Exchange traded funds tracking European equities, both the diversified and single-country varieties, have been receiving ample attention in recent months and deservedly so.

Inflows have been robust and some country-specific Europe ETFs are delivering impressive performances. Even the major ETFs tracking formerly downtrodden stocks in peripheral European nations such as Italy, Portugal and Spain have perked up this year. [Italy ETF Looks Good]

That does not mean investors should ignore more conservative Northern European offerings such as the iShares MSCI Sweden ETF (NYSEArca: EWD). EWD is up 1% this year, a performance that is middling among the five ETFs specific to Nordic countries, a group that includes two Norway ETFs as well as Denmark and Finland funds in addition to EWD.

Still, the $511.3 million EWD, the lone Sweden ETF, could hold some allure as a swing trade.

EWD “has been consolidating in a tight range on the monthly chart over the past year. The past six months have been very tight, with the action hovering around the monthly downtrend line while holding above the 10-month,” according to Deron Wagner of Morpheus Trading Group.