iShares comes out with the first-ever New Zealand ETF, adding to its lineup of single-country funds.
iShares, the unit of BlackRock and the world’s biggest ETF company, today launches an ETF focused on New Zealand, the first of its kind, that will give investors access to one of the healthier developed economies on the planet.
The iShares MSCI New Zealand Investable Market Index Fund (NYSEArca: ENZL) begins trading Sept. 2. The fund has an annual expense ratio of 0.55 percent, according to the iShares Web site. The fund is based on the MSCI New Zealand Investable Market Index.
"The iShares MSCI New Zealand Investable Market Index Fund provides financial professionals, institutions and individuals first-to-market access to a developed country in the midst of a strong economic recovery," Noel Archard, head of U.S. product at iShares, said in a press release.
New Zealand is expected to have real GDP growth of about 3 percent per year in 2010 and 2011 with inflation targeted at 1 to 3 percent in the medium term, iShares said, citing data from the International Monetary Fund. The country's economy has benefited from high growth rates in the neighboring economies of Asia and Australia, iShares said.
The fund’s top holdings and sector breakdowns weren’t immediately available on the company’s Web site.