Related: Uncertain Equity Markets and the Dividend Aristocrats

The $1.80 billion EWU holds 96 stocks and the targets the MSCI United Kingdom Index. EWU allocates over 38% of its combined weight to the financial services and energy sectors while the consumer staples and healthcare sectors combine for over a quarter of the fund’s weight. Under the Brexit scenario, banks could be particularly vulnerable if they are not well-capitalized.

“Banks are particularly sensitive to unexpected shocks–like the U.K. tumbling out of the EU without any trade deals in place–which can often spark a loss of confidence and be the catalyst for a full-blown crisis,” according to Morningstar. “We also believe that the willingness of the Bank of England to provide short-term liquidity in the event of a crisis in confidence is vital support that will allow otherwise solvent banks to survive a short-term drought in liquidity.”

For more information on the global markets, visit our global ETFs category.