Even amid concerns about France’s national elections later this week, a June election in the U.K. and national elections slated for later this year in Germany and Italy, Europe exchange traded funds continue climbing.

Single-country ETFs dedicated to Germany, the Eurozone’s largest economy, are among the Europe ETFs making new highs.

The iShares MSCI Germany ETF (NYSEArca: EWG), the largest exchange traded fund tracking German equities listed in the U.S., rose 4.7% last week and is higher by 12% year-to-date as Germany’s benchmark DAX surges.

With its heavy tilt toward large, multi-national companies, the DAX index benefits from depreciating euro currency. A weaker euro would help support export growth and potentially generate greater revenue from overseas operations for the multi-nationals.

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