There are seven single-country, exchange-traded funds dedicated to members of the Organization of Petroleum Countries (OPEC). With the exception of three ETFs tracking Indonesia, which recently rejoined OPEC, other OPEC ETFs have been drab performers.
That is particularly true of the Global X MSCI Nigeria ETF (NYSE: NGE). Nigeria's status as Africa's largest oil producer becomes a drag on Nigerian stocks and NGE when oil prices falter. That much is confirmed by NGE's year-to-date loss of 14.7 percent and a one-year decline of more than 40 percent.
As the lone ETF dedicated to Nigerian stocks, NGE bears the brunt of the impact when equities in Africa's largest economy slip. Faltering Nigerian stocks and oil prices also affect the iShares MSCI Frontier 100 ETF (NYSE: FM). FM has one of the largest weights to ...
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