News:Argos:Ishares Austria - Exposure to Rapid Growth in Post-Communist Europe

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With a 6% year-to-date return (through May 23), iShares MSCI Austria ETF (EWO) is the top-performing iShares European stock ETF thus far in 2008.

But EWO, and the so-called “Alpine Tiger” economy, is no short-term story. The fund also ranks No. 1 among all continental stock ETFs over five years, with a 30.5% annualized return, and No. 2 for three-year returns, at 22.9%.

The reason isn’t so much related to Austrian growth but to successful expansion by the country’s largest banks, telecom firms, and other companies into the formerly communist lands of eastern Europe.

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