iShares MSCI New Zealand Capped ETF (NYSEArca: ENZL)
Local Market YTD: 20.9%
ETF YTD: 18.8%
Comment: ENZL has been impressive among developed markets ETFs this year, but that run was almost derailed by the near loss of New Zealand’s lone AAA sovereign debt rating due to a widening account deficit, which leaves the country vulnerable to external shocks. [An AAA Near-Miss for the New Zealand ETF]