Gain detailed insights into the trading activity of Congress members for SCZ on our government trades page. Stay updated on how elected officials are investing in SCZ.

SCZ - Government Trades

Long Ideas

Specialty ETFs

Small Cap Analysis

Markets

Trading Ideas

ETFs

Assessing With International Small-Caps

News

Small Cap

Where Smaller Is Better

IEFA

Where Small Caps Are Working

Short Ideas

New ETFs

Global

Intraday Update

WisdomTree Trust International MidCap Dividend

FDTS

4 Global Style ETFs Your Broker Forgot to Mention

CRIC

FITB

NTRS

PVTB

Rydex ETF Trust S&P Smallcap 600 Pure Value ETF

SFUN

SLYV

SOHU

SRTY

Small Cap Top Performers in January

Sector ETFs

Broad U.S. Equity ETFs

Emerging Market ETFs

Futures

Commodities

Currency ETFs

Pre-Market Outlook

After-Hours Center

ProShares UltraShort MSCI Emerging Markets

CurrencyShares British Pound Sterling Trust

iShares S&P National AMT-Free Municipal Bond Fund

PALL

ETFs to Watch December 2, 2011

GTAA

iShares Trust Dow Jones US Real Estate Fund Index

iShares Trust Barclays 20+ Year Treasury Bond Fund

GTAA: ETF Version Of The Ivy Portfolio

WisdomTree Trust International Energy Sector Fund

iShares JPMorgan USD Emerging Markets Bond Fund

ETFs To Watch September 20, 2010 (DAG, TAN, FXM, EWZ)

ACWI

New Sponsor U.S. One Enters the ETF Ring Unprepared

iShares S&P Global Materials Sector Index Fund

Powershares MENA Frontieruntries Portfolio

PMNA

ETFs To Watch February 11, 2010 (HAO, XHB, GUR, EWY)

iShares MSCI EAFE Small-Cap ETF

WEST COAST COMMTY BANCP by West Coast Community Bancorp

West Coast Community Bancorp

ATCO, ANET, FIT, SRAX, SNE, DAC, STKL, ROCHW, TIMB, AAIC, OCUL, GRBK, ROCHU, OPRX, DVD, ROCH, APPN, MYOK, HEI, DRIV, NMCI, BPYU, CLPT, SWAV, LOB, NBACW, TANH, SQM, ALACW, HDS, IXUS, INFI, LB, TMUS, FPI, NBAC, DXYN, ALB, CRNC, SCZ, TRIB, NTLA, FFIV, MCK, THCBW, CX, CMCSA, VTWO, MGI, UBS, GM, MRNA, MS, BIDU, KZIA, WMT, FSK, CL, CBAT, SE, PLTR, NWG, ALV, TSM, MHLD, FUTU, VJET, JD 
&nbsp;

AAIC

Alberton Acquisition Corporation - Warrant

ALACW

ANET

APPN

ATCO

BIDU

BPYU

CBAT

CLPT

CMCSA

CRNC

DRIV

DXYN

FFIV

First Trust Advantage Preferred Income Fund

GRBK

INFI

KZIA

LOAC

MHLD

MRNA

MYOK

NBAC

NBACW

NMCI

NTLA

OCUL

OPRX

PLTR

ROCH

ROCHU

ROCHW

SRAX

STKL

SWAV

TANH

THCBW

TIMB

TMUS

TRIB

TSX:LB

VJET

VTWO

68 Stocks Trading Near 52-Week Highs Just After Open On Monday, Nov. 16, 2020:

As has been widely documented, an interesting phenomenon with small-cap stocks this year is not just the smaller U.S. stocks lagging their large-cap counterparts, but that U.S. small-caps are getting trounced by their international equivalents.
Just focusing on ex-U.S. developed market small-caps, the iShares MSCI EAFE Small-Cap ETF (NASDAQ: <a class="ticker" href="/stock/scz#NASDAQ">SCZ</a>) is up 24.7 percent year to date, making the 6.4 percent returned by the Russell 2000 Index look anemic.
Some investors may be apt to believe that international small-caps inherently volatile. After all, U.S. small-caps are more volatile than domestic large-caps, so logically speaking, it is not unreasonable to assume that moving outside the U.S. with smaller stocks can introduce more volatility. Data suggest international small-caps do provide excess returns, but with higher risk.
<h3>
	Some Perspective</h3>
&ldquo;But these past 16 years exposed a wrinkle in the risk/reward relationship of foreign small-cap stocks,&rdquo; said<a href="http://beta.morningstar.com/articles/825339/theres-likely-more-risk-and-less-reward-in-foreign-small-caps.html"> Morningstar in a recent note</a>. &ldquo;The excess returns were there, but the risk of these stocks, as measured by standard deviation, was similar to that of large-cap stocks &mdash; an unexpected outcome to say the least. A closer look at the behavior of foreign small-caps over this span shows that they were indeed risky, but standard deviation may not have fully captured that risk.&rdquo;&nbsp;
Related Link: <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/09/10060679/oil-etfs-are-getting-interesting-again">Oil ETFs Look Interesting</a>&nbsp;
As it pertains to SCZ against the U.S.-focused Russell 2000, the international ETF more than holds its own when it comes to volatility. Over the past three years, SCZ&#39;s annualized volatility has been 14.2 percent compared to 16.4 percent for the Russell 2000.
&ldquo;While small-cap stocks can outperform, their strong performance over the course of the past 16 years probably isn&rsquo;t representative of what to expect going forward,&rdquo; notes Morningstar. &ldquo;History has shown that in certain instances these stocks have not always provided an excess return. Take the Russell Indexes as an example. From January 1979 through June 2017 the Russell 2000 Index (small-cap) underperformed the Russell 1000 Index (large-cap) by 0.21% annually, despite its higher volatility.&rdquo;
<h3>
	Still Looking Good</h3>
SCZ is also behaving significantly less volatile than the Russell 2000 this year. To be precise, the international small-cap ETF has been 500 basis points less volatile than the U.S. small-cap benchmark year-to-date.
SCZ holds over 1,600 stocks, over 22 percent are from the industrial sector. The consumer discretionary and technology sectors combine for 27 percent of the ETF&#39;s weight. Japan and the U.K. are the ETF&#39;s largest geographic weights, combining for almost 48 percent of the fund&#39;s roster.
Related Link: <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/09/10060717/goldman-sachs-launches-cheapest-equal-weight-etf">A Cheap Goldman Sachs ETF</a>
<iframe allowfullscreen="" allowtransparency="true" class="wistia_embed" frameborder="0" height="360" mozallowfullscreen="" msallowfullscreen="" name="wistia_embed" oallowfullscreen="" scrolling="no" src="https://fast.wistia.net/embed/iframe/ijgs38yvb2" title="Wistia video player" webkitallowfullscreen="" width="640"></iframe>
<script src="https://fast.wistia.net/assets/external/E-v1.js" async></script>

Investors frustrated with the laggard performances turned in by U.S. small-caps and the related exchange-traded funds this year have been able to that frustration into profits with international small-cap ETFs.
That has not meant taking on excessive risk, either. The iShares MSCI EAFE Small-Cap ETF (NYSE: <a class="ticker" href="/stock/scz#NYSE">SCZ</a>) is higher by almost 20 percent year to date, well ahead of the 2.6-percent returned by the Russell 2000 Index.
Not only is SCZ proving to be a superior alternative to U.S. small-caps this year, but historical data indicate the fund has some advantages over the MSCI EAFE Index, which is heavy on large-cap developed market ex-U.S. stocks.
<h3>The Differences Matter</h3>
Over the long term, SCZ can also be a valid alternative to funds that track the MSCI EAFE Index. Although that benchmark is one of the most widely watched gauges of developed market equities outside the U.S., it has some flaws, including an emphasis on larger companies and geographic concentration risk.
&ldquo;To start with, the diversification of the MSCI EAFE Index was compromised in the late 1980s, with 60 percent of its portfolio dedicated to Japanese stocks following their strong rally in that decade,&rdquo; said Morningstar <a href="http://news.morningstar.com/articlenet/article.aspx?id=820326">in a recent note</a>. &ldquo;As a result of this Japan stock bias, the category-relative performance of the index went from first to worst in a short span when the Japanese stock market crashed in the early 1990s.&rdquo;&nbsp;
Japan looms large in the large-cap MSCI EAFE Index and SCZ, but SCZ&#39;s three largest countries combine for 45 percent of that ETF&#39;s weight compared to over half in the large-cap benchmark. There are also sector-level differences. The MSCI EAFE Index&#39;s three largest sector weights combine for over 48 percent while SCZ&#39;s three biggest sector allocations combine for 41 percent.
<h3>Enviable Track Record</h3>
&ldquo;The result of diversifying across a broader selection of countries and the inclusion of small-cap stocks not only improves category relative performance, but also enhances absolute and risk-adjusted returns,&rdquo; said Morningstar.
SCZ&#39;s tale of the tape is impressive. Over the past three years, the ETF is up nearly 26 percent compared to an almost 9 percent gain for the MSCI EAFE Index. SCZ has also been less volatile than its large-cap counterpart over that period and during that three-year stretch, SCZ was 220 basis points less volatile than the Russell 2000 Index.
Related Links:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/17/08/9906372/know-this-natural-gas-etf">Know This Nat Gas ETF</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/17/08/9914746/traders-have-been-all-over-these-tech-etfs">Traders Love These Tech ETFs</a>

Less than three months into 2017, investors are already hearing plenty about the laggard status of small-cap U.S. stocks. While the Russell 2000 Index and the S&amp;P SmallCap 600 Index are getting trounced by large-cap U.S. equity benchmarks, that does not mean all small-caps <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/03/9189264/a-fundamentally-sound-small-cap-etf">deserve dud status</a>.
In fact, several small-cap, exchange-traded funds hit record highs Monday. The thing is none of those ETFs were U.S. funds, but one was the iShares MSCI EAFE Small-Cap ETF (NASDAQ: <a class="ticker" href="/stock/scz#NASDAQ">SCZ</a>). SCZ tracks the MSCI EAFE Small Cap Index, the small-cap cousin to the MSCI EAFE Index, one the most widely followed gauges of ex-U.S. developed markets equities.
<h3>What Is SCZ?</h3>
SCZ, which debuted in December 2007, has $7.2 billion in assets under management. That is an impressive sum among international small-cap ETFs, but like its U.S. peers, SCZ is dwarfed in size by its large-cap equivalents. For example, the iShares MSCI EAFE Index Fund (ETF) (NYSE: <a class="ticker" href="/stock/efa#NYSE">EFA</a>) and the iShares Core MSCI EAFE ETF (NYSE: <a class="ticker" href="/stock/iefa#NYSE">IEFA</a>) have $65.9 billion and $20.6 billion in assets under management, respectively.
Japan and the U.K. are the largest country weights in the MSCI EAFE Index, combining for 41.3 percent of that benchmark&#39;s weight, but those countries combine for 48.5 percent of SCZ&#39;s geographic exposure. Japan, the world&#39;s third-largest economy, represents the only economy that SCZ is significantly overweight relative to the large-cap benchmark. The ETF is underweight Australian, French, German and Swiss stocks compared to the large-cap MSCI EAFE Index.
<h3>Strategy And Small Caps</h3>
This year, the formula is working as SCZ is up 8.6 percent, outpacing the MSCI EAFE Index by 80 basis points. Interestingly, SCZ has been 70 basis points less volatile than its large-cap counterpart to start the year. SCZ&#39;s year-to-date returns are better than triple those offered by the Russell 2000 Index and SCZ has been 600 basis points less volatile than the U.S. small-cap benchmark.
Still, international small-caps are thought of as being <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/03/9150179/where-small-caps-can-be-less-risky">even more volatile</a> than their U.S. peers. Data indicate something else. Although SCZ has trailed the Russell 2000 in terms of returns over the past three years, the international small-cap ETF has been significantly less volatile over that period. Over that period, SCZ offered better than quadruple the performance of the MSCI EAFE Index while being less volatile.
SCZ allocates almost half its weight to industrial, consumer discretionary and financial services stocks. In order, financials, industrial and discretionary names combine for less than 48 percent of the MSCI EAFE&#39;s weight.
Related Links:
<a href="https://www.benzinga.com/general/education/17/03/9141442/6-market-innovations-younger-than-the-s-p-500-index">6 Market Innovations Younger Than The S&amp;P 500 Index</a>
<a href="https://www.benzinga.com/media/cnbc/16/10/8519329/2-investment-pros-share-their-top-etf-picks-for-q4">2 Investment Pros Share Their Top ETF Picks For Q4</a>

As the exchange-traded products industry has continued to boom (there are now almost 1,460 ETFs and ETNs listed in the U.S. with over $1.2 trillion in AUM), the number of so-called style funds has surged as well.

By definition, a style ETF is one that focuses on value or growth stocks, large-, mid- or small-caps or a blend of the various traits we just mentioned. Well-known examples include the $3.8 billion iShares Russell 2000 Growth Index Fund (NYSE: <a class="ticker" href="/stock/iwo#NYSE">IWO</a>) and the SPDR S&amp;P 500 Growth ETF (NYSE: SPYG), which has almost $230 million in AUM.

Obviously, those are domestic funds. There are plenty of global style funds that may not command a lot of headlines, but are worthy of investors' attention. Here are some your broker probably neglected to tell you about.

WisdomTree International MidCap Dividend Fund (NYSE: <a class="ticker" href="/stock/dim#NYSE">DIM</a>)
DIM is the epitome of a style play, rolling dividend-paying global mid-caps into one fund. DIM may not get a lot of attention, but the fund is almost six-years old and has nearly $103 million in AUM. Up more than 8% year-to-date, DIM does have some issues to consider before jumping.

First, industrials, financials and consumer discretionary names account for over 58% of the fund's weight. Second, Japan and the U.K. combine for over 40% of the DIM's country weight. Third, the rest of DIM's country allocations include nine Euro Zone members and all of the PIIGS except Greece. On second thought, maybe it's not a bad thing that DIM has been somewhat anonymous up to this point.

iShares MSCI EAFE Small Cap Index Fund (NYSE: <a class="ticker" href="/stock/scz#NYSE">SCZ</a>)
Proper style ETFs have specific niches, whether be small-cap value, large-cap growth, etc. That's the case with SCZ, which obviously focuses on EAFE small-caps. As we recently noted, the <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/05/2547232/3-eafe-etfs-your-broker-forgot-to-mention-efa-dwm-efav">EAFE investment theme has its merits, but not all of these ETFs make the grade</a>.

Considering that SCZ will celebrate its fifth birthday later this year and that it's home to nearly $1.5 billion in AUM, the ETF doesn't garner much press. However, a 13% year-to-date gain is solid when acknowledging more than 48% of SCZ's weight goes to Japan and the U.K. 

That creates an interesting situation going forward for SCZ. Will global investors view Japanese and U.K. small-caps as value opportunities or will the macro headwinds facing both nations chase investors to other global markets? How that question is answered will figure prominently in SCZ's 2012 performance.

iShares MSCI EAFE Growth Index Fund (NYSE: <a class="ticker" href="/stock/efg#NYSE">EFG</a>)
This is another prime example of EAFE style that has been around a while (almost seven years), is large ($1.2 billion in AUM) and doesn't grab much press. EFG does share something in common with many of U.S.-focused ETFs that claim to be growth funds: Allocations that are heavy on sectors that extremely short on growth stocks.

EFG is up more than 10% year-to-date, but it's hard to get a growth feeling from a fund with an almost 20% allocation to staples stocks. Many of EFG's 555 holdings are high-quality, blue-chip names and legitimate bull cases can be made for top-10 holdings such as Nestle (PK: NSRGY) and BHP Billiton (NYSE: <a class="ticker" href="/stock/bhp#NYSE">BHP</a>), but those aren't really growth stocks.

First Trust Developed Markets Ex-US Small Cap AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fdts#NYSE">FDTS</a>)
Not even three months old yet, FDTS is truly an under-the-radar global style ETF at this point. FDTS tracks the Defined Developed Markets Ex-US Small Cap Index, which on growth factors including 3-, 6- and 12-month price appreciation, sales to price and one year sales growth, and separately on value factors including book value to price, cash flow to price and return on assets, according to First Trust.

The top 400 make the cut (FDTS is home to 406 names right now) are divided into quintiles based on their rankings and the top ranked quintiles receive a higher weight within the index. Japan and South Korea combine for over half of this ETF's country weight and FDTS is fairly diverse at the sector leve with four sectors – discretionary, industrials, materials and financials – receiving double-digit allocations. 

All of those points may be moot until FDTS starts trading on a regular basis. The idea here is nifty, but FDTS hasn't traded in nearly a month.

For more on undiscovered international ETFs, please click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/05/2547232/3-eafe-etfs-your-broker-forgot-to-mention-efa-dwm-efav">HERE</a>.

Here's a quick look at some of the top performing dividend stocks, year to date, that have a market cap of $1 billion or less.

E-House (China) Holdings (NYSE: <a class="ticker" href="/stock/ej#NYSE">EJ</a>) shares are trading about 38% higher year to date despite pulling back more than 4% last week. The real estate company announced in December that it would merge with China Real Estate Information Corp. (NASDAQ: <a class="ticker" href="/stock/cric#NASDAQ">CRIC</a>). The dividend yield is 4.2% and the long-term EPS growth forecast is 30.7%. E-House is based in Shanghai and was founded in 2000. But the stock has narrowly underperformed CRIC over the past six months.

KB Home (NYSE: <a class="ticker" href="/stock/kbh#NYSE">KBH</a>) is up almost 53% in the past month. The stock got a boost earlier this month when competitor Lennar (NYSE: <a class="ticker" href="/stock/len#NYSE">LEN</a>) announced a positive earnings surprise. Last week CBS (NYSE: <a class="ticker" href="/stock/cbs#NYSE">CBS</a>) CEO said he would leave the KB Home board. This Los Angeles-based homebuilder has a market cap of $867.3 million, a dividend yield of 2.5% and a long-term EPS growth forecast of 10.3%. The stock has outperformed competitors Lennar and Pulte Group (NYSE: <a class="ticker" href="/stock/phm#NYSE">PHM</a>) year to date.

Mahanagar Telephone Nigam (NYSE: <a class="ticker" href="/stock/mte#NYSE">MTE</a>) is more than 45% higher year to date, including more than 14% just in the past week. The company provides telecommunication services in Delhi and Mumbai, and revenues for the fiscal year are forecast to be 5.6% higher year over year. The company was founded in 1986. It has a market cap of $381.1 million and its dividend yield is 3.5%. But the stock has underperformed the broader markets over the past six months.

Noranda Aluminum (NYSE: <a class="ticker" href="/stock/nor#NYSE">NOR</a>) shares are trading about 33% higher year to date and rose 6% in the past week. Full-year revenues are forecast to be 20.6% higher year over year when the Tennessee-based company reports on February 15. The company has a market cap of $738.2 million, a long-term EPS growth forecast of 16.2% and a dividend yield of 1.1%. Over the past six months, the stock has outperformed larger peers Alcoa (NYSE: <a class="ticker" href="/stock/aa#NYSE">AA</a>) and Aluminum Corp. of China (NYSE: <a class="ticker" href="/stock/ach#NYSE">ACH</a>).

Privatebancorp (NASDAQ: <a class="ticker" href="/stock/pvtb#NASDAQ">PVTB</a>) is about 31% higher than a month ago, but more than 12% below the 52-week high. The company just reported better-than-expected Q4 EPS and a sizable decrease in nonperforming loans over the past year. This regional bank is based in Chicago and has a market cap of $1.0 billion. Its dividend yield is 0.3%. Over the past six months, the stock has outperformed competitors Fifth Third Bancorp (NASDAQ: <a class="ticker" href="/stock/fitb#NASDAQ">FITB</a>) and Northern Trust (NASDAQ: <a class="ticker" href="/stock/ntrs#NASDAQ">NTRS</a>).

SouFun Holdings (NYSE: <a class="ticker" href="/stock/sfun#NYSE">SFUN</a>) is up almost 49% in the past month and more than 10% higher than a year ago. The Chinese company operates an internet portal dedicated to real estate. Earnings are forecast to show a 57% gain for 2011, its sixth straight year of profit improvement. The dividend yield is 9.9% and the market cap is $372.7 million. The long-range EPS growth forecast is 36.7%. Over the past six months, the stock has outperformed competitor Sohu.com (NASDAQ: <a class="ticker" href="/stock/sohu#NASDAQ">SOHU</a>).

Tsakos Energy Navigation (NYSE: <a class="ticker" href="/stock/tnp#NYSE">TNP</a>) is more than 37% higher year to date, including more than 6% in the past week. The company has paid consecutive quarterly dividends since 2002. This Greek tanker operator has a $302.7 million market cap and a dividend yield of 9.2%. Revenue for the fiscal year is forecast to decline 2.6%. The stock has outperformed competitors Frontline (NYSE: <a class="ticker" href="/stock/fro#NYSE">FRO</a>) and Teekay (NYSE: <a class="ticker" href="/stock/tk#NYSE">TK</a>), as well as the broader markets, over the past three months.

See also: <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/01/2297576/benzingas-microcap-movers-for-friday-january-27-2012">Benzinga's Microcap Movers for Friday January 27, 2012</a>.

<div id="action-items">ACTION ITEMS:

Bullish: Investors interested in exchange traded funds focused on small caps might want to consider the following trades:

<ul><li>Rydex S&amp;P Small Cap 600 Pure Value (NYSE: <a class="ticker" href="/stock/rzv#NYSE">RZV</a>) is up about 11% year to date.</li>
<li>SPDR S&amp;P 600 Small Cap Value ETF (NYSE: <a class="ticker" href="/stock/slyv#NYSE">SLYV</a>) is up almost 9% year to date.</li>
<li>iShares MSCI EAFE Small Cap Index (NYSE: <a class="ticker" href="/stock/scz#NYSE">SCZ</a>) is up almost 9% year to date.</li>
</ul>Bearish: Traders may prefer to consider these alternative positions:

<ul><li>ProShares Short Small Cap 600 (NYSE: <a class="ticker" href="/stock/sbb#NYSE">SBB</a>) is trading near the 52-week low.</li>
<li>ProShares UltraShort Small Cap 600 (NYSE: <a class="ticker" href="/stock/sdd#NYSE">SDD</a>) is trading near the 52-week low.</li>
<li>ProShares UltraPro Short Russell 2000 (NYSE: <a class="ticker" href="/stock/srty#NYSE">SRTY</a>) is trading near the 52-week low.</li>
</ul>Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.</div>

Here is the ETF Professor's ETF Watch List for Friday December 2, 2011.

The ETFS Physical Palladium Shares (NYSE: <a class="ticker" href="/stock/pall#NYSE">PALL</a>) was a precious metals standout.

The Global X Silver Miners ETF (NYSE: <a class="ticker" href="/stock/sil#NYSE">SIL</a>) merits consideration here.

Do some holiday shopping with Vanguard Consumer Discretionary ETF (NYSE: <a class="ticker" href="/stock/vcr#NYSE">VCR</a>).

Emerging markets ETF: iShares MSCI EAFE Small Cap Index Fund (NYSE: <a class="ticker" href="/stock/scz#NYSE">SCZ</a>), ProShares UltraShort Emerging Markets (NYSE: <a class="ticker" href="/stock/eev#NYSE">EEV</a>) and the Guggenheim China Small Cap ETF (NYSE: <a class="ticker" href="/stock/hao#NYSE">HAO</a>).

Forex play of the day: CurrencyShares British Pound Sterling Trust (NYSE: <a class="ticker" href="/stock/fxb#NYSE">FXB</a>).

Bond play of the day: iShares S&amp;P National AMT-Free Muni Bond ETF (NYSE: <a class="ticker" href="/stock/mub#NYSE">MUB</a>).

AdvisorShares Cambria Global Tactical ETF (<a class="ticker" href="/stock/gtaa#">GTAA</a>), an actively-managed absolute return fund of funds (ETF of ETFs), began trading yesterday (10/26/2010).  The sponsor hopes to preserve and grow capital by producing absolute returns with reduced volatility and drawdowns.
GTAA is relatively expensive as other AdvisorShares offering, even after a 1.35% cap for the next eleven months.  Subadvisor Cambria will receive a 0.90% management fee as part of the overall expense ratio.  The fund's basic investment approach is described by managers Mebane Faber and Eric Richardson in their book “<a href="http://www.amazon.com/gp/product/0470284897?ie=UTF8&amp;tag=worbet-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0470284897" target="_blank">The Ivy Portfolio</a>.”
According to the <a href="http://advisorshares.com/system/files/funds/public_docs/GTAA_FS_10252010.pdf" target="_blank">GTAA fact sheet</a> (pdf), initial allocation by asset class will be stocks 31%, bonds 30%, real estate 15%, commodities 14%, and currencies 10%.  Each asset class is further divided into subcategories.
The fund currently has just 40 holdings versus the targeted 50-100.  Six ETFs received an initial weighting of 5% each:  Vanguard Emerging Markets ETF (<a class="ticker" href="/stock/vwo#">VWO</a>), iShares MSCI EAFE Small Cap (<a class="ticker" href="/stock/scz#">SCZ</a>), SPDR Dow Jones International Real Estate (<a class="ticker" href="/stock/rwx#">RWX</a>), iShares Barclays 20+ Year Treasury Bond (<a class="ticker" href="/stock/tlt#">TLT</a>), iShares Dow Jones US Real Estate (<a class="ticker" href="/stock/iyr#">IYR</a>), and SPDR Dow Jones REIT (<a class="ticker" href="/stock/rwr#">RWR</a>).
Holdings and allocations are by no means static.  As I recall, the book describes the asset class allocations remaining constant for 12 months, while the underlying ETFs within each asset class are risk-managed with a 10-month moving-average strategy.  I could not find a description of the asset allocation methodology for GTAA in the <a href="http://advisorshares.com/system/files/funds/public_docs/Cambria%20Global%20Tactical%20ETF%20%28GTAA%29%20effective%209-13-10_0.pdf" target="_blank">prospectus</a> (pdf) or other fund literature, but the trend following and risk management algorithms seem to be more complex than the book's approach.
Additional information about GTAA is in the <a href="http://advisorshares.com/fund/gtaa" target="_blank">overview</a> and <a href="http://www.marketwire.com/press-release/AdvisorShares-Set-to-Launch-the-Cambria-Global-Tactical-ETF-NYSE-GTAA-1340644.htm" target="_blank">press release</a>.  The prospectus statement that “the Advisor had approximately $69,500,000 million in assets under management” appears to be a typo as that is more than $69 trillion.
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.
<img src="http://investwithanedge.com/?ak_action=api_record_view&amp;id=11313&amp;type=feed" alt="" />

Here is the ETF Professor's ETF Watch List for Monday September 20, 2010.
Play news of Petrobras (NYSE: <a class="ticker" href="/stock/pbr#NYSE">PBR</a>) raising the size of its secondary share offering with the WisdomTree International Energy ETF (NYSE: <a class="ticker" href="/stock/dka#NYSE">DKA</a>) and the iShares MSCI Brazil Index Fund (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>).
The PowerShares DB Agriculture Double Long ETN (NYSE: <a class="ticker" href="/stock/dag#NYSE">DAG</a>) was up more than 4% on Friday.
More emerging markets plays for Monday: ProShares Ultra FTSE/Xinhua China 25 (NYSE: <a class="ticker" href="/stock/xpp#NYSE">XPP</a>), Claymore/BNY Mellon BRIC ETF (NYSE: <a class="ticker" href="/stock/eeb#NYSE">EEB</a>) and the iShares MSCI EAFE Small Cap Index (NYSE: <a class="ticker" href="/stock/scz#NYSE">SCZ</a>).
Make the iShares JPMorgan USD Emerging Markets Bond ETF (NYSE: <a class="ticker" href="/stock/emb#NYSE">EMB</a>) your fixed income play for the day.
Why not watch the SPDR Gold Shares (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) yet again?
Make the Claymore/MAC Global Solar Energy ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) one of your sector plays for the day.
Make the CurrencyShares Mexican Peso Trust (NYSE: <a class="ticker" href="/stock/fxm#NYSE">FXM</a>) your forex play for Monday.

U.S. One, Inc., a new ETF sponsor and fund manager, today (5/11/10) launched its first ETF product:  One Fund ETF (ONEF).  ONEF intends to provide pure asset class exposure to equities through a diversified portfolio covering 95% of global equity markets. Its holdings will represent more than 5,000 companies worldwide, including large, mid and small capitalization stocks, by investing in other ETFs.
In other words, ONEF is an all-world actively-managed ETF of ETFs with an expense ratio of 0.51%.  It will have to compete with industry giants that have size, cost, distribution, brand, and track history advantages.  This space is currently owned by passive index ETFs such as <a href="http://investwithanedge.com/acwi-or-vt-which-the-best-world-etf" target="_blank">Vanguard Total World Stock</a> (VT) with an expense ratio of 0.30% and <a href="http://investwithanedge.com/own-322-trillion-in-market-cap-today">iShares MSCI ACWI</a> (ACWI) with an expense ratio of 0.35%.
The <a href="http://www.onefund.com/facts/One_Fund_Prospectus.pdf" target="_blank">ONEF prospectus</a> assumes the acquired ETF fees (the expense ratio of the ETFs it will buy) are 0.16%.  ONEF will add its 0.35% management fee on top of that for a combined 0.51% expense ratio.
The fund’s objective is to produce a diversified blend of U.S. and international stock market exposure with returns between the S&amp;P 500 Index and the MSCI All Country World Index (ACWI).  The initial allocations indicate a 70% weighting to the US. 
ONEF’s <a href="http://www.onefund.com/facts/holdings.asp" target="_blank">holdings page</a> shows holdings of Vanguard MSCI US Prime Market 750 Index (VV) 49.7%, Vanguard MSCI US Small Cap 1750 Index (VB) 20.2%, Vanguard MSCI EAFE Index (VEA) 20.0%, Vanguard MSCI Emerging Markets Index (VWO) 5.1%, and iShares MSCI EAFE Small Cap Index (SCZ) 5.0%.
One Fund’s <a href="http://www.onefund.com/facts/one_fund_fact_sheet.pdf" target="_blank">fact sheet</a> states that its investment approach is based on its three beliefs that 1) stocks outperform, 2) market timing does not work, and 3) stock selection does not work.   This sounds like something a passive indexed product would say, but ONEF will be actively managed and not track an index.
The Advisor has no prior experience managing, or administering, an investment company.  One Fund also has no prior experience with assets under management and no track record. The portfolio manager currently does not manage any other accounts.  When buying an actively managed fund, most investors base part of their decision on the manager’s experience.  In the case of ONEF, there does not appear to be any.
A month ago, I stated that Old Mutual would have a tough time competing in this space when they introduced <a href="http://investwithanedge.com/three-new-etf-clones-from-old-mutual-globalshares" target="_blank">GlobalShares FTSE All-World Fund</a> (GSW) on April 6, 2010.  Old Mutual probably now realizes I was right: after five weeks GSW has had zero trades.
ONEF has huge obstacles to overcome. The sponsor has entered an extremely competitive ring, yet appears unprepared for the battle ahead.  I predict ONEF will be near the top of my <a href="http://investwithanedge.com/category/etf-deathwatch" target="_blank">ETF Deathwatch</a> when it becomes eligible in December 2010.
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.
<img src="http://investwithanedge.com/?ak_action=api_record_view&amp;id=9471&amp;type=feed" alt="" />

Here is the ETF Professor's ETF Watch List for Thursday February 11, 2010.
On the South Korea interest rate news, watch the iShaers MSCI South Korea Index (NYSE: <a class="ticker" href="/stock/ewy#NYSE">EWY</a>).
Wait for the Greece bailout news with the S&amp;P Emerging Europe SPDR ETF (NYSE: <a class="ticker" href="/stock/gur#NYSE">GUR</a>) and the iShares MSCI EAFE Small Cap Index Fund ETF (NYSE: <a class="ticker" href="/stock/scz#NYSE">SCZ</a>) if you're so inclined.
The SPDR S&amp;P Homebuilders ETF (NYSE: <a class="ticker" href="/stock/xhb#NYSE">XHB</a>) saw some unusual options activity on Wednesday.
Play Rio Tinto's (NYSE: <a class="ticker" href="/stock/rtp#NYSE">RTP</a>) earnings with the iShares S&amp;P Global Materials ETF (NYSE: <a class="ticker" href="/stock/mxi#NYSE">MXI</a>).
The Claymore/MAC Global Solar Energy ETF (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) was one of the worst performing energy ETFs on Wednesday.
The PowerShares MENA Frontier Countries ETF (Nasdaq: <a class="ticker" href="/stock/pmna#Nasdaq">PMNA</a>) was down nearly 5% on Wednesday.
Keep an eye on the Claymore/AlphaShares China Small Cap ETF (NYSE: <a class="ticker" href="/stock/hao#NYSE">HAO</a>) to see if it can break $25.

The longer I study <a href="http://investwithanedge.com/fidelity-shoots-back-in-etf-brokerage-price-war" target="_blank">Fidelity’s commission-free ETF announcement</a> of last week (2/2/10), the more impressed I become.  This is not a hap-hazard list of ETFs that Fidelity and BlackRock threw together.  It is a solid lineup assembled from what many would consider the best iShares core offerings in domestic equities, international equities, and fixed income ETFs.
The domestic equity lineup includes both the S&amp;P style index offerings familiar to retail investors as well as the Russell stock funds that institutional investors often prefer.  The S&amp;P-based funds include the popular <a href="http://investwithanedge.com/ivv-buying-the-sp-500-without-commissions" target="_blank">iShares S&amp;P 500 Index Fund (IVV)</a>.  The Russell-based funds do not include the mid-cap offerings, but the Russell 3000 whole-market ETF is included.
The international lineup has the two grand-daddies of international ETF investing (EFA and EEM) as well as a small cap international and a whole world fund.  The fixed income lineup has a solid representative from each of five major bond sectors.  Last, but not least, is Fidelity’s own Nasdaq Composite ETF (ONEQ).
Below is the complete list of the 26 commission-free ETFs at Fidelity along with their current expense ratio and a link to their overview page with top holdings and other important details:
<h4>Russell Style Box ETFs</h4>
<ul>
<li><a href="http://us.ishares.com/product_info/fund/overview/IWV.htm" target="_blank">iShares Russell 3000 Index (IWV)</a> 0.21%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IWD.htm" target="_blank">iShares Russell 1000 Value Index (IWD)</a> 0.20%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IWB.htm" target="_blank">iShares Russell 1000 Index (IWB)</a> 0.15%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IWF.htm" target="_blank">iShares Russell 1000 Growth Index (IWF)</a> 0.20%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IWN.htm" target="_blank">iShares Russell 2000 Value Index(IWN)</a> 0.33%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IWM.htm" target="_blank">iShares Russell 2000 Index (IWM)</a> 0.24%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IWO.htm" target="_blank">iShares Russell 2000 Growth Index (IWO)</a> 0.25%</li>
</ul>
<h4>S&amp;P Style Box ETFs</h4>
<ul>
<li><a href="http://us.ishares.com/product_info/fund/overview/IVE.htm" target="_blank">iShares S&amp;P 500 Value Index (IVE)</a> 0.18%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IVV.htm" target="_blank">iShares S&amp;P 500 Index (IVV)</a> 0.09%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IVW.htm" target="_blank">iShares S&amp;P 500 Growth Index (IVW)</a> 0.18%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IJJ.htm" target="_blank">iShares S&amp;P Mid Cap 400 Value Index (IJJ)</a> 0.28%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IJH.htm" target="_blank">iShares S&amp;P Mid Cap 400 Index (IJH)</a> 0.21%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IJK.htm" target="_blank">iShares S&amp;P Mid Cap 400 Growth Index (IJK)</a> 0.25%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IJS.htm" target="_blank">iShares S&amp;P Small Cap 600 Value Index (IJS)</a> 0.25%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IJR.htm" target="_blank">iShares S&amp;P Small Cap 600 Index (IJR)</a> 0.20%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/IJT.htm" target="_blank">iShares S&amp;P Small Cap 600 Growth Index (IJT)</a> 0.25%</li>
</ul>
<h4>International and Global Equity ETFs</h4>
<ul>
<li><a href="http://us.ishares.com/product_info/fund/overview/EFA.htm" target="_blank">iShares MSCI EAFE Index (EFA)</a> 0.35%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/EEM.htm" target="_blank">iShares MSCI Emerging Markets Index (EEM)</a> 0.72%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/SCZ.htm" target="_blank">iShares MSCI EAFE Small Cap Index (SCZ)</a> 0.40%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/ACWI.htm" target="_blank">iShares MSCI ACWI Index (ACWI)</a> 0.35%</li>
</ul>
<h4>Fixed Income ETFs</h4>
<ul>
<li><a href="http://us.ishares.com/product_info/fund/overview/AGG.htm" target="_blank">iShares Barclays Aggregate Bond Fund (AGG)</a> 0.24%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/TIP.htm" target="_blank">iShares Barclays TIPS Bond Fund (TIP)</a> 0.20%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/LQD.htm" target="_blank">iShares iBoxx $ Investment Grade Corporate Bond Fund (LQD)</a> 0.15%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/EMB.htm" target="_blank">iShares JPMorgan USD Emerging Markets Bond Fund (EMB)</a> 0.60%</li>
<li><a href="http://us.ishares.com/product_info/fund/overview/MUB.htm" target="_blank">iShares S&amp;P National AMT-Free Municipal Bond Fund (MUB)</a> 0.25%</li>
</ul>
<h4>Fidelity ETFs</h4>
<ul>
<li><a href="http://content.members.fidelity.com/etf/frame/0,,315912808,00.html?refpr=zwycbetf007" target="_blank">Fidelity Nasdaq Composite Index Tracking Stock (ONEQ)</a> 0.30%</li>
</ul>
Fidelity also <a href="http://personal.fidelity.com/products/trading/index_content.shtml.cvsr" target="_blank">reduced commissions</a> for other ETFs, stocks, and options.
Disclosure covering writer, editor, publisher, and affiliates: Long some positions in this list. 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 href="http://www.ccam.com/">Capital Cities Asset Management</a>, uses Fidelity Brokerage Services and Ameritrade Institutional as custodians and brokerage for client accounts.
<img src="http://investwithanedge.com/?ak_action=api_record_view&amp;id=8147&amp;type=feed" alt="" />

iShares S&P SmallCap 600 Value Index Fund

iShares S&P SmallCap 600 Growth Index Fund

Fidelity NASDAQmposite Index Fund ETF-Tracking NASDAQmposite Index

ONEQ

The 26 Commission-Free ETFs at Fidelity

Above The Noise: So Long, September. Strikes, Shutdowns And Social Security

David Herro's International Equity Market Commentary - Q3 2023

Trick Or Treat? Bobbing For Multibaggers In The Small-Cap Market

Q3 2023 Equity Factor Report: Value Strategies Rally As Bullish Sentiment Dampens

A Disjointed World: Themes For 2024

Above The Noise: Anticipating A New Year And A New Market Environment

iShares MSCI EAFE Small-Cap ETF declares semi-annual distribution of $0.8304

VSS: Well-Ranked In The Global Small-Cap ETF Category

Q4 2023 - International Equity Review And Outlook

Looking Under The Hood Of Recent Global Small- And Large-Cap Performance

AADR

ABEQ

ACCYY

ACRFF

ACTV

ACWV

ACWX

AFMC

AFSM

AFTY

AIVI

AIVL

ALTL

AMADF

AMADY

ARKK

ASET

ASHR

ASHS

AUSF

AVDE

AVDV

AVEM

AVES

AVUV

BABA

BABAF

BAMXF

BAPR

BAYRY

BAYZF

BBIN

BBSC

BFIT

BKIE

BKNG

BKSE

BLES

BMWYY

BNPQF

BNPQY

BUFF

BUYZ

BYMOF

BYOB

CALF

CBON

CBSE

CEFA

CFCV

CHIM

CHIQ

CHIR

CHIU

CHIX

CLRG

CNHI

CNXT

CNYA

COWZ

CQQQ

CRBN

CSML

CXSE

DBAW

DBEF

DBEM

DDLS

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Government Trades

iShares MSCI EAFE Small-Cap ETF

top performing SCZ trades