Peripheral European equity markets look inexpensive compared to the U.S., U.K., Germany and Switzerland. Last month, Societe Generale said  it expects most European equity markets to be flat by the end of this year, but the bank did say it prefers France and Italy to the U.K., Germany and Switzerland. The bank is forecasting upside for the CAC 40 that is about 10% above current levels.

A recovery by integrated oil stocks could also boost EWQ as the ETF’s largest holding at 10.2% is Total (NYSEArca: TOT). Europe’s third-largest has already been driving EWQ higher. Shares of Total are up about 10% this year, a performance that is vastly superior to the 2014 returns offered by rivals Royal Dutch Shell (NYSE: RDS-A) and BP (NYSE: BP).

iShares MSCI France ETF