iShares, the world’s largest issuer of exchange-traded funds, launched a Finland ETF and a Denmark ETF on the BATS exchange today, days after the rollout of a Norway-focused fund, which was the first-ever primary ETF listing on BATS.

Both of the new funds come with a 0.53 expense ratio. Links to their prospectuses and their tickers are as follows:

• iShares MSCI Denmark Capped Investable Market Index Fund (BATS: EDEN)
• iShares MSCI Finland Capped Investable Market Index Fund (BATS: EFNL)

The Finland and Denmark funds are built on indexes consisting of stocks traded on each respective country’s stock exchange. The filings said that the proposed funds generally will invest 90 percent of their assets in the securities of their underlying indexes. The remaining assets may be invested in options, futures or swaps.

With the exception of Iceland, which essentially went bankrupt after the credit bubble of the past 10 years burst, Nordic countries have done comparatively well during the financial crisis. Finland is home to Nokia, the cellphone manufacturer; and Denmark has a diversified economy including high-end manufacturing.

EDEN tracks an underlying MSCI Denmark IMI 25/50 Index that consists of financial, health care and industrial companies. EFNL tracks an underlying MSCI Finland IMI 25/50 Index that consists of financial, industrial, information technology, and materials companies.

Both funds apply a capping methodology that limits the weight of any single component to a maximum of 25 percent. Additionally, the sum of the components that constitute more than 5 percent of the respective indexes cannot exceed 50 percent.

The funds are passively managed and iShares estimates their tracking error will be no greater than 5 percent. However, because they use the increasingly popular representative tracking strategy as opposed to the traditional replication one, iShares’ filings warn that tracking errors can be higher than they otherwise might be.

The listing of the funds on the BATS exchange—the first three of eight San Francisco-based iShares plans to list on BATS—represents the exchange’s initial efforts to get into the primary listing business. Industry sources suspect it was able to lure iShares on the basis of price. Officials at BATS have been reticent to speak about the company’s plans, largely because they are in the middle of a public share offering for BATS itself.

The funds began trading on BATS on Thursday, Jan. 26.