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Finland ETF (EFNL) Hits New 52-Week High

For investors looking for momentum, iShares MSCI Finland Capped ETF EFNL is probably on your radar now. The fund just hit a 52-week high. Shares of EFNL are up roughly 31.5% from their 52-week low price of $28.71/share.


But could more gains be ahead for this ETF? Let’s take a quick look at the fund and the near-term outlook to get a better idea on where it might be headed:


EFNL in Focus


EFNL focuses on providing exposure to the equities in Finland. It charges 53 basis points in fees per year. From a sector look, it has high exposure to Industrials, Information Technology, and Materials, with 24.31%, 19.5%, and 17.97% allocation, respectively (as of April 28, 2017). It has top holdings in Nokia, Sampo, and Kone with 18.37%, 11.39%, and 7.83% allocation, respectively (as of April 28, 2017) (see all European Equity ETFs here).


The fund has AUM of $33.82 million and trades in average volumes of 20,200 shares.


Why the Move?


The move can mainly be attributed to Finland’s improving trade with Russia. Russia is one of the major trade partners of Finland, which was hit hard by the sanctions imposed on Russia by nations in the west. However, that seems to be relaxing. Moreover, Russia’s economy grew 0.3% in the last quarter of 2016, following several periods of negative growth. Therefore, investors are confident and are looking at this region as a potential investment.


More Gains Ahead?


Currently, EFNL has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. So it is hard to get a handle on its future returns one way or another. Though it has a high 14-day volatility of 16.89%, the fund has an impressive weighted alpha of 22.30. So, there is definitely some promise for those who want to ride this surging ETF a little further.


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ISHARS-MS FNLND (EFNL): ETF Research Reports
 
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