QESP is also heavily exposed to the financial services sector with a weight of 33.5% to that group. The factor-based Spain ETF also offers some leverage to the recovering Spanish consumer with over 10% of its weight going to consumer sectors. QESP is up 23% year-to-date.

Europe is enjoying improving economic and earnings growth and offers more attractive yield opportunities than the income generated here at home.

Spain’s job creation was not limited to the manufacturing sector in May, as service providers also took on extra staff. The overall rate of payroll growth eased only fractionally from April’s recent high and signalled a marked monthly expansion of staffing levels,” said Markit.

The $1.4 billion EWP allocates almost 41% of its weight to bank stocks and another 17.2% to industrials.

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