Even if RBA does raise rates, which is far from a foregone conclusion, that does not mean AUSE and EWA will languish. It is nearly a certainty that the Bank of England will soon raise rates, but the iShares MSCI United Kingdom ETF (NYSEArca: EWU) is higher by 6.7% this year. The Reserve Bank of New Zealand has raised rates twice this year, an almost unfathomable move by a developed market, but the iShares MSCI New Zealand Capped ETF (NYSEArca: ENZL) has surged 15%.

There is a new entrant to the Australia ETF fray. The SPDR MSCI Australia Quality Mix ETF (NYSEArca: QAUS), which debuted earlier this month as part of a suite of six quality single-country funds from State Street, tracks the MSCI Australia Quality Mix A-Series Index and charges 0.3% per year.

QAUS holds 69 stocks with a combined 55% of its weight going to the financial services and matierals sectors. [Quality Approach to Single-Country ETFs]

iShares MSCI Australia ETF

Tom Lydon’s clients own shares of EFA.