BHP is EWA’s second-largest component at a weight of 10.3% while Woodside accounts for 2.4% of the ETF’s weight. Another winner under the falling Aussie scenario is another stock that is found in both AUSE and EWA. Macquarie, Australia’s largest investment bank, could increase its earnings 1.4% for every one cent AUD/USD drops because the bank derives nearly two-thirds of its revenue from outside of Australia, according to Investing.com.

Both ETFs feature financial services as their largest sector weights, but shareholders of EWA are more levered to that sector because the ETF devotes almost 51% of its weight to that industry group. That says if Australian banks can do more business overseas, particularly in the U.S., EWA, with a 30-day SEC yield of 4.3%, stands to benefit.

iShares MSCI Australia ETF

ETF Trends editorial team contributed to this post.