In concerning news of EFNL, Goldman Sachs is less than enthusiastic about the prospects for some Finnish industrial firms, according to Bloomberg. That sector is the largest in EFNL at 26.4%, more than 700 basis points higher than what is allocated to technology.

Finland’s GDP is expected to contract in 2013 for a second consecutive year, problematic because two consecutive quarters of declining growth is a recession. Finland is approaching eight and with debt-to-GDP expected to be up to 60% in 2014, a better than 20% increase from 2011, Finland’s grasp on its AAA rating seems tenuous.

Despite those seemingly obvious headwinds, EFNL has soundly thumped its Norway and Sweden ETF rivals this year.

iShares MSCI Finland Capped ETF