iShares MSCI ACWI ex U.S. ETF (NASDAQ: ACWX)

에 대한 최신 뉴스 iShares MSCI ACWI ex U.S. ETF (NASDAQ:ACWX)

iShares MSCI ACWI ex US Index Fund

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The fund generally will invest at least 90% of its assets in the component securities of the underlying index and in investments that have economic characteristics that are substantially identical to the component securities of the underlying index. The index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of developed and emerging markets countries, excluding the United States.

Taiwan Semiconductor Manufacturing Co. Ltd.

Novo Nordisk As

Asml Holding N.V.

TENCENT HLDGS LTD

Samsung Electronics Ltd.

Nestle Sa

Astrazeneca Plc

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ACWX

S&amp;P 500 지수는 미국 경제 지배력에 힘입어 놀라운 연속 행진을 이어가며 거의 30년 만에 글로벌 주식에 대해 가장 강력한 우위를 차지하며 2024년 말을 마감할 예정이다. 하지만 뱅크 오브 아메리카(BofA)의 애널리스트들은 이 상승세가 오래가지 않을 것이라고 경고하며, 빠르면 2025년 2분기에는 반전이 시작될 것으로 예측했다.

올해 S&amp;P 500은 1997년 이후 글로벌 주식 대비 최고의 해를 기록: BofA가 2025년 변동성 경고

iShares MSCI ACWI ex U.S. ETF

The S&amp;P 500 index is set to end 2024 with its strongest edge over global equities in nearly 30 years, a remarkable streak fueled <a href="https://www.benzinga.com/news/econ-s">by U.S. economic dominance. </a>
Yet, Bank of America analysts caution that the rally's days may be numbered, predicting a reversal as early as the second quarter of 2025.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) has surged 25% year-to-date as of Dec. 27, delivering a 21-percentage-point edge over global equities excluding U.S. exposure, tracked by the iShares MSCI ACWI ex U.S. ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACWX#NYSE">ACWX</a>)
That marks the widest outperformance of American versus world equities since 1997. 
This is also the widest performance gap since 1997, driven by investor positioning for &#8220;Trump trades&#8221; of higher U.S. dollar, equities and bond yields, according to Bank of America&#8217;s chief investment strategist Michael Hartnett.
Hartnett predicts that an &#8220;inflation boom&#8221; in the U.S. combined with a &#8220;global deflation bust&#8221; will drive a first-quarter overshoot in U.S. stocks. 
&#8220;We believe US small cap&nbsp;(Russell 2000)&nbsp;is the&nbsp;best trade to&nbsp;position for&nbsp;overshoots,&#8221; Hartnett said in a recent report. 
Hartnett highlighted that global equity markets are heading into 2025 with significantly weak economic momentum, especially in manufacturing &#8211; and this is even before factoring in the potential impact of a trade war.
But, as the champagne flows this New Year's Eve, Bank of America analysis suggests a sobering reality may await from the second quarter of 2025.
<h3 class="wp-block-heading">Chart: S&amp;P 500 Sharply Outperformed International Equities In 2024</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="557" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/27152453/image-222-1024x557.png" alt="" class="wp-image-709750" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/27152453/image-222-1024x557.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/27152453/image-222-300x163.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/27152453/image-222-768x418.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/27152453/image-222-1536x835.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/27152453/image-222.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">A Shift To International Markets?</h3>
By spring 2025, Bank of America forecasts a hawkish Federal Reserve and &#8220;policy panic&#8221; in Europe and Asia to trigger a peak in U.S. market &#8220;exceptionalism.&#8221; 
According to Hartnett a strong U.S. dollar, already near multi-year highs, contributed to U.S. stocks' outperformance but poses risks given that 30% of S&amp;P 500 revenues come from overseas markets.
Hartnett projects that aggressive fiscal easing in China, new European stimulus – boosted by potential German election outcomes – and rate cuts by the European Central Bank will create fertile ground for global equities.
This could lead to significant rotations into international equities and currencies. 
"By Q2, we anticipate lower interest rates, cheaper currencies, and fiscal easing in Europe and China," Hartnett said.
Emerging markets, battered by a strong dollar and trade uncertainty, may finally rebound as the greenback loses steam.
David Hauner, head of global emerging markets fixed income strategy at Bank Of America, remains cautious on emerging markets in the near term but sees buying opportunities as U.S. trade policies become clearer and the dollar reaches a turning point.
<h3 class="wp-block-heading">2025: Volatility And Opportunity</h3>
Savita Subramanian, Bank of America&#8217;s head of U.S. equity strategy, said potential Trump 2.0 policies could heighten inflation and deficit risks.
&#8220;Trump 2.0 may drive higher uncertainty around inflation and deficit risks.&nbsp;Immigration and tariffs may be inflationary, but corporate tax cuts are disinflationary as benefits get passed onto the consumer,&#8221; Subramanian said.
She highlighted the prospects for a strong GDP upcycle, driven by lighter regulations and increased energy production lowering oil prices.
Despite predictions of volatility return in 2025, Bank of America analysts remain bullish on the S&amp;P 500. 
They indicated an ambitious year-end target of 6,666 for 2025, marking a staggering 10x rally from the market's 2009 lows.
"Volatility will present opportunities to buy the S&amp;P 500 at lower levels in 2025," said Subramanian, adding that the index is likely to close the year higher than current levels.
Read now: 
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<li><a href="https://www.benzinga.com/government/regulations/24/12/42701155/made-in-china-paid-in-america-what-trumps-new-tariffs-mean-for-the-us-economy">Made In China, Paid In America: What Trump&#8217;s New Tariffs Mean For The US Economy</a></li>
</ul>
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S&P 500 Poised For Best Year Vs. Global Stocks Since 1997: Bank Of America Warns Of 2005 Rotation

The &#8220;American exceptionalism&#8221; trade is making a roaring comeback, fueled by the potential resurgence of &#8220;America First&#8221; policies under the upcoming Trump administration, <a href="https://www.benzinga.com/topic/expert-ideas">according to Bank of America</a>.
Bank of America analyst Ohsung Kwon highlighted Tuesday the sharp rise in the three-month correlation between the S&amp;P 500 and the U.S. dollar, which has surged to its highest level since 2017.
<h1 class="wp-block-heading">Correlation Between U.S. Stocks, Dollar Hits Highest Since 2017</h1>
Since the election, U.S. equities have outperformed international stocks by three percentage points, while the U.S. dollar has appreciated 2.9%, signaling renewed investor confidence in America's economic resilience.
The correlation between international equities and the dollar has declined, creating a spread that reached its second-highest level in history, only behind the spike following Trump's 2016 election victory, the analyst said. 
"The recent strength in the U.S. dollar suggests the U.S. economic outlook is improving relative to other countries, which is also driving U.S. equities higher versus the rest of the world," said Kwon.
Between the 2016 election and the end of 2017, the S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), gained 25%, outperforming international stocks, tracked by the iShares MSCI ACWI EX U.S. ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACWX#NYSE">ACWX</a>), by 7.6 percentage points.
The post-election rally this year — while more modest — still sees the S&amp;P 500 ahead by three percentage points.
<h1 class="wp-block-heading">Chart: U.S. Stocks Sharply Outperform Rest Of The World In 2024</h1>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22-1024x501.png" alt="" class="wp-image-674808" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22-1536x752.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h1 class="wp-block-heading">Jobs Report: The Next Catalyst For Markets?</h1>
The next test for the &#8220;American exceptionalism&#8221; trade could come Friday, with the release of the November employment report. 
Bank of America economist Stephen Juneau said the report will likely be noisy, reflecting temporary factors like the end of the Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) strike and hurricane-related recovery.
BofA expects nonfarm payrolls to jump by 240,000, bolstered by these one-off effects. To get a clearer sense of the labor market's health, Juneau suggested looking at the two-month average of payroll gains.
Adding to the strong labor market narrative, October job openings surprised to the upside. According to the official report released on Tuesday, job openings increased by 372,000 to 7.744 million in October, surpassing market expectations of 7.48 million.
The market reaction to the jobs report may be muted, with S&amp;P options pricing in just an 86-basis-point implied move — the smallest expected reaction since July.
Analysts attribute this to a combination of waning macro volatility. &#8220;Likely a combination of high data volatility, extreme forecasting challenges, and the Fed&#8217;s &#8216;data-dependent&#8217; posture,&#8221; Juneau wrote, adding that the SPY&#8217;s flat reaction to last month&#8217;s surprising inflation data &#8220;was not encouraging&#8221;
Read Next: • <a href="https://www.benzinga.com/24/12/42291861/trumps-tariff-plan-risks-economic-pain-for-north-america-goldman-sachs-warns">Trump&#8217;s Tariff Plan Risks Economic Pain For North America, Goldman Sachs Warns</a>

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'American Exceptionalism Trade' Gains Steam As Dollar, S&P 500 Surge In Lockstep: Bank Of America

July was a positive month for the U.S. stock market, but strong gains were also seen in global equity markets, with some countries posting double-digit monthly returns. Notably, the 1% decline in the dollar in July, marking its second consecutive month of losses, provided a boost to numerous emerging markets heavily reliant on the greenback&rsquo;s cycle. Additionally, the diminishing fears of a global recession contributed to a favorable market sentiment, rekindling the <a href="https://www.benzinga.com/news/large-cap/23/07/33220411/cash-in-on-the-crashing-dollar-5-stocks-and-etfs-ready-to-soar-from-the-greenbacks-downfall">market&rsquo;s appetite for global equities. </a>
However, some country-specific factors, such as changes in economic policies, played a crucial role in the variations of performance among country exchange traded funds (ETFs) in July.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) has consistently outperformed the iShares MSCI All Country World Index Ex-US ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACWX#NYSE">ACWX</a>) in 2023, boasting returns of 18.7% compared to 11.7%. Nonetheless, in July, U.S. stocks slightly underperformed global equities (2.8% vs. 3.4%).
Which nations stood out in July with impressive performance in their stock markets? Let&rsquo;s take a look at data from Koyfin to find out!
<h2 class="wp-block-heading">Country ETFs: Top Gainers in July</h2>
<ol>
<li>Poland &ndash; iShares MSCI Poland ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPOL#NYSE">EPOL</a>)</li>
</ol>
<ul>
<li>Developments in Poland: The Polish zloty (PLN) reclaimed its mid-February 2022 value, effectively erasing all Ukraine conflict-related losses. Poland&rsquo;s stock market reaches an 18-month high, indicating robust investor sentiment, inflation eased further and the country&rsquo;s unemployment rate fell to the lowest since October 2019.</li>
<li>Performance month to date: 9.4%</li>
<li>ETF monthly flows: $25.8 million</li>
<li>Performance year to date: 33.6%</li>
</ul>
<ol>
<li>China &ndash; SPDR S&amp;P China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GXC#NYSE">GXC</a>)</li>
</ol>
<ul>
<li>Developments in China: Chinese authorities committed to bolster the economy through increased policy support, including measures to lower mortgage rates to prop up the sluggish domestic real estate sector.</li>
<li>Performance month to date: 10%</li>
<li>ETF monthly flows: ($134 million)</li>
<li>Performance year to date: 22.1%</li>
</ul>
<ol>
<li>South Africa &ndash; iShares MSCI South Africa ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EZA#NYSE">EZA</a>)</li>
</ol>
<ul>
<li>Developments in South Africa: Amid the rising momentum of commodities in July, the stock market of commodity-rich South Africa reaped significant gains, and the South African rand also enjoyed a positive upswing.</li>
<li>Performance month to date: 11.7%</li>
<li>ETF monthly flows: ($8.1 million)</li>
<li>Performance year to date: 2%</li>
</ul>
<ol>
<li>Vietnam &ndash; VanEck Vietnam ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNM#NYSE">VNM</a>)</li>
</ol>
<ul>
<li>Developments in Vietnam: Vietnam continued to attract foreign direct investment, which totaled $11.58 billion in the first seven months of 2023. The country&rsquo;s tourist sector rebounded strongly from pandemic-related restrictions, with international tourists growing 194.6% year-on-year to 1.04 million in July 2023.</li>
<li>Performance month to date: 13.07%</li>
<li>ETF monthly flows: $14.7 million</li>
<li>Performance year to date: 0.8%</li>
</ul>
<ol>
<li>Turkey &ndash; iShares MSCI Turkey (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TUR#NYSE">TUR</a>)</li>
</ol>
<ul>
<li>Developments in Turkey: After President Recep&nbsp;Tayyip Erdogan&lsquo;s victory in the June elections, the newly announced economic team has initiated a significant shift in the country&rsquo;s economic policy. The Central Bank of Turkey raised interest rates by 900 basis points in the last two meetings, signaling a bold reversal from its previous ultra-loose and unorthodox approach.</li>
<li>Performance month to date: 17%</li>
<li>ETF monthly flows: ($23.3 million)</li>
<li>Performance year to date: -10.3%</li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/23/07/33471902/rising-stars-falling-trends-julys-industry-etf-winners-and-losers">Rising Stars, Falling Trends: July&rsquo;s Industry ETF Winners and Losers</a>
Chart: Best Performing Country ETFs In July
<img alt="" class="wp-image-78343" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/07/31162231/TUR_2023-07-31_22-21-46_af0cc-1024x822.png" style="height:822px; width:1024px" />
Photo: Shutterstock

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iShares MSCI Poland Investable Market Index Fund ETF

EPOL

iShares MSCI Turkey Investable Market Index Fund

July's Top-Performing Country ETFs: This Nation Led Global Equity Rally, And It Wasn't China

1. State Street Corporation (STT) 
2. Entergy Corporation (ETR) 
3. PPL Corporation (PPL) 
4. Verizon Communications Inc (VZ) 
5. Southwest Airlines (LUV) 
6.The Michaels Companies (MIK) 
7.iShares MSCI ACWI ex US Index Fund (ACWX) 
8.&nbsp;Akorn, Inc (AKRX) 
9.&nbsp;Lexicon Pharmaceuticals, Inc (LXRX) 
10. Teradyne, Inc (TER) 
&nbsp;

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AKRX

LXRX

Top 10 Most Overbought Stocks Via Benzinga Pro's Screener Tool For Tue., September 24, 2019

It has long been said that international equities, including developed markets, are more attractively than their U.S. counterparts. Various data points confirm as much.
&ldquo;On valuations, it is important to note that the market entered February with multiples at multi-year highs,&rdquo; said BlackRock <a href="https://www.blackrockblog.com/2018/04/11/us-stocks-not-cheap-enough/">in a recent note</a>. &ldquo;The S&amp;P 500 ended January at nearly 23 times trailing earnings. Outside of the immediate aftermath of the financial crisis, when earnings were depressed, this is the highest multiple since the early 2000s.&rdquo;
Although the S&amp;P 500 has declined since February, bringing it to a year-to-date loss of 0.8 percent, it still trades at a lofty 21 times earnings. More compelling valuations are seen overseas and that might be why investors are eagerly <a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/04/11499952/demand-for-international-etfs-remains-strong">running to international</a> exchange-traded funds.
<h3>
	Better Performance, Too</h3>
Not only are international stocks more attractively valued than their U.S. rivals, they&#39;re outperforming the S&amp;P 500. Year-to-date, the iShares MSCI ACWI ex U.S. ETF (NASDAQ: <a class="ticker" href="/stock/acwx#NASDAQ">ACWX</a>) and the iShares Core MSCI EAFE ETF (NYSE: <a class="ticker" href="/stock/iefa#NYSE">IEFA</a>) are up 0.3 percent and 0.6 percent, respectively.
The $3.20 billion ACWX is a mix of developed and emerging markets stocks, but Japan and the U.K. combine for over 28 percent of the fund&#39;s geographic weight and seven of the ETF&#39;s top 10 geographic exposures are developed markets. Even with its emerging markets exposure, ACWX has been less volatile than the S&amp;P 500 this year and developing economies, broadly speaking, still trade at lower valuations than U.S. stocks.
China, South Korea and Taiwan combine for 14.3 percent of ACWX&#39;s weight.
<h3>
	Depending On Developed Markets</h3>
While developed markets ETFs, such as IEFA, are outperforming U.S. benchmarks, stocks in major markets outside the U.S. are inexpensive.
&ldquo;Developed markets outside the U.S., as tracked by the MSCI ACWI-ex U.S. Index, is trading for roughly 15 times trailing earnings, the cheapest since late &rsquo;15,&rdquo; said BlackRock. &ldquo;Right now with the U.S. being still the most expensive market and the epicenter of uncertainty, non-U.S. equities offer better value, and perhaps better protection.&rdquo;
Year-to-date, investors have added $14.79 billion in new assets to IEFA, more than double the amount added to the second-best ETF on an asset-gathering basis.
Related Links:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/04/11499952/demand-for-international-etfs-remains-strong">Investors Love International ETFs</a>
<a href="https://www.benzinga.com/news/18/04/11492715/the-place-to-go-for-700-commission-free-etfs">A Slew of Commission-Free ETFs</a>

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Where To Find Attractively Valued Stocks? Outside The US

Investors looking for total market exposure excluding U.S. stocks have a myriad of options in the world of exchange traded funds. One of the more well-known options is the iShares MSCI ACWI ex US Index Fund (NASDAQ: <a class="ticker" href="/stock/acwx#NASDAQ">ACWX</a>).
<h3>ACWX Stands Out</h3>
The iShares MSCI ACWI ex U.S. ETF, which is over 8 years old and has more than $1.9 billion in assets under management, offers investors exposure to developed and emerging markets equities while excluding U.S. fare. Although ACWX is a combination developed and emerging markets ETF, the fund is dominated by developed markets as highlighted by a combined weight of nearly 28 percent to the U.K. and Japan. China is the ETF&#39;s largest emerging markets allocation at just under 7 percent.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/16/08/8398505/low-vol-hot-streak-could-be-cooled-by-valuations">Low Vol hot Streak Could Be Cooled By Valuations</a></bzrelatedlink>
Home to 1,157 stocks, ACWX is a cap-weighted ETF, and the bulk of its lineup is devoted to large- and mid-cap names. With a fund of this nature, that ensures ample exposure to familiar multinational companies, such as Novartis AG (ADR) (NYSE: <a class="ticker" href="/stock/nvs#NYSE">NVS</a>), Toyota Motor Corp (ADR) (NYSE: <a class="ticker" href="/stock/tm#NYSE">TM</a>) and GlaxoSmithKline plc (ADR) (NYSE: <a class="ticker" href="/stock/gsk#NYSE">GSK</a>).
&ldquo;The countries where these firms are listed are not necessarily indicative of the economic exposure they provide. This broad market-cap-weighted portfolio promotes low turnover and effectively diversifies company-specific risk. The fund&rsquo;s top 10 holdings account for less than 10 percent of the portfolio, compared with the category average of over 25 percent. Yet, its weighting approach could tilt the portfolio toward names as they become larger and more expensive and away from firms as they become smaller and cheaper, which may have higher expected returns,&rdquo; said Morningstar<a href="http://beta.morningstar.com/articles/766903/one-stop-shopping-for-exposure-to-international-stocks.html"> in a recent note</a>.
<h3>Recent Performance</h3>
As Morningstar noted, ACWX is not a currency hedged ETF, which works against the fund when the dollar is strong. However, with the dollar currently laboring well below the highs seen last year, the weak greenback works in favor of international exporters that derive significant percentages of their revenue from the U.S. as is the case with many of ACWX&#39;s developed market holdings.
ACWX has trailed the MSCI EAFE Index in recent years because of the former&#39;s emerging markets exposure. However, with developing economies rebounding this year, ACWX is outpacing the developed markets benchmark. Still, this underscores the point that ACWX is potentially vulnerable to hawkish Fed action.
&ldquo;Central banks in the U.K., the eurozone, and Japan are all using aggressive monetary policies to keep interest rates low in an effort to simulate demand. If rates in those markets stay low, while rates rise in the United States, the U.S. dollar could strengthen, which would hurt the fund&rsquo;s performance,&rdquo; added Morningstar.
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Almost The Whole World In This ETF's Hands

The SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) is up nearly 12 percent year-to-date indicating investors have been, for the most part, rewarded for their confidence in U.S. stocks. Combine that with the goings on in the Eurozone, most of which have been negative, and dour performances by many of the largest emerging markets, and it looks like U.S. stocks are the place to be.

	That does not mean investors should have no global exposure. In fact, some developed market ETFs <a href="http://www.benzinga.com/markets/bonds/13/03/3429049/4-developed-market-etfs-better-than-spy">have outpaced SPY this year</a>. And yes, that group extends beyond the obvious winners, those being Japan ETFs.

	Those not willing to make country-specific bets in their efforts to add international exposure can accomplish the objective through an array of so-called "ex-U.S." ETFs. Here are a few such funds that brokers may have forgotten about.

	iShares MSCI ACWI ex US Index Fund (NASDAQ: <a class="ticker" href="/stock/acwx#NASDAQ">ACWX</a>) 
	The iShares MSCI ACWI ex US Index Fund may not get a lot of airtime, but this is not a small, thinly traded ETF. ACWX has $1.42 billion in assets under management and average daily volume of almost 240,000 shares.

	Year-to-date, ACWX has returned 4.2 percent. That may not sound impressive, particularly compared to U.S. stocks. More concerning is that ACWX has only been able to generate a return of 4.2 percent when Japan accounts for 15.4 percent of its country weight. Australia, another strong equity market, checks in at almost 6.4 percent.

	This is ACWX's big problem: The attractive exposure to Japan and Australia is being canceled out by laggard markets such as Canada, France, Germany, South Korea, China and Brazil. Combined, those countries represent about 30 percent of ACWX's. Of the major ETFs tracking that group, only the Germany and France funds are up year-to-date and only modestly so.

	SPDR S&amp;P World ex-US ETF (NYSE: <a class="ticker" href="/stock/gwl#NYSE">GWL</a>) 
	The SPDR S&amp;P World ex-US ETF makes for an obvious rival to ACWX and investors have to dig deeper to make a decision between the two ETFs because both charge 0.34 percent per year. GWL is the smaller of the two, though it is by no means small with over $610 million in AUM. In fact, GWL has been rapidly growing, having added $298.2 million in assets over the past 12 months, <a href="http://www.indexuniverse.com/data/etf-fund-flows-tool.html">according to Index Universe data</a>.

	GWL is up 4.2 percent year-to-date, but the ETF faces a similar dilemma to ACWX. The slight out-performance comes by virtue of slightly large allocations to Japan and Australia (a combined 28 percent). However, Canada, France, Germany and South Korea combine for 27.4 percent of GWL's weight.

	Additionally, both GWL and ACWX feature the U.K. as their second-largest country weight. With that country flirting with a triple-dip recession, both ETFs need Japanese equities to continue soaring to buffer against a potential decline in U.K. equities.

	WisdomTree Global ex-US Growth Fund (NYSE: <a class="ticker" href="/stock/dnl#NYSE">DNL</a>) 
	With $882. million in AUM, the WisdomTree Global ex-US Growth Fund is the smallest of the ETF's highlighted hear. The fund is also down 2.8 percent year-to-date, underscoring the notion that investors are apprehensive about global growth stocks.

	Like its rivals, DNL has some country allocation issues, namely a combined 29.4 percent going to the U.K., Brazil, Germany and South Africa. Additionally, while the allocations are small, DNL features exposure to all the PIIGS nations except Greece.

	There are some high points to DNL, though. First, although the ETF's do not imply as much, this is a dividend ETF. DNL tracks the WisdomTree Global ex-US Growth Index (WTG), which weighs companies annually based on annual cash dividends paid. Since the index was created in 2008, it has slightly outpaced the MSCI AC World ex-USA Growth Index, <a href="http://www.wisdomtree.com/etfs/index-details.aspx?IndexID=104#correlation">according to WisdomTree data</a>.

	Another highlight of DNL, and one that investors can only hope increases when the ETF next rebalances, is its exposure to some of this year's better emerging markets. Thailand, Indonesia, Mexico, Turkey and the Philippines combine for about 15.3 percent of the ETF's weight. Increased weights to those countries could boost DNL's returns, but there no guarantees those weights will raised.

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

Short Ideas

Dividends

Intraday Update

Three Ex-U.S. ETFs Your Broker Forgot to Mention

BlackRock's (NYSE: <a class="ticker" href="/stock/blk#NYSE">BLK</a>) iShares, already by far the largest ETF issuer in the world, could be looking to expand its product lineup in a major way. Earlier this week, iShares filed plans for 10 new ETFs, bringing its pipeline of potential new additions to 41.

The 10 funds iShares filed for this week <a href="http://www.etftrends.com/2012/08/ishares-continues-to-expand-etf-offerings/">include new funds</a> as well as some that expand on currently existing ETFs. iShares filed plans for the following ETFs: The iShares MSCI ACWI Investable Market Index Fund, iShares MSCI ACWI ex US Investable Market Index Fund, iShares MSCI EAFE Investable Market Index Fund, iShares MSCI Emerging Markets Investable Market Index Fund, iShares MSCI EFM Africa ex South Africa Index Fund, iShares MSCI GCC Countries ex Saudi Arabia Index Fund, iShares Barclays Global Aggregate ex USD Bond Fund, iShares Barclays Global Aggregate Bond Fund, iShares Barclays 1-5 Year Government/Credit Bond Fund and the iShares MSCI USA High Dividend Yield Index Fund.

The iShares MSCI Investable Market Index Fund would be a broader fund than the wildly popular iShares MSCI Emerging Markets Index Fund (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>). EEM, which has over $32 billion in assets under management, is the second-largest emerging markets ETF. That fund focuses more on mid- and large-cap names while the investable market play would offer exposure to more stocks across more capitalization spectrums.

The iShares ACWI Investable Market Index Fund would be a larger version of the iShares MSCI ACWI Index Fund (NYSE: <a class="ticker" href="/stock/acwi#NYSE">ACWI</a>). ACWI debuted in 2008 and now has almost $2.8 billion in AUM. The iShares MSCI ACWI ex US Investable Market Index Fund would complement the The iShares MSCI ACWI ex US Index Fund (NYSE: <a class="ticker" href="/stock/acwx#NYSE">ACWX</a>), which has $1.1 billion in AUM. 

The iShares MSCI EAFE Investable Market Index Fund would expand on the $34.4 billion iShares MSCI EAFE Index Fund (NYSE: <a class="ticker" href="/stock/efa#NYSE">EFA</a>). The fund invests in equities of all market-capitalization tiers across 22 developed markets, <a href="http://www.indexuniverse.com/sections/features/12989-ishares-plans-broader-version-of-eem.html">according to Index Universe</a>.

Tickers and expense ratios were not included in the filings. iShares had 262 ETFs with $492.1 billion in AUM at the end of July, according to ETF Industry Association Data.

Sector ETFs

Bonds

New ETFs

After-Hours Center

ACWI

iShares Planning Large ETF Expansion

First Trust Dow Jones Global Select Dividend Index Fund

Top 10 Multinational ETFs

Five more iShares ETFs have been added to the roster of funds that Fidelity will allow its clients to trade commission-free, that's up from the 25 iShares ETFs Fidelity offered commission-free when it announced the agreement with iShares last year.
iShares, the ETF unit of asset management giant BlackRock (NYSE: <a class="ticker" href="/stock/blk#NYSE">BLK</a>), is the largest U.S. ETF issuer and oversees 477 exchange-traded products worth $597 billion worldwide, according to Reuters.
The five iShares funds to be added to Fidelity's commission-free offerings are the iShares Dow Jones US Real Estate Index Fund (NYSE: <a class="ticker" href="/stock/iyr#NYSE">IYR</a>), iShares iBoxx $ High Yield Corporate Bond ETF (NYSE: <a class="ticker" href="/stock/hyg#NYSE">HYG</a>), iShares MSCI ACWI ex US Index Fund (Nasdaq: <a class="ticker" href="/stock/acwx#Nasdaq">ACWX</a>), iShares Dow Jones International Select Dividend Index Fund (NYSE: <a class="ticker" href="/stock/idv#NYSE">IDV</a>) and the iShares Dow Jones Select Dividend Index Fund (NYSE: <a class="ticker" href="/stock/dvy#NYSE">DVY</a>).

Currency ETFs

iShares Dow Jones Select Dividend Index Fund

iShares Dow Jones International Select Dividend Income Fund

iShares Trust Dow Jones US Real Estate Fund Index

5 More iShares ETFs Added To Fidelity's Commission-Free Lineup

Consumers everywhere agree – price wars are the best wars on the planet.  The ETF trading commission price war makes ETF investors happy and their wallets a little thicker.  Fidelity today (2/16/11) announced the addition of five more iShares ETFs to its $0 commission lineup.  This brings the total quantity of commission-free ETFs for Fidelity's online customers to 31, consisting of Fidelity's own Nasdaq Composite Tracking Stock (<a class="ticker" href="/stock/oneq#">ONEQ</a>) and 30 iShares products.
The <a href="http://personal.fidelity.com/products/trading/What_You_Can_Trade/WYCT_ETFs_List.shtml" target="_blank">complete list of iShares with free online trading at Fidelity</a> now includes these ETFs:
<ul>
<li>iShares iBoxx Yield Corporate Bond (<a class="ticker" href="/stock/hyg#">HYG</a>)</li>
<li>iShares Dow Jones Select Dividend (<a class="ticker" href="/stock/dvy#">DVY</a>)</li>
<li>iShares Dow Jones EPAC Select Dividend (<a class="ticker" href="/stock/idv#">IDV</a>)</li>
<li>iShares Dow Jones Real Estate (<a class="ticker" href="/stock/iyr#">IYR</a>)</li>
<li>iShares MSCI ACWI ex US (<a class="ticker" href="/stock/acwx#">ACWX</a>)</li>
</ul>
Sixteen months ago, the first salvo in this war was yet to be fired.  Today four major players have a lot at stake.  The history is brief but eventful:
<a href="http://investwithanedge.com/schwab-creates-watershed-event-with-commission-free-etfs" target="_blank">Schwab Creates Watershed Event with Commission-Free ETFs</a> on 11/3/09 by launching its first ETFs and introducing commission-free trading.  Schwab has since extended its lineup several times.
Fidelity responded three months later on 2/2/10 by teaming up with iShares to offer <a href="http://investwithanedge.com/the-26-commission-free-etfs-at-fidelity" target="_blank">26 Commission-Free ETFs at Fidelity</a> while lowering commissions on other ETFs.  Fidelity expanded its menu today.
<a href="http://investwithanedge.com/vanguard-enters-etf-free-trading-war" target="_blank">Vanguard Entered the ETF Free Trading War</a> three months later (5/4/10) by making its own line of ETFs available to Vanguard Brokerage customers without commissions.  Vanguard continues to aggressively launch new ETFs with no commissions for its brokerage customers.
The <a href="http://investwithanedge.com/launch-of-ameritrade-etf-supermarket" target="_blank">Launch of Ameritrade's ETF Supermarket</a> on 10/8/10 was the most sweeping to date, including eight different sponsors and 101 ETFs and ETNs.
Disclosure covering writer, editor, and publisher:  No positions in any of the securities mentioned.  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.  Our affiliate, <a onclick="javascript:pageTracker._trackPageview('/outbound/article/www.ccam.com');" href="http://www.ccam.com/" target="_blank">Capital Cities Asset Management</a>, uses Fidelity Brokerage Services and Ameritrade Institutional as custodians and brokerage for client accounts.
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Fidelity NASDAQmposite Index Fund ETF-Tracking NASDAQmposite Index

ONEQ

Fidelity Increases Commission-Free ETFs to 31

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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iShares MSCI Alluntry Asia ex Japan Index Fund

AAXJ

WisdomTree Trust Pacific ex-Japan Total Dividend

PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio

Vanguard FTSE All World ex US Small Cap ETF

Three New ETF Clones from Old Mutual GlobalShares

AGD: This Global Dividend Fund Is Increasing Its Domestic Exposure

Will International Stocks Outperform Again?

Don't Abandon International Equity, Despite Post-Election Rallies In U.S. Equity And The U.S. Dollar

Asset Class Scoreboard: October 2024

ACWX: Improving Macroeconomic Environment With Fair Valuation

ZTR: Play The Forward Growth Of Utilities With This High-Yielding CEF

BRW: Strong Recent Performance Has Improved This Fund

Bond And International Returns YTD Still Not Much To Crow About

Asset Class Scoreboard: November 2024

iShares MSCI ACWI ex U.S. ETF declares semi-annual distribution of $0.7673

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iShares MSCI ACWI ex U.S. ETF

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토요일, 12월 28, 2024

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