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Van Eck announced on Wednesday the latest addition to its ETF product lineup, rolling out the Market Vectors Small Cap India ETF (SCIF). The new ETF will seek to replicate the performance of the Market Vectors India Small-Cap Index, a benchmark that includes about 120 constituents with an average market capitalization of approximately $450 million. [click to continue…]
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Yukio Hatoyama resigned suddenly on Wednesday after just eight months in office, setting off a round of jostling among rival politicians to become Japan’s fifth prime minister in less than four years. Hatoyama had seen his popularity slide steadily since his election, highlighted by a controversial backtracking on a promise to move a U.S. marine base off Okinawa. Hatoyama called the decision to retain the base “heartbreaking,” but critics were quick to accuse him of giving into U.S. pressure, and his government coalition began to suddenly dissolve. [click to continue…]
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IndexIQ announced on Tuesday the launch of the IQ Taiwan Small Cap ETF (TWON), the firm’s fourth product focusing on international small cap stocks. TWON will track the IQ Taiwan Small Cap Index, a cap-weighted benchmark that includes small cap companies domiciled and primarily listed on stock exchanges in Taiwan. The underlying index consists of approximately 100 securities with a weighted average market capitalization of less than $500 million. Like other funds offering exposure to Taiwan’s equity markets, TWON will have a heavy tilt towards tech firms; the technology sector makes up about 30% of assets, followed by industrials (28%) and materials (18%).
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IndexIQ, the ETF issuer best known for its funds that seek to replicate hedge fund strategies with liquid, transparent securities, announced today the launch of two new ETFs offering single-country equity exposure. The IQ Canada Small Cap ETF (CNDA) will track the performance of the IQ Canada Small Cap Index, while the IQ Australia Small Cap ETF (KROO) will seek to replicate the IQ Australia Small Cap Index.
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Despite the high profile struggles for two of Japan’s largest and best-known companies–Toyota’s massive recall and Japan Airlines’ bankruptcy–signs of a long-awaited recovery are finally beginning to emerge in the world’s second largest economy. Japan’s economy unexpectedly grew at an annualized rate of 4.6% in the fourth quarter of 2009, crushing analyst estimates of a 3.5% expansion.
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Although Japan is perhaps mired in another ‘lost decade’ and faces significant obstacles on the road to material economic growth, the country remains the world’s second largest economy and as such is a major component of the international equity portion of most investor portfolios. After missing out on the bull market that sent much of the global equity market soaring in 2009, some analysts see 2010 as another poor year debt-burdened Japan. Goldman Sachs’ Jim O’Neill recently noted that in relation to America and Britain’s economies Japan’s is “much much worse“.
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The tremendous increase in the number of ETFs launched in recent years has seemingly brought cheap, efficient access to nearly every corner of the globe within reach of U.S. investors. There are now funds devoted to Vietnam, Turkey, Israel, Colombia, among countless others. But while the breadth of international options has expanded significantly, the exposure offered by these funds is fairly limited, as most international exchange-traded products are dominated by mega-cap equities.
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Investors in the Japanese markets had been hoping that the flip of the calendar to 2010 would bring new hope for the country’s stalled economy, following a bitterly disappointing 2009 that saw Japan lag global economies by a considerable margin. But only two days in to the year, health problems of the finance minister have created yet another obstacle, setting the stage for a potentially devastating reshuffling of roles.
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Early Friday morning, eyes around the world will be focused on Copenhagen, Denmark, where the International Olympic Committee (IOC) will announce the host city for the 2016 Olympic and Paralympic Games. The announcement ceremony figures to be quite a spectacle, with heads of state from the four finalists expected to make last minute pleas for their respective cities. President Obama will appear to support Chicago’s bid, while King Juan Carlos of Spain will appear on behalf of Madrid and Brazilian President Luiz Inacio Lula da Silva will represent Rio de Janeiro. New Japanese prime minister Yukio Hatoyama will also appear to bolster Tokyo’s campaign.
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