ISHARES MSCI GERMANY FUND $22.95 - New York Exchange symbol EWG

ISHARES MSCI GERMANY FUND $22.95 (New York Exchange symbol EWG; buy or sell through brokers) is an ETF that aims to track the MSCI Germany Index. This index aims to capture 85% of the total market capitalization of the German stock market. The remaining 15% is unavailable for investment, partly because of limitations on foreign ownership. The fund’s top holdings are Siemens AG (engineering conglomerate), 9.6%; E.ON AG (energy), 9.6%; Bayer AG (diversified chemicals), 6.9%; Allianz (insurance), 6.7%; BASF (chemicals), 6.3%; Daimler AG (automobiles), 5.6%; Deutsche Bank AG, 5.0%; Deutsche Telekom AG, 4.9%; SAP AG (software), 4.8%; and RWE AG (energy and waste disposal), 4.4%. The fund’s industry breakdown is as follows: Financials, 19.9%; Industrials, 14.6%; Utilities, 14.2%; Consumer Discretionary, 13.6%; Materials, 12.6%; Health Care, 10.7%; Information Technology, 5.7%; Telecommunication Services, 4.9%; and Consumer Staples, 3.7%. The fund was launched on March 12, 1996. It has an expense ratio of 0.52%. iShares MSCI Germany Fund is up 84.0% from $12.47 in March 2009. Exports account for around 45% of Germany’s economy, so it needs a continued global recovery to sustain its growth. However, the German economy issteadily recovering, partly because of government stimulus spending. iShares MSCI Germany Fund is a buy.