The ETF has plunged 6.2% in the past month, making it by far the worst performer of the four country-specific funds tracking Nordic nations. It may not be an apples-to-apples comparison, but even the volatile iShares MSCI Italy Index Fund (NYSEArca: EWI) has easily outpaced EFNL in the past 30 days.

EFNL currently resides 4.7% above its 200-day moving average. Interested investors should keep an eye on EFNL to see if it can hold that line on a further pullback. If not, the December lows could be in play.

iShares MSCI Finland Capped Investable Market Index Fund

ETF Trends editorial team contributed to this report.