“Over half of EWC’s holdings are either materials or energy companies,” Morningstar analyst Samuel Lee writes in a profile of the Canada ETF. “Investors already loaded up on commodities and bearish U.S. dollar bets should be wary of doubling down on them with this fund. Unusually for a developed nation, Canada is a major commodity exporter. Its confirmed oil reserves, including oil sands, are second only to Saudi Arabia, and it’s a major producer of minerals, natural gas, and agricultural commodities.” [Energy ETF Rallies 50% from October Low]

For small-cap stocks, investors can take a look at IQ Canada Small Cap ETF (NYSEArca: CNDA).

iShares MSCI Canada Index

Tisha Guerrero contributed to this article.