Seemingly getting lost in the post-Brexit environment and concerns about the impact of multiple national elections throughout the Eurozone this year are Swiss equities and the related exchange traded funds.

For example, the iShares MSCI Switzerland Capped ETF (NYSEArca: EWL) is up more than 6% year-to-date.

Switzerland is desperate to see the Fed normalize its interest rate policy. Swiss stocks and EWL would be prime beneficiaries of franc weakness against as many developed currencies as possible. Nearly all of EWL’s largest holdings generate the bulk of their revenue in markets outside of Switzerland. EWL is the largest Switzerland ETF trading in the U.S.

“Switzerland is a buy. Our assessment criteria are met in that overall there is a net add to the private sector allowing it to grow. The trend is however slowing with the capital account trend. The parsimonious government cannot be relied upon to take up the slack to counter this trend,” according to a Seeking Alpha analysis of Switzerland’s economy.

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