The following NETS trade on NYSE Arca, and February 9, 2009 will be the last trading day of these funds:

Operational Funds                                                  Symbol
NETS(TM) S&P/ASX 200 Index Fund (Australia)          AUS
NETS(TM) BEL 20(R) Index Fund (Belgium)                BRU
NETS(TM) Hang Seng China Enterprises Index Fund   SNO
NETS(TM) CAC40(R) Index Fund (France)                   FRC
NETS(TM) DAX(R) Index Fund (Germany)                    DAX
NETS(TM) Hang Seng Index Fund (Hong Kong)            HKG
NETS(TM) ISEQ 20(TM) Index Fund (Ireland)                IQE
NETS(TM) TA-25 Index Fund (Israel)                            TAV
NETS(TM) S&P/MIB Index Fund (Italy)                         ITL
NETS(TM) TOPIX(R) Index Fund (Japan)                      TYI
NETS(TM) AEX-index(R) Fund (The Netherlands)          AEX
NETS(TM) PSI 20(R) Index Fund (Portugal)                  LIS
NETS(TM) FTSE Singapore Straits Times Index Fund   SGT
NETS(TM) FTSE/JSE Top 40 Index Fund (South Africa) JNB
NETS(TM) FTSE 100 Index Fund (United Kingdom)       LDN
NETS(TM) FTSE CNBC Global 300 Index Fund             MYG
NETS(TM) Tokyo Stock Exchange REIT Index Fund      JRE

This decision was made after consulting with the internal investmentadvisory group Northern Trust Investments, N.A., which is theinvestment advisor to the 17 funds. 

Any shareholders who still hold shares after the delisting date will beentitled to receive cash in a distribution amount that is the same asthe determined net asset value determined on February 20.

This is the beginning of the end for Northern trust in the ETFbusiness.  It’s press release is even titled "NORTHERN TRUST TO EXITETF BUSINESS."  ETF’s are a great tool when they are liquid and whenthey are well known or offer a specific goal.  But there are many ETF’son the market which have no business being listed as tradinginstruments because they are too complex, too illiquid, or toodifficult to understand.

As small as the ETF’s are, this is a non-event for Northern Trust stock.  But it will be a black eye against it if it wants to go back into exchange traded vehicles.   It also serves as a warning to other ETF or ETN launches if the vehicles are going to be too complicated or if they will have a hard time raising ample capital.

Jon C. Ogg
January 27, 2009

NETS(TM) ISEQ 20(TM) Index Fund (Ireland) is now traded on the NYSE Arca under the ticker "IQE" and this allows US investors for the first time to invest in an ETF tracking the 20 Irish securities comprising the index.

The move is said to be the latest in a series of fifteen NETS(TM) ETF products launched by Northern Trust, designed to give investors exposure to some of the world’s best-recognized international equity markets via shares traded on U.S. exchanges.

So far this one has seen hardly a notice of its existence as it traded only 300 shares today as of 3:30 PM EST.  It may take a while for this one to get going, but it is very difficult for US investors to know what they are buying into when they try to invest in Ireland.

Jon C. Ogg
June 19, 2008