Two of the first exchange-traded funds based on pan-European indices were launched last week by Barclays Global Investors of San Francisco, said Kerry Steele, a company spokesperson.

The iShares S&P Europe 350 and the iShares MSCI EMU (European Monetary Union) offer portfolios of Europe's largest companies, Steele said. Both are unlike any of the 18 other iShares that are based on foreign country index portfolios because they are not country specific, said Steele.

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