Citing Citigroup research, Rareview Macro notes that of the 10 European banks with the largest energy exposure as a percentage of shareholder equity, three are French banks. Only one European bank has a larger energy exposure as a percentage of shareholder equity than the 72% held by Credit Agricole.
The three French banks on that list are Credit Agricole, SocGen and BNP Paribas. That trio is a combined 9% of EWQ’s weight. Overall, the ETF allocates nearly 17.5% of its weight to the financial services sector, making the group the ETF’s largest sector weight.
Europe Bank Energy Exposure
Chart Courtesy: Neil Azous, Rareview Macro
ETF Trends editorial team contributed to this post.