The long-awaited Irish exchange traded fund (ETF) is here, just in time for the routing of the L.A. Lakers by the mighty Boston Celtics for the NBA Championship.
The NETS ISEX 20 Index Fund (IQE) is the first of its kind, as is the latest in a series of single-country funds launched by Northern Trust this year. The fund tracks the 20 Irish securities that make up the country’s benchmark index, the ISEQ 20.
Ireland’s economy is facing challenges so far this year, and may continue to into 2009. A report by AIB Bank cites the global slowdown, a higher exchange rate, rising interest rates, tightening credit conditions, rising unemployment and more as potential factors that could contribute.
However, the bank says that if the budgets toughen up, the public finances could stay healthy.