NEW YORK TheStreet -- Yesterday, the ETF Professor at Benzinga posted Two Country ETFs Vulnerable To A China Slowdown. One of the funds covered was the iShares MSCI New Zealand Capped ETF ( ENZL), which we bought for clients a couple of months ago.New Zealand exports a lot of stuff to China, some NZD787 million just last month. Although not mentioned in the article, New Zealand was the first country to ink a free trade agreement with China a few years back. China needs New Zealand's stuff and New Zealand needs China's money, so it is logical to think a slowdown in China hurts New Zealand. However, the article never mentioned the makeup of the fund and how connected the constituents are or, as it turns out, are not to the Chinese economy. The largest weighting in the fund goes to Fletcher Building, a construction company. According to the annual report, China slots in with "rest of the world," which comprises everywhere except New Zealand and Australia. The "rest of the world" accounted for 12% of revenue and 16% of earnings with no narrower breakout for China from there. The second largest holding is Telecom Corp of New Zealand, the Ma Bell of the country, so no China exports here. Next on the list of holdings is Auckland International Airport and while there is some traffic to and from China, this is a thin slice for the company. After that in the top ten comes casino operator Sky City Entertainment which has no properties in China, but no doubt some visitors come from Asia.