July 09, 2007 at 1:00 am by Tom Lydon
Spain’s exchange traded fund (ETF) is enjoying a fresh boost thanks to its European neighbors. iShares MSCI Spain (EWP) comprises 35 stocks that trade on the Madrid Stock Exchange. It has returned 10.5% for the year-to-date. Spain has experienced a consecutively growing economy for fourteen years, and EWP was one of the top-performing ETFs in 2006.
Although the holdings in EWP are Spanish-based companies, some of the larger ones have ties to other European countries, such as Telefonica (TEF) and Repsol (YPF). Joanne Von Alroth of Investor’s Business Daily reports Telefonica is one of the largest telecommunications companies worldwide, and Repsol has stations in 29 countries. Of the top holdings, 36% are financials, and 17% is with Telefonica.
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