SPDR S&P Emerging Asia Pacific ETF (ARCA: GMF)

SPDR S&P Emerging Asia Pacific ETF (ARCA:GMF), Top Holdings

SPDR S&P Emerging Asia Pacific ETF

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The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in depositary receipts (including ADRs or GDRs) based on securities comprising the index. The index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging Asian Pacific markets. The fund is non-diversified.

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PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio

Under The Hood: Take The Asia, Leave The Japan

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The Definitive ASEAN ETF Guide

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Five Asia-Pacific ETFs Your Broker Forgot to Mention (GMF, EPHE, INCO)

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The experts say Japanese stocks are cheap and have been saying that for a while. In late 2011, famed investors Warren Buffett and Jim Rogers said Japanese equities were cheap. In 2012, there has been no shortage of market observers offering up the same sentiment. 

Thing is, just because a market looks cheap does not mean it will deliver noteworthy returns. That has been the case with Japan and <a href="http://www.benzinga.com/news/earnings/12/10/2983633/are-these-etfs-too-cheap-to-ignore">its nemesis, China</a>. Over the past five years, three years, year and year-to-date, the iShares MSCI Japan Index Fund (NYSE: <a class="ticker" href="/stock/ewj#NYSE">EWJ</a>) has offered negative annualized returns.

Japan's struggles have not diminished the allure of investing in the Asia-Pacific region. Those looking to play the Asia-sans-Japan theme might want to have a look at the unheralded WisdomTree Asia Pacific ex-Japan Fund (NYSE: <a class="ticker" href="/stock/axjl#NYSE">AXJL</a>).

The WisdomTree Asia Pacific ex-Japan Fund has been around since June 2006 and in that time, the ETF has amassed almost $91 million in assets. AXJL embodies two of the ETF themes WisdomTree has been a pioneer of: Dividends <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2690996/more-ex-etfs-your-broker-forgot-to-mention-axsl-doo">and the exclusion of a sector or country</a>.

It is the yield that helps distinguish AXJL. The fund currently has a 30-day SEC yield of 3.47 percent and a distribution yield of 5.43 percent. Comparable funds cannot even come close that. The SPDR S&amp;P Emerging Asia Pacific ETF (NYSE: <a class="ticker" href="/stock/gmf#NYSE">GMF</a>) yields just 2.33 percent. The The PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio (NYSE: <a class="ticker" href="/stock/paf#NYSE">PAF</a>) has a 30-day SEC yield of just 2.64 percent. 

AXJL illustrates two points some investors are already intimately familiar with: Dodging Japan while embracing dividends has proven efficacious in recent years. The fund boasts <a href="http://www.wisdomtree.com/etfs/fund-details.aspx?etfid=16">an average annualized return of almost 8.6 percent since inception</a> and is in the green over the past year, year-to-date and over the past three years and five years.
 
Despite the exclusion of Japan, AXJL is not overly risky at the country level. In fact, the ETF is heavily allocated to developed markets as Australia, Hong Kong and Singapore account for half of the fund's weight. Additionally, Taiwan and South Korea combine for over 20 percent of the fund's weight and a case can be made that <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/10/2960202/vanguard-dropping-vwos-msci-index">neither should be considered an emerging market any longer</a>.

Exotic fare does not account for much of AXJL's lineup. Combine Malaysia, Thailand, Indonesia, India and the Philippines and the result is less than 19 percent of the fund's weight. Indian exposure in AXJL does not come by way of individual stocks, but through the iPATH MSCI India Index ETN (NYSE: <a class="ticker" href="/stock/inp#NYSE">INP</a>).

Financials and telecommunications dominate at the sector level, combing for almost 47 percent of the fund's weight. Regarding valuation, AXJL's index trades at about 13 times earnings and 1.7 times book value, two numbers that compare favorably with the older, larger iShares MSCI Pacific ex-Japan Index Fund (NYSE: <a class="ticker" href="/stock/epp#NYSE">EPP</a>).

Given the recent market doldrums and the notion that U.S. stocks are the best bet when it comes to developed market equities, AXJL requires some patience. The fund appears technically vulnerable and a drop below $63.75 could portend another $2 or more of downside. That said, the ETF's combination of strong yield, ex-Japan developed markets exposure and a decent expense ratio make the fund a good idea for long-term, income investors. They can just wait for better pricing.

For more on "ex" ETFs, click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2690996/more-ex-etfs-your-broker-forgot-to-mention-axsl-doo">here</a>.

The Association of Southeast Asian Nations, or ASEAN, is more than just another catchy investment acronym. ASEAN encompasses an alluring mix of 10 nations including one developed market (Singapore), several familiar emerging economies, a frontier market and some markets that are downright hard for U.S. investors to access.

The 10 ASEAN member states are as follows: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Some ASEAN constituents have already found their way into other well-known acronyms. For example, Indonesia and Vietnam are members of CIVETS while the Philippines and Thailand <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/04/2515534/cappt-beats-goldmans-mist-thd-eww-idx">have found a home in the underrated CAPPT acronym</a>.

At is core, the ASEAN region is the epitome of a profit/peril conundrum. Even amid a slowing global economy, the ASEAN member states offer some of the best GDP growth rates in the world. The downside is several of these countries are next to impossible for U.S. investors to gain direct exposure to or are home to red flags such as corruption and under-developed banking and legal systems. 

The rewards are there to be had with ASEAN, but use this guide to invest in the region the right way.

Global X FTSE ASEAN 40 ETF (NYSE: <a class="ticker" href="/stock/asea#NYSE">ASEA</a>)
Now 26-months-old, the Global X FTSE ASEAN 40 ETF remains an under-appreciated ETF. Not only is it one of the few noteworthy multi-country ETFs tracking Asian nations that does not feature exposure to China, Taiwan or South Korea, the fund is the only ETF devoted exclusively to ASEAN member states. 

That said, ASEA is a play on just five ASEAN countries – Singapore, Malaysia, Indonesia, Thailand and the Philippines, but the fund's weight to the Philippines is less than one percent. ASEA tempers its emerging markets flare with a 37.2 percent weight to Singapore, a developed market. One critique: It would be nice to see ASEA raise its allocations to Thailand and the Philippines, which combine for just over 12 percent of the fund's total weight.

iShares MSCI Singapore Index Fund (NYSE: <a class="ticker" href="/stock/ews#NYSE">EWS</a>)
As one of the few developed markets in a region littered with emerging economies, Singapore is often viewed as the beacon of stability in the ASEAN lineup. EWS features an allocation of 47 percent to financials, which might scare off some investors in this market environment. However, Singapore is one of the financial centers of the world.

The city-state not only receives more financial foreign investment than any other major financial center in the world, it receives more than New York, London, Frankfurt and Switzerland....combined, <a href="http://money.cnn.com/2012/05/24/investing/singapore_alphavn_pham/index.htm?source=yahoo_quote">according to AlphaVN.com</a>.

That is a telling anecdote and one that underscores the notion that Singapore is a viable developed market alternative to the U.S. and Europe. Also consider the Shares MSCI Singapore Small Cap Index Fund (NYSE: <a class="ticker" href="/stock/ewss#NYSE">EWSS</a>), which debuted in January.

Market Vectors Indonesia ETF (NYSE: <a class="ticker" href="/stock/idx#NYSE">IDX</a>)

For all of 2012, Indonesia has been an emerging markets laggard and that much is highlighted by the fact that IDX, the largest of three Indonesia ETFs, is down nearly 3.7 percent year-to-date while the Vanguard MSCI Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>) is higher by 4.6 percent.

That glum performance aside, IDX has been one of the best performing ETFs since the March 2009 market bottom and it pays to remember that Indonesia is Southeast Asia's largest economy. Indonesia's economy grew at 6.3 percent in the first quarter. While that may be the country's most sluggish pace in six quarters, foreign direct investment surged 30 percent, <a href="http://www.reuters.com/article/2012/06/01/seasia-economy-idUSL4E8H10BS20120601">Reuters reported</a>.

Investors have a tendency to forget that Indonesia is a young democracy and that it is still moving toward enhanced transparency and increased adaptation of free market ideals. The long-term outlook is strong. Also consider the iShares MSCI Indonesia Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/eido#NYSE">EIDO</a>) and the newly minted Market Vectors Indonesia Small-Cap ETF (NYSE: <a class="ticker" href="/stock/idxj#NYSE">IDXJ</a>).

iShares MSCI Malaysia Index Fund (NYSE: <a class="ticker" href="/stock/ewm#NYSE">EWM</a>)
The iShares MSCI Malaysia Index Fund has not been as exciting as some other ETFs tracking ASEAN nations, but it has also outperformed IDX as well as the major ETFs tracking non-ASEAN nations such as China, South Korea and Taiwan.

Driven by strong domestic demand, <a href="http://www.mysinchew.com/node/74814">Malaysia expects solid GDP growth in the second half of this year</a> and it is worth noting country is a marginal oil exporter. It is also worth noting that <a href="http://www.reuters.com/article/2012/07/03/us-malaysia-ihh-ipo-idUSBRE86205220120703">Malaysia has been the top IPO destination in Asia this year</a>. 

That trend probably will not last year, but it does highlight the strength in Malaysian equities relative to larger Asian markets this year.

iShares MSCI Philippines Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ephe#NYSE">EPHE</a>)
The iShares MSCI Philippines Investable Market Index Fund was <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/07/2713872/etfs-winners-that-could-keep-their-momentum-ephe-fbt-xhb">one of the top-performing non-leveraged ETFs in the first half of the year</a>. That is not surprising for those investors that have been savvy enough to get acquainted with the Philippines over the past year.

EPHE trades at a premium to the broader emerging markets universe, but the fund is worthy of a valuation that some may consider lofty. There are real catalysts that make EPHE and the Philippines worth embracing. A current debt-to-GDP ratio of around 50%. Controlled inflation relative to many other emerging markets. Of course, there is the World Bank GDP growth forecast of 4.2% this year and 5% in 2013.

Investors also cannot ignore the fact that <a href="http://www.benzinga.com/markets/bonds/12/04/2533395/under-the-hood-fun-with-the-philippines">that Philippines improving economic and political situations</a> put the country in prime position for an upgrade to its sovereign credit ratings.

The Philippines also provides an indirect way for investors to gain exposure, albeit small for the moment, to Cambodia. For long-term investors, the good news/bad news scenario is that the Philippines is still heavily impoverished with one of the lowest per capita GDP ratios in the world. That is bad news on the surface, but the statistic also implies that with the benefit of a sound fiscal situation, the Philippine government can invest in avenues to reduce poverty.

iShares MSCI Thailand Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/thd#NYSE">THD</a>)
THD has been one of the best-performing ETFs since the March 2009 market bottom and despite some political issues of its own in 2010, Thailand is now one of the more politically stable countries in Southeast Asia. The country shares borders with Cambodia and Myanmar, meaning investors can grab some access (again, small and indirect) to those markets.

Broadly speaking, there is a lot to like with Thailand, Southeast Asia's second-largest economy behind Indonesia. GDP growth <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/03/2447610/new-emerging-markets-acronym-cappt-thd-ephe-epu">is expected to be in the neighborhood of 5.2 percent to 6.2 percent this year</a> and inflation is tolerable.

However, there is a bear case regarding Thailand. A senior economist at the Thailand Development Research Institute said on Monday the populist policies of the Pheu Thai Party could set Thailand on a <a href="http://www.bangkokpost.com/breakingnews/300679/tdri-warns-of-greece-like-crisis">to a Greece-like collapse in "no less than 10 years</a>. 

That is a bold proclamation and one that may be colored by the economist possibly supporting ousted premier Thaksin Shinawatra's Thai Rak Thai party. For now, Thailand looks nothing like Greece, but despite a solid economic track record as of late and immense potential going forward, Thailand does need to address rising unemployment among its young people.

Market Vectors Vietnam ETF (NYSE: <a class="ticker" href="/stock/vnm#NYSE">VNM</a>)
The Market Vectors Vietnam ETF was one of the best-performing non-leveraged ETFs during the first quarter, but the fund gave back some of the gains with a 5.8 percent second-quarter decline. That performance speaks to the fact Vietnam is a frontier market, implying risk here is higher than with a traditional emerging market. 

VNM's recent woes also underscore slowing economic growth at the hand's slack bank lending, the byproduct of woefully high inflation seen in recent years. Still, Vietnam's economy grew 4.7 percent in the second quarter and inflation has been tamed to the point where the central bank has lowered the refinancing and discount rates in an effort to spur bolster domestic growth.

The bull case for VNM and exists in the form of <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/05/2624367/for-the-patient-vietnam-etf-looking-good">compelling valuations for Vietnamese equities</a> and the expectation that those stocks will surge through 2013. 

Vietnam is a small equity market with a total market capitalization of around $40 billion. Vietnamese banks are <a href="http://www.benzinga.com/markets/bonds/12/05/2561169/4-reasons-vietnam-etf-has-more-gas-in-its-tank">flush with excess cash and foreign direct investment has ample room to grow</a>, indicating VNM's best days may be forthcoming.

Investors should note there are other multi-country ETFs on the market that offer exposure to some ASEAN nations. Those funds include the EGShares Low Volatility Emerging Markets Dividend ETF (NYSE: <a class="ticker" href="/stock/hilo#NYSE">HILO</a>), the WisdomTree Emerging Markets SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/dgs#NYSE">DGS</a>), the WisdomTree Emerging Markets Equity Income Fund (NYSE: <a class="ticker" href="/stock/dem#NYSE">DEM</a>), the EGShares Industrials GEMS ETF (NYSE: <a class="ticker" href="/stock/igem#NYSE">IGEM</a>), the SPDR S&amp;P Small Cap Emerging Asia Pacific ETF (NYSE: <a class="ticker" href="/stock/gmfs#NYSE">GMFS</a>), the SPDR S&amp;P Emerging Asia Pacific ETF (NYSE: <a class="ticker" href="/stock/gmf#NYSE">GMF</a>), the iShares Emerging Markets Dividend Index Fund (NYSE: <a class="ticker" href="/stock/dvye#NYSE">DVYE</a>) and the iShares MSCI Emerging Markets Minimum Volatility Index Fund (NYSE: <a class="ticker" href="/stock/eemv#NYSE">EEMV</a>), among others.

By number of countries, the Asia-Pacific region is simply massive with about 50 nations territories fitting the bill as "Asia-Pacific." That number includes highly developed economies such as Japan, conservative emerging markets such as South Korea and major emerging powers such as China and India. 

In other words, there are plenty of Asia-Pacific ETFs to go around and as of Monday all of the Asia-Pacific ETFs that popped up on the <a href="http://etfdb.com/screener/">ETFdb screener</a> were showing positive year-to-date returns. 

Even with the solid returns and the rapidly growing economies they track, some Asia-Pacific ETFs remain under the radar plays. Here are a few your broker may have neglected to mention.

SPDR S&amp;P Small Cap Emerging Asia Pacific ETF (NYSE: <a class="ticker" href="/stock/gmfs#NYSE">GMFS</a>)
The SPDR S&amp;P Small Cap Emerging Asia Pacific ETF is a new ETF, so that might be the reason investors haven't heard much about it. GMFS made its debut in January. While thinly traded (just 900 shares per day average), the fund has managed to gain almost 12% since its debut.

Tracking the S&amp;P Asia Pacific Emerging Under USD 2 Billion Index, GMFS holds almost 500 stocks, none of which receive a weight of more than 0.73%. If there is one complaint about GMFS it is that Taiwan and China account for roughly two-thirds of the fund's country weight. Arguably, there are enough liquid Asia-Pacific small-caps for the likes of Indonesia, Singapore and Thailand to figure more prominently in this ETF.

SPDR S&amp;P Emerging Asia Pacific ETF (NYSE: <a class="ticker" href="/stock/gmf#NYSE">GMF</a>)
The SPDR S&amp;P Emerging Asia Pacific ETF is the large-cap equivalent of the aforementioned GMFS. While this ETF doesn't garner heaps of press, it has been around five years and it might surprise some folks to learn GMF has over $491 million in assets under management. The ETF is up over 10% year-to-date, but its country composition is plagued by the same issue as its small-cap counterpart: China and Taiwan account for about two-thirds of the fund's weight. 

iShares MSCI Philippines Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ephe#NYSE">EPHE</a>)
EPHE does garners a fair <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/03/2447610/new-emerging-markets-acronym-cappt-thd-ephe-epu">amount of praise</a> so calling this fund ignored isn't entirely accurate. The ETF traded around $25 in early January when we said <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/01/2257297/the-best-non-china-asia-etfs-for-2012">it would be one of the best non-China</a> Asia ETFs to trade this year.

There is still upside with this fund as the Philippines has a growing GDP, tame inflation and a stable government that might act to increase domestic spending in the name of improving a dour poverty situation. All could be catalysts for more upside in this ETF.

EGShares India Consumer ETF (NYSE: <a class="ticker" href="/stock/inco#NYSE">INCO</a>)
Year-to-date, India ETFs look great, but those statistics are a tad deceiving because there has been serious profit-taking in these funds over the past few weeks. INCO is no exception, having fallen 6% in the past month, but with the ETF now trading at just over $19, that might be the buying opportunity some traders were looking for to position themselves for a run to $21 by the lone ETF devoted to the Indian consumer.

Global X China Industrials ETF (NYSE: <a class="ticker" href="/stock/chii#NYSE">CHII</a>)
The Global X China Industrials ETF makes the list for a simple reason and believe us, it's not because of its recent performance. Predictably, CHII has been rocked by the recent spate of glum economic news from China. Said another way, this isn't one of the ETFs you want to cozy up to when China is forecasting slower GDP growth, announcing a surprise February trade deficit or reporting another bad PMI number. 

All that said, the Global X China Industrials ETF would be one of the prime beneficiaries if Chinese policymakers move to cut interest rates, perhaps fooling the world into thinking there is no hard landing after all.

When it comes to investing overseas, there's no shortage of cute phrases and acronyms to be applied to various groups of countries. In Europe we have the PIIGS. Of course, BRIC has become perhaps the most ubiquitous emerging markets acronym of all, though CIVETS is no slouch either. 

There's another one that highlights a well-known investment thesis: Chindia. Of course that means China and India, the world's two fastest-growing major economies.

China and India share plenty of anecdotes in common. They are the two largest countries in the world by population. One is the largest communist country in the world, the other is world's largest democracy. By area, they are the third- and seventh-largest countries in the world, respectively. China is expected to become the world's largest economy at some point, but some economists believe India will take that crown two decades later.

The ETF industry has tapped into the Chinese and Indian growth stories in a major way as there are nearly 230 ETFs listed in the U.S. that offer exposure to China and almost 110 that feature India. Some are even heavy on both countries, presenting indecisive investors looking for Chindia exposure with some compelling options. Here are some Chindia funds to look at right now.

First Trust ISE Chindia Index Fund (NYSE: <a class="ticker" href="/stock/fni#NYSE">FNI</a>)
The First Trust ISE Chindia Index Fund has been around almost five years, but it can still sport the honor of being THE Chindia ETF. That's right, FNI is devoted entirely to China and India. That was really bad news in 2011, but in 2012, FNI is up almost 23% year-to-date. Technology stocks account for over 35% of FNI's weight and that means some names that are familiar to U.S. investors such as Baidu (NYSE: <a class="ticker" href="/stock/bidu#NYSE">BIDU</a>) and Infosys (Nasdaq: <a class="ticker" href="/stock/infy#Nasdaq">INFY</a>).

For those that have missed FNI's recent rally, take a look at the ETF again if it crosses $23 on strong volume. FNI has almost $100 million in AUM and is home to 50 stocks.

EGShares Financials GEMS ETF (NYSE: <a class="ticker" href="/stock/fgem#NYSE">FGEM</a>)
After FNI, the Chindia quest becomes about finding ETFs that over heavy combined exposure to both countries and FGEM fits that bill as China and India represent over 48% of the ETF's weight. Brazil also figures prominently in FGEM's country weight with an 18.1% allocation, so it can be said this is a BIC ETF, too. Emerging markets and banks together <a href="http://seekingalpha.com/article/313532-etf-showdown-2-wrongs-don-t-make-a-right?source=yahoo">were downright ugly last year</a> but as the market starts rewarding risk again, FGEM could add to its already stellar 2012 performance.

SPDR S&amp;P Emerging Asia Pacific ETF (NYSE: <a class="ticker" href="/stock/gmf#NYSE">GMF</a>)
There's a slew of Asia Pacific ETFs on the market. Plenty of them have some specialized niche such as ex-Japan or emerging markets. For some reason, and we don't know exactly what it is, many of these ETFs lack significant India exposure. Under-the-radar play GMF does not. Combine China and India and those countries represent almost 54% of GMF's weight.

Throw in Taiwan and there's over 81% of GMF's country exposure. For an ETF with GMF's recent track record and considering it has over $492 million in AUM, GMF doesn't grab a lot of attention, but it's a valid Chindia play.

EGShares Industrials GEMS ETF (NYSE: <a class="ticker" href="/stock/igem#NYSE">IGEM</a>)
Let the horn tooting begin. We highlighted <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/01/2256621/4-global-industrial-etfs-to-consider-now">IGEM in early January</a>. Since then the ETF has gained about 20%. As we said, IGEM will not any popularity or volume contests anytime soon, but it's recent returns are hard to argue with. Chindia exposure: 46.5%.

BIDU

FGEM

INFY

Four ETFs For The Chindia Boom

In the wake of a difficult 2011 for investors that embraced emerging markets, Ned Davis extolled a bullish view of select ETFs tracking select emerging markets for 2012. According to Barron's, Ned Davis views the five most promising countries in Eastern Europe as Poland, Russia, Turkey, Slovakia and Ukraine.

That has the firm endorsing the SPDR S&amp;P Emerging Europe ETF (NYSE: <a class="ticker" href="/stock/gur#NYSE">GUR</a>), which allocates almost two-thirds of its weight to Russia. The research firm says that technical signals would be much more favorable for this ETF over $40 a share, according to Barron's. 

Ned Davis also said more risk-tolerant investors can take a look at the iShares MSCI Turkey Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/tur#NYSE">TUR</a>), the Market Vectors Russia ETF (NYSE: <a class="ticker" href="/stock/rsx#NYSE">RSX</a>) and the iShares Poland Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/epol#NYSE">EPOL</a>). Two of those <a href="">ETFs were highlighted Monday by Benzinga</a>. 

With an eye toward Asia, Ned Davis likes the SPDR S&amp;P Emerging Asia Pacific ETF (NYSE: <a class="ticker" href="/stock/gmf#NYSE">GMF</a>), which allocates almost two-thirds of its weight China and Taiwan. The ETF is down more than 20% year-to-date and could be in technical trouble below $65. 

The top-rated country on the firm's list is Indonesia, Barron's reported. That country can be accessed through the Market Vectors Indonesia ETF (NYSE: <a class="ticker" href="/stock/idx#NYSE">IDX</a>), also highlighted by Benzinga yesterday, or the iShares MSCI Indonesia Invstable Market Index Fund (NYSE: <a class="ticker" href="/stock/eido#NYSE">EIDO</a>).

Analyst Color

After-Hours Center

Analyst Ratings

iShares MSCI Poland Investable Market Index Fund ETF

EPOL

Market Vectors Russia ETF Trust Shares of Beneficial Interest

iShares MSCI Turkey Investable Market Index Fund

Ned Davis Research Bullish On Select EM ETFs

Barron's

Back in the day when the concept of investing in emerging markets was, well, still emerging with most investors, the practical way of getting emerging markets exposure was through an ETF or mutual fund that was a play on multiple countries.

That may be one reason why 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>) are two of the largest ETFs by assets tracking ANY market theme, not just emerging markets.

Yes, VWO and EEM are the big kahunas on the multi-country exposure ETF block, but don't let that fool you into thinking they are the only options. Far from it. Here are five ETFs that are plays on multiple exposure that might just see their returns blossom in the second half of 2011.

1) Global X FTSE Andean 40 ETF (NYSE: <a class="ticker" href="/stock/and#NYSE">AND</a>):
As we've noted here before, there are several options when it comes to gaining multi-country exposure to Latin America. The problem is that usually means heavy weights to Brazil and Mexico. AND takes a different approach as Chile (50.7%), Colombia (29.5%) and Peru (19.7%) account for all of AND's weight. 

Political issues in Peru have presented some near-term headwinds, but if copper can catch a bid and foreign cash keeps flowing into Colombia, Chile and Colombia should do the heavy lifting to make Peru a moot point for AND.

2) PowerShares DWA Emerging Markets Technical Leaders Portfolio (NYSE: <a class="ticker" href="/stock/pie#NYSE">PIE</a>):
PIE doesn't grab a lot of press and for what reason we don't know, but have a look at the chart and you'll find an ETF that is in rally mode. The ETF currently holds 102 stocks spread across Malaysia (22.8%), South Korea (19%), Mexico (13.4%) and Indonesia (12.1%), just to name a few. PIE also does a good job of mixing in a little something from everything from large-cap value to small-cap growth and everything in between.

3) WisdomTree Emerging Markets Equity Income Fund (NYSE: <a class="ticker" href="/stock/dem#NYSE">DEM</a>):
The allure of DEM doesn't lie so much in country diversity (Brazil and Taiwan combine for 42% of the fund's country weight) as it does in sector diversity (four sectors get double-digit weights) and a juicy yield of 6%. With $1.75 billion in assets under management, DEM has soared 31% in the past year and a move above $62 puts the ETF in position to make a new 52-week high.

4) Market Vectors Latin America Small-Cap Index ETF (NYSE: <a class="ticker" href="/stock/latm#NYSE">LATM</a>):
LATM has set itself up to be an interesting short-term trade, having bounced off support at $29 to rally to the $31 area. Continued strength should carry the ETF over $33 and to a new 52-week high, though investors should note Brazil, Mexico and Chile combine for 70% of this ETF's weight and Canada, oddly enough, gets a weight of 21%.

5) SPDR S&amp;P Emerging Asia Pacific ETF (NYSE: <a class="ticker" href="/stock/gmf#NYSE">GMF</a>):
For those that believe Chinese equities are truly undervalued and that the country's monetary tightening cycle is nearing an end, GMF is an intriguing ETF because it is not an “all in” bet on the world's fastest-growing major economy. Rather, China accounts for 36.1% of GMF's weight and Taiwan chimes in at 28.6%. India gets a solid 17.5% and there is some exposure to Indonesia and Thailand, among others. 

GMF can be purchased around $86 with a stop at $83 and a target above $90.

Small Cap Analysis

Market Vectors Latin America Small Cap Index

LATM

PowerShares DWA Emerging Markets Technical Leaders

Five Multi-Country EM ETFs To Consider

Unless you've been living in a cave, you know that the iShares MSCI Thailand Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/thd#NYSE">THD</a>) and the Market Vectors Indonesia ETF (NYSE: <a class="ticker" href="/stock/idx#NYSE">IDX</a>) have sizzled in 2010. And with good reason. After all, those two markets are the only Asian markets officially in bull market territory.
But what is an investor to do that may want exposure to both markets or several other emerging markets along with Indonesia and Thailand in a single ETF? 
Given how well Indonesia and Thailand have performed and how many emerging markets ETFs there are out there that represent plays on multiple markets, there aren't a ton of options capturing Indonesia and Thailand in a single fund, but there are few.
Here's a quartet of ETFs that offer exposure to both Indonesia and Thailand.
1) SPDR S&amp;P Emerging Asia Pacific ETF (NYSE: <a class="ticker" href="/stock/gmf#NYSE">GMF</a>): 
Don't get too excited if you're hunting for Indonesia or Thailand exposure here because GMF allocates more than 35% of its weight to China. Indonesia checks in at 4.45% and Thailand gets almost 3.6% of GMF's weight.
2) SPDR S&amp;P Emerging Markets Small Cap ETF (NYSE: <a class="ticker" href="/stock/ewx#NYSE">EWX</a>): 
Same goes for EWX. EWX is a great fund, but its weights to Indonesia and Thailand disappoint at 3.05% and 2.75%, respectively. Taiwan represents almost a third of EWX's weight.
3) PowerShares DWA Emerging Markets Technical Leaders ETF (NYSE: <a class="ticker" href="/stock/pie#NYSE">PIE</a>): 
Alright, now we're getting somewhere. Indonesia and Thailand combine for almost 21% of PIE's weight. PIE is a solid performer in its own right, though it hasn't grabbed many headlines this year.
4) WisdomTree Emerging Markets SmallCap Dividend ETF (NYSE: <a class="ticker" href="/stock/dgs#NYSE">DGS</a>): 
While short on Indonesia exposure (just about 2.6%), DGS does allocate almost 10.5% of its weight to Thailand, making it an interesting option for the investor that is long IDX, but doesn't have any Thai exposure in his portfolio.

Four "Other" ETFs With Indonesia And Thailand Exposure

Here is the ETF Professor's ETF Watch List for Monday September 27, 2010.
If you're a believe in small-caps, go with the Direxion Daily Small Cap Bull 3X Shares (NYSE: <a class="ticker" href="/stock/tna#NYSE">TNA</a>), which was up almost 10% on Friday.
On more Potash (NYSE: <a class="ticker" href="/stock/pot#NYSE">POT</a>) M&amp;A rumors, keep an eye on the Market Vectors Agribusiness ETF (NYSE: <a class="ticker" href="/stock/moo#NYSE">MOO</a>).
With oil hovering near $77 a barrel, trade the U.S. Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) and the Oil Services HOLDRs (AMEX: <a class="ticker" href="/stock/oih#AMEX">OIH</a>).
Another sector play that is starting to look enticing is the Consumer Discretionary Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xly#NYSE">XLY</a>).
Emerging markets plays for the day: Market Vectors Vietnam ETF (NYSE: <a class="ticker" href="/stock/vnm#NYSE">VNM</a>), ProShares Ultra FTSE/Xinhua China 25 (NYSE: <a class="ticker" href="/stock/xpp#NYSE">XPP</a>) and the SPDR S&amp;P Emerging Asia Pacific (NYSE: <a class="ticker" href="/stock/gmf#NYSE">GMF</a>).
Forex play of the day: CurrencyShares Australian Dollar Trust (NYSE: <a class="ticker" href="/stock/fxa#NYSE">FXA</a>).
Bond play of the day: Direxion Daily 30 Yr Treasury Bear 3X Shares (NYSE: <a class="ticker" href="/stock/tmv#NYSE">TMV</a>).

Broad U.S. Equity ETFs

Direxion Daily 20+ Year Treasury Bear 3X Shares

Select Sector SPDR-Consumer Discretionary

ETFs To Watch September 27, 2010 (OIH, FXA, VNM, TMV)

Despite the fact that it hit a new 52-week high earlier this week and that it offers investors exposure to sexy markets such as China, India, Malaysia and Thailand, the SPDR S&amp;P Emerging Asia Pacific ETF (NYSE: <a class="ticker" href="/stock/gmf#NYSE">GMF</a>) has certainly been flying under the radar.
That's somewhat odd when considering GMF holds well-known names like Baidu (Nasdaq: <a class="ticker" href="/stock/bidu#Nasdaq">BIDU</a>), China Mobile (NYSE: <a class="ticker" href="/stock/chl#NYSE">CHL</a>), Cnooc (NYSE: <a class="ticker" href="/stock/ceo#NYSE">CEO</a>), PetroChina (NYSE: <a class="ticker" href="/stock/ptr#NYSE">PTR</a>) and India's Reliance Industries among its top-10 holdings.
Overall, the fund holds over 200 stocks, but don't go thinking GMF is diverse at the sector level. Financials and information technology issues account for almost 47% of the ETF's weight.
GMF's under the radar status may not be long for the world as over 848,000 changed hands in the fund on Thursday compared with average daily volume of 123,000 shares.
On the other hand, GMF was down almost 1% on that increased volume and the ETF is close to testing support at $80.30. If suppport there doesn't hold, a drop to $77 could be in the offing. From there, things could really ugly with a drop to the 200-day moving average around $74.
GMF looks like a solid way to get some mixed emerging markets exposure, but it also looks like the ETF's run may long in the tooth and better prices could be had for the patient investor.

An Interesting China/Asia Pacific ETF You're Not Hearing About

A recent report issued by Merrill Lynch confirms one of the Asian region's more interesting themes: Rising incomes and the growth of the Asian consumer. The number of Asia-Pacific residents with investable assets of at least $1 million jumped nearly 26 percent through 2009. The zone now hosts almost 3 million millionaires, which is equal to Europe's total and very close to North Americas. The survey also found that 46 percent of Asian finance professionals enjoyed a wage increase through 2009, and 74 percent of those employees expect a bonus at the end of this year. 
This recent report helps strengthen the need for Asian equities exposure in a portfolio. 
Investors wanting to play the straight consumer theme can use the Global X China Consumer ETF (NASDAQ: CHIQ) or the Claymore/Robb Report Global Luxury (NYSE: <a class="ticker" href="/stock/rob#NYSE">ROB</a>). The CHIQ plays the strength of the Chinese consumer, while ROB owns high luxury firms that will benefit from increasing wealth. 
Broad-based funds such as the iShares MSCI All Country Asia ex Japan (NASDAQ: <a class="ticker" href="/stock/aaxj#NASDAQ">AAXJ</a>) or the SPDR S&amp;P Emerging Asia Pacific (NYSE: <a class="ticker" href="/stock/gmf#NYSE">GMF</a>) make great plays on the regions over-all growth. 
Disclosure Statement: The author has a long position in the AAXJ.

Economics

iShares MSCI Alluntry Asia ex Japan Index Fund

AAXJ

Claymore/Robb Report Global Luxury Index Etf

Asian-Pacific Wealth Expands

Old Mutual added three ETFs to its GlobalShares lineup yesterday (4/6/10). Similar to its <a href="http://investwithanedge.com/gsd-another-unneeded-etf-from-old-mutual" target="_blank">previous two fund launches</a>, these new funds are nearly identical to existing products from other sponsors. Joining an already crowded field are GlobalShares FTSE All-World Fund (GSW), GlobalShares FTSE All-World ex-US Fund (GSO), and GlobalShares FTSE All-Cap Asia Pacific ex-Japan Fund (GSZ).
Old Mutual’s ETF strategy is unclear. Launching funds that are essentially clones of ETFs from proven sponsors that enjoy lower expense ratios and better brand recognition sounds like a recipe for disaster. Old Mutual has tried a few tricks like <a href="http://investwithanedge.com/old-mutual-enters-etf-arena-with-zero-fee-teaser-rate" target="_blank">zero expense ratio teasers</a> and <a href="http://investwithanedge.com/gsr-undergoes-ill-advised-51-split" target="_blank">share splits</a> to attract attention, but those attempts have failed so far. I anticipate seeing all five of the GlobalShares funds on <a href="http://investwithanedge.com/category/etf-deathwatch" target="_blank">ETF Deathwatch</a> once their six-month grace periods expire.
GlobalShares FTSE All-World Fund (GSW) (<a href="http://www.globalsharesetf.com/Fund.aspx?FundHeaderId=1393" target="_blank">summary page</a>, <a href="http://www.globalsharesetf.com/media/9800/ftse-all-world-fund.pdf" target="_blank">fact sheet pdf</a>) is designed to track the performance of large and mid-cap companies located throughout the world. The underlying FTSE Index has about 2,500 stocks, representing 90-95% of the world’s investable equity market capitalization. Expenses are capped at 0.35% through January 2012.
GSW is an attempt to clone Vanguard Total World Stock ETF (VT) (<a href="https://personal.vanguard.com/us/funds/snapshot?FundId=3141&amp;FundIntExt=INT" target="_blank">overview</a>), which tracks the same FTSE index but has a lower 0.30% expense ratio. Another competitor, iShares MSCI ACWI (ACWI), is <a href="http://investwithanedge.com/the-26-commission-free-etfs-at-fidelity" target="_blank">part of the commission-free ETF lineup at Fidelity</a>. VT still gets our vote for <a href="http://investwithanedge.com/acwi-or-vt-which-the-best-world-etf" target="_blank">best all country ETF</a>.
GlobalShares FTSE All-World ex-US Fund (GSO) (<a href="http://www.globalsharesetf.com/Fund.aspx?FundHeaderId=1395" target="_blank">summary page</a>, <a href="http://www.globalsharesetf.com/media/9796/ftse-all-world-ex-us-fund.pdf" target="_blank">fact sheet pdf</a>) is designed to track the performance of large-cap and medium-cap companies located in developed and emerging market countries throughout the world, excluding the United States. The underlying FTSE Index has approximately 2,200 stocks, representing about 98% of the world’s investable market capitalization (excluding the United States). Expenses are capped at 0.35% through January 2012.
GSW is a clone of the Vanguard FTSE All-World ex-US ETF (VEU) (<a href="https://personal.vanguard.com/us/funds/snapshot?FundId=0991&amp;FundIntExt=INT" target="_blank">overview</a>), which tracks the same index but has a lower 0.25% expense ratio. In addition to VEU, five other ETFs compete in the all-world ex-US space: iShares MSCI ACWI ex-US (ACWX), SPDR MSCI ACWI ex-US (CWI), WisdomTree World ex-US Growth Fund (DNL), SPDR S&amp;P World ex-US (GWL), and Vanguard FTSE All-World ex-US Small-Cap (VSS) (<a href="http://investwithanedge.com/vanguard-launches-international-small-cap-etf-vss" target="_blank">launch article</a>).
GlobalShares FTSE All-Cap Asia Pacific ex-Japan Fund (GSZ) (<a href="http://www.globalsharesetf.com/Fund.aspx?FundHeaderId=1394" target="_blank">summary page</a>, <a href="http://www.globalsharesetf.com/media/9792/ftse-all-cap-asia-pacific-ex-japan-fund.pdf" target="_blank">fact sheet pdf</a>) is designed to capture the performance of large-cap and medium-cap companies located in the Asia Pacific region, excluding Japan. The underlying FTSE Index includes more than 1,700 stocks, representing approximately 98% of the investable market capitalization of the target area. The fund’s expenses are capped at 0.50% through January 2012.
There are currently six other Asia Pacific ex-Japan ETFs, although each has a slightly different target than GSZ. This makes GSZ the “most original” ETF ever launched by GlobalShares. iShares MSCI AC Asia ex-Japan (AAXJ) excludes the “Pacific” countries of Australia and New Zealand, WisdomTree Pacific ex-Japan Dividend (DND) has a dividend focus, WisdomTree Pacific ex-Japan Equity Income (DNH) includes only developed markets, iShares MSCI Pacific ex-Japan (EPP) includes only developed markets, SPDR Emerging Asia Pacific ETF (GMF) includes only emerging markets, and PowerShares FTSE RAFI Asia Pacific ex-Japan (PAF) employs fundamental indexing.
Find our coverage of all <a href="http://investwithanedge.com/category/etf-ipos-new-etfs" target="_blank">new ETF introductions here</a>.
Disclosure covering writer, editor, and publisher: Long VT and ACWI. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.
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