Many country-specific exchange traded funds (ETFs) had a heyday in 2007, rising 70% to record trading volumes.

This year, the Dow Jones Global Exchanges tell a different story as the index has so far lost 15% this year, according to Carl Delfeld for ETFxray.

Jump starts and the like aren’t turning these funds over, as evidenced by Deutsche Borse, which announced a tax break that would enhance this year’s earnings by an estimated 10%. Its shares have remained flat.

Recently, global exchange shares have rallied, attracting investors because it is a fixed-cost business. Opportunities may be knocking in high-quality countries such as iShares MSCI Singapore (EWS) or the Netherlands (EWN).

The global exchange market remains alive with mergers and consolidation activity, which can give good price support, but be careful: valuations of exchanges is murky and tricky.

Tags: Asia, Europe, EWN, Netherlands, Singapore