Along with the broad-based Topix index, the Nikkei is now nearly one-fifth below its peak for this year, in April, and more than three-fifths below its all-time high.

ECONOMIST: Twitchy foreign hedge funds have sold too soon

That would make a U.S.-based stock index, such as the broad-market Russell 3000, an appropriate measuring stick for the fund, Mr. Gogerty says.

WSJ: Advisers Discover 'Managed ETF Portfolios'

Scottrade took the FocusShares gambit after the fund firm closed some more esoteric products in 2008. ( The WalMart Supplier Index ETF, anyone?) In 2011, FocusShares relaunched with broad-based ETFs on Morningstar indexes.

FORBES: ETF Distribution Breakdown