Not all new exchange traded funds are the beneficiaries of good timing, but one recently launched fund is. The ALPS International Sector Dividend Dogs ETF (NYSEArca: IDOG) debuted in late in June and has proceeded to gain 7.2% since then.

Although IDOG is a dividend ETF, certainly a rewarding corner of the ETF universe this year for issuers and investors alike, that is not the only reason the fund has performed well right out of the gate. Like its successful cousin, the ALPS Sector Dividend Dogs ETF (NYSEArca: SDOG), IDOG focuses on high-yield stocks, but again, that is not the only reason the fund has thrived. [Global Stocks Get Their Dividend Dog ETF]

IDOG’s country mix is a big reason for the new ETF’s success and that sentiment extends beyond the fund’s 18.2% allocation to Japan. Japanese stocks have actually been a drag on IDOG because the yen has gained strength over the past six weeks. Since IDOG debuted, the iShares MSCI Japan ETF (NYSEArca: EWJ) is lower by 6%.

It has been previously left-for-dead European markets that have sent IDOG to the upside. Japan, the U.K. and Australia account for about 40% of the fund’s country weight, but the real upside has been generated by Eurozone nations. Not many ETFs feature an almost 10% weight to AAA-rated Finaland, but IDOG does and that has helped as Finnish stocks have rallied in the past month. [The Good and the Bad of the Finland ETF]

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