However, franc-denominated mortgages issued prior to 2008 remain in use, underscoring the vulnerability of Polish banks and borrowers to ongoing strength in the Swiss currency. That scenario has already proven problematic for EPOL and PLND because the average weight to the financial services sector for the two ETFs is about 45.5%. [Poland ETFs Try to Stand Tall]

Since the SNB announcement, Polish bank shares have tumbled “with Getin Noble losing 21 percent, Millennium sliding 12 percent and MBank falling 11 percent. PKO Bank dropped 8.9 percent,” according to Bloomberg.

PKO Bank is largest and second-largest holding, respectively in EPOL and PLND. The stock accounts for nearly 12% of EPOL’s weight.
iShares MSCI Poland Capped Investable Market ETF