“France has a lot of cyclical companies, and they’re uniquely exposed to trade, economic slowdowns and Brexit fears, according to Andy Wester, a senior investment analyst at Proficio Capital Partners,” reports Bloomberg.

Related: Can Latest Cabinet Support for Brexit Deal Bolster Leveraged Bull ETF?

Europe has been among the least loved areas of the global markets. According to Bank of America Merrill Lynch, Europe equities experienced 25 straight weeks of fund outflows and was the only region recording meaningful outflows in the first three quarters of 2018.

Falling oil prices are also weighing on EWQ because Total SA (NYSE: TOT) is the ETF’s largest holding at a weight of almost 9.10%.

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