“As with other Spanish banks this quarter, the improvement in margin (at Bankia) has come from lower funding costs while maintaining asset yields stable,” Daragh Quinn, banking analyst at Nomura, said in a note.

EWP has a 2.7% position in Bankia. The financial sector makes up a huge portion of the ETF’s portfolio, accounting for 47.9% of the fund, followed by utilities 11.8% and industrials 11.5%.

iShares MSCI Spain Capped ETF

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