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iShares MSCI All Country Asia ex Japan ETF

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The fund will invest at least 90% of its assets in the component securities of the index and in investments that have economic characteristics that are substantially identical to the component securities of the index. The index is a free float-adjusted market capitalization index designed to measure equity market performance of securities from the following 11 developed and emerging market countries or regions: China, Hong Kong, India, Indonesia, Malaysia, Pakistan, the Philippines, Singapore, South Korea, Taiwan and Thailand.

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What do four of the five hottest <a href="https://www.benzinga.com/etfs">exchange traded funds</a> of 2017 have in common? They all have exposure to Asian assets. Among every ETF with at least a $2 billion market cap, the best performer is iShares MSCI China Index Fund (NASDAQ: <a class="ticker" href="/stock/mchi#NASDAQ">MCHI</a>), which is up 34 percent this year.
For many years, the U.S. market was a global outperformer but is now a little bit &quot;long on the tooth,&quot; Max Wolff, chief economist at Disruptive Technology Advisers explained during a recent <a href="https://www.cnbc.com/2017/08/11/four-of-this-years-five-top-etfs-are-asia-related-funds.html">CNBC &quot;Trading Nation&quot; segment.</a> As such, Asian assets are poised to assume some &quot;growth leadership&quot; and there are signs this has already started.
Some of the &quot;highest flying&quot; American companies who exceeded earnings expectations are those with a higher mix of exposure to Asian markets, Wolff added. In fact, a trend of &quot;outperformance from Asia and underperformance from the U.S.&quot; may be here to stay for some time, especially given some of the domestic macro issues plaguing U.S. markets.
&quot;As U.S. trade and diplomatic leadership has stalled and is running in reverse, we have and we will see an acceleration in the rotation of faith and dollars to regions seen as more promising,&quot; Wolff told CNBC. &quot;That means Asia in the significant part.&quot;
Here are the remaining top performing ETFs this year:
<ul>
<li>
		SPDR S&amp;P Biotech (ETF) (NYSE: <a class="ticker" href="/stock/xbi#NYSE">XBI</a>) + 27 percent.</li>
<li>
		iShares MSCI Cntry Asa Jpn Idx Fnd ETF (NASDAQ: <a class="ticker" href="/stock/aaxj#NASDAQ">AAXJ</a>): +26 percent this year.</li>
<li>
		iShares MSCI South Korea Index Fund(ETF) (NYSE: <a class="ticker" href="/stock/ew#NYSE">EW</a>): + 24 percent this year.</li>
<li>
		Ishares MSCI India ETF (NYSE: <a class="ticker" href="/stock/inda#NYSE">INDA</a>) + 24 percent.</li>
</ul>
Related Links:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/17/08/9922040/investors-sticking-with-emerging-markets-etfs">Investors Sticking With Emerging Markets ETFs</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/17/08/9906213/millennials-like-these-etfs">Millennials Like These ETFs</a>

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Asia Is Giving These ETFs A Major Boost

A few days ago, <a href="http://www.benzinga.com/topic/don-steinbrugge">Agecroft Partners</a> founder and CEO Don Steinbrugge wrote an <a href="https://www.benzinga.com/markets/emerging-markets/17/06/9636391/why-theres-a-big-opportunity-in-asia-focused-hedge-funds">article</a> titled &ldquo;Why There&#39;s A Big Opportunity In Asia-Focused Hedge Funds.&rdquo;
Asia-based, Asia-focused hedge funds offer <a href="https://www.benzinga.com/markets/emerging-markets/17/06/9636391/why-theres-a-big-opportunity-in-asia-focused-hedge-funds">great opportunities for investors nowadays</a>; Steinbrugge told Benzinga in a follow-up interview. However, he suggested that we &ldquo;dive a little bit deeper and examine some of the inefficiencies in the market&rdquo; because, at the end of the day, the skill of a money manager rests on beating an index, beating the market, not on beating other funds.
<h3>What Hedge Funds Do Best</h3>
Only a <a href="https://www.benzinga.com/personal-finance/financial-advisors/17/02/9000294/expert-why-smaller-hedge-funds-will-continue-to-ou">handful of long/short equity managers</a> in the U.S. have managed to consistently beat the S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) in recent years. On the other hand, many Asia-based long/short equity managers focusing on regional indexes like the iShares MSCI Pacific ex-Japan Idx (ETF) (NYSE: <a class="ticker" href="/stock/epp#NYSE">EPP</a>) have managed to beat their benchmarks by very large margins. Similar has been the case with China-focused funds, which have beat their market by roughly 10 percent per annum in recent years.
But, which factors are helping these Asia-based managers deliver such strong performances?
First and foremost is the volatility of the markets in Asia, Steinbrugge explained. One of the things that has hurt U.S. managers is the extremely low volatility, reflected by the iPath S&amp;P 500 VIX Short Term Futures TM ETN (NYSE: <a class="ticker" href="/stock/vxx#NYSE">VXX</a>) and the underlying VIX Index&rsquo;s current levels, close to all-time lows. &ldquo;If you don&rsquo;t have a lot of volatility, you don&rsquo;t have a lot of relative price movements between securities,&rdquo; he said. The basic premise investors rely upon is to go long on stocks they think will do well and subsequently sell short those they anticipate to perform poorly. Following that line of thinking, in the absence of volatility, investors will be forced to wait very long times before those securities reach their sell or buy targets, he said. &ldquo;In Asia, there is significant volatility. So, if you find a security you like a lot, it potentially will reach its target price much quicker and you can have higher turnover in your portfolio.&rdquo;
The second thing that is very different about Asia when compared to the U.S. marketplace is that the former is dominated by retail investors, who are not as sophisticated as hedge funds &mdash; which dominate a very small portion of the market. &ldquo;As a result of that, doing fundamental research on these companies, hedge funds can get an information edge over retail investors,&rdquo; the expert told Benzinga, pointing out that getting such an advantage in the U.S. is extremely difficult.
Another element impacting the performance of Asia-focused hedge funds is the &ldquo;greater rotation of industry leadership,&rdquo; Steinbrugge continued. Taking China as an example: Until quite recently, its economy was dominated by &ldquo;old economy industries&rdquo; like steel; however, massive investments have helped these companies pivot to more current industries like tech and services. &ldquo;When you large rotation of the industries like that, you are going to have winners and losers. For a long/short equity manager, it makes it easier to add value because you can find very good companies to buy, and you can also find very good companies to sell short that are going to get hurt during this rotation.&rdquo;
<h3>	Where In Asia</h3>
Before moving on, it&rsquo;s important to clarify what the hedge fund industry calls Asia. Perhaps counter-intuitively, "Asia" excludes the Middle East but includes Australia, as well as Southeast Asian countries, India, China, Japan, Korea and Hong Kong.
Another way to outperform U.S. benchmarks by investing in this region is to realize what works in certain countries, Steinbrugge said. Is it a new type of grocery store? Is it a new type of restaurant? Is it some type of local product that can be replicated in a different market with a different company?
&ldquo;Looking at what has worked really well in one country and trying to identify a company in another country that is replicating the same idea is a way to outperform the market. Also looking at companies in the same industry in different markets and comparing their relative strengths.&rdquo;
<h3>The Macro Factor And Valuations</h3>
Finally, there&rsquo;s a macroeconomic factor: Asia already produces 36 percent of the world&rsquo;s GDP, and the IMF is forecasting approximately two-thirds of global growth over the next five years will come from that region. Nonetheless, only 4&ndash;5.5 percent of the $3 trillion in global hedge fund assets are allocated to these countries, Steinbrugge said.
Juxtaposing this to the fact that securities in Asia are valued at a significant discount to U.S.-traded stocks, it becomes clear that these markets offer larger opportunities to add value to funds&rsquo; portfolios.
<h3>Embracing Emerging Managers</h3>
Most of the Asia-focused hedge funds outperforming U.S. markets are based off Asian countries. &ldquo;It is always better to be closer to where the investment opportunities are,&rdquo; Steinbrugge explained. &ldquo;It used to be that people were biased against Asia based managers because they weren&rsquo;t viewed as having the same institutional quality. But today, these hedge funds have very large research teams; a lot of them are either Western-educated or the people running the firm have spun out of either large hedge funds or large investment banks and have very accomplished biographies.&rdquo;
While restraining from naming any specific Asia-focused funds, Steinbrugge emphasized the vast number of options. In fact, just between Singapore and Hong Kong, there are more than 55 organizations that manage over $1 billion in assets.
<h3>The Risks</h3>
Last but not least, Steinbrugge highlighted the risks of investing in Asia-focused hedge funds.
&ldquo;I think it&rsquo;s important that investors have a diversified portfolio, and if they are going to allocate to Asia, they should limit what percentage they invest in Asia. If they are investing in a <a href="https://www.benzinga.com/personal-finance/financial-advisors/17/01/8906368/hedge-fund-expert-don-steinbrugge-on-money-flows-a">mutual fund or a hedge fund</a>, over time it should experience higher volatility than investing in U.S. equities,&rdquo; he explained. &ldquo;But it also has the potential to generate higher returns long term than U.S. equities, so you have to take a long-term horizon when you allocate to Asia. I mean, if two-thirds of the world's growth is coming from Asia, it probably makes sense to have some part of your portfolio allocated to Asia.&rdquo;
Other Asia-focused ETFs outperforming the S&amp;P 500 this year include:
<ul>
<li>
		Vanguard FTSE Pacific ETF (NYSE: <a class="ticker" href="/stock/vpl#NYSE">VPL</a>)</li>
<li>
		iShares MSCI South Korea Index Fund(ETF) (NYSE: <a class="ticker" href="/stock/ewy#NYSE">EWY</a>)</li>
<li>
		iShares MSCI Cntry Asa Jpn Idx Fnd ETF (NASDAQ: <a class="ticker" href="/stock/aaxj#NASDAQ">AAXJ</a>)</li>
<li>
		iShares MSCI Taiwan Index (ETF) (NYSE: <a class="ticker" href="/stock/ewt#NYSE">EWT</a>)</li>
<li>
		iShares MSCI Philippines Investable (NYSE: <a class="ticker" href="/stock/ephe#NYSE">EPHE</a>)</li>
<li>
		iShares MSCI Indons Invstbl Mrkt Indx Fd (NYSE: <a class="ticker" href="/stock/eido#NYSE">EIDO</a>)</li>
<li>
		Market Vectors Vietnam ETF. (NYSE: <a class="ticker" href="/stock/vnm#NYSE">VNM</a>)</li>
</ul>
More From Benzinga:
<a href="https://www.benzinga.com/personal-finance/financial-advisors/17/03/9134918/don-steinbrugge-explains-reinsurance-a-strategy-th">Don Steinbrugge Explains Reinsurance: A Strategy That Helps Hedge Funds Remain Safe From Market Volatility</a>
<a href="https://www.benzinga.com/personal-finance/financial-advisors/17/04/9313278/how-people-choose-hedge-funds-the-importance-of-br">How People Choose Hedge Funds: The Importance Of Branding</a>
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Monness Crespi Hardt upgrades iShares MSCI All Country Asia ex Japan Index Fund (NASDAQ: <a class="ticker" href="/stock/aaxj#NASDAQ">AAXJ</a>) from Neutral to Buy.

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Monness Crespi Hardt Upgrades iShares MSCI All Country Asia ex Japan Index Fund to Buy

With less than two hours left in Friday's session, the iShares MSCI South Korea Capped Index Fund (NYSE: <a class="ticker" href="/stock/ewy#NYSE">EWY</a>) easily fits the bill as one ETF that, if ETFs could sport human emotions, is glad this week is drawing to a close.

	EWY, one of the largest country-specific emerging markets with over $3.1 billion in assets under management, is on pace to finish the week down 6.3 percent. To be sure, it has been a case of "pick your poison" with EWY this week.

	The largest South Korea ETF has come under heavy selling pressure amid intensifying threats from North Korea. In recent days, North Korea has not been shy with its rhetoric regarding possible military aggression towards South Korea and the U.S.

	Investors in South Korean stocks and ETFs have been down this road before, but it is fair to say North Korea's sharp tongue is rarely good news for EWY. Arguably a more plausible explanation for EWY's ills is the weaker Japanese yen.

	EWY's vulnerability at the hands of a weaker yen <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/02/3305954/three-etfs-that-could-suffer-from-a-weaker-yen">was highlighted two months ago</a>, but with the Bank of Japan unveiling more aggressive stimulus measures on Thursday, investors are once again reminded about this ETF's vulnerability to a plunging yen.

	While talk of South Korean equities being hampered by the weaker yen has increased in recent days, this scenario is nothing new and has been playing out for all of 2013. The yen is the worst-performing developed market currency in the world this year and that is just how Japanese Prime Minister Shinzo Abe wants it.

	Including today's loss, the CurrencyShares Japanese Yen Trust (NYSE: <a class="ticker" href="/stock/fxy#NYSE">FXY</a>) is down about 11 percent year-to-date. EWY has actually overshot that loss with a year-to-date retrenchment of nearly 15 percent. Said another way, EWY is displaying an intimate negative correlation to the ProShares UltraShort Yen (NYSE: <a class="ticker" href="/stock/ycs#NYSE">YCS</a>), which has surged more than 22 percent this year.

	EWY is not the only ETF being hit by weakness in South Korean stocks. The country is still classified as an emerging market by some index providers and has a <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/03/3452210/slide-in-em-etf-exposes-country-weight-flaws">significant presence in some of the largest diversified emerging markets ETFs</a>.

	For example, South Korea has a weight of 14.5 percent in the iShares MSCI Emerging Markets Index Fund (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>). EEM is off more than three percent this week and more than eight percent this year.

	Other ETFs being hindered by the plummeting yen include the $243.6 million iShares S&amp;P Asia 50 Index Fund (NYSE: <a class="ticker" href="/stock/aia#NYSE">AIA</a>), which features an almost 28 percent weight to South Korea. Samsung is that ETF's largest holding with a weight that is more than double the second-largest holding (14.3 percent compared to 5.88 percent. AIA, which has been hit by its significant China exposure, is off nearly six percent this week.

	The $2.68 billion iShares MSCI All Country Asia ex Japan Index Fund (NASDAQ: <a class="ticker" href="/stock/aaxj#NASDAQ">AAXJ</a>) features a 19.1 percent allocation to South Korea and that has been enough to drag the ETF down more than three percent this week.

	Investors looking to dodge South Korea with diversified emerging markets ETFs can consider the Vanguard FTSE Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>), which is in the process of paring its exposure to the country, and the PowerShares S&amp;P Emerging Markets Low Volatility Portfolio (NYSE: <a class="ticker" href="/stock/eelv#NYSE">EELV</a>).

	EELV features a mere 6.5 percent weight to South Korea making it the ETF's fifth-largest country weight well behind Malaysia, South Africa, Taiwan and Chile.

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

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The Japanese economy, the world's third-largest behind the U.S. and China, showed a smaller-than-expected fourth-quarter GDP contraction. Capital spending actually rose 4.9% and Japan's economy looks to be getting a lift from a weaker yen and reconstruction efforts following last year's tragic natural disasters.

That's the good news, but those highlights do little to change the fact that reconstruction efforts are temporary, Japan faces major demographic issues with one of the world's oldest populations and the country has to deal with $3 trillion in debt.

We're not going to gloss over the fact that the iShares MSCI Japan Index Fund (NYSE: <a class="ticker" href="/stock/ewj#NYSE">EWJ</a>) is up almost 10% year-to-date, but that's barely more than what the S&amp;P 500 has offered, indicating investors really aren't being compensated for rolling the dice on Japan over the U.S.

Maybe now is a good time to consider hedging Japan-related positions or shorting the land of the rising sun with these ETFs.

ProShares UltraShort MSCI Japan (NYSE: <a class="ticker" href="/stock/ewv#NYSE">EWV</a>)
There are plenty of country-specific inverse ETFs out there, but the ProShares UltraShort MSCI Japan definitely isn't one that gets a lot of attention. EWV's average daily volume of less than 9,000 shares highlights the ETF's under the radar status. One day does not change a trend, but oddly enough, EWV traded over five times its average daily turnover today. For those that plan to hold EWJ for extend time frames, EWV is worth looking into as an occasional hedge.

CurrencyShares Japanese Yen Trust (NYSE: <a class="ticker" href="/stock/fxy#NYSE">FXY</a>)
As we just mentioned, part of Japan's good vibrations this year can be attributed to the finally falling yen. To that end, the search for ETFs with ugly charts should included the CurrencyShares Japanese Yen Trust. FXY's inverse counterpart, the ProShares UltraShort Yen (NYSE: <a class="ticker" href="/stock/ycs#NYSE">YCS</a>), has added over 13% in the past month alone. 

Being long the yen isn't just a bearish bet on Japanese exporters, it's also an effective way of betting against the euro. Despite all of Japan's obvious economic woes, the yen still has a safe haven feel in some circles.

PowerShares DB 3x Inverse Japanese Government Bond Futures ETN (NYSE: <a class="ticker" href="/stock/jgbd#NYSE">JGBD</a>)
JGBD is only a few months old, trades barely more shares per day than EWV does and has an expense ratio of 0.95%. However, Japan long ago lost its AAA credit rating and with the largest debt-to-GDP ratio in the developed world, further downgrades are a real possibility meaning you don't want to be long Japanese bonds.

Remember what Kyle Bass had to say about Japan: "We believe the debts of the following nations, among others, are not sustainable in the current economic environment: Greece, Italy, Japan, Ireland, Iceland, Japan, Spain, Belgium, Japan, Portugal, France, and, have we mentioned Japan?"

iShares MSCI All Country Asia ex-Japan Index Fund (Nasdaq: <a class="ticker" href="/stock/aaxj#Nasdaq">AAXJ</a>)
For those that don't want to short EWJ or being long an inverse ETF, AAXJ is a great way of skirting Japan. Not to be trite, but in making a list of Asian countries that have corresponding U.S.-listed ETFs, the long Japan funds might be at the bottom of many traders' lists.

Said differently, Asia is worth trading, especially when one avoids Japan. AAXJ does that. China, South Korea, Taiwan and Hong Kong account for over 71% of the ETF's weight. Other countries in the ETF include India, Singapore, Indonesia and Thailand. All have far rosier prospects than Japan.

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Hardly a day has gone by over the past couple of weeks where BlackRock's (NYSE: <a class="ticker" href="/stock/blk#NYSE">BLK</a>) iShares outfit has not <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/02/2310295/more-me-too-etfs-from-ishares-debut-today">introduced a new ETF</a> so please forgive the ETF Professor for forgetting about the iShares MSCI All Country Asia ex Japan Small Cap Index Fund (Nasdaq: AXJS).

The small-cap answer to the iShares MSCI All Country Asia ex Japan Index Fund (Nasdaq: <a class="ticker" href="/stock/aaxj#Nasdaq">AAXJ</a>), AXJS would appear to be a good idea for at least two reasons. First, many international small-cap ETFs have found success in terms of raking in investor assets. Second, the iShares MSCI All Country Asia ex Japan Index Fund is popular itself with average daily volume of nearly 500,000 shares and almost $2.4 billion in AUM.

AXJS is off to a fine start considering its inception date is February 2, 2012. In less than a full week of trading, the ETF has pulled in almost $11.3 million in AUM. Home to 821 stocks, AXJS has an expense ratio of 0.75%, which is slightly more than 0.67% charged by its large-cap counterpart.

AAXJ is dominated by three sectors as financials, technology and industrials account for about 58% of that ETF's weight. AXJS offers double-digit exposure to financials, technology, consumer discretionary, industrials and materials names.

With different weights, the country lineup in AXJS is similar to what is found in AAXJ. The new small-cap offering devotes 40% of its weight to Taiwan and South Korea, par for the course with many multi-country ETFs. China and Hong Kong combine for another 27% of the fund's weight while Singapore, India, Malaysia, Indonesia and Thailand also figure into the equation.

With the addition of AXJS, iShares now offers three Asia ex-Japan. The iShares MSCI Pacific ex-Japan (NYSE: <a class="ticker" href="/stock/epp#NYSE">EPP</a>) is the other and it should be noted this particular is not without competition as PowerShares, WisdomTree and First Trust also sponsor Asia ex-Japan funds.

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In a mythical emerging markets competition between the Asia-Pacific region and Latin America who would win? Well, this year the winner would simply be less bad than the loser, but going forward, both regions offer excellent growth prospects.

When it comes to ETFs, there are clearly more tracking the Asia-Pacific region than Latin America, but investors should realize that neither region is all about its biggest economy, those being China and Brazil. In other words, there are ETFs worth considering from both regions that just aren't grabbing a lot of headlines these days.

For those looking to bet on emerging markets rebound with a bias to Asia-Pacific, here are five ETFs your broker is probably neglecting to tell you about.

Global X FTSE ASEAN 40 ETF (NYSE: <a class="ticker" href="/stock/asea#NYSE">ASEA</a>):
We'll admit we were once quite bullish on ASEA, but the August/September market swoon has battered this ETF severely. Still, assets under management have held steady around $22 million and if ASEA can break $15.50 on the chart, then it can return to $17.50, its all-time high. Remember, this is the only ETF to offer combined exposure to several of the rapidly growing ASEAN countries in one ETF. Assuming emerging markets come back into style next year, expect ASEA to flourish.

IndexIQ Taiwan Small-Cap ETF (NYSE: <a class="ticker" href="/stock/twon#NYSE">TWON</a>):
Taiwan's status as one of the more reliable and less volatile emerging markets hasn't prevented some big drops in Taiwan ETFs this year, but as Chinese and Taiwanese equities rebound, small-cap names could lead the party. That's part of the attraction to TWON. Another aspect to like is the fact that ETF allocates three-quarters of its weight to industrials, technology and materials, all export industries. Hold TWON as long as it stays above $20.

iShares MSCI All Country Asia ex-Japan Index Fund (Nasdaq: <a class="ticker" href="/stock/aaxj#Nasdaq">AAXJ</a>):
The iShares MSCI All Country Asia ex-Japan Index Fund has over $1.5 billion in assets under management, so to say this one is unknown isn't accurate, but it also isn't most popular Asia-Pacific ETF out there. Home to almost 648 stocks, this is the ETF for investors looking for large-cap exposure to the usual suspects of the Asia ex-Japan universe. China, South Korea and Taiwan account for about 59% of the ETF's country weights.

WisdomTree Australia Dividend ETF (NYSE: AUSE):
The iShares MSCI Australia Index Fund (NYSE: <a class="ticker" href="/stock/ewa#NYSE">EWA</a>) has barely outperformed the WisomTree Australia Dividend ETF in the past three months. Thing is EWA has a trailing 12-month yield of 5.1%. AUSE's is 6.3% and the WisdomTree fund has better sector diversity.

First Trust Asia Pacific Ex-Japan AlphaDEX Fund (NYSE: FPA):
FPA made its debut in April and has attracted almost $2.4 million in assets under management. Home to 100 stocks, FPA takes a different Asia ex-Japan approach than AAXJ as South Korea, Hong Kong and Australia account for over 88% of this ETF's weight.

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The Asian Development Bank (ADB) announced on Wednesday that it expected slower economic growth for Asian economies than it had predicted earlier this year.

The Asian Development Bank forecast growth for Asia (excluding Japan) of 7.5 percent in both 2011 and 2012, which was down slightly from its previous forecast of 7.8 growth for 2011 and 7.7 percent for 2012. Although the growth figures were down, they were still much higher than in the developed economies of Japan, the United States and Europe.

While most Western economies are struggling, Asian economies continue to grow at levels unheard of in the West. Although the troubles that Western economies are dealing with have caused Asian economies to grow at a slower rate, the region's countries are trading more amongst themselves and promoting more domestic demand. This should allow them to continue growing rapidly compared to their Western trading partners.

However, the Asian Development Bank did warn that a default by Greece could hit Asia's export-driven economies particularly hard. The ADB's 7.5 percent growth figures did not include the possibility of a Greek default. If a Greek default were to occur, the Asian Development Bank said that the rapidly growing Asian economies could suffer.

There are a number of ways to trade on the Asian Development Bank's report that Asian economies are growing slower than expected.

Although news of an economic slowdown is usually bad, the Asian economies are still growing at a brisk pace. The slowing pace of growth could actually relieve some of the inflationary pressure being felt across the region. This could give the countries' central bankers more options in the event of a default by Greece or one of the other troubled eurozone countries.

With economies that are expected to grow 7.5 percent over the next two years, Asian equities could be an attractive investment sector. Whether or not Greece defaults, the United States and Europe will struggle with growth. On the other hand, it looks like in the long run Asian economies will do relatively well compared to their Western trading partners regardless of what happens to Greece.

There are a number of options worth considering if one wants to profit from Asia's rapid economic growth. The iShares MSCI South Korea Index (NYSE: <a class="ticker" href="/stock/ewy#NYSE">EWY</a>), iShares FTSE China 25 Index Fund (NYSE: <a class="ticker" href="/stock/fxi#NYSE">FXI</a>) and the iShares MSCI Taiwan Index Fund (NYSE: <a class="ticker" href="/stock/ewt#NYSE">EWT</a>) ETFs allow investors to buy a wide range of leading companies in each of the ETF's respective countries. There's also the iShares MSCI All Country Asia ex Japan Index (Nasdaq: <a class="ticker" href="/stock/aaxj#Nasdaq">AAXJ</a>) ETF for investors who want to buy a single security that gives them exposure to companies from across the entire region.

Still, a default by Greece is looking more and more likely and the Asian Development Bank did say that a Greek default could do a lot of harm to Asian economies. Asian stocks have dropped lower repeatedly this year whenever there was talk of possible American or European defaults. Investors who feel that Asian stocks will be headed for a fall after a soon to come Greek default should consider the ProShares Short FTSE China 25 (NYSE: <a class="ticker" href="/stock/yxi#NYSE">YXI</a>) or the ProShares Ultrashort FTSE China 25 (NYSE: <a class="ticker" href="/stock/fxp#NYSE">FXP</a>) ETFs. If a Greek default sends Asian shares plummeting, these ETFs should climb higher.

Sector ETFs

How to Trade on News of Slowing Asian Growth

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

Claymore/Robb Report Global Luxury Index Etf

Asian-Pacific Wealth Expands

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

ACWX

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

Dell Inc. (NASDAQ: <a href="/stock/dell">DELL</a>) plunged 1.15% to $14.62. Today DELL launched $2 million Dell Youth Connect program in China. The 52 week trading range for DELL is $7.84 - $17.26. Yesterday, DELL closed at $14.79. 
ARCA biopharma, Inc. (NASDAQ: <a href="/stock/abio">ABIO</a>) plunged 3.70% to $4.16 in the pre-market session. Yesterday, ARCA biopharma announced that it has received FDA’s fast track designation for Gencaro. Yesterday, ABIO closed at $4.32. 
A-Power Energy Generation Systems, Ltd. (NASDAQ: <a href="/stock/apwr">APWR</a>) fell 2.83% to $14.06. So far this year, APWR gained over 236%. A-Power Energy Generation Systems, Ltd. (<a href="/stock/apwr">APWR</a>) is scheduled to release its financial earnings results on Wednesday, November 25, 2009.
JA Solar Holdings Co., Ltd. (ADR) (NASDAQ: <a href="/stock/jaso">JASO</a>) decreased $0.04 or 0.99% to $4.01 in the pre-market trading. The 52 week trading range for JASO is $1.77 - $6.29. So far in 2009, JASO is down over 7%. 
Brocade Communications Systems, Inc. (NASDAQ: <a href="/stock/brcd">BRCD</a>) declined 2.80% to $7.59 in the pre-market session. Today, BRCD’s chief executive denied that the company was looking for a buyer despite recent reports showed that BRCD had put itself up for sale. The 52 week trading range for BRCD is $2.05 - $9.84. Yesterday, BRCD closed at $7.80.
iShares MSCI Cntry Asa Jpn Idx Fnd(<a href="/stock/etf">ETF</a>) (NASDAQ: <a href="/stock/aaxj">AAXJ</a>) fell 1.34% in the pre-market session to $55.39. The 52 week trading range for AAXJ is $26.69 -$56.89. So far in 2009, AAXJ climbed up 67%.

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