The company, based in Chicago, had $33 million in assets at the end of last year. The board of trustees decided to close all 17 of the NETS funds, citing current market conditions, the inability of the funds to attract significant market interest and their future viability.

Their final day of trading will be Feb. 9, and any investor holding shares after that date will receive a cash distribution equal to the net asset value (NAV) of their shares as determined on Feb. 20.

If funds aren’t grabbing market share, closing them is the responsible thing to do.

The ETF provider was the first to launch a line of funds that tracked the major foreign market indexes. Some of their funds included:

Stocks on both continents rose by varying degrees on the news, says Louise Watt for the Associated Press. The Group of Seven, an organization made of up the world’s leading economic powers, said today that they would do everything they could to help ease the crisis.

Across Europe, Britain’s FTSE 100 rose 0.22%, Germany’s DAX rose 0.42%, France’s CAC 40 rose 0.27%. In Asia, Japan’s Nikkei 225 rose 1.4%, Hong Kong’s Hang Seng jumped 1.6% and in China, the Shanghai Composite jumped 7.8%.

Northern Trust’s line of ETFs offers exposure to the indexes of several countries around the world, all of which launched this year, including:

• NETS FTSE 100 (LDN), down 19.5% since April 10 inception
• NETS CAC 40 (FRC), down 17.5% since April 16 inception
• NETS DAX (DAX), down 18.5% since May 22 inception
• Nets Hang Seng (HKG), down 17.1% since April 16 inception

Other funds that offer exposure to these countries include:

• iShares MSCI France (EWQ), down 19.6% year-to-date
• iShares MSCI Germany (EWG), down 22.3% year-to-date
• iShares FTSE/Xinhua China 25 (FXI), down 30.4% year-to-date
• iShares MSCI Japan (EWJ), down 14.5% year-to-date

After the Dow Jones lost more than 340 points, Europe’s FTSE-100, Germany’s DAX and France’s CAC all fell by mid-afternoon. In Moscow, reports Louise Watt for the Associated Press, the RTS benchmark was down more than 6% to lows not seen in more than two years.

Asia wasn’t immune, either. In Japan, the Nikkei 225 sank 2.8%, while the Hong Kong Hang Seng index fell more than 2% to its lowest point in more than a year. India, Australia and Singpapore also fell sharply.

Among the funds that track these major benchmarks are:

• NETS S&P/ASX 200 (AUS), down 20.4% since April 10 inception
• NETS Hang Seng China Enterprises Index Fund (SNO), down 21% since May 22 inception
• NETS CAC40 Index Fund (FRC), down 14.9% since April 16 inception
• NETS FTSE Singapore Straits Times Index Fund (SGT), down 8.9% since July 22 inception

Obviously, market turbulence is not just confined to U.S. borders, and international markets and ETFs are showing major signs of distress. The global benchmarks are enough to make any investor wince, with negatives across the board: iShares S&P Europe 350 Fund (IEV) is down 27.5%, while the FTSE China 25 Index Fund (FXI) has plummeted 43%.

These numbers make Gary Gordon at ETF Expert ponder if the bigger bear right now is financials or international. The U.S. credit crisis has penetrated much of the globe now. Remember that the dollar has been in recovery, and that a turnaround takes much longer than a crisis. Sit tight and stay tuned, and remember to be opportunistic on an international level. Here are some other numbers:

• Dow Jones Industrials: 21% off its high of Oct. 9, 2007
• S&P 500: 21% off its high of Oct. 9, 2007
• NASDAQ: 20.7% off its high of Oct. 31, 2007

Global ETFs:

• iShares MSCI South Korea Index (EWY), 46.9% off its Oct. 31, 2007, high
• Vanguard FTSE All-World ex US ETF (VEU), 25.5% off its Oct. 31, 2007, high

Financials:

• Financial Select Sector SPDR (XLF), 44.8% off its June 1, 2007, high
• iShares Dow Jones US Financial Services (IYG), 46.3% off its Feb. 20, 2007, high
• KBW Insurance Fund (KIE), 30.8% off May 16, 2007, high

Overall, it’s a tough call. Investors should protect themselves by staying out until the trend shows up again and these funds cross above their 200-day moving averages before getting back in.

But first, iShares MSCI France (EWQ) has a number of things working in its favor, says Carl Delfeld for ETF XRay. President Sarkozy started off on the wrong foot, but he seems to have recently regained some momentum.

His “modernization of the economy” law should help ramp up retail and entrepreneurial competition, because it slashes red tape and will increase competition. Unemployed people who refuse more than two job offers will be penalized. Cargo handling is being shifted to the private sector, and the retirement age is being raised by a year.

Overall, these policy changes signal that France is working hard to move onward and upward. Delfeld cautions investors not to expect a near-term pop, but good things could be happening down the line for Europe’s second-largest economy.

Industrial production is 15% of France’s economy, and it experienced an unexpected drop in June. Output from factories and utilities decreased 0.4% from May, when it had dropped 2.9%. While the euro is stronger, rising energy costs are offsetting gains, and the U.S. slowdown has put a pinch on expansion, reports Helene Fouquet and Sandrine Rastell for Bloomberg.

NETS CAC 40 Index France (FRC) is another option when the signs show a turnaround. EWQ is down 17.6% year-to-date, but is up 3.3% in the last moth. FRC launched on April 16, and is down 10.3% since then.