France ETF Slides After S&P Cuts Banks
The iShares MSCI France Index Fund (NYSE: EWQ), the lone France-specific ETF, is trading near its lows of the day after Standard & Poor's took negative action on some French banks. The ratings agency lowered its rating on BNP Paribas to A+ with a negative outlook from AA-.
BNP Paribas is the third-largest holding in the iShares MSCI France Index Fund with a weight of 5.21 percent. Overall, financials are the largest sector weight in the ETF with an allocation of just under 16 percent.
S&P reaffirmed its ratings on Allianz Banque, Credit Agricole S.A. and Societe Generale. Societe Generale accounts for 2.35 of EWQ's weight while Credit Agricole receives an allocation of 0.82 percent.
EWQ has $417.2 million in assets under management and an expense ratio of 0.52 percent.
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