Robert Westwood

Switzerland ETF Getting Ready to Rebound

I've been in and out of EWL on a number of occasions (and currently live in Dubai and prior to that in Singapore). EWL is potentially a high quality "get rich slowly" ETF, however some thoughts :

1. Dubai & Singapore are key regional hubs, dominating their neighbours in developmental terms, supply of capital and "hustle factor" etc hence the "magnetism" and rapid growth.

2. EWL appears to be strongly correlated (but less diversified) to the many broader European ETF's (whether incl/excl UK, EMU countries etc) - iShares UK has a particularly good selection of these

3. Whilst EWL has concentrations in Pharma & Financials the majority of names are so international that the aggregate performance of EWL has little to do with Switzerland per se (nor the defensiveness of the Swiss Franc as most underlying cash flows of the larger companies are actually USD and EUR)