Global X MSCI Colombia ETF (ARCA:GXG), Top Holdings

Financial Services

Energy

Basic Materials

Industrials

Utilities

Communication Services

Consumer Cyclical

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

Bancolombia   Pref 

Grupo Argos SA

Grupo Energia Bo

Tecnoglass Inc

Global X MSCI Colombia ETF

Long Ideas

Emerging Markets

Emerging Market ETFs

Trading Ideas

ETFs

Don&#39;t Expect Central Bank Help For This Emerging Markets ETF

News

Politics

Events

Global

General

How A Recent Election Could Affect The Colombia ETF

Markets

ICOL

Elections Could Test Colombia ETFs

Biotech

Macro Economic Events

Economics

CUBA

CDC Issuing Health Alert Network Health Advisory To Notify Public Health Authorities Of Increase In Oropouche Virus Disease In Americas Region; Between Jan 1 & Aug 1, 2024, Over 8,000 Cases Of Oropouche Virus Disease Were Reported, Including 2 Deaths; Countries Reporting Cases Of Oropouche Virus Include Brazil, Bolivia, Peru, Colombia, And Cuba; No Specific Antiviral Treatments Or Vaccines Are Available For Oropouche Virus Disease

Developing economies, such as Brazil, India and Thailand, have recently joined developed market counterparts in lowering interest rates. That should be good news because it indicates inflation is relatively modest in many developing regions and with rates having been higher throughout much of the emerging world, central banks there have more room to work with than their develop market peers.
<h3>What Happened</h3>
All those rate cuts haven&#39;t been lifting emerging markets equities. Entering Monday, the widely followed MSCI Emerging Markets Index is lower by 8.35% this month. Some single-country emerging markets exchange traded funds are performing worse this month.
That includes the Global X MSCI Colombia ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gxg#NYSE">GXG</a>). The largest ETF tracking stocks in South America&#39;s third-largest economy is down nearly 11% this month and investors should not expect help from Colombia&#39;s central bank.
<h3>Why It&#39;s Important</h3>
&ldquo;Colombia has no leeway to join central banks around the world that are lowering interest rates to bolster growth, according to Ana Fernanda Maiguashca, a member of the central bank board,&rdquo; reports <a href="https://www.bloomberg.com/news/articles/2019-08-23/central-banker-sees-no-room-for-colombia-interest-rate-cuts?srnd=premium">Bloomberg</a>.
Colombia&#39;s inability to join the rate-cutting part could hinder the export-dependent economy. A weaker peso at the hand of lower interest rates would likely boost profits for Colombian exporters, many of which reside in the volatile commodities space. GXG allocates nearly 30% of its weight to the energy and materials sectors.
The country&#39;s benchmark lending rate is 4.25% and the central bank there hasn&#39;t cut rates since April 2018. In fact, Colombia is a candidate to raise rates next year, according to Bloomberg.
Unlike some of the other economies that are cutting rates, Colombia may not need to pare borrowing costs due to robust economic growth. The economy there beat second-quarter expectations with GDP growth of 3%.
<h3>What&#39;s Next</h3>
&ldquo;Inflation should start to converge to the central bank&rsquo;s 3% target next year as food price shocks abate, Maiguashca said. Rising inflation expectations are not something to worry about, she said,&rdquo; according to Bloomberg.
Even the Colombian central bank proceeds with hiking rates next year, that may not be a bad thing for stocks there and GXG. The Colombia ETF allocates over 47% of its weight to the financial services sector, a group positively correlated to rising rates.
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Don't Expect Central Bank Help For This Emerging Markets ETF

Several marquee Latin American economies have been affected by electoral politics this year, namely Brazil and Mexico, the region&#39;s two largest economies.
Mexico recently held national elections and Brazil is slated to do so in October. What&#39;s getting lost in the region&#39;s electoral shuffle is Colombia, South America&#39;s third-largest economy.
<h3>What Happened</h3>
In June, conservative Senator Iv&aacute;n Duque won Colombia&#39;s presidential election. Year-to-date, the Global X MSCI Colombia ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gxg#NYSE">GXG</a>), the first exchange traded fund&nbsp;dedicated to Colombian equities, is up 3.7 percent. That&#39;s&nbsp;well ahead of the S&amp;P Latin America 40 Index, which is lower by 1.2 percent.
&ldquo;Duque is set to assume office at an inflection point for Colombia and his success will be measured by his ability to grow the economy while managing the variety of challenges his country faces,&rdquo; Global X said&nbsp;<a href="https://www.globalxfunds.com/how-will-colombias-election-affect-its-economy/">in a recent note</a>.
Challenges facing Colombia&#39;s economy include the rising U.S. dollar, diversification beyond oil production and issues with its inflation-racked neighbor&nbsp;Venezuela.
<h3>Why It&#39;s Important</h3>
The $106.42-million GXG holds 24 stocks, and like many single-country ETFs tracking smaller emerging economies, the fund is top-heavy at the sector level. Financial services stocks account for over 47 percent of GXG&#39;s weight. GXG tracks the MSCI All Colombia Select 25/50 Index.
&ldquo;As with the broader emerging markets, Colombia is vulnerable to potentially adverse effects from rising U.S. interest rates and a strengthening dollar,&rdquo; said Global X. &ldquo;Yet Colombia may be in a more favorable position than its Latam peers considering the size and makeup of its debt. Colombia has relatively low USD-denominated debt as a percentage of its GDP compared to Argentina, Mexico&nbsp;and Peru.&rdquo;
GXG is down 2.3 percent since June 18, the day after the Colombian election,&nbsp;while the S&amp;P Latin America 40 Index is up nearly 14 percent.
<h3>What&#39;s Next</h3>
Energy is GXG&#39;s second-largest sector weight at 17.35 percent, a benefit when oil prices are strong, but a potential headwind when the commodity&#39;s prices decline. Oil accounts for almost one-third of Colombia&#39;s exports, underscoring the point that the country&#39;s economic diversification efforts are undoubtedly important.
&ldquo;In his campaign, Duque emphasized the importance of diversification to provide greater insulation from oil price fluctuations,&rdquo; according to Global X. &ldquo;Critical to these efforts is the extensive Fourth Generation (4G) public-private partnership infrastructure program, which includes various road and highway projects to connect remote parts of Colombia to cities, ports and airports.&rdquo;
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The Global X MSCI Colombia ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>), the largest exchange traded fund tracking Colombian stocks, closed modestly higher Monday after the country held parliamentary elections. The election was the first in Colombian history to include the Revolutionary Armed Forces of Colombia, or FARC, guerrilla faction as an official political party.
As expected, FARC performed poorly, but did win a few a seats. In lopsided fashion, voters favored the Democratic Centre party and conservative parties opposed to the 2016 peace accord with FARC. Sunday&#39;s parliamentary elections were viewed by some market observers as a prelude to national elections in May, meaning GXG and Colombian stocks are not out of the political woods quite yet.
GXG, which turned nine years old last month, follows the MSCI All Colombia Select 25/50 Index. The ETF holds 26 stocks.
<h3>
	Fragile Confidence</h3>
While developed market elections have the potential to rattle investors&#39; confidence, it&#39;s particularly true of smaller emerging markets, such as Colombia.
&ldquo;However, confidence among investors could be shaken in the shadow of a contentious election season,&rdquo; <a href="https://www.cnbc.com/2018/03/09/colombias-elections-are-seen-as-a-test-of-whether-investors-will-look-beyond-a-fragile-peace.html">reports CNBC</a>. &ldquo;Sunday&#39;s vote takes place in a polarized environment. As part of the peace agreement, former members of the Revolutionary Armed Forces of Colombia &mdash; the guerrilla army that laid down its arms as part of a peace agreement, but is still responsible for more than 200,000 politically inspired deaths &mdash; will <a href="http://www.bbc.com/news/world-latin-america-43008298">send at least 10 representatives</a> to Colombia&#39;s bicameral legislature.&rdquo;
Colombia has been a favored Latin American destination for foreign investors over the past decade. Foreign investors have allocated $16 billion to the South American economy over the past 10 years, according to CNBC. That said, GXG and the iShares MSCI Colombia ETF (NYSE: <a class="ticker" href="/stock/icol#NYSE">ICOL</a>), the only other US-listed Colombia ETF, have just $121 million in assets on a combined basis.
<h3>
	Beware Volatility</h3>
Political volatility is a factor to watch with GXX and ICOL because Colombia&#39;s equity market is more volatile than traditional emerging markets benchmarks. For example, GXG has <a href="https://www.globalxfunds.com/funds/gxg/">a standard deviation</a> of 26.3 percent, or about 1,000 basis points above the standard deviation on the MSCI Emerging Markets Index.
&ldquo;Colombia&#39;s economy is expected to grow by nearly 3 percent this year, yet analysts estimate Colombia will <a href="https://globalriskinsights.com/2017/07/peace-agreement-colombian-economy/">need to invest billions in order to integrate demilitarized FARC</a> members and offset the insurgency&#39;s influence on key sectors of the economy,&rdquo; according to CNBC.
GXG allocates 48.6 percent of its weight to financial services stocks, with the materials and utilities sectors combining for over 30 percent.
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Last year was certainly a good year for the U.S. stock market. The SPDR S&amp;P 500 ETF Trust (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) finished 2016 up 11.2 percent on the year. However, as happy as U.S. investors were in 2016, stocks in other countries performed even better.
One of the major benefits of the rise in ETF options is that investors have easy ways to invest in a specific investment idea and maintain diversity at the same time. There are dozens of ETFs that allow traders to invest in a specific country. In 2016, a handful of those country-specific ETFs put U.S. stock market returns to shame.
The top-performing country ETF of 2016 was the ProShares Ultra MSCI Brazil Capped (NYSE: <a class="ticker" href="/stock/ubr#NYSE">UBR</a>), which jumped 144.1 percent on the year. <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/05/7995445/is-now-a-good-time-to-invest-in-brazil">Brazil investors</a> cheered <a href="http://www.cnbc.com/2016/10/24/brazil-stocks-hit-more-than-4-year-high-up-nearly-50-percent-in-2016.html">the impeachment</a> of former president Dilma Rousseff on corruption charges. Conservative vice president Michel Temers rise to power ushered in a hope that <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/06/8067154/heres-how-to-play-brazilian-infrastructure">meaningful economic</a> and political reforms could get Brazil back on track.
<h3>Other Winners</h3>
Here&rsquo;s a look at the other top-performing nation ETFs of 2016:
<ul>
<ol>
<li>ProShares Ultra MSCI Brazil Capped: +144.1 percent.</li>
<li>iShares MSCI All Peru Capped Index Fund (NYSE: <a class="ticker" href="/stock/epu#NYSE">EPU</a>): +63.5 percent.</li>
<li>SPDR S&amp;P Russia ETF (NYSE: <a class="ticker" href="/stock/rbl#NYSE">RBL</a>): +50.3 percent.</li>
<li>iShares MSCI Thailand Inv Mrkt Index Fd (NYSE: <a class="ticker" href="/stock/thd#NYSE">THD</a>): +24.9 percent.</li>
<li>Global X MSCI Colombia ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>): +24.4 percent.</li>
</ol>
</ul>

Education

Specialty ETFs

iShares MSCI Thailand Investable Market Index Fund

Which Countries Had The Best-Performing Stocks In 2016?

After being drags on diversified emerging markets indexes and exchange-traded funds for several years, Latin American equities are leading this year&#39;s emerging markets resurgence. For example, several of this year&#39;s best-performing single-country ETFs are Latin America funds, a group that includes the Global X MSCI Argentina ETF (Global X Funds (NYSE: <a class="ticker" href="/stock/argt#NYSE">ARGT</a>)) and the Global X MSCI Colombia ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>).
<h3>LatAm,Much More Than Just Brazil And Mexico</h3>
The oft-overlooked Global X FTSE Andean 40 ETF (Global X Funds (NYSE: <a class="ticker" href="/stock/and#NYSE">AND</a>)) is up an impressive 29.4 percent year-to-date. AND is the only multi-country Latin America ETF that excludes the region&#39;s economic heavyweights, Brazil and Mexico, opting to focus on Chile, Colombia and Peru.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/09/8434302/another-catalyst-for-em-bond-etfs">Another Catalyst For EM Bond ETFs</a></bzrelatedlink>
While Brazil, as the region&#39;s largest economy, commands most of the headlines, the real star among Latin American equity markets this year has been Peru. Peru accounts for 18.3 percent of AND&#39;s weight, which is well above the commodities-rich country&#39;s weight in the MSCI Emerging Markets Index and regional Latin America ETFs.
<h3>Where Are The Returns Coming From?</h3>
&ldquo;An important driver for this year&rsquo;s returns in South America is a reversion to the mean, as abnormally low valuations for South American equities have begun to normalize. Economic growth among these regional powerhouses had deteriorated since 2011, with high-flying GDP growth falling from over 5 percent per year to a recession in 2015 with growth below -1 percent,&rdquo; <a href="http://www.globalxfunds.com/3-reasons-for-south-americas-resurgence/">according to Global X research</a>.
Bullishness for Colombian stocks and GXG is largely attributable to rebounding commodities prices, but another catalyst could boost equities in South America&#39;s second-largest economy. Colombia&#39;s government and the guerrilla rebels of the Revolutionary Armed Forces of Colombia (FARC) have reached an agreement to end a war that has spanned more than five decades.
<h3>A Case For GXG</h3>
Although it has struggled along with other emerging market single-country ETFs in recent years, GXG tripled in its first two years of trading as the Uribe and Santos administrations made bolstering Colombia&#39;s domestic security cornerstones of their agendas.
When emerging markets were surging, Colombia&#39;s efforts to improve its domestic security proved fruitful, as the country saw increased foreign investment and higher sovereign credit ratings from the major ratings agencies.
Colombia, South America&#39;s second-largest economy, is nearly 32 percent of AND&#39;s weight.
&ldquo;A second important contributor to the turnaround in these countries has been this year&rsquo;s rebound in commodity prices. The end of the commodities &lsquo;super cycle&rsquo; was the leading cause of the initial selloff, and therefore the rebound in key commodities exported by each of these countries has undoubtedly helped their economies, currencies, and markets regain strength,&rdquo; added Global X.
<a href="https://pro.benzinga.com/?utm_source=Benzinga&amp;utm_medium=Benzinga%20Top%20of%20Article&amp;am%22%3">Full ratings data available on Benzinga Pro.</a>
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Commodities

ARGT

Behind The LatAm ETF Resurgence

The Global X MSCI Colombia ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>) is one of this year&#39;s best-performing single-country emerging markets exchange-traded funds, with a gain of 30.4 percent.
Bullishness for GXG and Colombian stocks and GXG is largely attributable to rebounding commodities prices, but another catalyst could boost equities in South America&#39;s second-largest economy. Colombia&#39;s government and the guerrilla rebels of the Revolutionary Armed Forces of Colombia (FARC) have reached an agreement to end a war that has spanned more than five decades.
<h3>Political, Civil Unrest May Come To An End</h3>
&ldquo;The announcement brings the end of Colombia&#39;s half-century-old internal conflict within sight. After almost four years of negotiations, the Santos administration and the FARC have finalized agreements on five broad areas: comprehensive agrarian reform, political participation for former rebels, antidrug trafficking efforts, a cease fire and rebel demobilization, and victim reparations. Implementation of the peace agreement will be monitored by a local special commission with the participation of international observers,&rdquo; said Fitch Ratings<a href="https://www.fitchratings.com/site/pr/1010852"> in a recent note</a>.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/08/8376216/peruvian-persuasion-why-this-etf-is-soaring">Peruvian Persuasion: Why This ETF Is Soaring</a></bzrelatedlink>
Although it has struggled along with other emerging markets single-country ETFs in recent years, GXG tripled in its first two years of trading as the Uribe and Santos administrations made bolstering Colombia&#39;s domestic security cornerstones of their agendas.
When emerging markets were surging, Colombia&#39;s efforts to improve its domestic security proved fruitful, as the country saw increased foreign investment and higher sovereign credit ratings from the major ratings agencies.
The 52-year war between FARC and the Colombian government claimed over 220,000 lives. Still, economic issues linger, which could server to damp the near-term potential of GXG and Colombian stocks.
<h3>Positive Steps, But Fears Remain</h3>
&ldquo;On July 22, Fitch revised Colombia&#39;s Rating Outlook to Negative reflecting a large current account deficit, rising external indebtedness and a high government debt burden relative to rating peers. Colombia&#39;s Long-Term Foreign-Currency Issuer Default Rating of &#39;BBB&#39; balances the country&#39;s flexible and credible policy framework, improved external buffers and a record of macroeconomic and financial stability against high commodity dependence, limited fiscal flexibility, and the structural constraints of low per capita GDP and weak governance indicators,&rdquo; added Fitch.
Additionally, inflation there is running above desired targets, giving Colombia&#39;s central bank essentially no wiggle room on monetary policy. In fact, Colombia&#39;s central bank has boosted borrowing costs in 11 straight months<a href="http://investorplace.com/2016/08/worlds-best-etfs-epu-ewz-eza-thd-gxg/6/#.V8JfGDUaf3A"> to 7.75 percent</a>.
Do you have ideas for articles/interviews you'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!

More Good News For Colombia ETFs

When commodities swooned over the past two years, plenty of emerging markets and the corresponding exchange-traded funds felt the pain. The Global X MSCI Colombia ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>) was among those ETFs, losing an average of 34 percent in 2014 and 2015.
<h3>Commodities' Swoon And Subsequent Rebound</h3>
Those loses were severe, though not surprising, when considering Colombia&#39;s status as a major producer of copper, gold and silver. Colombia, South America&#39;s second-largest economy behind Brazil, is also one of Latin America&#39;s fastest-growing oil producers, putting GXG in a tough spot during oil&#39;s recent bear market.
However, commodities are rebounding this year and <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/05/7941942/chile-etf-fights-off-headwinds">Latin America ETFs</a> are benefiting in significant fashion. Year-to-date, the best-performing single-country emerging markets ETF is the iShares MSCI All Peru Capped Index Fund (NYSE: <a class="ticker" href="/stock/epu#NYSE">EPU</a>) with a gain of over 46 percent. Up 17.4 percent, GXG is not too shabby, either, returning more than eight times what is offered by the MSCI Emerging Markets Index.
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&ldquo;It should come as little surprise that India and China have been among the worst performers as they are the largest net importers of commodities according to the International Monetary Fund and have below average correlations to commodity prices. Commodity-export heavy countries however, like Brazil, South Africa, and Russia, have above average correlations to commodities and have been among the best performers,&rdquo; <a href="http://www.globalxfunds.com/commodities-and-emerging-markets-take-off/">according to Global X</a>.
<h3>Colombia And Commodities</h3>
Colombia has a correlation to silver of 0.25 and a correlation to Brent crude of 0.62. Overall, the country&#39;s commodities correlation is 0.61, according to Global X data. Colombia&#39;s commodities correlation is higher than that of any other Latin American market investable via a U.S.-listed ETF and 50 percent higher than the MSCI Emerging Markets Index, according to the data.
The concern is that higher commodities prices are driving Colombia&#39;s rate of inflation higher. Last month, the country&#39;s central bank surprisingly boosted interest rates to seven percent in an effort to damp inflation. Colombia&#39;s central bank started hiking interest rates last year and has done so for eight straight months.
Last month, Colombia&#39;s rate of inflation checked in at 7.93 percent, below economists&#39; estimates and good for the first decline in 11 months, but that is still well above the 2 percent to 4 percent rate the central bank is targeting.
Investors have added $10.8 million of GXG&#39;s $82.4 million in assets under management to the ETF this year.

Commodities Call For The Colombia ETF

After years of lost opportunity and mismanagement at the hands of two Kirchner administrations, the Argentine economy is getting back on track. That could be taken as a sign that this year&#39;s bullishness from the Global X MSCI Argentina ETF (Global X Funds (NYSE: <a class="ticker" href="/stock/argt#NYSE">ARGT</a>)) something to be taken seriously.
The Global X MSCI Argentina ETF, the lone exchange-traded fund dedicated to South America&#39;s third-largest economy behind Brazil and Colombia, is up 5.3 percent year to date. While that pales in comparison to the 13.3 percent surge by the iShares S&amp;P Latin America 40 Index (ETF) (NYSE: <a class="ticker" href="/stock/ilf#NYSE">ILF</a>), it should be noted that almost ILF&#39;s pop has come in recent days and most of that move<a href="http://www.benzinga.com/trading-ideas/long-ideas/16/03/6795979/near-term-momentum-for-emerging-markets-etfs"> is attributable to Brazil</a>. Argentina is not represented in ILF.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/16/02/6688318/jump-ship-with-this-etf">Jump Ship With This ETF</a></bzrelatedlink>
In recent years, periods of bullishness for ARGT were usually marked by news that the country was either staving off a sovereign debt default, something it ultimately proved unsuccessful in doing, or was close to reaching some sort of settlement with U.S. hedge funds that became creditors during a sovereign default in the 1990s.
<h3>Changes On The Horizon?</h3>
Thanks to new President Mauricio Macri, things could be different for ARGT this time around.
&ldquo;Argentina has not magically avoided the economic troubles that are plaguing most other emerging markets. It&rsquo;s an economy that is highly dependent on commodity exports, suffering from slowing demand from key trade partners like China. So what&rsquo;s the difference between Argentina and a similar country like Brazil, which has been flat this year?
&ldquo;We believe, in a word, leadership. While Brazil&rsquo;s president is currently fighting off impeachment charges for corruption, Argentina&rsquo;s newly elected Mauricio Macri has swiftly begun addressing issues that have hampered growth in the past, such as removing currency controls and negotiating with the country&rsquo;s creditors,&rdquo; according to a recent <a href="http://blog.globalxfunds.com/argentina-leads-developing-countries-in-2016">Global X note</a>.
While Macri was just elected in November, the ebullience surrounding his election and subsequent move is reminiscent of the Global X MSCI Colombia ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>)'s halcyon days several years ago when investors embraced that fund on the basis of a political administration that was widely seen as the country&#39;s best in decades. In other words, politics really matter when investing in Latin America as ARGT&#39;s reaction to Macri&#39;s election confirms. Brazil, are you listening?
Remember that index provider MSCI classifies Argentina as a frontier market, so it is impressive that ARGT is up more than 5 percent, while the iShares MSCI Frontier 100 ETF (NYSE: <a class="ticker" href="/stock/fm#NYSE">FM</a>) is down 1.1 percent this year. At 16.5 percent, Argentina is FM&#39;s second-largest country weight behind Kuwait.
&ldquo;Argentina&rsquo;s performance this year should remind investors that effective leadership can be an important catalyst for returns. While the current status of emerging markets has failed to inspire many investors, one strategy to consider is betting on leaders that are enacting meaningful policies to open their economies and promote private business and foreign investment,&rdquo; added Global X.
Image Credit: <a href="https://pixabay.com/en/hand-human-man-male-concept-shape-461272/">Public Domain</a>

iShares Trust S&P Latin America 40 Index Fund

No Hand Of God Goal, But Argentina ETF Is For Real

This is how bad things have been in 2015 for Latin American stocks and the relevant exchange-traded funds trading in the United States: Of the single-country ETFs tracking Latin American economies, the Global X MSCI Argentina ETF (Global X Funds (NYSE: <a class="ticker" href="/stock/argt#NYSE">ARGT</a>)) has been the best performer this year. ARGT, the lone dedicated Argentina ETF, is down almost 5.1 percent.
As has been widely noted, the iShares MSCI Brazil Index (ETF) (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>) has been one of the worst offenders among Latin America ETFs. <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/12/6017945/the-other-issue-for-the-brazil-etf-no-one-is-talking-about">Benzinga</a> reported earlier this month that there is a sweeping corruption probe into Brazil&#39;s state-controlled oil giant Petroleo Brasileiro SA Petrobras (ADR) (NYSE: <a class="ticker" href="/stock/pbr#NYSE">PBR</a>), which is one of EWZ&#39;s largest holdings. That probe has ensnared Brazilian President Dilma Rousseff.
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Then there is Vale SA (ADR) (NYSE: <a class="ticker" href="/stock/vale#NYSE">VALE</a>), another large EWZ holding, trading at levels that auger a reverse split. Add to all that the tumbling real, one of the emerging world&#39;s worst performing currencies.
Yet even with all that, ETF investors dislike the iShares MSCI Mexico Inv. Mt. Idx. (ETF) (NYSE: <a class="ticker" href="/stock/eww#NYSE">EWW</a>) nearly as much as they dislike EWZ.
<h3>Brazil's ETF Is Bad, But...</h3>
 In an article published earlier this week, <a href="http://www.bloomberg.com/news/articles/2015-12-15/fed-dread-turns-mexico-into-whipping-boy-as-etf-outflows-surge">Bloomberg</a> reported in reference to EWW, &ldquo;Traders have pulled $840 million from the nation&rsquo;s largest exchange-traded equities fund this year, the biggest outflow among developing nations.&rdquo;
Mexico&#39;s <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/09/5812332/mexico-catching-up-to-brazil-etf-investors-dont-care">economy shares ominous traits</a> with Brazil, including being pinched by slack commodities demand and a currency that has recently touched record lows against the U.S. dollar.
<h3>A Closer Look At EWW</h3>
As of December 15, EWW&#39;s year-to-date outflows stood just below $816 million, according to <a href="http://www.etf.com/etfanalytics/etf-fund-flows-tool">ETF.com data</a>. That compares with nearly $885 million in lost assets for EWZ. A flows discrepancy of less than $70 million between two ETFs, particularly sizable funds such as EWW and EWZ, usually is not alarming. However, the fact that EWW&#39;s 2015 are nearly on pace with EWZ&#39;s could be viewed in a negative light for a simple reason: The Mexico ETF&#39;s year-to-date loss of 13.3 percent is less than half the 37.7 percent loss by the Brazil fund.
EWW has outperformed the iShares MSCI Chile Inv. Mt. Idx. Fd(ETF) (NYSE: <a class="ticker" href="/stock/ech#NYSE">ECH</a>) by 700 basis points this year and the Mexico ETF&#39;s loss is less than a third of that incurred by the Global X MSCI Colombia ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>). However, ECH and GXG have combined for 2015 inflows of just over $34 million. 
EWW &ldquo;has lost 49 percent of its total assets this year, compared with a 35 percent decline for the firm&rsquo;s developing-nation fund,&rdquo; according to Bloomberg.
One reason investors have departed the Mexico ETF is valuation. While investors keep hearing how inexpensive emerging markets are, that is not the case with EWW, which trades at triple the earnings multiple of the MSCI Emerging Markets Index.
Image Credit: <a href="https://pixabay.com/en/pesos-banknote-mexico-money-910194/">Public Domain</a>

Short Ideas

Intraday Update

VALE

Investors Really Hate The Mexico ETF

Of the 24 developed country stock markets around the globe, the U.S. is trailing all but two heading into this week. The performance has not improved with the S&amp;P 500 hitting a new one-month low on Tuesday.

	While the S&amp;P 500 is now in negative territory for the year, the index is holding up much better than some of its emerging market peers that have been decimated by a rise in the U.S. dollar and various concerns.

	The three worst-performing country-specific ETFs in 2015 are all emerging markets, with two residing in South America. The third, Turkey, is dealing with currency issues that have weighed heavily on the ETF traded in the U.S.
<h3>
	Global X MSCI Colombia</h3>

	The Global X MSCI Colombia ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>) is made up of 28 companies based in Colombia.

	The top holdings include:
<ul>
<li>
		Bancolombia SA (ADR) (NYSE: <a class="ticker" href="/stock/cib#NYSE">CIB</a>) with a 14 percent holding</li>
<li>
		Ecopetrol S.A. ADR (NYSE: <a class="ticker" href="/stock/ec#NYSE">EC</a>) at 8.8 percent</li>
<li>
		Grupo De Inversiones Suramericana SA (OTC: <a class="ticker" href="/stock/givpy#OTC">GIVPY</a>) coming in at 7.1 percent</li>
</ul>

	GXG is down 39 percent over the last 12 months, down 49 percent over the last six months and down 21 percent in 2015. The heavy exposure to the financials and energy stocks have weighed on the performance of the ETF and with several stocks in the portfolio hitting multi-year lows the downside risk remains.

	The ETF has an expense ratio of 0.61 percent.
<h3>
	iShares MSCI Turkey ETF</h3>

	The Ishares Msci Turkey Inv Market Index Fd (NYSE: <a class="ticker" href="/stock/tur#NYSE">TUR</a>) provides exposure to 80 Turkish companies across nine sectors. The financials make up 46 percent and the industrials come in at 14 percent, making the two sectors the most heavily weighted.

	The top holdings include:
<ul>
<li>
		Turkiye Garanti Bankasi A.S.(ADR) (OTC: <a class="ticker" href="/stock/tkgzy#OTC">TKGZY</a>) at 11.4 percent</li>
<li>
		Akbank T.A.S. (ADR) (OTC: <a class="ticker" href="/stock/akbty#OTC">AKBTY</a>) coming in at 7.9 percent</li>
<li>
		Turkcell Iletisim Hizmetleri A.S. (ADR) (NYSE: <a class="ticker" href="/stock/tkc#NYSE">TKC</a>) making up 6.5 percent of the ETF</li>
</ul>

	Over the last 12 months the ETF is up 3 percent; however, the ETF is down 19 percent over the last six months and down 19 percent this year.

	The ETF is closing in on major support at the $40 area and if the value of the Lira continues to collapse it could send TUR to new lows. The ETF has an expense ratio of 0.62 percent.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/15/03/5316895/starwood-accelerates-expansion-in-latin-america-carribean-regions-based-off-of-st">Starwood Accelerates Expansion In Latin America &amp; Caribbean Regions </a></bzrelatedlink>
<h3>
	iShares MSCI Brazil Mid-Cap</h3>

	The iShares MSCI Brazil Index (ETF) (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>) tracks 72 Brazilian companies across ten sectors. With financials at 33 percent and consumer staples at 20 percent making up over half of the portfolio.

	The top three holdings include:
<ul>
<li>
		Itau Unibanco Holding SA (ADR) (NYSE: <a class="ticker" href="/stock/itub#NYSE">ITUB</a>) with a 10.1 percent holding</li>
<li>
		Ambev SA (ADR) (NYSE: <a class="ticker" href="/stock/abev#NYSE">ABEV</a>) making up 9.1 percent</li>
<li>
		Banco Bradesco SA (ADR) (NYSE: <a class="ticker" href="/stock/bbd#NYSE">BBD</a>) coming in at 7.7 percent</li>
</ul>

	EWZ is down 22 percent over the last 12 months, down 38 percent over the last six months, and down 16 percent in 2015. The ETF has an expense ratio of 0.62 percent.

TKGZY

iShares MSCI Turkey Investable Market Index Fund

3 Country ETFs Hitting Lows

<a href="http://www.benzinga.com/topic/etfs">ETF</a> Outlook for Wednesday, June 11, 2014

	Global X FTSE Colombia 20 ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>)

	The fourth largest country in Latin America checked in with solid growth of 4.3 percent in 2013. The growth is not expected to slow anytime soon as the government continues to quell violence and looks to expand the nation's infrastructure system.

	The ETF has broken out recently, gaining 3.4 percent over the last week. The ETF is now sitting at the best level since last November. The next level of resistance will be in the $23-$24 area.

	Market Vectors Junior Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdxj#NYSE">GDXJ</a>)

	A 4.5 percent rally Tuesday has the ETF back above its 50-day moving average for the first time since March. The rally also broke the ETF out of a narrow downtrend it had been trading in since March.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/etfs/specialty-etfs/14/06/4619450/brazil-etfs-rally-into-world-cup-ewz-brxx-braf">Brazil ETFs Rally Into World Cup (EWZ, BRXX, BRAF)</a></bzrelatedlink>

	The key for the breakout to continue is for GDXJ to remain above the $35.50 area for a few days. That would confirm that a more significant up trend is forming. If the breakout does not hold, the odds of the ETF continuing its downtrend increase dramatically.

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

	The market was flat Tuesday, however the &ldquo;high flying&rdquo; technology stocks were able to continue the rally. After taking a massive beating earlier this year, the niche technology stocks are in the midst of a comeback.

	SOCL was up 1.04 percent Tuesday to close at the best level in six weeks and extend its winning streak to five sessions. It appears the selling in the <a href="http://www.benzinga.com/topic/social-media">social media</a> sector was overdone and investors are realizing the long-term growth potential.

	Sprott Physical Platinum and Palladium Fund (NYSE: SPPP)

	The basket of <a href="http://www.benzinga.com/topic/platinum">platinum</a> and palladium has been outperforming all other metals this year and over the last 12 months. Tuesday, the ETF closed up 1.5 percent to a new 52-week high.
 As <a href="http://www.benzinga.com/topic/gold">gold</a> has struggled with a multi-year down trend SPPP has been moving in the opposite direction. The reason behind the move has been the action in palladium the last six months. The ETFS Physical Palladium Shares (NYSE: <a class="ticker" href="/stock/pall#NYSE">PALL</a>) is hitting a new all-time high and is up 20 percent in 2014. Platinum has been holding its own versus gold, but lagging palladium.

Sector ETFs

Previews

Pre-Market Outlook

GDXJ

PALL

SOCL

ETF Outlook For Wednesday, June 11, 2014 (GXG, GDXJ, SOCL, SPPP)

ETF Outlook for the Wednesday, November 13, 2013

	SPDR Gold ETF (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>)

	Comments from several Fed Presidents today had the market on the defensive after it appeared tapering is on the table at the December meeting. With the jobs picture still cloudy that does not appear to likely, however when a Fed President speaks, the market listens.

	As the taper concerns spread through the market it held back stocks, but the real damage was it the commodities market. Oil fell to the lowest level in months and gold is closing in on a multi-month low. GLD closed down by 1.15 percent at its lowest closing price in 4 months. The Market Vectors Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdx#NYSE">GDX</a>) fared even worse, with a loss of 2.1 percent and the ETF is now down 49 percent for the year.

	On the flip side there is the DB Short Gold ETN (NYSE: <a class="ticker" href="/stock/dgz#NYSE">DGZ</a>), which closed up 1.2 percent and matched its best intraday high in 4 months. The path of least resistance for gold is down and this is one asset class to avoid at this time.

	Rydex CurrencyShares Japanese Yen ETF (NYSE: <a class="ticker" href="/stock/fxy#NYSE">FXY</a>)

	A perfect storm for a weak Yen could be brewing again. If the Fed decides to taper in December it will boost the value of the U.S. Dollar, thus putting pressure on foreign currencies such as the Yen. The latest reports out of Japan have not been great and this is another negative for the country’s currency. Finally you have PM Abe who has stated his intentions to lower the value of the Yen to fight deflation.

	Put this all together and you have FXY at a new 2-month low yesterday. The ETF closed at $98.03 and if it cannot hold $97.38 it could continue to fall and retest the 2013 low of $94.38. As the Yen fall the ProShares UltraShort Yen ETF (NYSE: <a class="ticker" href="/stock/ycs#NYSE">YCS</a>) breaks out to a multi-month high. The two-times inverse leveraged ETF will do the opposite of the Yen on a daily basis, multiplied by two. This is an aggressive play, but could be a winner for traders if the perfect storm his the country of the rising sun.

	Global X FTSE Portugal 20 ETF (NYSE: PGAL)

	The first ETF concentrating solely on Portugal will begin trading today under the symbol PGAL. The ETF is made up of 20 stocks that trade on the NYSE Euronext Lisbon exchange. Global X filed for this ETF nearly two and a half years ago and it have finally come to fruition. The country’s stock market is up 15 percent this year and up over 40 percent since it hit a low in the summer of 2012. Now investors can own all the PIIGS (Portugal, Ireland, Italy, Greece, Spain) via ETFs; Portugal was the lone country without its own ETF. If the turnaround story in Europe continues it could see PGAL attracted decent assets in the next year.

	Global X InterBolsa FTSE Colombia 20 ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>)

	Not an obscure ETF, but definitely one that is not on the top of many investors wishlist is GXG. The reason it is mentioned here this morning is because it is working on a 12-day losing streak. The ETF has not had an up day since 10/25. In that time GXG has lost 10.7 percent and is trading at the worst level since July.

	Last week the country said it is looking for GDP growth of 3-5 percent in 2014, which is not too shabby with the current slow growth world economy. However, the country has its own issues it is dealing with that stretch from geopolitical uncertainty to a debt issue that is expanding rapidly. The reward is not the risk at current prices, but there could be a time in the future that investors take a change on Pablo Escobar’s birthplace.

New ETFs

Currency ETFs

Market Vectors ETF Trust Market Vectors Gold Miners

ETF Outlook for Wednesday November 13, 2013 (GLD, FXY, PGAL, GXG)

Investment opportunities in foreign markets are becoming more and more popular as countries become more developed.

	Investors have been particularly attracted to certain Latin American countries that have demonstrated tremendous potential and like many emerging markets; Latin America is seen as being mutually beneficial for the countries themselves and foreign investors.

	As such, the governments of these countries are working hard to establish an even more attractive investment environment.

	Here are some of the top investment opportunities in Latin America:

	Nicaragua

	Like many South American countries, tourism in Nicaragua is exploding. In this wildly emerging market there are myriad real estate opportunities, the most prominent being buy-to-let opportunities that see investors purchasing real estate in the form of hotels, apartment buildings, multi-level houses, and just about anything else they can rent out as accommodation.

	Tourism has grown 70 percent in Nicaragua over the last seven years and is the country's second largest industry. If there is money to be had from real estate investing in Nicaragua it is likely to be the most abundant in and around the colonial city of Granada. This is the preferred spot for not only tourists but tourists with money to spend as the majority of visitors are from developed countries like the United States and various European countries.

	Uruguay

	Experts estimate that the best investment diversification opportunities are in Uruguay. The country is lined with amazing beaches and beautiful weather as well as a plethora of recreation. It has become one of the most popular vacation destinations for American, particularly during the winter months which makes it yet another ideal real estate investment hot spot. One of the benefits of investing here is that foreign investors are allowed to deal in real estate with the same rights and protective measures afforded to them as citizens.

	Chile

	Chile has become one of the best economies for investing over the last 25 years. It is an almost fully developed country and is one of Latin America's leading countries when it comes to innovation and the exportation of goods. It boasts the second largest airline in the world in the LATAM Airlines Group and has a number of trade partnerships that have capitalized on the country's rich agriculture. Companies such as Banco Santander (NYSE: <a class="ticker" href="/stock/bsbr#NYSE">BSBR</a>), Banco de Chile (NYSE: <a class="ticker" href="/stock/bch#NYSE">BCH</a>), iShares MSCI Chile ETF (NYSE: <a class="ticker" href="/stock/ech#NYSE">ECH</a>) and the Aberdeen Chile Fund (NYSE: <a class="ticker" href="/stock/ch#NYSE">CH</a>) have a strong hold in this growing Latin American country.

	Colombia

	Colombia is arguably the most investment-friendly country in the Western world and has seen a tremendous number of emerging markets since the death of drug kingpin Pablo Escobar. It boasts the 4th largest economy in all of Latin America behind Argentina, Mexico, and Brazil. Direct foreign investing has risen to over $15 billion through the end of 2012 and a number of oil fields have recently been uncovered in various parts of the country to the extent that it has doubled its oil production over the last six years.

	All of this combined with the country's pro-business regulatory system and growth-supporting economic policies, Colombia is one of the best foreign investment markets in the world. One of the easiest ways to invest in Colombia is through the Global X ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>) This fund tracks 20 of Colombia's largest corporations.

BSBR

Top Latin American Countries For A Spicy Return

Here is the ETF Professor's ETF Watch List for Tuesday, September 24, 2013.

Give the Direxion Daily Gold Miners Bear 3X Shares (NYSE: <a class="ticker" href="/stock/dust#NYSE">DUST</a>) a look.

Check in with the Vanguard FTSE Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>).

The iShares US Utilities ETF (NYSE: <a class="ticker" href="/stock/idu#NYSE">IDU</a>) rose on big volume Monday.

Keep an eye on the Global X Social Media Index ETF (NYSE: <a class="ticker" href="/stock/socl#NYSE">SOCL</a>).

Emerging markets plays of the day: Market Vectors Egypt ETF (NYSE: <a class="ticker" href="/stock/egpt#NYSE">EGPT</a>), Global X FTSE Colombia 20 ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>) and the iShares China Large-Cap ETF (NYSE: <a class="ticker" href="/stock/fxi#NYSE">FXI</a>).

Forex play of the day: ProShares UltraShort Euro (NYSE: <a class="ticker" href="/stock/euo#NYSE">EUO</a>).

Bond play of the day: Vanguard Short-Term Bond ETF (NYSE: <a class="ticker" href="/stock/bsv#NYSE">BSV</a>).

Broad U.S. Equity ETFs

DUST

EGPT

iShares Trust Dow Jones US Utilities Sector Index Fund

ETFs to Watch September 24, 2013 (BSV, DUST, SOCL)

When it comes to single-country, large-cap focused ETFs offering exposure to Latin American nations, there are six somewhat large funds: <ul><li>The iShares MSCI Brazil Capped ETF (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>)</li><li>iShares MSCI Chile Capped ETF (NYSE: <a class="ticker" href="/stock/ech#NYSE">ECH</a>)</li><li> iShares MSCI All Peru Capped ETF (NYSE: <a class="ticker" href="/stock/epu#NYSE">EPU</a>)</li><li>iShares MSCI Mexico Capped ETF (NYSE: <a class="ticker" href="/stock/eww#NYSE">EWW</a>)</li><li>Global X FTSE Colombia 20 ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>)</li><li>Global X FTSE Argentina 20 ETF (NYSE: <a class="ticker" href="/stock/argt#NYSE">ARGT</a>)</li></ul>


	Chances are most investors would not be able to guess which one of those ETFs has been the best performer this year. Hint: It is the only one of the group that is up year-to-date. Hint: It is the one that many investors would least expect.

	Brazil's <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/08/3812625/brazils-dividend-problem">long list of woes</a> ensure EWZ is not the answer. Falling industrial and precious metals prices do the same for ECH and EPU. Long story short, the Global X FTSE Argentina ETF is the best performing single-country Latin America ETF this year.

	In the past month alone, ARGT has surged 14.4 percent and that run comes after the ETF was <a href="http://www.benzinga.com/news/13/05/3555694/global-x-to-reverse-split-3-gold-miners-etfs-3-others">reverse split 1-for-3 in May</a>.

	ARGT's new found upside represents a stunning reversal of fortune from 2012 when the ETF was hammered on fears the South American nation was flirting with its second sovereign debt default this century. Argentina's anti-free market government and the possibility of a second sovereign default are among the reasons index providers MSCI (NYSE: <a class="ticker" href="/stock/msci#NYSE">MSCI</a>) and FTSE have previously warned the country could lose its frontier market status and be relegated to "stand alone."

	Related: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/01/3225095/argentinas-rally-may-be-short-lived">Argentina's Rally May be Short-Lived</a>.

	Although ARGT has jumped 6.5 percent this year as the aforementioned LatAm ETFs have all traded lower, the overhang of a bond default is not gone. The country is viewed as the least creditworthy borrower in the developing world and has the highest probability of default among emerging nations.

	Last year, a U.S. appeals court ruled Argentina cannot make payments on its overseas debt until it pays holdout investors from its previous default. Those investors include U.S. hedge fund Elliott Management. Last month, amid opposition from the U.S., the International Monetary Fund scrapped a proposal to support Argentina in the bond fight.

	Citigroup estimates by the end of 2015, the central bank's net reserves, which exclude dollar deposits, could fall to $12.5 billion and cover just two months of import demand and Citi says the likelihood Argentina will restructure the 2015 bonds is now 37.5 percent, <a href="http://www.bloomberg.com/news/2013-08-12/citigroup-warns-of-restructuring-on-local-debt-argentina-credit.html">according to Bloomberg</a>.

	Still, there is hope for regime change in Argentina, a catalyst that could buoy ARGT's fortunes going forward. Yields on the country's 15-year sovereign bonds were spotted around 9.45 percent earlier this week (those yields had previously flirted with 12 percent in the past year) following local elections.

	Those elections showed voters' patience with President Cristina Kirchner's <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/06/3713335/female-heads-of-state-and-etf-returns-mid-year-review">ruling party have worn thin</a>. That party's candidates drew barely more than 26 percent of the vote, but voters have to wait another two years before getting a chance to oust Kirchner.

	Aside from the bond flap and local politics, investors need to keep an eye on oil services firm Tenaris (NYSE: <a class="ticker" href="/stock/ts#NYSE">TS</a>), e-commerce firm Mercadolibre (NASDAQ: <a class="ticker" href="/stock/meli#NASDAQ">MELI</a>) and McDonald's franchisor Arcos Dorados (NYSE: <a class="ticker" href="/stock/arco#NYSE">ARCO</a>) as those stocks combine for 48.4 percent of ARGT's weight.

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

Bonds

Hedge Funds

ARCO

MELI

MSCI

You'll Never Guess What The Best LatAm ETF Is

There has been ample chatter about the wide gap between the S&amp;P 500 and emerging markets equities.

	And while the MSCI Emerging Markets Index is inexpensive on a valuation basis, that has not been luring buyers into developing world stocks this year. A gain of 20 percent for the SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) and a 12 percent loss for the iShares MSCI Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>) proves as much.

	Forecasts stating the obvious, the obvious being emerging markets are cheap, <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/07/3735545/an-ambitious-emerging-markets-forecast">have increased over the past couple of months</a>, but that has not really done much for the broader developing universe. In the past 90 days, SPY is up 4.1 percent while EEM is off 11.7 percent.

	The Vanguard FTSE Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>), <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/06/3715124/vanguards-em-etf-goes-sans-south-korea">which excludes South Korea</a> is down 12.7 percent since May 8. If those declines are good for anything, it is to increase chatter regarding an emerging markets rebound. However, investors may do well embrace past leaders that continue to look pricey relative to the downtrodden likes of India, Russia and South Korea.

	Related: <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/03/3391403/good-news-emerging-markets-etfs-are-cheap">Good News: Emerging Markets Are Cheap</a>.

	Enter Mexico and the iShares MSCI Mexico Capped ETF (NYSE: <a class="ticker" href="/stock/eww#NYSE">EWW</a>). EWW has previously been an emerging markets leader, particularly among single-country Latin America ETFs. In the past year, EWW is the only member of a group that includes the iShares MSCI Brazil ETF (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>), the iShares MSCI Chile ETF (NYSE: <a class="ticker" href="/stock/ech#NYSE">ECH</a>) and the iShares MSCI Peru ETF (NYSE: <a class="ticker" href="/stock/epu#NYSE">EPU</a>) to generate positive returns. Yes, the Global X FTSE Colombia 20 ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>) is up 0.4 percent in the past 12 months, but that pales in comparison to EWW's almost 10 percent gain.

	Over the past three months, the almost $2.4 billion EWW has again outpaced ECH, EPU, EWZ, EEM and VWO by wide margins. The issue for investors looking for bargains is that <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/06/3700232/the-mexico-etf-is-down-but-not-yet-cheap">Mexico is not the emerging market</a> for fans of deep discounts.

	Partially the result of a more than 44 percent combined weight to defensive sectors consumer staples and telecom, EWW has a P/E ratio of 27.3 and a price-to-book ratio north of six <a href="http://us.ishares.com/product_info/fund/overview/EWW.htm?fundSearch=true&amp;qt=EWW">according to iShares data</a>. By comparison, EWZ's P/E is 19.6 and ECH's price-to-book is barely above two. The MSCI Emerging Markets Index trades 10 times forward earnings.

	EWW and its 49 constituents are not free of risk. Mexico's deep trade relationship with the U.S. and proximity to the world's largest economy have exposed an intimate correlation of Mexican stocks to Federal Reserve tapering chatter.

	Additionally, some analysts believe Mexican stocks must decline further before becoming truly attractive. "The recent sell-off in Mexican equities does little to change our cautious view. The stock market continues to trade well above 1.5 standard deviations relative to its own historic average and indeed relative to the universe of global emerging equities (GEM) across a number of measures (trailing PE, forward PE and P/BV)," <a href="http://blogs.barrons.com/emergingmarketsdaily/2013/06/21/mexico-still-too-pricey-after-13-drop-ubs-says/">said UBS in June</a>.

	And no investor should ignore the fact that on Wednesday, the Bank of Mexico slashed its 2013 GDP growth estimate to two percent to three percent from three percent to four percent. The central bank also cut its estimate for the number of formal private-sector jobs that are likely to be created this year by 100,000 to a range of 450,000 to 550,000, <a href="http://blogs.wsj.com/economics/2013/08/07/bank-of-mexico-cuts-2013-economic-growth-outlook/">The Wall Street Journal reported</a>.

	The bullish view includes Mexico undercutting China on productivity-adjusted manufacturing costs. Obviously, a U.S. company that prefers to outsource manufacturing labor will save on transportation costs with Mexico compared to China. Mexico also has more free trade agreements than any other country in the world.

	Additionally, Mexico is looking to spend $316 billion on infrastructure projects in the coming years. President Enrique Pena Nieto is looking to reform Mexico's banking system, one that is not as vibrant as what is seen in other Latin American countries such as Chile.

	Here is a clue that some investors are already betting on Mexico being an emerging markets leader once again: In July, investors poured $210 million into Mexico ETFs, <a href="http://www.benzinga.com/markets/bonds/13/08/3812508/july-etf-inflows-top-44-billion">according to BlackRock data</a>. That may not sound like a massive number, but consider that about $1.8 billion combined was pulled from China, Brazil and India funds.

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

Look South For An Emerging Markets Rebound Play

It may not be entirely safe to swim in emerging markets waters again, but it is clear ETFs tracking developing world economies are acting less bad.

	Following savage declines at the hands of tumbling currencies, slowing Chinese growth and investors' repudiation of developing world bonds, some emerging markets ETFs have bounced higher in recent weeks.

	Using the Vanguard FTSE Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>) as the benchmark as it is the largest emerging markets ETF by assets, that fund notched its June bottom on June 24 at $36.50. VWO has since rallied 9.3 percent as investors have been tempted by the notion that emerging markets stocks are <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/07/3761321/s-p-sees-improvements-in-em-etfs">inexpensive, too oversold to ignore</a> or both.

	VWO and comparable funds are not the only ones that have delivered impressive performances in recent weeks. Just look at the following, often overlooked ETFs whose recent gains may be harbingers of things to come.

	Colombia 
	Believe it or not there are now three ETFs tracking South America's second-largest economy from which investors can choose. The elder statesmen is the Global X FTSE Colombia 20 ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>). The overlooked play is the Market Vectors Colombia ETF (NYSE: <a class="ticker" href="/stock/colx#NYSE">COLX</a>) and the new kid on the block is iShares MSCI Colombia Capped ETF (NYSE: <a class="ticker" href="/stock/icol#NYSE">ICOL</a>).

	Colombian stocks were once Latin American juggernauts, but that story took a noticeable turn for the worse this year due in large part to the falling peso and the country's status as a major raw materials producer. Falling bond yields and a delay to Colombia's plan to allow pension plans there to invest overseas <a href="http://www.benzinga.com/markets/bonds/13/07/3771686/evaluating-the-resurgence-of-colombia-etfs">have boosted the aforementioned ETFs in recent weeks</a>.

	Over the past month, COLX, GXG and ICOL have gained an average of 8.7 percent.

	Poland 
	Like Colombia was in South America, Poland was once a <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/12/3179822/poland-etfs-defying-logic-as-economy-slows">regional standout in its own right</a>. Not just in Eastern Europe, but all of Europe. The country skirted recession during the global financial crisis and it is not a Eurozone member, meaning it is remained out of the sovereign debt crisis fray.

	Slowing growth has caught up with Poland, weighing on the iShares MSCI Poland ETF (NYSE: <a class="ticker" href="/stock/epol#NYSE">EPOL</a>) and the Market Vectors Poland ETF (NYSE: <a class="ticker" href="/stock/plnd#NYSE">PLND</a>) in the process. However, the country is not sitting idle. Earlier this month, the central bank there lowered rates to a record low of 2.5 percent. Since November, Poland has been a rate-cutting campaign that would make any developed market blush, shaving 225 basis points off borrowing rates.

	Last week, Poland unveiled plans to waive fiscal safety rules that prohibit increasing the budget deficit once public debt tops 50 percent of gross domestic product in a bid to boost consumption and economic growth, <a href="http://www.businessweek.com/news/2013-07-16/polish-government-relaxes-budget-fiscal-rules-to-boost-economy">Bloomberg reported</a>.

	PLND is up 5.7 percent in the past month while EPOL is higher by 5.6 percent. The key to further upside is how Polish fiscal and monetary policy impacts financial services firms there. That sector represents 39.1 percent of PLND and 49.2 percent of EPOL.

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

COLX

iShares MSCI Poland Investable Market Index Fund ETF

EPOL

PLND

Stealth Rallies For These Emerging Markets ETFs

Colombian stocks closed slightly lower with the Colombian Stock Exchange losing about half a percent. Many U.S. investors probably did not notice and nor did they notice the seven-day winning streak that preceded Monday's loss.

	There was a time when ETFs with exposure to South America's second-largest economy, namely the Global X FTSE Colombia 20 ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>), were <a href="http://www.benzinga.com/markets/bonds/13/02/3315271/good-news-for-colombia-good-news-for-these-etfs">among the best options</a> for investors seeking exposure to Latin America. From 2010-2012, GXG outperformed the iShares MSCI Brazil ETF (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>) and the iShares MSCI Chile ETF (NYSE: <a class="ticker" href="/stock/ech#NYSE">ECH</a>).

	Novices framed the rise of Colombian equities as the result of the country no longer being viewed by international investors as solely an exporter of cocaine. By beating that dead horse, those pundits overlooked critical elements of the Colombian investment thesis such as rising oil production that has made the country South America's third-largest crude producer.

	Additionally, continuing to talk about cocaine obfuscated the fact that Colombia has a vibrant banking system and that Moody's Investors Service and Standard &amp; Poor's both lifted Colombia's credit rating into investment-grade territory in 2011.

	Fast-forward to 2013 and, for most of this year, the Colombian investment thesis and GXG have held little allure to investors. The ETF is down 11.2 percent year-to-date. Foreign direct investment in the country plunged 6.2 percent to $8.75 billion in the January through June period, from the $9.33 billion it received in the same period last year, <a href="http://www.reuters.com/article/2013/07/15/colombia-economy-fdi-idUSL1N0FL19L20130715">according to Reuters</a>.

	Inflows to the energy and mining sectors, critical elements of the Colombian economy, dipped 5.5 percent. Those two sectors combine for nearly 38 percent of GXG's weight. Colombia's status as a major producer of gold and copper has not served GXG and the rival Market Vectors Colombia ETF (NYSE: <a class="ticker" href="/stock/colx#NYSE">COLX</a>) well this year, but Ecopetrol (NYSE: <a class="ticker" href="/stock/ec#NYSE">EC</a>) has been a real drag on Colombian stocks.

	Ecopetrol, Colombia's state-run oil company, was once a shining star among state-controlled energy companies. This year, however, the stock is part of an infamous group of <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/06/3681839/state-run-energy-companies-are-sinking-these-etfs">state-run, emerging markets energy firms</a> whose shares are hampering scores of ETFs while being trounced by their U.S. rivals. Shares of Ecopetrol, 15.3 percent of GXG's weight, are down 25.5 percent year-to-date, a loss that is barely better than the 29 percent tumble seen by Brazil's Petrobras (NYSE: <a class="ticker" href="/stock/pbr#NYSE">PBR</a>).

	Coming Back 
	While investors may have noticed <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/07/3761321/s-p-sees-improvements-in-em-etfs">that select emerging markets ETFs</a> have recently been on the mend, they may not have noticed that Colombia funds are leading the charge. The rub here is that taking part in upside for Colombian equities means using an ETF such as GXG or the newly minted iShares MSCI Colombia Capped ETF (NYSE: <a class="ticker" href="/stock/icol#NYSE">ICOL</a>).

	Only one quasi-diversified emerging markets ETF, the Global X FTSE Andean 40 ETF (NYSE: <a class="ticker" href="/stock/and#NYSE">AND</a>), features noteworthy exposure to Colombia. Larger, more familiar, multi-country emerging markets ETFs feature scant exposure to Colombian shares.

	In the past month, GXG has surged 8.8 percent. The iShares MSCI Colombia Capped ETF is barely more than a month old and when that funded debuted, it looked as though it <a href="http://www.benzinga.com/news/13/06/3690057/ishares-colombia-etf-to-debut-thursday">it was going to be a case of bad timing</a>. The opposite has been true as ICOL already has $12.8 million in assets under management and has soared 9.5 percent since its debut.

	The driver of the rally in Colombia ETFs has been, not surprisingly, Ecopetrol. As the U.S. Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) has jumped 15.7 percent in the past month, shares of Ecopetrol are up 11.6 percent. Over that time, the Colombian oil giant has left Petrobras, Exxon Mobil (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) and Chevron (NYSE: <a class="ticker" href="/stock/cvx#NYSE">CVX</a>) in the dust. The new ICOL is even more levered to the Ecopetrol trade than GXG. The iShares offering devotes almost 18.4 percent of its weight to that stock and 33.4 percent of its weight to the energy sector, <a href="http://us.ishares.com/product_info/fund/overview/ICOL.htm?fundSearch=true&amp;qt=ICOL">according to issuer data</a>.

	Cheap, Of Course 
	One of the most frequently heard clarion calls about emerging markets these days is <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/07/3735545/an-ambitious-emerging-markets-forecast">that they are cheap on a valuation basis</a>. The same can be said of Colombian stocks. GXG has a P/E of 15 and a price-to-book ratio of 1.34, implying the ETF trades at a discount relative to the comparable Brazil and Mexico ETFs as well as the broader emerging markets universe.

	However, the real catalyst for the rise in Colombian stocks and the aforementioned ETFs is more attributable to the credit markets. Earlier this month, Moody's boosted the country's debt rating outlook to positive, citing a dwindling budget deficit that will help reduce debt levels. Moody's forecasts Colombia's debt will fall to the equivalent of 32 percent of gross domestic product this year from 34.5 percent in 2009, <a href="http://www.bloomberg.com/news/2013-07-08/colombia-s-debt-rating-outlook-lifted-to-positive-by-moody-s.html">according to Bloomberg</a>.22



	Yields on Colombian bonds sank after Finance Minister Mauricio Cardenas said the government will delay action that encourages pension funds there to invest more capital overseas. The yield on Colombian 10-year sovereign debt is 6.67 percent, down from 7.04 percent on July 8. Since July, ICOL is up 8.7 percent.

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

Analyst Ratings

Evaluating The Resurgence of Colombia ETFs

Here is the ETF Professor's ETF Watch List for Tuesday, June 16, 2013.

Keep an eye on the Vanguard Utilities ETF (NYSE: <a class="ticker" href="/stock/vpu#NYSE">VPU</a>).

Earnings plays: Health Care Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlv#NYSE">XLV</a>) and the iShares U.S. Broker-Dealers ETF (NYSE: <a class="ticker" href="/stock/iai#NYSE">IAI</a>).

Give the iShares Russell 2000 ETF (NYSE: <a class="ticker" href="/stock/iwm#NYSE">IWM</a>) a look.

Emerging markets plays of the day: iShares MSCI Brazil ETF (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>), iShares MSCI Malaysia ETF (NYSE: <a class="ticker" href="/stock/ewm#NYSE">EWM</a>) and the Global X FTSE Colombia 20 ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>).

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

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

Earnings

iShares Dow Jones US Broker Dealers Index Fund

ETFs to Watch June 16, 2013 (BND, GXG, XLV)

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
The global economy faces significant uncertainty. High-interest rates, persistent inflation and geopolitical crises all threaten to roil financial markets. However, these unusual financial conditions create various compelling buying opportunities within the exchange-traded fund (ETF) space. There are ways to profit from the current landscape spanning various countries, sectors and asset classes. Here are three ETFs to buy because they are set to skyrocket in the coming months and years.

<h2>SPDR S&amp;P Biotech ETF (XBI)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2022/10/biotechnology1600-300x169.png" alt="Biotechnology stocks, biomedical stocks" width="300" height="169"><div>Source: aslysun / Shutterstock.com</div></div>
While <a href="https://investorplace.com/industries/technology/">tech stocks</a> have generally had a positive 2023, that hasn&rsquo;t applied to all growth companies equally.
For example, just look at the SPDR S&amp;P Biotech ETF (NYSEARCA:<a href="https://investorplace.com/stock-quotes/xbi-stock-quote/">XBI</a>). XBI shares are down 10% year-to-date. Even more shockingly, they are down nearly 25% over the past five years.
Few people would argue that there are long-term tailwinds for biotech thanks to aging demographics along with various breakthroughs in fields such as cell editing, mRNA therapies and synthetic biology. Despite these positives, however, <a href="https://investorplace.com/industries/healthcare/biotech/">biotech stocks</a> have slumped amid a challenging funding environment and growing pessimism from investors.
It&rsquo;s certainly not easy to catch a falling knife like XBI stock. However, shares could explode higher at any time. Despite additional market selling in recent weeks, for example, biotech shares garnered attention thanks to a shocking <a href="https://investorplace.com/2023/09/why-is-soleno-therapeutics-slno-stock-up-420-today/" target="_blank">420% one-day pop</a> in Soleno Therapeutics (NASDAQ:<a href="https://investorplace.com/stock-quotes/slno-stock-quote/">SLNO</a>) on September 26. That sort of move speaks to the possibility for biotech firms with positive clinical results as they snap out of this losing streak.
<h2>iShares 20+ Year Treasury Bond ETF (TLT)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2022/03/treasury-bonds-300x169.png" alt="Several U.S. Treasury Bonds stacked on each other." width="300" height="169"><div>Source: larry1235 / Shutterstock.com</div></div>
U.S. government treasury bonds have had a historic decline. Following a massive rate-hiking campaign from the Federal Reserve, bonds have witnessed their worst bear market in decades. And the selling has continued recently following more <a href="https://investorplace.com/2023/09/treasury-alert-why-is-the-tlt-etf-down-today/" target="_blank">concerning comments</a> from the Fed.
Add it all up, and the benchmark iShares 20+ Year Treasury Bond ETF (NYSEARCA:<a href="https://investorplace.com/stock-quotes/tlt-stock-quote/">TLT</a>) has fallen back to a price last seen in 2007. But while most folks are dumping their positions, this makes for a compelling buying opportunity for shrewd investors.
Bonds still serve a vital role in people&rsquo;s portfolios. In particular, they serve as a recession hedge. When the economy slumps, people usually buy bonds for their security during hard times.
With a potential recession seemingly on the horizon, this is a great time to load up on bonds. And with the plunge in prices, yields have soared. TLT shares used to yield just 1.5%, but are now up to 3.6%. With a much higher starting yield and more favorable macroeconomic conditions for bonds on the horizon, this is the time to be buying as others panic.
<h2>Global X MSCI Colombia ETF (GXG)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2023/01/gxg1600-300x169.png" alt="The view from the top of Piedra El Penol in Guatape Columbia. GXG stock" width="300" height="169"><div>Source: DigitalWanderer / Shutterstock.com</div></div>
Colombia has had one of the world&rsquo;s worst-performing equity markets in recent years. Over the past five years, the&nbsp;Global X MSCI Colombia ETF (NYSEARCA:<a href="https://investorplace.com/stock-quotes/gxg-stock-quote/">GXG</a>) is down 48%.
Colombia has fallen both due to weak economic performance and the slumping value of its currency, the Colombian Peso. However, the country&rsquo;s primary export, crude oil, is now surging in value. That should set the stage for a major rebound in the country&rsquo;s financial assets and associated ETF.
Using cyclically adjusted price-to-earnings ratios (CAPE), Colombia was the second-cheapest market in the world as of <a href="https://www.theemergingmarketsinvestor.com/a-tales-of-two-decades-in-emerging-markets-and-the-sp-500-part-2/" target="_blank">August 2023,</a> trailing only Turkey. And, unlike Turkey, Colombia is not facing runaway inflation or a deeply unsettled macroeconomic environment. Furthermore, based on a return to average valuation ratios, Colombia would have the world&rsquo;s highest forecast returns, coming in at a projected 19.9% annually through 2030.
It isn&rsquo;t just future capital gains that will power the upside, either. Colombian companies have a long track record of paying above-average dividends. To that point, the GXG ETF currently offers a massive 7% dividend yield.
On the date of publication, Ian Bezek did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>
Ian Bezek has written more than 1,000 articles for InvestorPlace.com and Seeking Alpha. He also worked as a Junior Analyst for Kerrisdale Capital, a $300 million New York City-based hedge fund. You can reach him on Twitter at @irbezek.
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Turkey has a lot of risks, but with the market indexes trading with a CAPE ratio of less than half the world's more developed markets.

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