EWO has been around since early 1996, making it one of the oldest single-country ETFs on the market. The Austria ETF tracks the MSCI Austria IMI 25/50 and holds 25 stocks with a three-year standard deviation of 19.4%, making EWO more volatile than its France and Germany counterparts.

“Since January 2017, private credit creation has changed trend and increased 5% year to date. This is the strongest flow increase and together with the government sector flow increase also explains why the stock market has performed so well over the last 6 to 12 months,” according to Seeking Alpha. “All three sectors of the economy are adding fiscal flows to the stock of funds flowing in the economy. This enables financial assets in the private sector, such as stocks, bonds and real estate to increase in value.”

Like many single-country ETFS, EWO is heavy on financial services stocks with that sector accounting for 31% of the ETF’s weight. The ETF also features double-digit allocations to the materials, energy, real estate and industrial sectors.

For more information on European markets, visit our Europe category.