Tomas Birriel

The Long Case for SPDR Emerging Middle East & Africa ETF

I couldn't agree with you more. If you are looking to only invest in S. Africa or Israel your best bet is probably to use the iShares MSCI South Africa Index Fund (EZA) or the First Israel Fund (ISL). But for someone trying to diversify across the two and who is trying to keep the number of positions in their portfolio down (perhaps to reduce transaction costs or not having adequate capital to buy two solid positions), GAF doesn't seem that silly.