An exchange traded fund that invests in Sweden was lower Friday after auto manufacturer Volvo said its second-quarter earnings and profit rose from the year-ago period.

Scania, the Swedish truckmaker controlled by Volkswagon, recently missed analysts estimates on second quarter profit, due to slower sales. The lower than anticipated results were blamed on slow tractor orders in Brazil, and the company is considered to have the best operating margin of the business in Sweden, reports Ola Kinnander for Bloomberg.

Scania is looking to merge with MAN SE in Germany, which would create Europe’s largest commercial vehicle manufacturer.

iShares MSCI Sweden (NYSEArca: EWD) holds Volvo at 6.7% while Scania is another component of the ETF. The fund is up about 2% year to date. [Sweden ETF Takes A Tumble.]

iShares MSCI Sweden

Tisha Guerrero contributed to this article.

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