Option chain shows key data for Concord Acquisition's stock options at various strike prices and expiration dates. Traders use this information to analyze potential trades and assess market sentiment for Concord Acquisition.

Concord Acquisition (OTC:CNDA) Stock, Option Chain

IQ Canada Small Cap ETF

Concord Acquisition Corp II is a newly organized, blank check company. It is formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Education

Forex

Economics

Federal Reserve

Markets

General

CNDA

FCAN

HEWC

QCAN

The Business Of (Literally) Making Money: The Private Model

News

Global

Econ #s

Media

Canada Leads All G-7 Countries In Growth... For Now

Emerging Markets

Politics

Topics

Interview

ACBFF

APHQF

SPDR Dow Jones Industrial Average ETF Trust

GWPH

TWMJF

ZYNE

When Will Canada Legalize Weed? Experts Weigh In

CONCORD ACQ CORP II A by Concord Acquisition Corp II

Concord Acquisition Corp II

Concord Acquisition Corp II Units (1 Ord Share Class A & 1/3 War)

Concord Acquisition Corp II Warrants(01/01/9999)

Alternative Listing with Nasdaq Considered
NEW YORK, Sept. 3, 2024 /PRNewswire/ -- Concord Acquisition Corp II (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNDA#NYSE">CNDA</a>) (the "Company") today announced that it has received notification from NYSE American LLC ("NYSE American" or the "Exchange") indicating that the staff of NYSE has determined to initiate proceedings which may delist the Company's Class A Common Stock, Units, and Warrants (collectively, the "Securities"). This step, anticipated as part of the Company's strategic journey to the public markets, is due to the Company not completing a business combination within 36 months as required by Sections 119(b) and 119(f) of the NYSE American Listed Company Guide.
The Company has the right to request a review of this delisting determination by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange. In line with its strategic plans, the Company intends to pursue this review and will seek to list its Securities on the OTC Markets for trading during the suspension on NYSE American. This transition is expected to be temporary as the Company remains hopeful that its appeal for an extension will be granted by the NYSE American. Simultaneously, the Company and its sponsor are actively exploring a listing on the Nasdaq.
Concord remains focused on the public process, continuing to work diligently to achieve its listing goals and enhance shareholder value.

Concord Acquisition Corp II Navigates Transition Following NYSE American Delisting Notice; Intends To Pursue Review And Will Seek To List Its Securities On The OTC Markets For Trading During The Suspension On NYSE American

RSVP

Events.com To Go Public Through Combination With Concord Acquisition Corp II; Plans To Trade Under The Reserved "RSVP" Ticker

The Royal Canadian Mint (TSE: MNT) (TSE: MNS) is in the business of making money. Literally.
The publicly traded company, which operates as a Crown corporation under the nation&rsquo;s Royal Canadian Mint Act, produces and distributes domestic and international circulation coins.
And unlike the government-run mint supplying Canada&rsquo;s southern neighbor, this business relies on no taxpayer funding.
&ldquo;We are profit-based as an organization and mandated to operate that way,&rdquo; said Alex Reeves, senior adviser of external communications for the <a href="http://www.mint.ca/store/template/home.jsp">Royal Canadian Mint</a>.
Employee compensation, equipment purchases, research and development &mdash; it&rsquo;s all funded by revenue. That means the inherent value of Canadian denominations isn&rsquo;t just based on operational costs, but also the company profit margin.
<h3>A Profitable Business</h3>
The challenge of the mint, then, is to produce cheap enough coins to sell below assigned value while still generating profit.
&ldquo;We have ensured that the cost of producing a circulation coin is always below its face value,&rdquo; Reeves said.
But occasionally the company, at the mercy of the metal market, simply cannot fulfill its goal.
In 2012, when Canadian pennies were <a href="http://business.time.com/2012/03/30/canadas-penny-is-no-more-is-the-u-s-penny-next/?iid=sr-link4">withdrawn</a> from circulation, the Royal Canadian Mint had come to a point when operational costs exceeded the coin&rsquo;s 1-cent face value. The penny <a href="http://business.time.com/2012/03/30/canadas-penny-is-no-more-is-the-u-s-penny-next/?iid=sr-link4">cost</a> Canada 1.6 cents to produce, forced an annual loss of $11 million and was deemed unprofitable.
The mint had no say in the shelving of the denomination but &ldquo;serve[d] an advisory function&rdquo; and lent its expertise to the Canadian government as it weighed options.
<h3>To Make Money On Money</h3>
To ensure profitability, the company invests in a number of techniques and technologies, such as cell manufacturing, to limit production time and improve cost efficiency.
&ldquo;Naturally, we seek efficiencies through a lot of research and development, and that includes improving our processes as much as possible,&rdquo; Reeves said.
The company would not disclose its coin production costs for the sake of remaining competitive in the international market.
<h3>The Competitive Minting Industry</h3>
The Royal Canadian Mint not only supplies all of Canada&rsquo;s denominations, but also manufactures coins and plated blanks for foreign governments.
&ldquo;That&rsquo;s a significant business for commercially oriented mints like ourselves,&rdquo; Reeves said. &ldquo;Foreign coin production combined with domestic production remains an important part of our annual business activity.&rdquo;
He and the staff contend with a number of for-profit competitors bidding regularly on international contracts &mdash; generally for developing nations without their own production capabilities.
<h3>The Unimposing Fintech Scene</h3>
Despite the recent proliferation of electronic payment methods or cash alternatives, Reeves said fintech trends haven&rsquo;t yet disrupted demand for circulation coins.
&ldquo;It&rsquo;s not to say there will not be trends in the future affecting demand for cash, but at the same time, cash remains an extremely convenient and viable way of transacting, and it&rsquo;s not going away anytime soon from our perspective,&rdquo; he said, offering a case for physical currency. &ldquo;It&rsquo;s analog, it doesn&rsquo;t rely on external networks or even electricity. It&rsquo;s there, it exists, and it&rsquo;s easily tradable, so cash remains very much a fact of life in Canada and around the world.&rdquo;
Royal Canadian Mint shares have risen 11.1 percent year-to-date and now rest around $18.31.
Related Links:
<a href="https://www.benzinga.com/news/17/04/9276704/rising-u-s-rates-will-hurt-the-canadian-dollar-this-year">Rising U.S. Rates Will Hurt The Canadian Dollar This Year</a>
<a href="https://www.benzinga.com/etfs/specialty-etfs/16/11/8735139/if-you-dont-actually-want-to-move-to-canada-heres-how-to-move-your">If You Don&#39;t Actually Want To Move To Canada, Here&#39;s How To Move Your Money There</a>

The fastest growing country among the G-7 group is none other than the United States neighbor to the north: <A href="http://benzinga.com/topic/canada">Canada.</a>
According to a <a href="https://www.bloomberg.com/news/articles/2017-04-17/the-g-7-s-surprise-growth-leader-for-now-canada-economy-watch">Bloomberg</a> report, Canada's central bank's latest estimates show that the country grew at an annualized pace of nearly 4 percent in the first quarter of 2017. In fact, this strong pace of growth is unseen among the remaining six countries, which make up the G-7 group.
The Bank of Canada also projected that the country will end 2017 with a growth rate of 2.6 percent. While this would signal a slowdown from the first quarter it nevertheless represents a strong growth rate for the resource-rich country that has struggled over the years amid low oil prices.
<h3>Don't Rush To Invest In Canada Just Yet</h3>
But after 2017, the Bank of Canada isn't overly optimistic. The central bank said that while it "welcomes the recent strength" in economic data, it needs to "see more of it in order to be more confident that growth is on a solid footing."
A <A href="https://www.benzinga.com/news/17/04/9276704/rising-u-s-rates-will-hurt-the-canadian-dollar-this-year">prior Bloomberg report</a> also suggested that rising interest rates in the United States will also hurt the Canadian dollar.
There are also three factors which point a less-than-perfect picture for Canada's economic growth over the near term. First, while energy prices are showing signs of stabilizing, it isn't showing signs of growth. Second, an increase in government transfers is helping household spending but the impacts can't last, and third, housing activity in the uber-hot Toronto region will eventually slow.
Related Links:
<A href="https://www.benzinga.com/analyst-ratings/analyst-color/17/04/9281726/can-canada-goose-fly-north-to-25-upside-in-the-next-year">Can Canada Goose Fly North To 25% Upside In The Next Year?</a>
<A href="https://www.benzinga.com/news/17/03/9187252/cronos-execs-on-marijuana-legalization-in-canada-and-how-it-affects-the-co-market">Cronos Execs On Marijuana Legalization In Canada And How It Affects The Co: Market Could Be Ready To Go By 2019</a>

As per current legislation, people in Canada are allowed to possess, consume or grow cannabis for medicinal purposes &mdash; given <a href="http://healthycanadians.gc.ca/drugs-products-medicaments-produits/buying-using-achat-utilisation/cannabis-medical/index-eng.php">certain conditions</a> issued by Health Canada are met. However, recreational use of marijuana is still prohibited (and punishable) by law.
Nonetheless, many experts believe that legalization of cannabis for recreational use could come in 2017, especially after the country&rsquo;s marijuana legalization task force published a <a href="http://www.healthycanadians.gc.ca/task-force-marijuana-groupe-etude/framework-cadre/alt/framework-cadre-eng.pdf">document</a> with 80 recommendations for a future legal cannabis regime.
Time and time again, our readers have asked <a href="http://www.benzinga.com/trading-ideas/long-ideas/17/01/8879153/17-for-2017-top-cannabis-industry-experts-share-predictions-f">when Canada will legalize</a> weed, and, although we cannot predict what is going to happen, we did reach out to some experts and asked about the issue.
<h3>One Of 2 Options</h3>
&ldquo;I believe Canada&rsquo;s politicians are going to do one of two things. Either they are going to try and push it through this term&mdash; [or Prime Minister Justin] Trudeau can essentially keep it as a feather in his cap, because they have this task force document making recommendations on how to establish a legal market,&rdquo; <a href="http://www.benzinga.com/topic/viridian-capital-advisors">Viridian Capital Advisors</a> analyst Harrison Phillips said.
&ldquo;Trudeau could push for it and continue to support it, but essentially back off and say, &lsquo;Look, we want to do this right. If you want this, vote for me again and I&rsquo;ll be sure to pass it on my next term.&rsquo; So, it&rsquo;s going to come down to what they want to do politically within the country,&rdquo; he added.
&ldquo;I think Canada will go legal, which will help to validate a lot of the investment that&#39;s been happening there in 2016. And then, I also think that we are going to see movement in other places around the world, moving in this direction as well,&rdquo; Troy Dayton, CEO of <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/11/8744074/arcview-ceo-troy-dayton-shares-optimistic-outlook-for-the-mar">ArcView Group</a> and famed <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/11/8744046/arcview-ceo-troy-dayton-talks-about-the-company-and-the-colle">legalization advocate</a>, continued.
For his part, <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/12/8851101/why-the-canadian-marijuana-market-is-blooming-amid-uncertaint">420 Investor&rsquo;s</a> Alan Brochstein said, &ldquo;The biggest story beyond federal cannabis policy this year is likely to be the attention on Canada&#39;s move towards legalization. Parliament will receive the proposed legislation in the Spring (maybe on 4/20?), and it&#39;s likely that the finalized legislation along with a timeline for implementation will take place by the end of the year.&rdquo;
Finally, international law expert <a href="https://www.benzinga.com/news/16/12/8812848/international-law-expert-on-support-for-marijuana-legalization-common-sense-is-pr">Zameer Qureshi</a> voiced, &ldquo;Canada has traditionally been quite progressive in regards to cannabis. They have taken what many regard as a common sense approach that it is not as harmful as other substances. I think that will continue to be reflected in Canadian legislation. But in regards to specific timelines and the measures, unfortunately, I cannot comment.&rdquo;
<h3>Canada Vs. United States</h3>
<a href="https://www.benzinga.com/news/17/01/8924033/cannabis-industry-expert-jay-czarkowski-on-the-challenges-of-marijuana-legalizati">Jay Czarkowski</a>, founding partner at Canna Advisors, explicated the difference between Canada and the United States. &ldquo;[There are] two differences between Canada and the U.S. Canada has a new prime minister, a younger guy who realizes that cannabis is harmless, safe&mdash; So you have a guy at the top that&#39;s pushing it, that&#39;s great. In the U.S., you have a lot of old politicians&mdash; Maybe they are stubborn, maybe they are set in their ways&mdash; Some of them are legitimately ignorant to the fact that cannabis should be made legal. But, slowly, those people are coming around, learning&mdash; It&#39;s just going to take some time. But, clearly, at some point in the future, cannabis will be legal on a federal level, it&#39;s just a matter of time.&rdquo;
<h3>Domestic Implications</h3>
<a href="http://www.benzinga.com/trading-ideas/long-ideas/17/01/8879077/17-predictions-for-marijuana-markets-in-2017-from-the-experts">Luba Kay</a>, chief financial officer at CannaSOS Corp, a social media site for &ldquo;everything in the marijuana industry,&rdquo; noted that, &ldquo;full legalization in Canada [...] would create huge growth in the already booming cannabis industry. When the Canadian government legalizes marijuana for both recreational and medicinal purposes, they will most likely make it easier for entrepreneurs to get a license to grow marijuana. Therefore, [we&rsquo;ll see] more marijuana businesses in Canada and more money going into the Canadian economy. This will increase the size of the Cannabis industry in North America, and will further encourage more entrepreneurs to open marijuana-related businesses.&rdquo;
&ldquo;I also see Toronto becoming the official marijuana capital of Canada,&rdquo; she supplemented.
<h3>International Implications</h3>
&ldquo;Internationally, it would be very interesting, because there&rsquo;s the U.N. single convention on narcotics,&rdquo; Viridian&rsquo;s Phillips explained. &ldquo;So, there&rsquo;s some belief that Canada will not be able to nationally legalize due to this convention, but there&rsquo;s also talk that Canada could approach the U.N. and essentially ask for an exemption, so long as they set up a properly regulated system within their country that&rsquo;s sponsored by the state. So, it&rsquo;s going to come down to what the U.N. really wants to say, but I see that as less of a deal than what is going to happen internally, with the various political parties and what Trudeau is doing.
&ldquo;Because Canada is a G-7 nation, the implications are profound regarding the United Nations. Canada&#39;s move, along with the likely German national medical cannabis program being created &mdash; investors are likely to appreciate the truly global nature of cannabis legalization,&rdquo; Brochstein enhanced.
<h3>Conclusion</h3>
&ldquo;Trudeau is really going to affect the timing, and the U.N. &mdash; I think &mdash; is going to be more of a political formality,&rdquo; Phillips concluded, summarizing many of the views expressed to Benzinga.
<h3>Plays In Canada</h3>
A few weeks ago, Brochstein shared a few <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/12/8851241/keep-an-eye-on-these-canadian-marijuana-stocks-in-2017">Canadian marijuana stocks</a> he&rsquo;s keeping an eye on. Among them were AURORA CANNABIS IN COM NPV (OTC: <a class="ticker" href="/stock/acbff#OTC">ACBFF</a>), CANOPY GROWTH CORP COM NPV (OTC: <a class="ticker" href="/stock/twmjf#OTC">TWMJF</a>) and APHRIA INC COM NPV (OTC: <a class="ticker" href="/stock/aphqf#OTC">APHQF</a>). Check out the article linked above for his in-depth comments.

U.S. voters that opposed Donald Trump were <a href="http://www.cnn.com/2016/11/09/politics/election-results-reaction-streets/">so outraged</a> by his victory that the Canadian <a href="https://www.washingtonpost.com/news/worldviews/wp/2016/11/09/canadas-immigration-website-has-crashed-and-people-are-wondering-whether-trump-is-the-reason/">immigration website</a> crashed on Election Day from the traffic.
Fortunately, investors that believe Trump and his policies are bad news for the U.S. economy can take a slightly less drastic approach and simply invest in Canadian ETFs. Here&rsquo;s a list of some of the top options:
<h3>1. iShares MSCI Canada Index (ETF) (NYSE: <a class="ticker" href="/stock/ewc#NYSE">EWC</a>)</h3>
The EWC is by far the most popular Canadian stock ETF with more than 2.0 million in average daily trading volume. The ETF provides exposure to Canadian equities with a heavy focus on mega-cap stocks. Top holdings include Royal Bank of Canada (NYSE: <a class="ticker" href="/stock/ry#NYSE">RY</a>), Toronto-Dominion Bank (NYSE: <a class="ticker" href="/stock/td#NYSE">TD</a>) and Bank of Nova Scotia (NYSE: <a class="ticker" href="/stock/bns#NYSE">BNS</a>).
<h3>2. Guggenheim Funds Distributors LLC (NYSE: <a class="ticker" href="/stock/eny#NYSE">ENY</a>)</h3>
The ENY provides exposure to a basket of Canadian energy securities. The ETF has exposure to both the Canadian royalty trust market and Canadian oil sands producers.
<h3>3. iShares Currency Hedged MSCI Canada ETF (NYSE: <a class="ticker" href="/stock/hewc#NYSE">HEWC</a>)</h3>
The HEWC provides investors with exposure to large- and mid-cap Canadian equities. The unique aspect of this ETF is that it is hedged against currency fluctuations between the U.S. dollar and the Canadian dollar.
<h3>4. Index IQ Canada Small Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>)</h3>
As its name suggests, the CNDA ETF holds shares of small cap Canadian stocks. Many of these stocks are more of a &ldquo;pure play&rdquo; on Canada than those held in the EWC ETF because they have limited international exposure.
<h3>5. First Trust Exchange Traded AlphaDEX Fund II (NASDAQ: <a class="ticker" href="/stock/fcan#NASDAQ">FCAN</a>)</h3>
The FCAN applies First Trust&rsquo;s AlphaDex trading strategy to the Canadian stock market. The AlphaDex attempts to deliver alpha by allocating funds based on a number of growth and valuation metrics.
<h3>6. SPDR Index Shares Fund (NYSE: <a class="ticker" href="/stock/qcan#NYSE">QCAN</a>)</h3>
The QCAN ETF is a thinly-traded ETF that tracks the MSCI Canada Factor Mix A-Series Capped Index.
Image Credit: By Fibonacci Blue from Minnesota, USA (Protest against Donald Trump) [CC BY 2.0], via <a href="https://commons.wikimedia.org/wiki/File:Protest_against_Donald_Trump_(30819343391).jpg">Wikimedia Commons</a>

Specialty ETFs

Trading Ideas

ETFs

If You Don't Actually Want To Move To Canada, Here's How To Move Your Money There

The fact that the United States&#39; $18 trillion economy is the largest in the world in terms of GDP is no secret. However, did you know that the state of California was the sixth largest economy in the world, with a larger GDP than France, India, Italy or Brazi?. Impressive, right?

	But, how do the rest of the country&#39;s state economies compare to other national economies?

	The <a href="https://www.aei.org/publication/putting-americas-ridiculously-large-18t-economy-into-perspective-by-comparing-us-state-gdps-to-entire-countries/">American Enterprise Institute</a> recently published a map comparing the gross domestic product (GDP) of U.S. states with that of whole countries &mdash; using 2015 state-level GDP data from the <a href="http://www.bea.gov/iTable/iTable.cfm?reqid=70&amp;step=1&amp;isuri=1&amp;acrdn=2#reqid=70&amp;step=1&amp;isuri=1">Bureau of Economic Analysis</a> (BEA) and country-level GDP data from the <a href="http://www.imf.org/external/pubs/ft/weo/2016/01/weodata/weorept.aspx?sy=1980&amp;ey=2015&amp;scsm=1&amp;ssd=1&amp;sort=country&amp;ds=.&amp;br=1&amp;pr1.x=18&amp;pr1.y=13&amp;c=512%2C672%2C914%2C946%2C612%2C137%2C614%2C546%2C311%2C962%2C213%2C674%2C911%2C676%2C193%2C548%2C122%2C556%2C912%2C678%2C313%2C181%2C419%2C867%2C513%2C682%2C316%2C684%2C913%2C273%2C124%2C868%2C339%2C921%2C638%2C948%2C514%2C943%2C218%2C686%2C963%2C688%2C616%2C518%2C223%2C728%2C516%2C558%2C918%2C138%2C748%2C196%2C618%2C278%2C624%2C692%2C522%2C694%2C622%2C142%2C156%2C449%252">International Monetary Fund</a>.

	<a href="https://www.benzinga.com/files/u82070/stategdp.jpg"><img alt="" src="https://www.benzinga.com/files/u82070/stategdp.jpg" style="width: 600px; height: 392px;" /></a> 
Source: AEI

	California&rsquo;s 2015 GDP is comparable to that of France, $2.46 trillion for the former versus $2.42 trillion for the latter. However, in terms of GDP per capita, California has a very large lead, as its population of roughly 38.8 million is much smaller than France&rsquo;s 66.03 million. In terms of workforce, the difference becomes smaller, but still very significant: 19 million workers for California, compared to 25 million workers for France.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/08/8372661/a-rate-hike-before-the-election">A Rate Hike Before The Election?</a></bzrelatedlink>

	Second in line is Texas, with a 2015 GDP of $1.59 trillion, which would have made it the tenth largest economy in the world, ahead of countries like Canada ($1.55 trillion), Mexico or Switzerland. And, again, Canada needed 50 percent more workers (18 million) to reach the same production level as Texas.

	New York trails Texas from close behind, with a GDP of $1.44 trillion, comparable to South Korea&rsquo;s $1.38 trillion.

	Interestingly, these three states combined produced $5.5 trillion in economic output in 2015. This figure surpasses the GDP of Japan ($4.1 trillion), only falling behind China and the United States as a whole &mdash; including these three states.

	<a href="https://www.benzinga.com/files/u82070/stategdpnew.png"><img alt="" src="https://www.benzinga.com/files/u82070/stategdpnew.png" style="height: 1269px; width: 600px;" /></a> 
Source: AEI

	Do you have ideas for articles/interviews you&#39;d like to see more of on Benzinga? Please email <a href="mailto:feedback@benzinga.com">feedback@benzinga.com</a> with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!

	Disclosure: Javier Hasse holds no interest in any of the securities or entities&nbsp;mentioned above.

Broad U.S. Equity ETFs

iShares S&P California AMT-Free Municipal Bond Fund

PowerShares Insured California Municipal Bond Portfolio

PowerShares Insured New York Municipal Bond Portfolio

How Large Are U.S. State Economies? This Map Shows California's Edge Over France, And More

On the first trading day of 2013, the iShares Russell 2000 Index Fund (NYSE: <a class="ticker" href="/stock/iwm#NYSE">IWM</a>) hit a fresh all-time high and even with a small loss in Thursday's session, IWM is flirting with $87. IWM, the largest small-cap ETF by assets with almost $17.7 billion under management, is up 4.1 percent in the past week, 5.6 percent in the past month and 15.5 percent in the past year.

Those are all impressive numbers and they come at a cost. Meaning IWM is <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/01/3210412/global-etfs-for-the-january-effect">pricey on a valuation basis</a> compared to select global and small-cap sector ETFs. IWM has a price-to-earnings ratio of 25.22 and a price-to-book ratio of 3.1, <a href="http://us.ishares.com/product_info/fund/overview/IWM.htm?fundSearch=true&amp;qt=IWM">according to iShares data</a>.

Fortunately, IWM's lofty valuations do not permeate the entire universe of small-cap ETFs. That means investors can tap into the growth potential of small-caps without the specter of frothy valuations. Importantly, low market value stocks at reasonable valuations can be found across the board in terms of U.S. sectors, developed and emerging markets funds. Consider the following.

IndexIQ Canada Small Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>)
One need not look far away from the U.S. to find small-caps that are inexpensive. CNDA has a P/E of less than 15 and a price-to-book ratio of 2.28, <a href="http://www.indexiq.com/docs/cnda/factsheet.pdf">according to IndexIQ data</a>. However, there is reason CNDA offers attractive valuation metrics: The fund has slid 10. 5 percent in the past year.

That does not mean CNDA cannot rebound. It can, but it must be noted that this ETF allocates a combined 73 percent of its weight to materials and energy stocks. In the case of CNDA's 45.7 percent weight to materials names, it is gold and silver miners that loom large and that is likely what has weighed on the ETF. On the other hand, if precious metals miners rebound, CNDA is one ETF that investors will want to take note of.

Market Vectors Latin America Small-Cap Index ETF (NYSE: <a class="ticker" href="/stock/latm#NYSE">LATM</a>)
Considering this ETF has been around for nearly three years and that it tracks a region that is popular with investors, it would be reasonable to expect this fund would have more than $13.8 million in AUM. It does not and that mead some to think LATM is a "bad" ETF. The opposite is true and a 10.9 percent gain in the past year speaks to that fact. 

LATM does feature a drawback similar to CNDA in that materials names account for 27 percent of the fund's weight. And like CNDA, LATM's exposure to that sector comes via gold and silver miners. Fortunately, LATM has two important traits that go unnoticed. First, discretionary and staples combine for over 28 percent of LATM's weight, giving the ETF some value <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/08/2858514/the-definitive-guide-to-em-consumer-etfs">as a play on the emerging markets consumer theme</a>.

Second, although Brazil accounts for 35 percent of LATM's country weight and it is easy to get exposure to Brazilian small-caps through other ETFs, LATM is one of the best ways to play Mexican and Chilean small-caps as those two countries combine for 24 percent of the fund's weight. Investors get all that with a <a href="http://vaneck.com/funds/LATM.aspx">P/E of about 15 and a price-to-book ratio around 1.5</a>.

PowerShares S&amp;P SmallCap Consumer Staples Portfolio (NASDAQ: <a class="ticker" href="/stock/pscc#NASDAQ">PSCC</a>)
The PowerShares S&amp;P SmallCap Consumer Staples Portfolio is one of those ETFs that critics love to hate. It trades less than 4,800 shares per day on average and has just $28.5 million in AUM. Well, ignorance can be bliss, but that does not mean ignorance is wise when it comes to ETFs because PSCC is up 14.1 percent in the past year.

Since PSCC debuted in April 2010, the ETF has surged by over 37 percent. Over the same time, IWM is in the red. Over the past year and since its debut, PSCC has also sharply outperformed its large-cap equivalent, the Consumer Staples Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlp#NYSE">XLP</a>).

An important aspect of PSCC is that it is not home to obscure names. Rather, it is like XLP in that it is also home to familiar brands. Hain Celestial (NASDAQ: <a class="ticker" href="/stock/hain#NASDAQ">HAIN</a>) and Casey's General Stores (NASDAQ: <a class="ticker" href="/stock/casy#NASDAQ">CASY</a>) combine for almost 23 percent of PSCC's weight while other familiar holdings include WD-40 (NASDAQ: <a class="ticker" href="/stock/wdfc#NASDAQ">WDFC</a>) and Boston Beer (NYSE: <a class="ticker" href="/stock/sam#NYSE">SAM</a>).

PSCC has a P/E ratio of 18.38 and a price-to-book ratio of 2.19, ,<a href="http://www.invescopowershares.com/products/overview.aspx?ticker=PSCC">according to PowerShares data</a>.

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

Long Ideas

Sector ETFs

Short Ideas

Small Cap Analysis

Emerging Market ETFs

Futures

Commodities

Small Cap

Intraday Update

CASY

HAIN

Market Vectors Latin America Small Cap Index

LATM

PSCC

WDFC

These Small-Cap ETFs Have Attractive Valuations

IndexIQ, the New York-based ETF sponsor known for its hedge fund replication and small-cap offerings, said on Thursday that none of its 11 ETFs will pay capital gains distributions to investors this year. 

Distributions are paid to investors from the capital gains of the firm's investment portfolio. For example, when a mutual fund manager turns a profit on a trade and closes the position, the fund's shareholders, not the sponsor, are saddled with the tax liability.

Most ETFs do not distribute capital gains to investors, which makes the asset class typically more tax efficient than mutual funds.

"One of the unique advantages of the ETF structure over a typical hedge fund is that it helps minimizethe tax burden on investors through the ETF creation and redemption process," said Adam Patti, chief executive officer of IndexIQ, in a statement. "Hedge funds can be highly tax inefficient, and they often employ strategies that generate significant short-term capital gains. This tax burden can dramatically reduce real returns, something investors should keep in mind as they determine the most efficient way to build portfolios and allocate assets."

The IndexIQ announcement follows similar news from other ETF issuers. Last month, iShares, the world's largest ETF sponsor, said <a href="http://www.benzinga.com/markets/bonds/12/11/3095644/most-ishares-etfs-wont-have-2012-capital-gains-distributions#ixzz2EJddxLiN">just five of its 280 ETFs</a> will pay capital gains distributions this year. 

WisdomTree (NASDAQ: <a class="ticker" href="/stock/wetf#NASDAQ">WETF</a>) said there will be no capital gains on its 35 equity ETFs while Van Eck's Market Vectors unit has said the bulk of its ETF lineup will not pay capital gains this year, either. ProShares, the largest issuer of leveraged ETFs, <a href="http://www.benzinga.com/news/12/11/3132193/proshares-says-no-cap-gains-for-its-etfs">said none of its 117 equity and fixed income ETFs will pay any 2012 capital gain distributions. 

Some of IndexIQ's more well-known products include the IndexIQ CPI Inflation Hedge ETF (NYSE: </a><a class="ticker" href="/stock/cpi#NYSE">CPI</a>) and the IndexCanada Small Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>).

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

After-Hours Center

WETF

IndexIQ Says no 2012 Cap Gains on Its ETFs

The exponential growth of the exchange-traded products business has created more choices for investors. That is a good thing. One potential downside of that growth is that not every new ETF or ETN that comes to market can be completely original. 

The ETF industry has long been known for its "me too" funds, or those products that bear a striking resemblance to an older, more established fund. This scenario has created more than a few <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/03/2402481/four-budding-etf-rivalries-worth-watching-norw-sil-smin">ETF rivalries</a>. Some are noteworthy such as the Vanguard MSCI Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>) and the iShares MSCI Emerging Markets Index Fund (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>).

Other ETF rivalries do not draw that much attention and it is by virtue of the fact that one of the funds in the equation is not garnering much attention itself. Still, these comparisons can be instructive for investors, particularly when it comes to laser-focused concepts in the ETF world.

That is the case with the IndexIQ Canada Small-Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>) and the newly minted iShares MSCI Canada Small Cap Index Fund (BATS: EWCS). As CNDA has the first-to-market advantage, it is the more widely known Canada-small cap play, so let's go under the hood with the iShares MSCI Canada Small Cap Index Fund.

EWCS is just like many of the <a href="http://www.benzinga.com/news/12/09/2943674/slow-to-grow-new-small-cap-etfs-performing-well">new small-cap market ETFs that have come to market this year</a> in that it has been slow to gain assets. In the case of EWCS, it had just $4.8 million in assets under management at the close of trading on September 26.

Like its large-cap counterpart, the $4.3 billion iShares MSCI Canada Index Fund (NYSE: <a class="ticker" href="/stock/ewc#NYSE">EWC</a>), EWCS is reflective of the Canadian economy. That means a large combined weight to energy and materials names. In the case of EWCS, the ETF allocates more than 55 percent of its weight to those sectors, even more than the 46 percent allocated by EWC.

EWCS features a 14 percent weight to financials, well below the 33 percent EWC devotes to that sector. Not surprisingly, EWCS trades at a higher valuation than EWC does, though not by much. The small-cap fund's price-to-earnings ratio is 22.56 and its price-to-book ratio is 2.31, <a href="http://us.ishares.com/product_info/fund/overview/EWCS.htm">according to iShares data</a>. EWC has a P/E ratio of 19.38 and price-to-book ratio of 2.23.

Since its late January debut, EWCS total returns are bleak as the fund is down 5.1 percent. However, the past 30 and 90 days paint a different picture as the ETF is up almost 4.3 percent and 15 percent, respectively, over those time frames.

In the past three months, EWCS has outperformed EWC by nearly 110 basis points. As for its rivalry with CNDA, EWCS is lagging over the past 90 days, but is the winner on a year-to-date basis. 

Time will tell if the market can sustain two small-cap ETFs tracking Canadian equities. For now, EWCS has shown it is valid way of playing strength in Canadian stocks, particularly when investors embrace risk. Those investors just have to find their way to realizing EWCS even exists.

For more on small-cap ETFs, click <a href="http://www.benzinga.com/news/12/09/2943674/slow-to-grow-new-small-cap-etfs-performing-well">here</a>.

New ETFs

EWCS

Under The Hood: Big Country Small-Caps

Federal Reserve Chairman Ben Bernanke didn't do gold bugs any favors on Thursday when he refused to walk down Quantitative Easing Boulevard a third time. While the central bank chief did say the Fed stands ready to act, those comments cannot be taken to mean QE3 is imminent and that proved to be problematic for gold and gold miners.

Ah, yes. The gold miners, <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2647992/5-mining-etfs-your-broker-forgot-to-mention-psau-gldx-ring">home to so much good recently mining stocks and ETFs crumbled in the wake of what Bernanke did not say</a>. Sure, it can be said the likes of the Market Vectors Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdx#NYSE">GDX</a>) and the Market Vectors Junior Gold Miners (NYSE: <a class="ticker" href="/stock/gdxj#NYSE">GDXJ</a>) were near-term overbought and due for a pullback, but Thursday's action was quite nasty.

However, traders might want to take advantage this distribution day to consider some backdoor approaches to gold miners. Let the dust settle for a day and then have a look at an ETF such as <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/02/2325036/canada-etfs-beyond-ewc">the IndexIQ Canada Small-Cap ETF (NYSE: </a><a class="ticker" href="/stock/cnda#NYSE">CNDA</a>) or the unheralded Global X S&amp;P/TSX Venture 30 Canada ETF (NYSE: <a class="ticker" href="/stock/tsxv#NYSE">TSXV</a>).

The Global X S&amp;P/TSX Venture 30 Canada ETF, which is just 15 months old and charges an expense ratio of 0.75% per year, isn't heavily traded, but the index employs a liquidity-driven weighting scheme and each stock must trade on average, at least 100,000 shares-per-month during the 6 months preceding the rebalance reference date, according to Standard &amp; Poor's. So while TSXV's average daily volume of just 1,900 shares per day may seem off-putting, the fund's overall liquidity may prove to be a pleasant surprise to some. 

Not that this is an ETF for income investors, but TSXV has a 2.77% yield, a nice surprise as well, and that's better than what S&amp;P 500 and Dow Jones Industrial Average tracking ETFs offer.

As an ETF that embraces the commodities/materials aspect of the Canadian economy, TSXV has seen its shares slide 7.3% in the past month has the commodities trade has been punished. A 38% allocation to energy stocks has obviously been a problem for the fund, but TSXV's secret sauce for a potential rebound is its exposure to gold miners, something the ETF is rarely given credit for.

Metals miner Rio Alto is TSXV's second-largest constituent with a weight of 11%. Of the ETF's top-12 holdings, ten are engaged in the mining of gold and silver and those stocks combine for over 40% of the fund's total weight. Overall, more than half of TSXV's weight is devoted to precious metals mining firms, implying this is an ETF that will benefit as the miners regain prominence and start either participating in gold and silver's upside or outperforming the underlying metals outright.

TSXV's caveat isn't the volume or the fees, it's the oil exposure, which is to say more quantitative easing would surely help this fund because there's no getting around the fact that oil demand is slack at the moment. Looking at the chart, the $9.25-$9.60 area is probably safe to nibble on TSXV with a stop at $8.40. If the 200-day moving average is cleared, TSXV could run to $11.50-$12.

For more on ETFs with exposure to Canada, please click <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/06/2651786/canadian-bank-exposure-theres-an-etf-for-that-ewc-dbcn-i">HERE</a>.

Technicals

Pre-Market Outlook

Market Vectors ETF Trust Market Vectors Gold Miners

GDXJ

TSXV

Under The Hood: An Unheralded Mining Play (TSXV, GDX)

Here is the ETF Professor's ETF Watch list for Thursday June 7, 2012.

Check in with the iShares MSCI Hong Kong Index Fund (NYSE: <a class="ticker" href="/stock/ewh#NYSE">EWH</a>).

Another international play to consider: IndexIQ Canada Small-Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>).

The Utilities Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlu#NYSE">XLU</a>) hit a new 52-week high on Wednesday.

Emerging markets plays of the day: Market Vectors Vietnam ETF (NYSE: <a class="ticker" href="/stock/vnm#NYSE">VNM</a>), Market Vectors Egypt ETF (NYSE: <a class="ticker" href="/stock/egpt#NYSE">EGPT</a>) and the iShares MSCI Turkey Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/tur#NYSE">TUR</a>).

Bond play of the day: Market Vectors High-Yield Muni ETF (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>).

Forex play of the day: PowerShares DB Dollar Bearish (NYSE: <a class="ticker" href="/stock/udn#NYSE">UDN</a>).

Currency ETFs

EGPT

Market Vectors High Yield Municipal Index ETF

iShares MSCI Turkey Investable Market Index Fund

PowerShares DB US Dollar Index Bearish Fund

ETFs to Watch June 7, 2012 (XLU, TUR, HYD)

There are nearly 8,000 trade associations in the U.S. encompassing major industries ranging from oil to telecom to technology. There's even a trade association for convenience stores and one for America's <a href="http://www.acenational.org/aboutace.htm">adult nightclubs</a>.

Now, the almost $1.2 trillion U.S. exchange-traded products industry has its own trade group, the National Exchange Traded Funds Association, or NEFTA. 

The chairman of NEFTA is John T. Hyland, the chief investment officer of United States Commodity Fund, the firm behind the U.S. Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) and the U.S. Natural Gas Fund (NYSE: <a class="ticker" href="/stock/ung#NYSE">UNG</a>). NEFTA's vice chairman is IndexIQ CEO Adam Patti. IndexIQ sponsors the IndexIQ Merger Arbitrage ETF (NYSE: <a class="ticker" href="/stock/mna#NYSE">MNA</a>) and the IndexIQ Canada Small Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>) among others.

The focus of the NETFA is to educate institutional and retail investors, as well as the advisor community, on the benefits and uses of ETFs. NETFA will provide industry statistics and commentary on ETF related issues to the US financial media, and advance industry issues with regulators, government agencies and interested third parties, according to a statement issued by NEFTA.

"Once an industry sector achieves a certain scale, it can no longer depend on ad-hoc efforts by individual companies, or the efforts of non-ETF industry groups, to represent itself to the public or to the regulators," Patti said in the statement. "This is the first step in a long journey to establish a professional and coordinated approach to the topics of investor education and industry representation."

Membership in NETFA will be open to any Exchange Traded Fund issuer or sponsor. There is also a class of membership for firms that are active in the ETF industry, but are not issuers of ETFs. 

For more information on NEFTA, the Web site is <a href="http://www.nationaletf.org/">http://www.nationaletf.org/</a>

Finally, An ETF Trade Association

IndexIQ, the New York-based ETF issuer known primarily for its hedge fund replication and small-cap ETFs, has filed plans with the Securities and Exchange Commission to launch an ETF backed physical holdings of diamonds. The IndexIQ Physical Diamond Trust would be the first exchange-traded product to be backed by physical holdings of the precious gems.

IndexIQ's filling noted the diamonds held by the trust would be vaulted in Antwerp, Belgium. No ticker or expense ratio were specified in the filing. 

While a release date for the IndexIQ Physical Diamond Trust doesn't appear imminent, the mere thought of such a fund underscores the popularity of precious metals ETFs backed by physical holdings. The SPDR Gold Shares (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) is the world's second-largest ETF by assets, with $70.9 billion in AUM and the iShares Silver Trust (NYSE: <a class="ticker" href="/stock/slv#NYSE">SLV</a>) has over $10.4 billion in AUM.

According to the filing, the fund will hold "one carat, gem quality, diamonds of readily available, industry-standard diamonds in common use among diamond dealers."

For now, the only ways investors can play diamond mining as an investment theme is through country-specific ETFs such as the iShares MSCI South Africa Index Fund (NYSE: <a class="ticker" href="/stock/eza#NYSE">EZA</a>) and the various ETFs that track Australia, Canada and Russia that feature large allocations to materials stocks.

Some of IndexIQ's more popular ETFs include the IndexIQ Canada Small Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>) and the IndexIQ CPI Inflation Hedge ETF (NYSE: <a class="ticker" href="/stock/cpi#NYSE">CPI</a>). The firm had nine ETFs with $230 million in AUM as of the end of February, according to data from the ETF industry association.

Will Diamonds Be Forever With This ETF? (EZA, CNDA, GLD)

There are plenty of <a href="http://www.benzinga.com/markets/bonds/12/02/2380313/how-to-play-civets-for-the-rest-of-2012-vnm-eza-tur">emerging markets acronyms</a> so how about one for the developed world? iShares' Russ Koesterich coined a catchy one with CASSH. That is Canada, Australia, Singapore, Switzerland and Hong Kong.

That's a group of developed markets that offer better growth prospects than Europe, Japan or the U.S. Koesterich predicts 3.5% growth for the CASSH crew this year and that's a lot better than the 2.2% growth the U.S. is expected to show or the anemic 1% forecast for the European Union.

Other perks of the CASSH group include tolerable debt burdens and excellent credit ratings. With that, let's do what we did with CIVETS and rank our preferred ETF options for cashing in on CASSH for the rest of 2012.

iShares MSCI Singapore Index Fund (NYSE: <a class="ticker" href="/stock/ews#NYSE">EWS</a>)
We really could have gone either way with the top spot, Singapore or Hong Kong, but even though EWS has been a stellar performer to start 2012, there might be more upside with this ETF than with the rival Hong Kong option. EWS could be a potential breakout candidate as well if resistance at $13 falls. 

Overall, there's a lot to like <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/01/2304152/5-developed-market-etfs-your-broker-forgot-to-mention">with Singapore</a>, namely a high per capita GDP and proximity to plenty of emerging markets. Also consider the new iShares MSCI Singapore Small Cap Index Fund (NYSE: <a class="ticker" href="/stock/ewss#NYSE">EWSS</a>).

iShares MSCI Hong Kong Index Fund (NYSE: <a class="ticker" href="/stock/ewh#NYSE">EWH</a>)
One of the selling points of the iShares MSCI Hong Kong Index Fund is that it's a more conservative way of getting China exposure. That might be interpreted to mean the ETF's returns will lag those of China-specific funds. Well, in 2012, EWH has outperformed the iShares FTSE China 25 Index Fund (NYSE: <a class="ticker" href="/stock/fxi#NYSE">FXI</a>). Just be advised with EWH that you're getting an ETF that is over 61% allocated to financial services stocks.

IndexIQ Australia Small Cap ETF (NYSE: <a class="ticker" href="/stock/kroo#NYSE">KROO</a>)
Sure, the iShares MSCI Australia Index Fund (NYSE: <a class="ticker" href="/stock/ewa#NYSE">EWA</a>) could go in this spot, but KROO offers more access to the primary reason many investors want Australian exposure in the first place: Commodities. KROO is up 20% year-to-date and the ETF is home to a strong chart, but those aren't the only bullish traits. Quiet as it is kept, KROO currently yields almost 7.5%. That's a pleasant surprise indeed. Not to mention, KROO has left EWA in the dust this year.

IndexIQ Canada Small Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>)
Like KROO, CNDA has a few large-cap rivals, one courtesy of iShares in the form of the iShares MSCI Canada Index Fund (NYSE: <a class="ticker" href="/stock/ewc#NYSE">EWC</a>). And like KROO, CNDA is the small-cap play on a developed market that is deeply tied to the <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/02/2375791/developed-markets-a-commodities-vs-country-fund-comparison-ew">commodities trade</a>. 

And like KROO, CNDA has easily outpaced its iShares rival this year. CNDA's place on this list should not be interpreted as a knock on the ETF, but rather some concern that if the U.S. equity markets and the economy here take a sudden turn for the worse, that Canada would suffer in tandem.

iShares MSCI Switzerland Index Fund (NYSE: <a class="ticker" href="/stock/ewl#NYSE">EWL</a>)
The other "S" in CASSH has been fine this year as EWL is up almost 9% year-to-date. Problem is the S&amp;P 500 is up a little more than that as is the Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>). EWL coming in last on this list has more to do with currency issues than anything else. Guess who has been creeping higher lately? The CurrencyShares Swiss Franc Trust (NYSE: <a class="ticker" href="/stock/fxf#NYSE">FXF</a>). 

A strong currency is not good for export-dependent Switzerland, especially when many of the country's exports go to already financially imperiled countries. The potential for lowered rates of export with unfavorable currency terms is why we placed EWL in this spot.

Analyst Color

Events

EWSS

KROO

Cashing In With CASSH? (EWL, EWS, EWH)

Last week, we looked at the performance of several country-specific emerging markets ETFs relative to a commodity or commodities that the countries are often most associated with. The <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/02/2355726/emerging-markets-a-commodities-vs-country-fund-examinati">results were interesting</a> in that we found the country ETFs have been outperforming the commodities or related commodities funds they were compared to.

At least that has been the case this year. It's also important to remember that there are plenty of developed markets with deep ties to the commodities trade. With that, we're now going to compare the performance of several developed market country-specific ETFs against the commodities those countries are often associated with.

Global X FTSE Norway 30 ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>)
The Global X FTSE Norway 30 ETF made our list of ways to play <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/02/2359834/5-etfs-for-120-brent-crude-bno-norw-faa">rising Brent crude prices</a> and nothing has materialized to make us change that view. Statoil (NYSE: <a class="ticker" href="/stock/sto#NYSE">STO</a>), Norway's largest oil company, is NORW's largest individual holding at almost 24.4%. Overall, the energy sector represents almost 44% of NORW's weight.

Since Norwegian oil is subject to Brent pricing, it's relevant to compare the performance of NORW to the U.S. Brent Oil Fund (NYSE: <a class="ticker" href="/stock/bno#NYSE">BNO</a>). Year-to-date, NORW has outpaced BNO, but by a small margin. That said, NORW is still a solid developed market play on rising oil prices.

IndexIQ Canada Small Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>)
We've <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/02/2325036/canada-etfs-beyond-ewc">previously noted that the</a> iShares MSCI Canada Index Fund (NYSE: <a class="ticker" href="/stock/ewc#NYSE">EWC</a>), by far the largest Canada ETF, is somewhat light on energy and materials exposure. However, those sectors combine for 73% of the IndexIQ Canada Small Cap ETF's weight. Year-to-date, CNDA has lagged BNO, but has also easily outdistanced the U.S. Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>). 

Canada is also a major silver producer and every Canada-specific ETF has lagged the iShares Silver Trust (NYSE: <a class="ticker" href="/stock/slv#NYSE">SLV</a>) this year.

iShares MSCI Australia Index Fund (NYSE: <a class="ticker" href="/stock/ewa#NYSE">EWA</a>)
Using the iShares MSCI Australia Index Fund (NYSE: <a class="ticker" href="/stock/ewa#NYSE">EWA</a>) as a proxy for the precious metals trade has been done before and with the ETF solidly in the green in 2012, it hasn't been a bad idea this year, either. However, EWA has really been taken to school by SLV and the iShares Gold Trust (NYSE: <a class="ticker" href="/stock/iau#NYSE">IAU</a>). Things get a little better with the IndexIQ Australia Small Cap ETF (NYSE: <a class="ticker" href="/stock/kroo#NYSE">KROO</a>), which has been better than IAU and EWA, but not nearly as good as SLV.

iShares MSCI New Zealand Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/enzl#NYSE">ENZL</a>)
New Zealand is often viewed as a commodities play, though the country isn't really known for one commodity in particular and investors have a tendency to overlook the fact it's agriculture exports that are a big driver of this economy. 

Along those lines, ENZL has been a far better bet than the PowerShares DB Agriculture ETF (NYSE: <a class="ticker" href="/stock/dba#NYSE">DBA</a>) in 2012, but the Market Vectors Agribusiness ETF (NYSE: <a class="ticker" href="/stock/moo#NYSE">MOO</a>) has been far superior to both DBA and ENZL.

iShares MSCI Switzerland Index Fund (NYSE: <a class="ticker" href="/stock/ewl#NYSE">EWL</a>)
Switzerland's primary exports are watches and chocolates, along with chemicals and machinery. For those want to some tasty chocolate exposure this year, the iPath DJ-UBS Cocoa TR Sub-Index ETN (NYSE: <a class="ticker" href="/stock/nib#NYSE">NIB</a>) has outpaced EWL), but the reality is Switzerland is viewed more as a play on gold even though the country doesn't mine the yellow metal, at least not on any meaningful scale. In this case, IAU would be a better way of playing gold rather than trying to backdoor your way into gold with EWL, an ETF that is arguably too heavy on bank stocks.

iShares MSCI New Zealand Investable Market Index Fund

ENZL

iPath DJ-UBScoa Subindex Total Return ETN

NORW

Developed Markets: A Commodities Vs. Country Fund Comparison (EWA, EWL, BNO)

Did you know that ice hockey is not the only national sport of Canada? Hockey, the sport for which are our northern neighbors are most known, is the national winter sport of Canada while lacrosse is the country's national summer sport.

Fun fact #2: The iShares MSCI Canada ETF (NYSE: <a class="ticker" href="/stock/ewc#NYSE">EWC</a>), the largest Canada-specific ETF by a wide margin, is not the best-performing ETF tracking this steady, materials-rich developed market. Similar to the situation <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/02/2319813/brazils-stealthy-etf-studs">we highlighted regarding Brazil</a>, EWC's nearly $4.8 billion in AUM might lead some investors to believe size equals success.

Yes and no. Yes, EWC is up year-to-date, but no, that doesn't mean its the best of Canada ETF lot. In fact, comparing EWC's returns to five other Canada ETFs lands the iShares offering right in fourth place. That's not even a bronze medal. 

Before rushing north of the border, consider the options beyond EWC.

IndexIQ Canada Small Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>)
When an ETF is as heavily weighted to materials and energy stocks as CNDA is (those sectors represent 73% of the ETF's weight) it's going to endure some tough times in years like 2011. Translation: CNDA is a risk on ETF and that has helped the ETF jump almost 12% this year, which is far superior to what EWC has offered. 

Energy and materials are two of the most important sectors to Canada's economy, but they account for less than half of EWC's weight meaning CNDA might be the more accurate representation of the Canadian economy.

Global X S&amp;P/TSX Venture 30 Canada ETF (NYSE: TSXV)
Talk about materials and energy, the unheralded Global X S&amp;P/TSX Venture 30 Canada ETF allocates almost 80% of its weight to those sectors. Not even a year old, TSXV isn't winning any popularity contests among Canada ETFs, but the fund is up almost 27% year-to-date. That's way better than EWC and CNDA.

Guggenheim Canadian Energy Income Fund (NYSE: <a class="ticker" href="/stock/eny#NYSE">ENY</a>)
The Guggenheim Canadian Energy Income Fund has slightly trailed EWC year-to-date, but ENY does feature a yield of 2.71% compared to 1.98% for its larger rival. If ENY can notch some closes above $18, which is in the area of its 200-day moving average, that might be the recipe to stoke some fresh buying.

Global X Gold Explorers ETF (NYSE: <a class="ticker" href="/stock/gldx#NYSE">GLDX</a>)
Here's a tip: There's much more the world of gold mining ETFs than just the Market Vectors Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdx#NYSE">GDX</a>). And here's a disclaimer: The Global X Gold Explorers ETF is not a Canada-specific ETF. With over 85% exposure to Canada, it might as well be though. A resurgence in gold mining shares has helped GLDX to a year-to-date gain of better than 14% and that has come without the help of standard gold mining fare such as Barrick (NYSE: <a class="ticker" href="/stock/abx#NYSE">ABX</a>) and Goldcorp (NYSE: <a class="ticker" href="/stock/gg#NYSE">GG</a>). GLDX's 27 holdings are far more obscure, but thus far in 2012 that hasn't mattered. 

Global X Canada Preferred ETF (NYSE: <a class="ticker" href="/stock/cnpf#NYSE">CNPF</a>)
The first ETF devoted to Canadian preferred issues has done alright for itself since its May 2011 debut. Yield-hungry investors have poured over $12.6 million in cash into the ETF and CNPF is up year-to-date though has lagged EWC. Looking at the chart, CNPF might be a buy above $15.25.

CNPF

GLDX

Canada ETFs: Beyond EWC

Coming on the heels of the debut of the iShares MSCI Norway Capped Investable Market Index Fund (BATS: ENOR), the first ETF to be listed on the BATS Exchange operated by BATS Global Markets, iShares will introduce seven more <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/01/2288954/ishares-aussie-small-cap-etf-to-debut-on-thursday">BATS-listed ETFs today</a>.

The funds, which include some <a href="http://www.benzinga.com/news/12/01/2289012/first-finland-etf-rolls-out-on-thursday">first to market offerings</a> will add to iShares' already vaunted lineup of country-specific ETFs.

The new ETFs debuting today include the Shares MSCI Australia Small Cap Index Fund (BATS: EWAS), iShares MSCI Canada Small Cap Index Fund (BATS: EWCS) iShares MSCI Finland Capped Investable Market Index Fund (BATS: EFNL) iShares MSCI Germany Small Cap Index Fund (BATS: EWGS), iShares MSCI Denmark Capped Investable Market Index Fund (BATS:EDEN) and the iShares MSCI United Kingdom Small Cap Index Fund (BATS: EWUS).

The Australia and Canada offerings will become competitors to the IndexIQ Australia Small-Cap eTF (NYSE: <a class="ticker" href="/stock/kroo#NYSE">KROO</a>) and the IndexIQ Canada Small-Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>) while the iShares MSCI Germany Small Cap Index Fund will be a rival to the Market Vectors Germany Small Cap ETF (NYSE: <a class="ticker" href="/stock/gerj#NYSE">GERJ</a>). 

iShares also plans to introduce the iShares MSCI India Index Fund (BATS: INDA) iShares MSCI India Small Cap Index Fund (BATS: SMIN) at a later date. The small-cap offering faces competition in the form of the EGShares India Small Cap ETF (NYSE: <a class="ticker" href="/stock/scin#NYSE">SCIN</a>) and the Market Vectors India Small Cap ETF (NYSE: <a class="ticker" href="/stock/scif#NYSE">SCIF</a>).

GERJ

SCIF

Emerging Global Shares INDXX India Small Cap Fund

SCIN

Busy Day Of New ETF Debuts Ahead For iShares

News that China's Sinopec (NYSE: <a class="ticker" href="/stock/snp#NYSE">SNP</a>) is paying $2.2 billion for some Devon Energy (NYSE: <a class="ticker" href="/stock/dvn#NYSE">DVN</a>) shale assets <a href="http://www.benzinga.com/news/12/01/2236071/devon-energy-announces-2-2-billion-transaction-on-five-new-venture-plays">can hardly be considered a surprise</a>.

Nor is news that Total (NYSE: <a class="ticker" href="/stock/tot#NYSE">TOT</a>), Europe's third-largest oil company, is paying $2.32 billion to acquire 619,000 net acres Utica Shale acres from Chesapeake Energy (NYSE: <a class="ticker" href="/stock/chk#NYSE">CHK</a>) a stunning revelation. And no one should be surprised that PetroChina (NYSE: <a class="ticker" href="/stock/ptr#NYSE">PTR</a>) gained complete control of a <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/01/2236576/petrochina-acquires-remainder-of-oil-sands-project">Canadian oil sands project</a>.

The past two years have brought plenty of sales of U.S. shale assets to both domestic and foreign suitors and it appears 2012 will bring more of the same.

With that, here is the definitive list of ETF plays on shale M&amp;A. And yes, we're talking buyers AND sellers. In no particular order...

Global X China Energy ETF (NYSE: <a class="ticker" href="/stock/chie#NYSE">CHIE</a>)
Definitely one to play shale buyers with, the Global X China Energy ETF doesn't seem to get the respect it deserves. PetroChina, Sinopec and Cnooc (NYSE: <a class="ticker" href="/stock/ceo#NYSE">CEO</a>) account for over 41% of CHIE's weight and that's good because the heavy weight to oil can buffer the ETF against its solar exposure. PetroChina and Sinopec aren't anywhere close to being done with oil sands and shale acquisitions.

Guggenheim Canadian Energy Income ETF (NYSE: <a class="ticker" href="/stock/eny#NYSE">ENY</a>)
Home to a yield of almost 2.6% (hey that's better than most CDs), the Guggenheim Canadian Energy Income ETF is also home to 34 stocks. Of that lineup, several are legitimate takeover targets and several more could easily be sellers of oil sands assets.

iShares S&amp;P Global Energy ETF (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>)
IXC can go months on end without getting any press, so we're pleased to say we've highlighted the ETF twice in a <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/01/2235203/the-fight-for-shatsky-ridge-how-to-play-it-with-etfs">single day</a>. Royal Dutch Shell (NYSE: RDS-A) and Total figure prominently in this ETF and those are companies with potentially large appetites for shale assets. 

First Trust ISE-Revere Natural Gas Index Fund (NYSE: <a class="ticker" href="/stock/fcg#NYSE">FCG</a>)
Whether it's through asset sales or rumored takeovers that may come true in 2012, the First Trust ISE-Revere Natural Gas Index Fund must be part of any shale ETF conversation. FCG gets a bum wrap because "natural gas" is in its name, but this isn't a futures play. In fact, many of the stocks FCG tracks are boosting oil production. Arguably, a couple of those names may not be independent companies by the time 2012 draws to a close.

iShares Dow Jones US Oil &amp; Gas Exploration &amp; Production Index Fund (NYSE: <a class="ticker" href="/stock/ieo#NYSE">IEO</a>)
More a play on buyers and sellers of U.S. shale assets, IEO does have a few credible takeover targets further down its roster. Or investors can opt for the SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE: <a class="ticker" href="/stock/xop#NYSE">XOP</a>), which outperformed IEO last year.

IndexIQ Canada Small Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>)
The IndexIQ Canada Small Cap ETF is a play, though somewhat unrecognized at this point, on rising oil prices and increasing oil sands production. CNDA lost almost 25% last year, but as long as support at $24 holds, it might be worth a small position.

Investors should also note Van Eck's Market Vectors ETF unit filed plans last year for an unconventional oil &amp; gas ETF. That ETF may debut this year and would certainly be worth a look for those hunting for shale exposure.

Rumors

Options

Asset Sales

CHIE

First Trust ISE-Revere Natural Gas Index Fund

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

iShares Trust S&P Global Energy Sector Index Fund

The Definitive ETF Shale List For 2012

Here is the ETF Professor's Watch List for Friday November 4, 2011.

The Market Vectors Coal ETF (NYSE: <a class="ticker" href="/stock/kol#NYSE">KOL</a>) looked good on Thursday.

Position for a long-term rebound with the Market Vectors Rare Earths/Strategic Metals ETF (NYSE: <a class="ticker" href="/stock/remx#NYSE">REMX</a>) and the IndexIQ Canada Small-Cap ETF (NYSE: <a class="ticker" href="/stock/cnda#NYSE">CNDA</a>).

Prepare for another big day for the Dow with the Industrial Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xli#NYSE">XLI</a>).

Emerging markets plays of the: ProShares UltraShort Brazil (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>), Vanguard MSCI Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>) and the Global X China Consumer ETF (NYSE: <a class="ticker" href="/stock/chiq#NYSE">CHIQ</a>).

Forex play of the day: PowerShares DB Dollar Bearish (NYSE: <a class="ticker" href="/stock/udn#NYSE">UDN</a>).

Bond play of the day: Vanguard Total Bond Market ETF (NYSE: <a class="ticker" href="/stock/bnd#NYSE">BND</a>).

CHIQ

Market Vectors Rare Earth/Strategic Metals Etf

REMX

ETFs to Watch November 4, 2011

Concord Corp II (CNDA) has provided an update. Concord Acquisition Corp II and Events.com have announced a merger agreement where Events.com will b...

Concord Corp II Announces Merger and Recapitalization with Events.com

Events.com to go public through merger with blank check firm Concord

Buyout Shops Would Cash In Redesigned Blank Checks

Concord Corp II (CNDA) just unveiled an update. Concord Acquisition Corp II is facing delisting from the NYSE American due to not completing a busi...

Comments

Concord Acquisition

Concord Acquisition (CNDA) Options

No option chain data available. Please try again later

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga