iShares Inc iShares MSCI Denmark ETF (BATS: EDEN)

에 대한 최신 뉴스 iShares Inc iShares MSCI Denmark ETF (BATS:EDEN)

iShares Inc iShares MSCI Denmark ETF

Ishares MSCI Denmark Capped ETF

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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 designed to measure broad-based equity market performance in Denmark. A capping methodology is applied that limits the weight of any single issuer to a maximum of 25% of the underlying index. The fund is non-diversified.

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iShares MSCI Denmark ETF

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iShares MSCI Ireland Capped Investable Market Index Fund

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투자자들은 이미 유럽 주식보다 높은 가격에서 거래되고 있는 미국 주식에 대한 투자를 대폭 늘리고 있다. 설문조사에 따르면 펀드매니저들의 포트폴리오가 유럽 기업에 비해 미국 기업에 대한 비중을 크게 초과하는 것으로 나타났다.

미국 주식에 돈 쏟아붓는 투자자들, 유럽은 꺼려

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Greenland Prime Minister Says We Would Like To Work With The U.S. On Defense And Mining

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President-Elect Donald J. Trump, When Asked For Assurance That He Will Not Use Military Or Economic Coercion As He Tries To Get Control Over Greenland, Says He Can't Assure You Of Either Of Those Two

Investors on <a href="https://www.benzinga.com/topic/wall-street">Wall Street</a> are bleeding red, white and blue, pouring money into American equities already trading higher than their European counterparts. 
The Data: A <a href="https://x.com/MikeZaccardi/status/1869029356884078993">post</a> on X from Mike Zaccardi relayed data from the Bank of America fund manager survey.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BofA FMS: 4th biggest overweight of US relative to Eurozone equities since 2001 <a href="https://t.co/zouKCD0Zxb">pic.twitter.com/zouKCD0Zxb</a>
&mdash; Mike Zaccardi, CFA, CMT &#x1f356; (@MikeZaccardi) <a href="https://twitter.com/MikeZaccardi/status/1869029356884078993?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">The survey found fund managers&#8217; portfolios are significantly overweight American companies compared to European companies at a rarely seen mark. The last time such a pattern was observed was in the aftermath of the <a href="https://www.benzinga.com/topic/european-debt-crisis">European debt crisis</a> in the early 2010s.</figcaption></figure>
Meanwhile, the valuations of American companies are several standard deviations higher than European equities, <a href="https://x.com/porterstansb/status/1863619200037634296">according</a> to Bank of America.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The last time U.S. stocks were this overvalued versus the rest of the world was&#8230; well, never. <a href="https://t.co/tozSaNizrp">pic.twitter.com/tozSaNizrp</a>
&mdash; Porter Stansberry (@porterstansb) <a href="https://twitter.com/porterstansb/status/1863619200037634296?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">American exceptionalism in equity pricing has never been higher; positive market sentiment in American companies relative to Europe accelerated in the mid-to-late 2010s and continued to the present day. </figcaption></figure>
Country Data: American companies have yielded hefty gains in recent years. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the 500 largest American companies, added more than 200% to its market value in the past 10 years, an annualized return of nearly 12%.
Meanwhile, European indices — and respective economies — have struggled.
The France-tracking iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>) returned 46% in that time period, good for an annualized return of under 4%. The German-tracking iShares MSCI Germany ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWG#NYSE">EWG</a>) returned 18%, an annualized return of 1.68%. The Italian iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>) has returned around 24%, an annualized return of about 2.12%.
Other countries have fared worse. The Britain-tracking iShares MSCI United Kingdom ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWU#NYSE">EWU</a>) has shed over 9% since 2014. The Spanish iShares MSCI Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>) has lost over 12% of its market value in that time span. Both countries&#8217; annualized returns are close to zero percent. 
European Outliers: A few countries have far outperformed the rest of the European continent in recent years.
iShares MSCI Denmark ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/EDEN#BATS">EDEN</a>) returned over 138% since 2014, an annualized return of over 9%. The Danish economy has apparently benefitted from its exposure to the pharmaceutical industry.
iShares MSCI Ireland ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIRL#NYSE">EIRL</a>) is up 70% in that period, an annualized return of about 5.43%. Ireland boasts a low corporate tax rate of 12.5% and high levels of foreign investment.
Why it Matters: It is unclear whether the trend of American exceptionalism in equities pricing will continue into the next decade. As their respective economies ease back into moderate economic growth, European countries may benefit from leadership changes.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/retail-sales/24/12/42535296/stocks-slip-as-strong-november-retail-sales-raise-concerns-over-2025-fed-rate-cuts">Stocks Slip As Strong November Retail Sales Raise Concerns Over 2025 Fed Rate Cuts</a></li>
</ul>
Photo: Varavin88 via Shutterstock

Investors Pour Money Into US Stocks, Shun Europe In Historic Fashion

<a href="https://x.com/CENTCOM/status/1741381969936834951?s=20" title="https://x.com/CENTCOM/status/1741381969936834951?s=20">https://x.com/CENTCOM/status/1741381969936834951?s=20</a>

iShares MSCI Israel Capped Investable Market Index Fund

U.S. Central Command Reported Earlier On X: Maersk Hangzhou Reported It Was Under Attack By Houthi Boats; U.S. Navy Helicopters Sank Three Of Four Houthi Boats

The agreement allows emergency services to collaborate effectively over the highly resilient and secure TETRA network and will also include a new functionality enabling first responders to automatically switch between land mobile radio (LMR) and broadband service, including WiFi, 4G and 5G networks. The new TETRA infrastructure will enable first responders to maintain reliable and uninterrupted communication through their TETRA talkgroups when radio users move out of range, for example, in indoor or underground facilities.

Contracts

Dansk Beredskabskommunikation, A Motorola Solutions Company Awarded An Eight-Year Contract By The Danish National Police's CFB To Implement And To Continue To Operate The Nationwide Public Safety Communications Network; Includes Security Operations Center

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U.S. President Biden Says Finished Very Productive U.S.-Nordic Summit

iShares MSCI Belgium Ivestable Market Index Fund

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Google Expanded Roll-Out Of Online Contracting Solution To Publishers With Offers For Enpagreements To Belgium And Italy; In Denmark, Entered New Licensing Agreement Regarding Publications Of The Members Of The Danish Press Publisher's Collecting Soceity

U.S., UK, Denmark, Netherlands To Deliver High Priority Air Defence Equipment To Ukraine

Cannabis retailer Eden Empire Inc. (CSE: EDEN) said Monday that it is&nbsp;selling a 50% interest in its proposed Davie Street location in Vancouver for CA$1.05 million in cash.
Under the share purchase agreement with a private arm&rsquo;s length third party, Eden will continue to operate the Davie Street retail location via a joint venture vehicle with the buyer, which remained undisclosed.
Situated on the 1600 Block of Davie Street of Vancouver&rsquo;s West End, the new store is just steps from English Bay Beach, Vancouver Seawall, which&nbsp;hosts the annual Celebration of Lights.
The closing of the deal is subject to customary closing conditions.
Gerry Trapasso, the company&rsquo;s director and CEO, is thrilled Eden is venturing into a JV for another shop in Canada.
&ldquo;The partnership will be one of growth, and both parties are excited about this location in the heart of the West End,&rdquo; Trapasso disclosed. &ldquo;This location is a two-floor giant that will allow for massive branding exposure and become a destination for locals, cannabis cannoisseurs and tourists looking to experience the best that Vancouver has to offer in the cannabis market.&nbsp;This partnership will allow the company to project powerfully in Vancouver and prepare for the imminent expansion in the State of Michigan.&rdquo;
Eden <a href="https://www.benzinga.com/markets/cannabis/21/02/19733428/eden-empire-opens-its-first-canadian-cannabis-retail-store">opened</a> its first Canadian cannabis store in Winnipeg, Manitoba in February. Last month, the company <a href="https://www.benzinga.com/markets/cannabis/21/08/22427799/cannabis-dispensary-roundup-green-apple-cannabis-eden-empire-new-standard-high-tide">debuted</a> in Vancouver, British Columbia, ahead of <a href="https://www.benzinga.com/markets/cannabis/21/09/22946372/cannabis-movers-shakers-eden-empire-cannabics-pharmaceuticals-nabis">tapping</a> Philip van den Berg, who has over 35 years of investment banking experience at Deutsche Morgan Grenfell and Olympus Capital Management, to serve on its board of directors.
Photo: <a href="https://unsplash.com/@nordwood?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">NordWood Themes</a> on <a href="https://unsplash.com/s/photos/businessman?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>

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Markets

Eden Empire Announces JV For Its Davie Street Location, Sells 50% Interest For $1.05M

Denmark&rsquo;s national health agency temporarily suspends<a class="editor-rtfLink" href="https://www.cnbc.com/2021/03/11/denmark-suspends-use-of-astrazeneca-vaccine-over-reports-of-blood-clots.html" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">&nbsp;inoculations</a>&nbsp;with the&nbsp;AstraZeneca Plc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/azn#NASDAQ" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">AZN</a>) COVID-19 shot after blood clots formed in several people who had the jab, one of whom has reportedly died, reports CNBC.
<ul>
<li>S&oslash;ren Brostr&oslash;m, director of the National Board of Health in Denmark, insisted that the 14-day suspension was a precaution while investigations took place.</li>
<li>The health agency said that it had not conclusively established a link between the clots and the vaccine. Though it has asked the regional authorities to stop inoculation using AstraZeneca shot for the time being.</li>
<li>The European Medicines Agency has launched an investigation into the AstraZeneca vaccine.</li>
<li>The health agency did not specify how many reports of blood clots there had been, but Austria has stopped using one batch of AstraZeneca doses. At the same time, it investigates a death from coagulation disorders and an illness from a pulmonary embolism.</li>
<li>According to a study conducted at the University of Oxford, the AZN COVID-19 vaccine was&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/21/03/20033859/astrazenecas-covid-19-vaccine-potentially-triggers-response-against-brazil-variant-reuters" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">effective against the Brazilian variant of the virus</a>.</li>
<li>Almost a month back, South Africa&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/21/02/19530039/south-africa-halts-astrazenecas-covid-19-vaccine-rollout-on-efficacy-against-variant" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">stopped inoculation with AZN shot</a>&nbsp;after a small study suggested that AZN&rsquo;s jab has limited protection against the mild disease caused by the variant.</li>
<li>Price Action:&nbsp;AZN shares are trading 1.67% lower at $48.98 in premarket trading on the last check Thursday.</li>
</ul>

Biotech

Health Care

Denmark Stops Use Of AstraZeneca COVID-19 Shot Over Blood Clot Fears: CNBC

Eden Empire Inc. (CSE: EDEN) opened its first retail store in Winnipeg, Manitoba, Canada.
The newest store is located at 2230 McPhillips Street and already open for customers.
Cannabis brand noted its store is &ldquo;meticulously crafted, a creative space where quality is just the beginning.&rdquo;
The company always collaborates with local companies, artists, and creatives in each place they open a store, trying to &ldquo;embrace the neighborhood.&rdquo;
&ldquo;The launch of the Winnipeg location signifies a momentous moment for EDEN,&rdquo; CEO Gerry Trapasso stated. &ldquo;We are confident that the launch of EDEN&rsquo;s street-style brand in the Winnipeg market will give the local population a store that will get them excited about the culture surrounding cannabis. This location will serve the Garden City neighbourhood and we intend to roll out a delivery service, furthering our reach and expanding sales beyond our brick-and-mortar location.&rdquo;

Eden Empire Opens Its First Canadian Cannabis Retail Store

<a href="https://twitter.com/realDonaldTrump/status/1163961882945970176" title="https://twitter.com/realDonaldTrump/status/1163961882945970176">https://twitter.com/realDonaldTrump/status/1163961882945970176</a>

Trump Postpone's Denmark Visit after PM Says She Would Not Discuss Selling Greenland

For some investors, negative interest rates have a certain stigma of doom and gloom attached to them &mdash; but it shouldn't be, at least according to Denmark.
Interest rates have been negative in Denmark for a longer period than any other country on the planet, and the country's head of the bankers' association has some interesting commentary.
Interest rates in Denmark have been mostly negative dating back to mid-2012, and most economists expect this to continue through at least 2018. The country's central bank only makes use monetary policy to defend the nation's currency, the krone, to the euro.
According to <a href="http://www.bloomberg.com/news/articles/2016-09-26/world-record-in-negative-rates-has-surprising-lesson-for-banks">Bloomberg,</a> Ulrik Nødgaard, head of the Danish Bankers Association and former head of the country's financial regulator, pointed out that banks suffer fewer impairments when rates are extremely low. In addition, ultra-low rates encouraged households to refinance their mortgages, which generates additional fees for banks.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/16/09/8491708/feds-rosengren-further-explains-disagreement-with-feds-decision-not-to-raise-rate">Fed's Rosengren Further Explains Disagreement With Fed's Decision Not To Raise Rates</a></bzrelatedlink>
Naturally it also helps when the industry cuts their own costs internally.
"It is comforting that, even in an environment with negative interest rates, earnings are at a reasonable level," Nødgaard said in a Bloomberg interview in Copenhagen. "Not an impressive level, but at a reasonable level."
Nødgaard further believes it is "plausible" Danish banks will survive the entire negative rate cycle without passing on costs to their retail clients. After all, 2015 was the most profitable year for the country's lenders since 2008.
Meanwhile, there are no signs that Danish banks will pass on negative rates to retail clients, even in the negative interest rate environment that will continue for years.
"The fact that we are actually able to earn money even in this environment is one factor, and the other factor is what will be the customer reaction," Nødgaard said.
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Federal Reserve

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Maybe Negative Rates Aren't As Scary As Investors Think

British voters voted in favor of leaving the European Union Thursday, sending global equity futures and the British pound into a downward spiral. In the essence of keeping things real, do not bet on the iShares MSCI United Kingdom ETF (iShares Trust (NYSE: <a class="ticker" href="/stock/ewu#NYSE">EWU</a>)) or the Guggenheim CurrencyShares British (NYSE: <a class="ticker" href="/stock/fxb#NYSE">FXB</a>) closing higher Friday.
The vote is not legally binding, but it obviously tells parliament what their constituents want. Politicians are politicians, and the smart ones, of which there are few here in Washington, D.C., listen to their constituents. It remains to be seen how many members of parliament will put their careers on the line to keep Great Britain in the European Union (EU).
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/media/cnbc/16/06/8148718/so-that-happened-whats-next-after-brexit">So That Happened...What's Next After Brexit?</a></bzrelatedlink>
What is not up for debate is human nature, and that nature is to wonder who will be next. In this case, that means what other countries could be the next to consider departing. In this space, that also means considering the ETF impact of such moves.
<h3>Who's Next?</h3>
Apparently, there are several countries that could wave goodbye to the EU and they are accessible via ETFs.
&ldquo;Sixty-nine percent of Swedes believed it was likely there would be further exits from the EU &#39;post-Brexit,&#39; with 66 percent of Danes and 57 percent of Norwegians feeling the same way,&rdquo; according to <a href="http://www.cnbc.com/">CNBC</a>.
According to those data points, a Dexit, Nexit or Swexit could be possible. Year-to-date, EWU has outperformed the iShares MSCI Sweden ETF (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>), the lone Sweden ETF. However, the Global X Norway ETF (Global X Funds (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>)) has been boosted by rebounding oil prices because Norway is one of the largest developed markets producers of crude in the world. NORW is up 12.1 percent year-to-date. The iShares MSCI Denmark Capped ETF (BATS: EDEN) is up 2.4 percent this year and <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/06/8059413/great-dane-denmark-etf-hits-all-time-highs">recently hit an all-time high</a>.
<h3>Nothing Is Rotten In The State Of Denmark</h3>
EDEN&#39;s ascent also comes against the backdrop of growing concerns about weakness in the export-driven Danish economy.
&ldquo;Denmark slashed its estimate for economic growth this year to 1.1 percent from the 1.9 percent it forecast in December,&rdquo; <a href="http://www.streetinsider.com/Reuters/Denmark+cuts+2016,+2017+GDP+forecasts%3A+govt+report/11679637.html">Reuters</a> reported last month. &ldquo;The government also cut its growth forecast for 2017, to 1.7 percent from 2.0 percent.&rdquo;
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/16/06/8148491/brexit-cameron-resigns-european-stocks-tank-and-pound-hits-30-year-low">Brexit: Cameron Resigns, European Stocks Tank And Pound Hits 30-Year Low</a></bzrelatedlink>
Although Denmark is far from the largest European economy (it is not even the largest Nordic economy), it can be a tell on the economic health of the broader region because a combined quarter of Danish exports go to Sweden and Germany, the eurozone&#39;s largest economy. Sweden also has negative interest rates.
Carsten Nickel, a political risk analyst at Teneo Intelligence, told CNBC the Netherlands could be another country to watch as a possible EU departure. The iShares MSCI Netherlands Investable(ETF) (NYSE: <a class="ticker" href="/stock/ewn#NYSE">EWN</a>) is up 4.9 percent this year. 
Interestingly, Denmark, the Netherlands, Norway and Sweden share something in common: They all hold AAA credit ratings from Standard &amp; Poor&#39;s.

CNBC

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CurrencyShares British Pound Sterling Trust

NORW

After Brexit: Dexit, Nexit Or Swexit Could Be Next

Thanks to rebounding oil prices, Norway exchange traded funds are the leaders of the Nordic ETF group this year with double-digit gains, but don&#39;t sleep on the iShares MSCI Denmark Capped ETF (BATS: EDEN).

	The iShares MSCI Denmark Capped ETF, the lone ETF dedicated to Danish stocks, is up 5.1 percent year-to-date and hit an all-time high on Wednesday, making it one of just 10 ETFs to accomplish that feat. Among ETFs tracking Nordic economies, only the Norway ETFs have outpaced EDEN this year, meaning EDEN has been a better than its Finland and Sweden rivals.

	EDEN does not have the oil advantage that its Norway rivals do because unlike Norway, Denmark is not a major oil producer. The Denmark ETF features no exposure to energy stocks. It can be argued that EDEN&#39;s 2016 showing, one that comes on the heels of the fund being one of the better performing Europe single-country ETFs last year, is impressive when considering Denmark&#39;s negative interest rate policy.

	Applying the logic that higher interest rates are positives for financial services stocks, Denmark&#39;s status as a negative rate country, and one of the first to adopt such a policy, should theoretically drag on an ETF that allocates 14.6 percent of its weight to financials. That makes the sector EDEN&#39;s third-largest sector allocation.

	EDEN&#39;s ascent also comes against the backdrop of growing concerns about weakness in the export-driven Danish economy.

	&ldquo;Denmark slashed its estimate for economic growth this year to 1.1 percent from the 1.9 percent it forecast in December,&rdquo; <a href="http://www.streetinsider.com/Reuters/Denmark+cuts+2016,+2017+GDP+forecasts%3A+govt+report/11679637.html">Reuters</a> reported last month. &ldquo;The government also cut its growth forecast for 2017, to 1.7 percent from 2.0 percent&rdquo;

	Although Denmark is far from the largest European economy (it is not even the largest Nordic economy), it can be a tell on the economic health of the broader region because a combined quarter of Danish exports go to Sweden and Germany, the Eurozone&#39;s largest economy.

	EDEN is levered to Denmark&#39;s export reputation with a 36.5 percent weight to healthcare stocks, many of which generate the bulk of their revenue outside of Denmark, and a 22.5 percent weight to industrial stocks.

	Additionally, Danish stocks are expensive, at least as measured by EDEN. The ETF&#39;s price-to-earnings ratio of nearly 25 rich compared to the comparable Sweden ETF and the S&amp;P Europe 350 Index.

Great Dane: Denmark ETF Hits All-Time Highs

The European Union is made up of 28 individual countries, nearly all but a handful of which are represented through single country exchange-traded funds.

	Analyzing the individual components of this group can better understand the areas of strength or weakness and how they match up in terms of total contribution. Many of the names at the top and bottom of this list offer surprising insight into the European economic sphere.

	As a whole, the European theme has been a strong one this year in comparison to U.S. stocks. The Vanguard FTSE Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>) is a well-known benchmark of this region and has gained over 7 percent so far in 2015. That return easily bests the 2.5 percent advance in the SPDR S&amp;P 500 ETF (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>).

	Breaking down the individual components, the top performing country this year has been the iShares MSCI Denmark Capped ETF (EDEN), which has jumped 17 percent. Denmark is considered a medium-sized component of the European Union and currently represents just 2.6 percent of VGK.
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	Nevertheless, this ETF has continued to show strong relative momentum and just recently broke out to new 52-week highs. EDEN tracks 40 companies domiciled in or having a significant portion of their business in Denmark and has $62 million in total assets.

	The second-best performing country in Europe this year has been the iShares MSCI Ireland Capped ETF (NYSE: <a class="ticker" href="/stock/eirl#NYSE">EIRL</a>). This Ireland stock index has gained more than 12 percent, yet only represents 0.40 percent of the country allocation in VGK.

	On the flip side, the worst performing country has been the&nbsp;Global X FTSE Greece 20 ETF (NYSE: <a class="ticker" href="/stock/grek#NYSE">GREK</a>), which has fallen over 26 percent this year. Greece has been plagued by a tremendous debt burden and consistent economic woes that threaten to overwhelm this tiny nation.
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	Nevertheless, ETF investors have poured nearly $175 million into GREK so far this year in an obvious attempt to capitalize on a return to Greek prosperity. This nation represents just 0.1 percent of the total country allocation within VGK as a result of shrinking market cap woes.

	Greece is the only single country European ETF with negative returns this year, although the iShares MSCI Poland Capped ETF (NYSE: <a class="ticker" href="/stock/epol#NYSE">EPOL</a>) is the next worst performer on the list with a timid 4 percent gain.

	It will be interesting to see if Greece can pull itself out of the cellar and race to catch up with its strongly trending peers for the remainder of 2015.

iShares MSCI Poland Investable Market Index Fund ETF

EPOL

GREK

Best And Worst Europe ETFs So Far In 2015

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Denmark Lays Formal Claim to 900K Square Km in North Pole Beyond Coast of Greenland -FT

The Transparency International 2014 Corruption Perceptions Index has been released and, according to the report, the least corrupt nations on Earth are Denmark, New Zealand, Finland and Sweden. There has been no change to the top four over the last two years. The United States came in at an unimpressive ranking of 17.

	As investors look overseas for investing opportunities, it may not hurt to invest money in countries where corruption is not a major issue. On the flipside, their perception of corruption level does not necessarily suggest investment returns greater than their peers. Below is a look at the performance of ETFs that track the top four countries.
<h3>
	iShares MSCI Denmark</h3>

	The iShares MSCI Denmark Capped ETF is a basket of 41 Danish stocks with a heavy emphasis on the <a href="http://www.benzinga.com/industrials">industrial</a> and <a href="http://www.benzinga.com/topic/financial-sector">financial</a> sectors. The ETF has struggled to regain its high from earlier this year, but remains higher by 8 percent in 2014. With 23 percent of the portfolio invested in Novo Nordisk A/S (ADR) (NYSE: <a class="ticker" href="/stock/nvo#NYSE">NVO</a>), the ETF will often be driven by big moves in the <a href="http://www.benzinga.com/pharmaceutical">pharmaceutical stock</a> that is currently trading 6 percent below an all-time high set in September. The expense ratio is 0.53 percent.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/12/3152663/corruption-conundrum-some-corrupt-nations-have-great-etfs">Corruption Conundrum: Some Corrupt Nations Have Great ETFs</a></bzrelatedlink>
<h3>
	iShares MSCI New Zealand</h3>

	The iShares Trust (NYSE: <a class="ticker" href="/stock/enzl#NYSE">ENZL</a>) is composed of 31 stocks that are spread amongst several sectors, giving investors diversity within the country. The ETF is up 8 percent this year and is also struggling to get back to the all-time high it set early May. It is difficult for U.S. investors to gain access to the island country, and this ETF is probably the best route for gaining exposure to New Zealand. The expense ratio is 0.48 percent.
<h3>
	iShares MSCI Finland</h3>

	The iShares MSCI Finland Capped ETF has 40 Finish companies in the portfolio, with the most renowned making up 20 percent of the allocation. The communication equipment company, Nokia Corporation (ADR) (NYSE: <a class="ticker" href="/stock/nok#NYSE">NOK</a>), is the ETF&rsquo;s largest holding, but there is also a high exposure to the industrial sector. The ETF has struggled this year with a loss of 5 percent, and it is down 12 percent from the early June all-time high. The expense ratio is 0.53 percent.
<h3>
	iShares MSCI Sweden</h3>

	The iShares MSCI Sweden Index (ETF) (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>) is made up of 32 stocks with over half of the portfolio in the financials and industrial sectors. The majority of the stocks in the portfolio do not trade on a major U.S. exchange, however Ericsson (ADR) (NASDAQ: <a class="ticker" href="/stock/eric#NASDAQ">ERIC</a>), the communication equipment firm, is the No. 2 holding at 10 percent of the portfolio. The ETF is down 7 percent in 2014 as it failed once again earlier this year at a significant resistance level near $38 per share. The expense ratio is 0.48 percent.

	While it would be great to invest in a country that has little to no corruption, it does not always correlate to better-than-average gains. All four ETFs above have lagged the S&amp;P 500 in 2014, and are struggling to regain the old highs set earlier this year.

iShares MSCI New Zealand Investable Market Index Fund

ENZL

ERIC

A Look At 4 ETFs From The 4 'Least Corrupt' Countries

The S&amp;P 500 hit a new all-time high on Monday, and the NASDAQ is trading at the best level in 13 years.

	Both indices are in the midst of a strong bull market -- but there are other countries around the world also doing well, that are often overlooked by investors.

	The iShares MSCI Denmark Capped ETF (NYSE: <a class="ticker" href="/stock/eden#NYSE">EDEN</a>) has been on a tear lately, as it is in the midst of a nine-session winning streak. The ETF is up a mouth-dropping 13 percent this year and is trading at its highest price ever. 

	EDEN is a basket of 38 stocks -- with the largest holding, Novo Nordisk (NYSE: <a class="ticker" href="/stock/nvo#NYSE">NVO</a>), making up 24 percent of the portfolio. The 30 percent gain in NVO in 2014 has been the catalyst for the ETF’s strong performance. The ETF also has a large presence in the industrials and financials.

	Another small European country having a good year is Austria. The iShares MSCI Austria Capped ETF (NYSE: <a class="ticker" href="/stock/ewo#NYSE">EWO</a>) is up six percent this year, and is breaking out to its best level since 2011. The ETF has yet to recover its losses from the financial crisis, however, and must more than double to get back to the 2007 high. The 41 percent in the financial stocks is the reason EWO took such a big hit in 2008, and why it has not yet been able to rally back to the old highs. 

	<a href="http://www.benzinga.com/news/14/02/4310807/how-would-a-hypothetical-marijuana-etf-do-this-year#">Related: How Would a Hypothetical Marijuana ETF Do This Year?</a>
<div>
	The largest holding, Erste Group Bank (OTC: <a class="ticker" href="/stock/ebkdy#OTC">EBKDY</a>), is also hitting a new multi-year high and, with 14 percent in the stock, it has been a driver of higher prices for EWO.</div>
<div>
	Ireland was known as one of the economically-fragile "PIIGS" countries during the financial crisis, but they were also one of the nations to recover the quickest. The iShares MSCI Ireland Capped ETF (NYSE: <a class="ticker" href="/stock/eirl#NYSE">EIRL</a>) is up 11.5 percent in 2014, and is trading at its highest price on record. An allocation of 23 percent in the top holding, CRH Plc (NYSE: <a class="ticker" href="/stock/crh#NYSE">CRH</a>), has been boosting the ETF to new highs. The building material company is up 16 percent this year and trading at the best level since 2010. The ETF is heavily invested in the materials, consumer staples, and industrial sectors.</div>

	The iShares MSCI Switzerland Capped ETF (NYSE: <a class="ticker" href="/stock/ewl#NYSE">EWL</a>) is only up 2 two percent in 2014, but it is trading at a new all-time high. The health care, financials and consumer staples sectors make up over 70 percent of the portfolio of the ETF. The three top holdings are large-cap names that most investors are aware of, and they make up 45 percent of the allocation. They are Nestle SA (OTC: <a class="ticker" href="/stock/nsrgy#OTC">NSRGY</a>),Roche (OTC: <a class="ticker" href="/stock/rhhby#OTC">RHHBY</a>), and Novartis (NYSE: <a class="ticker" href="/stock/nvs#NYSE">NVS</a>).

	While it is risky to invest in a single country ETF versus an ETF that encompasses a variety of countries, investors do have options. A strategy that includes building a portfolio of several international country ETFs is a way for investors to choose which parts of the world their portfolio has exposure to at any given time.

Emerging Market ETFs

EBKDY

Nestle Sponsored representing Registered Shares Series B

NSRGY

RHHBY

European ETFs Flying Under The Radar 

iShares MSCI Denmark Capped ETF (NYSE: <a class="ticker" href="/stock/eden#NYSE">EDEN</a>)

	Of all the single country ETFs, the little country of Denmark has been a rock star lately. The ETF closed out Thursday a half percent below the best level ever since it began trading in early 2012. Last year the ETF gained 41 percent, outpacing the U.S. and leading the Western European ETFs.

	If the trend continues the ETF is set to hit a new high in the coming days and with it fresh off a buy signal the technicals are positive. The one concern with the ETF is that it lacks trading volume. Only 5,500 shares exchanged hands yesterday and that could be a concern for some investors.

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

	After the bell yesterday, the ETF’s third largest holding, which makes up 9.6 percent of the allocation, reported subpar earnings and the stock is off 10 percent in after hours trading. The stock, LinkedIn (NASDAQ: <a class="ticker" href="/stock/lnkd#NASDAQ">LNKD</a>) failed to <a href="http://www.benzinga.com/analyst-ratings/analyst-color/14/02/4289460/linkedin-ends-2013-on-a-high-note-but-disappoints-invest">woo investors</a> that have become accustomed to blockbuster growth numbers. 

	See also: <a href="http://www.benzinga.com/etfs/sector-etfs/14/02/4288258/the-twitter-effect-on-etfs-twtr-socl-ipo-fpx-fb#">The Twitter Effect on ETFs</a>

	The ETF had to deal with Twitter (NYSE: <a class="ticker" href="/stock/twtr#NYSE">TWTR</a>) falling 24 percent yesterday, but was still able to close with a small gain. Today it will be tough to close in the green with such a large holding starting off the session deep in negative territory.

	SPDR S&amp;P 500 ETF (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>)

	The news of the week hits this morning before the bell rings when the monthly jobs number is announced. The estimate is for the economy to add 190,000 jobs in the month of January and anything less than that could lead to a continuation of the selling that has gripped 2014.

	Even though earnings are on pace to growth eight percent over last year, the best level in years, it may not be enough to trump a poor jobs report. Technically SPY generated a buy signal this week and is following past 6 percent sell-offs with a rally. Today’s number will trump any chart and it must be watched closely.

	First Trust ISE Cloud Computing ETF (NYSE: <a class="ticker" href="/stock/skyy#NYSE">SKYY</a>)

	This ETF is one of the few that did not close below its 50-day moving average during the recent pullback. The relative strength is admirable considering how technology stocks and high beta stocks took a beating. As long as SKYY continues to close above the $26 area it will remain in a very strong bull market.

	The charts suggest the rally will continue and that the ETF will break though the prior high and could make its way to $30, a gain of 12 percent from the current price.

Previews

Pre-Market Outlook

LNKD

SKYY

SOCL

TWTR

ETF Outlook For Friday, February 7, 2014 (SOCL, SPY, EDEN, SKYY)

Eden Bioscience

투자자들은 이미 유럽 주식보다 높은 가격에서 거래되고 있는 <a href="//www.benzinga.com/topic/wall-street"" target="_blank" rel="noopener">미국 주식</a>에 대한 투자를 대폭 늘리고 있다.
데이터: 마이크 자카디(Mike Zaccardi)가 소셜 미디어 엑스(X) <a href="//x.com/MikeZaccardi/status/1869029356884078993"" target="_blank" rel="noopener">게시물에서</a> 뱅크오브아메리카 펀드매니저 설문조사 데이터를 공유했다.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
BofA FMS: 4th biggest overweight of US relative to Eurozone equities since 2001 <a href="https://t.co/zouKCD0Zxb">pic.twitter.com/zouKCD0Zxb</a>
&mdash; Mike Zaccardi, CFA, CMT &#x1f356; (@MikeZaccardi) <a href="https://twitter.com/MikeZaccardi/status/1869029356884078993?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
설문조사에 따르면 펀드매니저들의 포트폴리오가 유럽 기업에 비해 미국 기업에 대한 비중을 크게 초과하는 것으로 나타났다. 이러한 패턴이 마지막으로 관찰되었던 시기는 2010년대 초 <a href="https://www.benzinga.com/topic/european-debt-crisis" target="_blank" rel="noopener">유럽 부채 위기</a>의 여파가 남아 있는 때였다.
한편 뱅크오브아메리카에 <a href="https://x.com/porterstansb/status/1863619200037634296" target="_blank" rel="noopener">따르면</a> 미국 기업의 밸류에이션은 유럽 주식보다 몇 표준편차가 더 높다.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
The last time U.S. stocks were this overvalued versus the rest of the world was&#8230; well, never. <a href="https://t.co/tozSaNizrp">pic.twitter.com/tozSaNizrp</a>
&mdash; Porter Stansberry (@porterstansb) <a href="https://twitter.com/porterstansb/status/1863619200037634296?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><figcaption class="wp-element-caption">주식에 있어서 미국 예외주의는 그 어느 때보다 높다. 유럽 대비 미국 기업에 대한 긍정적인 시장 심리는 2010년대 중후반에 가속화되어 현재까지도 이어지고 있다.
국가별 데이터: 미국 기업은 최근 몇 년 동안 큰 수익을 올렸다. 미국 500대 기업을 추종하는 SPDR S&amp;P 500 ETF Trust(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)는 지난 10년 동안 시장 가치가 200% 이상 상승하여 연간 수익률이 12%에 육박했다.
반면 유럽 지수와 각국 경제는 고전했다.
프랑스 증시를 추종하는 iShares MSCI France ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>)는 해당 기간 동안 46%의 수익률을 기록했고 연평균 수익률은 4% 미만이다. 독일 증시를 추종하는 iShares MSCI Germany ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWG#NYSE">EWG</a>)는 18%의 수익률, 연평균 1.68%의 수익률을 기록했다. 이탈리아 증시를 추종하는 iShares MSCI Italy ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>)는 약 24%의 수익률, 연평균 약 2.12%의 수익률을 기록했다.
다른 국가들은 더 심각한 상황이다. 영국 증시를 추종하는 iShares MSCI United Kingdom ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWU#NYSE">EWU</a>)는 2014년 이후 9% 이상 하락했다. 스페인 증시를 추종하는 iShares MSCI Spain ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>)는 시장 가치가 12% 이상 감소했다. 두 나라의 연평균 수익률은 0%에 가까운 수준이다.
유럽 국가 중 예외: 최근 몇 년 동안 몇몇 국가는 다른 유럽 대륙을 훨씬 능가하는 성과를 냈다.
iShares MSCI Denmark ETF(BATS:<a class="ticker" href="https://www.benzinga.com/stock/EDEN#BATS">EDEN</a>)는 2014년 이후 138% 이상 상승하여, 연평균 9% 이상의 수익률을 기록했다. 덴마크 경제는 제약 산업에 대한 노출로 혜택을 본 것으로 보인다.
iShares MSCI Ireland ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIRL#NYSE">EIRL</a>)는 같은 기간 동안 70% 상승하여, 연평균 약 5.43%의 수익률을 기록했다. 아일랜드는 12.5%의 낮은 법인세율과 높은 외국인 투자율을 자랑한다.
왜 중요한가: 주식에 있어서 미국 예외주의 추세가 향후 10년 동안 계속될지는 불분명하다. 각국의 경제가 완만한 경제 성장세로 돌아서면서 유럽 국가들은 리더십 변화의 혜택을 받을 수도 있다.
</figcaption></figure>
사진 출처: Varavin88 via Shutterstock
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