An ETF that invests in Finland rallied 4% on above-average trading volume Tuesday after Microsoft (NasdaqGS: MSFT) announced a $7.2 billion to purchase Nokia’s (NYSE: NOK) wireless device business.

Nokia is the second-largest holding in iShares MSCI Finland Capped ETF (NYSEArca: EFNL) at 10.6% of the portfolio. The fund is relatively small with about $9.7 million of assets.

The Finland ETF was up 31% for the year ended Aug. 29. [The Good and the Bad of the Finland ETF]

EFNL charges an expense ratio of 0.53% and is currently paying a 30-day SEC yield of 3.51%.

On Tuesday, Microsoft said it would buy Nokia’s devices and services businesses, including the smartphone and basic phone divisions. Nokia’s U.S.-listed were up 32% in afternoon trading. Meanwhile, Microsoft shares dropped 5% as investors reacted negatively to the deal.

“We think this is an important step in Microsoft’s evolution into a devices and services company, although execution will be the key,” said Morningstar analyst Norman Young in a note Tuesday.