QESP is also heavily exposed to the financial services sector with a weight of 33.5% to that group. The factor-based Spain ETF also offers some leverage to the recovering Spanish consumer with over 10% of its weight going to consumer sectors. [Quality Approach to Country ETFs]

“Rajoy has made it clear he will try to form a new government, but negotiations with rival parties could prove to be complicated given the country’s fractured political landscape. Even if a government is formed, it is likely to be weak,” adds CNN.

EWP has slumped 19% this year, good for one of the worst showings among ETFs that track stocks in the PIIGS nations.

iShares MSCI Spain Capped ETF