The advantages of indexing are considerable in large-cap, more efficient markets, while a well-chosen managed fund more often makes sense in less efficient and/or smaller-cap markets. The iShares MSCI Australia Index fund (EWA) seeks to provide a performance that generally tracks the publicly traded securities in the Australian market, as measured by the MSCI Australia Index. The fund is not hedged against currency moves. This ETF has a higher average market cap, and pretty much keeps its assets in the relatively larger and more liquid Australian market, while the actively managed Commonwealth Australia/New Zealand Fund has more in smaller-cap and New Zealand stocks.
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