It appears that investors have been trimming exposure to European based equity ETF EZU (iShares MSCI EMU, Expense Ratio 0.52%) in recent sessions, as approximately $200 million has flowed out of the fund in the past week or so (total AUM in the ETF is currently $2.1 billion).
EZU is designed to provide access to the equity market performance of EMU member countries, which iShares specifies as members of the European Union whom have adopted the Euro as its currency.
From a country standpoint, France and Germany have the most representation, with weightings of 31.49% and 30.23% respectively in the underlying index, followed by Spain (10.44%), the Netherlands (9.49%), and Italy (7.50%).
The fund has a decidedly mega/large cap bias, with north of 85% of the overall portfolio invested in companies that would fall in either of those cap sizes, and looking at the top holdings one will see names like Sanofi, Total SA, BASF SE, Siemens AG, and Banco Santander SA.
EZU is currently flirting with its 50 day moving average and has lost some steam after topping out at $35.41 in early February, and the fund has recently been trading very heavy volume relative to its daily average of about 1.9 million shares (one session north of 7.5 million shares and several between 2.5-5 million shares in the past week or so).