Investors are enjoying the resurgence of several previously moribund Eurozone economies and equity markets, including Spain, the region’s fourth-largest economy.
Year-to-date, the iShares MSCI Spain Capped ETF (NYSEArca: EWP) is higher by 10%, a performance that easily tops those offered by steadier single-country Europe ETFs, such as the iShares MSCI United Kingdom ETF (NYSEArca: EWU), the iShares MSCI Germany ETF (NYSEArca: EWG), as well as diversified Europe funds. EWP is also the second-best of the five single-country ETFs tracking PIIGS nations behind the iShares MSCI Italy Capped ETF (NYSEArca: EWI). [PIIGS ETFs Rally, Gain Assets[
Amid soaring confidence that Prime Minister Mariano Rajoy will get the Spanish economy on firmer footing, investors are pouring cash into EWP. The ETF hauled in $238 million in the period ending April, more than any other country-specific ETF, reports Alexis Xydias for Bloomberg.
EWP had $1.88 billion in assets under management as of April 15, according to BlackRock data. Investors have added $952 million in the fund, putting it on track for its best year ever, according to Bloomberg.
EWP is by far the largest PIIGS ETF with nearly $600 million more in assets than EWI. The lone Spain ETF is also larger than the comparable Austria, France, Ireland and Netherlands ETFs combined. [More Reasons to Like the Spain ETF]