alone engage in bond-buying. ENZL offers a 30-day SEC yield of 4.17 percent as compensation for investors looking for non-U.S. developed market exposure.

Global X FTSE Norway 30 ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>)
The Global X FTSE Norway 30 ETF has been a solid performer over the past six months, gaining nearly nine percent. That compares favorably with a gain of 7.34 percent over the same time for SPY. Beyond the fact that Norway has not traveled down Quantitative Easing Boulevard, NORW has a compelling story to tell to investors.

Not only does Norway hold an AAA credit rating, the economy there is backstopped by a <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/08/2839451/get-sovereign-wealth-fund-exposure-with-these-etfs">massive sovereign wealth fund</a> that is often under-appreciated when it comes to the Norway investment thesis. 

The biggest risk to NORW is oil prices. Norway's status as an oil exporter does mean the ETF will periodically move with oil futures, which is understandable because Statoil (NYSE: <a class="ticker" href="/stock/sto#NYSE">STO</a>) accounts for 18.3 percent of NORW's weight.

Those looking for exposure to the Norwegian krone as a currency safe-haven play should consider the PowerShares DB G10 Currency Harvest Fund (NYSE: <a class="ticker" href="/stock/dbv#NYSE">DBV</a>), which devotes a third of its long exposure to the high-yielding currency.

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

iShares MSCI New Zealand Investable Market Index Fund

ENZL

Two Non-Easing Country ETFs Shining Bright

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>.

New ETFs

Econ #s

ADRU

iShares MSCI Belgium Ivestable Market Index Fund

First Trust STOXX European Select Dividend Income Fund

GERJ

GREK

HEDJ

Nestle Sponsored representing Registered Shares Series B

NSRGY

10 For '13: Top Picks Among Europe ETFs For 2013

Earlier this year, PIMCO's Bill Gross said the <a href="http://www.pimco.com/en/insights/pages/whats-in-a-name.aspx">U.S. is the cleanest dirty shirt in the world</a>. That is to say amid Europe's sovereign debt crisis, Japan's own issues with rising debt burdens and demographic challenges and slowing growth in the emerging world, the U.S. is by comparison attractive. 

The returns confirm that. Including dividends paid, the SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) is up 16.2 percent this year. SPY yields a piddly 1.98 percent, but investors have found comfort in U.S. equities amid tumult in other regions. 

There have been a few other developed market shirts worth wearing this year. Predictably, that has meant taking on more risk and elevated volatility, but in some cases, the ends have justified the means.

PowerShares S&amp;P International Developed Low Volatility Portfolio (NYSE: <a class="ticker" href="/stock/idlv#NYSE">IDLV</a>)
As the popularity of <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/08/2804052/beyond-splv-low-volatility-etfs-to-survive-a-wild-market">low volatility ETFs has grown</a>, so have the chances that some of these funds can be overlooked. Arguably, that is what has happened to the PowerShares S&amp;P International Developed Low Volatility Portfolio.

IDLV debuted in January and what looked to be one of the ETF's advantages has turned into a disadvantage. That being minimal exposure to Europe. As European equities rallied, IDLV offered investors little in the way of being able to participate in said rally. Still, this fund, which is heavy on Japan and Canada, has jumped almost 12 percent since its debut. The 30-day SEC yield of 3.69 percent is not too shabby, either.

Global X Norway ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>)
If the U.S. is the cleanest of a bunch of dirty shirts on a global basis, then Norway is one of the cleaner European shirts. It is widely known that northern European countries have presented investors with far less risk than the PIIGS and Norway is no exception to that thesis. 

Backed by a strong balance sheet, an under-appreciated sovereign wealth fund and the fact that it is not a Eurozone member, Norway has been a beacon of light in Europe this year. The country <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/09/2942117/go-north-with-europe-etfs#ixzz2B53b0H9M">also maintains an AAA credit rating</a>. NORW is up 13.5 percent year-to-date. If there is a black mark, it is this: NORW's volatility has been almost double that of SPY's.

Impressive is the fact that NORW has maintained its solid run over the past three months even in the face of falling oil prices. The ETF allocates 48 percent of its weight to the energy sector. Statoil (NYSE: <a class="ticker" href="/stock/sto#NYSE">STO</a>), Norway's state-run oil producer, accounts for almost 20 percent of the fund's weight.

Market Vectors Germany Small-Cap ETF (NYSE: <a class="ticker" href="/stock/gerj#NYSE">GERJ</a>)
And the award for best Germany ETF thus far in 2012 does not go to the iShares MSCI Germany Index Fund (NYSE: <a class="ticker" href="/stock/ewg#NYSE">EWG</a>). That honor goes to the Market Vectors Germany Small-Cap ETF, which has outpaced the far larger EWG by nearly 550 basis points year-to-date. 

GERJ is everything critics of small ETFs love to hate. It is small with its $5.4 million in AUM and is thinly traded. Average daily volume is just 420 shares and GERJ has not traded since Wednesday. Paying too much attention to external beauty, or lack thereof in this case, has meant ignoring what is on the inside with GERJ and that means a gain of over 25 percent. If German stocks stay in a eurozone leadership role, GERJ remains a preferred avenue for accessing the region's largest economy.

For more on Europe ETFs, click <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/09/2942117/go-north-with-europe-etfs">here</a>.

IDLV

Developed Market ETFs With Double-Digit Returns

Perhaps the worst number to come along in the history of exchange-traded products is $100 million. As in $100 million in assets under management means the fund is "good," it will survive and it is now profitable for the issuer. 

The addiction to the $100 million in AUM equals a good ETF theory perhaps stems from a flawed report <a href="http://www.mckinsey.com/App_Media/Reports/Financial_Services/ETF_SecondActFINAL.pdf">from McKinsey</a> that used the number. That report takes a one-size-fits-all approach with the $100 million theory, but the reality is a fund's expense ratio plays a large part in the profitability of an ETF. Multiply an ETF's AUM by its expense ratio and there is an indication of the fund's revenue.

The $100 million in AUM number also does not take into account an ETF manager's ability to make money through securities lending, licensing fees or other external costs related to ETF management. Nor does it consider partnerships such as the one between Invesco's (NYSE: <a class="ticker" href="/stock/ivz#NYSE">IVZ</a>) PowerShares and Deutsche Bank (NYSE: <a class="ticker" href="/stock/db#NYSE">DB</a>) on ETFs such as the PowerShares DB Dollar Bullish (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>).

In other words, the $100 million in AUM theory when it comes to ETFs is a lot <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/04/2465525/etf-opinion-the-100m-watermark-is-asinine">of malarkey and that much has been proven</a>. Still, some are attached to the number like they are attached to an old college fraternity sweatshirt wives beg husbands to get rid of. 

Fatal Attachment
References to 1980s movies aside, a fatal attachment might be different than a fatal attraction, but both are fatal. In this case, it is investors' portfolios that suffer on the advice that sub-$100 million ETFs should be shunned like Hester Prynne. 

There are <a href="http://etfdb.com/screener/">14 equity-based ETFs with less than $100 million in AUM that have gained at least 20 percent</a> year-to-date. Some are actually well known given their diminutive status. Others are not as risky as investors might have been lead to believe. 

Even by treating the Market Vectors Egypt ETF (NYSE: <a class="ticker" href="/stock/egpt#NYSE">EGPT</a>) and its almost 61 percent year-to-date pop as an outlier, there are still plenty of noteworthy performances among sub-$100 million AUM funds. Actually, EGPT should not be treated as an outlier because the ETFs has <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/09/2939089/these-etfs-have-topped-techs-big-3">Apple (NASDAQ: </a><a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>), Amazon (NASDAQ: <a class="ticker" href="/stock/amzn#NASDAQ">AMZN</a>) and Google (NYSE: <a class="ticker" href="/stock/goog#NYSE">GOOG</a>) this year. Apple is the closest and it still lags EGPT by more than 500 basis points.

Speaking of Egypt, a case can be made that the country's 19.1 percent weight in the Market Vectors Africa ETF (NYSE: <a class="ticker" href="/stock/afk#NYSE">AFK</a>) gain almost 22 percent this year. Naysayers would assert neither AFK nor EGPT are cheap. That would be correct as the funds charge 0.78 percent and 0.94 percent per year, respectively. So the average expense ratio between the two is 0.86 percent, but that comes nowhere close to putting a dent into an average gain north of 40 percent.

The List Goes On
Investing in Africa is an acquired taste. Given elevated political volatility and opaque legal systems, among other concerns, it is understandable that some investors would want to pass on the continent. Still, are plenty of ETFs with less than $100 million in assets that have been on fire this year.

There is the case of the PowerShares Dynamic Building &amp; Construction Portfolio (NYSE: <a class="ticker" href="/stock/pkb#NYSE">PKB</a>). Under normal circumstances, PKB's 31 percent year-to-date gain would be impressive, but its larger rivals, the iShares Dow Jones US Home Construction Index Fund (NYSE: <a class="ticker" href="/stock/itb#NYSE">ITB</a>) and the SPDR S&amp;P Homebuilders ETF (NYSE: <a class="ticker" href="/stock/xhb#NYSE">XHB</a>) are up 63.2 percent and 44.2 percent, respectively. 

While it is understandable that PKB has been overshadowed by its larger rivals, it is odd that with all the praise being heaped on shares of home builders this year, that this $41.5 million ETF does not get much press.

Staying at the sector level, investors that have opted for the giant Consumer Discretionary Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xly#NYSE">XLY</a>) have been rewarded with a gain of 18.5 percent this year. They could have done better with the PowerShares Dynamic Leisure and Entertainment Portfolio (NYSE: <a class="ticker" href="/stock/pej#NYSE">PEJ</a>), which is up almost 21 percent.

PEJ, which has $53.1 million in AUM, is another example of some experts creating too much drama around low asset ETFs. The ETF is not home to obscure stocks as Yum! Brands (NYSE: <a class="ticker" href="/stock/yum#NYSE">YUM</a>) and Walt Disney (NYSE: <a class="ticker" href="/stock/dis#NYSE">DIS</a>), among other recognizable names, are found in PEJ's lineup. PEJ's average daily volume of just over 32,000 shares may not sound like much, but most of its underlying components are heavily traded, ensuring sufficient liquidity for the fund.

On a related note, the PowerShares S&amp;P SmallCap Consumer Discretionary Portfolio (NASDAQ: <a class="ticker" href="/stock/pscd#NASDAQ">PSCD</a>), which was designed to be the small-cap rival to XLY, has outperformed its large-cap cousin this year as well. PSCD is up almost 20 percent and has just $61.7 million in AUM.

Heading back overseas, investors need not have taken on excessive risk with sub-$100 million ETFs this year. Indeed, the aforementioned AFK and EGPT do qualify as "risky." There is also a fair number of other emerging markets funds that have surged more than 20 percent this year despite having less than $100 million in assets. 

Investors could have skirted the emerging markets risk by heading to developed Europe. For example, the iShares MSCI Belgium Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ewk#NYSE">EWK</a>) has gained almost 20 percent this year. That move is due in large part to bullishness in Anheuser-Busch InBev (NYSE: <a class="ticker" href="/stock/bud#NYSE">BUD</a>), which accounts for 23.5 percent of EWK's weight. That ETF has less than $29 million in AUM.

Critics would likely assert that risk is elevated with EWK because Belgium is a Eurozone member. Fair enough, but there is an answer. Investors could have avoided that risk and gained better returns by <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/08/2839102/as-europe-etfs-rebound-nordic-plays-flex-their-muscles">turning to Nordic ETFs</a>. The Global X FTSE Nordic Region ETF (NYSE: <a class="ticker" href="/stock/gxf#NYSE">GXF</a>) and the Global X Norway ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>) are up 20.1 percent and 22.3 percent, respectively, year-to-date.

Given Norway's <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/08/2876423/3-etfs-for-countries-with-solid-gdp-rates">solid GDP growth, a massive sovereign wealth fund</a> and pristine balance sheet, assuming that the biggest risk to NORW is that is has less than $100 million in assets borders on the absurd.

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

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EGPT

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iShares Dow Jones US Homenstruction Index Fund

PowerShares ETF Leisure & Entertainment Port

PowerShares ETF Trust Dynamic Building &nstruction Portfolio

PSCD

PowerShares DB US Dollar Index Bullish Fund

Select Sector SPDR-Consumer Discretionary

Ignoring Sub-$100M ETFs: A Costly Idea

In an odd twist of fate, one of the steadier ETFs offering exposure to Europe is celebrating its third anniversary on a dismal day for European equities. The Global X FTSE Nordic Region ETF (NYSE: <a class="ticker" href="/stock/gxf#NYSE">GXF</a>), the only ETF offering combined exposure to Nordic nations, is three years removed from its debut day and the fund has proven to be one of the best Europe ETFs in that time.

GXF allocates 47.5 percent of its weight to Sweden, the largest Nordic economy, while Denmark garners a weight of 21.3 percent. Norway and Finland receive allocations of 20.5 percent and 10.7 percent, respectively.

While Nordic equities have not been entirely immune to the trials and tribulations of markets in Southern Europe, Nordic markets have shown there is an advantage to not being a member of the eurozone. Sweden, Denmark and Norway are not eurozone members, but Finland is.

Norway in particular <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/08/2839102/as-europe-etfs-rebound-nordic-plays-flex-their-muscles">has been prized by investors looking for Europe exposure</a> without the burden of the faltering euro currency.

GXF, which charges an annual expense ratio of 0.5 percent, is arguably still under-appreciated <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/06/2640423/scandinavian-etfs-could-see-increased-activity-eden-ewd-">even though investors have embraced the Nordic investment thesis</a>. The fund has just $29.2 million in assets under management, a sum that belies its impressive performance. To be fair, that number is up from about $27 million in August.

Since inception, GXF is up 17.2 percent while the Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>) has gained less than 0.4 percent. In 2012, GXF is up 21 percent, nearly double the returns offered by VGK.

Proving that combination exposure to the Nordic is a winning concept for investors, over the past year and year-to-date, GXF has outperformed the iShares MSCI Sweden Index Fund (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>) and the Global X Norway ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>). GXF has also trumped the iShares MSCI Finland Capped Investable Market Index Fund (BATS: EFNL) and the iShares MSCI Denmark Capped Investable Market Index Fund (BATS: EDEN), both of which debuted in late January.

For more on Nordic ETFs, click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2638099/the-definitive-scandinavian-etf-guide-ewd-gxf-eden">here</a>.

Global X Nordic ETF Celebrates Third Anniversary

Recession Indicated As Eurozone Flash PMI Signals Deepening Decline In December

Global X MSCI Norway ETF declares semi-annual distribution of $0.4979

Inflation Progress May Be Bumpy, But Is Likely To Continue

Weekly Commentary: Monetary Disorder

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Global X MSCI Norway ETF

Overview

Global X MSCI Norway ETF (ARCA:NORW), Quote.Headers.trade-ideas