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Rating:Dubai Shakes Some ETFs' Worlds Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, December 01, 2009

Dubai Shakes Some ETFs' Worlds

by: Armie Margaret Lee

In Tuesday's Wall Street Journal Fund Track column, Daisy Maxey looks at how ETFs with holdings in the United Arab Emirates have fared amid the credit woes faced by state-owned conglomerate Dubai World.

On Monday, the WisdomTree Middle East Dividend Fund, with 17.5 percent invested in the U.A.E. as of Friday last week, was down 6.4 percent; PowerShares NENA Frontier Countries Portfolio, which had 22.6 percent invested as of Friday, was down 2.1 percent on Monday.

Meanwhile, the broader-focused SPDR Standard & Poor's Emerging Markets and Africa was down 0.1 percent and the Market Vector Shares ETF was down about 5 percent.

On the mutual fund side of the fence, Maxey notes that T. Rowe Price Africa & Middle East Fund, one of the worst-performers this year among its emerging markets stock fund peers, had more than 5 percent of assets in Dubai and about 25 percent in the U.A.E. as of September 30. 

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