Spain’s exchange traded fund (ETF) shot up 11% last week week despite rumors that it had asked the European Union for economic aid. Could this reflect a fundamental shift in the Spain ETF or was it just a good run?

Paul Day of Reuters reports that Spain’s official response to the rumors of a bailout request is that they are false. “This is a lie. There’s no rescue. There’s nothing asked for, nor will there be. I don’t know where they got this from,” said a spokesperson for Spain’s economy ministry.

The rumors started with a report by FT Deutschland, which claimed that the E.U. was preparing to activate an aid package in case Spain requested one. [Euro ETFs and Jim Rogers: Time to Buy?]

A European Commission spokesperson commented that there was no official aid request from Spain at the moment. “We are not preparing anything- it is speculation,” said Amadeu Altafaj.

Other reports gave more confidence in Spain. On Thursday, Spain saw solid demand for its new 3-year benchmark bond, giving confidence to July’s redemption of $19.6 billion. The 10-year Spanish/German government bond yield narrowed by two basis points, reflecting rising confidence in Spain’s economy. [Euro ETFs in the Bargain Basement.]