IndexIQ has just introduced the IQ South Korea Small Cap ETF (SKOR).

The new fund tracks an index of around 100 stocks with an average market cap size of $472 million.

The New York-based ETF manager also offers small cap country funds for Australia (KROO), Canada (CNDA) and Taiwan (TWON). All of the funds follow proprietary indexes constructed by IndexIQ.

The iShares MSCI South Korea Index Fund (EWY), which aims to track 85 percent of the country’s total market capitalization, gained 70.35 percent last year.

South Korea is the fourth-largest economy in the Pacific Rim.

The Vanguard Pacific Stock ETF (VPL) also follows stocks within the region and year-to-date, VPL has gained 9.61 percent. Last year, it rose 20.35 percent.

VPL has most of its market exposure to Japan, Australia, Hong Kong and Singapore. No exposure to South Korea is included in VPL.

SKOR’s annual expenses are 0.79 percent.

At the end of March, IndexIQ had roughly $34 million of assets under management.