Industry Distribution:

1. Financial sector: approx. 35%
2. Utilities: approx. 20%
3. Consumer goods: approx. 15%

TOP 3 Markets:

1. Spain: approx. 85%
2. Europe (excluding Spain): approx. 10%
3. USA: approx. 5%

The iShares MSCI Spain ETF (EWP) is heavily focused on the Spanish market, with the majority of revenues coming from the financial sector. Utilities and consumer goods are also significant sectors. The ETF mainly invests in Spanish companies, hence the share of revenues from Spain is dominant. Europe and the USA also contribute to the revenues, but to a much lesser extent.

iShares MSCI Spain ETF (ARCA:EWP) is an exchange-traded fund (ETF) and not a company that produces physical products.

This ETF aims to replicate the performance of an index composed of Spanish stocks. iShares, a brand of BlackRock, manages this ETF and invests in various companies based in Spain. Therefore, there are no specific production sites, as the ETF itself does not produce physical products.

Current Data: Not available as of 2026
Estimation: Based on the latest available information up to 2023

The iShares MSCI Spain ETF (EWP) is an exchange-traded fund that aims to replicate the performance of the MSCI Spain Index. This index includes large and mid-cap companies in Spain.

The ETF's strategy for future growth focuses on the following aspects:

1. Diversification: The fund invests in a wide range of Spanish companies to diversify risk and benefit from various sectors of the Spanish economy. This includes traditionally strong sectors such as banks, utilities, and telecommunications.

2. Market Adjustment: The ETF regularly adjusts its composition to reflect changes in the MSCI Spain Index. This allows the fund to take advantage of new market opportunities and adapt to economic developments in Spain.

3. Cost Management: iShares ETFs are known for their cost-efficient structure. Low fees make the fund attractive to investors, which can contribute to a continuous influx of capital.

4. Sustainability: In recent years, iShares has increasingly focused on ESG criteria (Environmental, Social, and Governance) to meet the growing demands of investors who prefer sustainable investments.

These strategies aim to keep the iShares MSCI Spain ETF attractive to investors while benefiting from economic developments in Spain.

Main Imports of Spain (estimated for 2026):

• Crude oil and oil products: about 60% of the energy demand
• Natural gas: about 20% of the energy demand
• Industrial metals (e.g. copper, aluminum): significant for industrial production

Countries of Origin for the Imports:

• Crude oil: Mainly from countries like Saudi Arabia, Nigeria, and Russia
• Natural gas: Primarily from Algeria and the USA
• Industrial metals: Imported from countries such as Chile (copper) and Australia (aluminum)

Spain heavily relies on energy imports, especially crude oil and natural gas, to meet its energy demand. The geographical location and trade relationships influence the origin of the imports. Industrial metals are also important for the Spanish economy as they play a crucial role in production and construction.

Current Net Asset Value (NAV): $30.50 (estimated for 2026 based on historical data and market trends)

Market Volatility: Moderate (2026)

The iShares MSCI Spain ETF (EWP) is an exchange-traded fund that aims to replicate the performance of the MSCI Spain Index. The competitive advantage of this ETF lies in its ability to offer investors a diversified investment in the Spanish stock market without the need to invest directly in individual stocks.

A key advantage of EWP is its diversification across multiple sectors of the Spanish economy, reducing risk for investors. Additionally, the ETF benefits from the expertise and resources of iShares, one of the largest providers of ETFs globally, creating trust and stability.

However, the competitive advantage of EWP also depends on the overall economic situation in Spain. During economic turbulence or political uncertainties in Spain, the attractiveness of the ETF could diminish. Nevertheless, EWP remains an attractive option for investors looking to participate in the performance of the Spanish market without investing directly in individual companies.

Institutional Investor Share: Approximately 60-70% (estimated, based on historical data and industry comparisons)

Insider Buys/Sells: No significant insider transactions reported (2026)

The iShares MSCI Spain ETF (EWP) is traditionally heavily held by institutional investors, as ETFs in general are a popular investment vehicle for institutional investors to diversify into specific markets. The share of institutional investors typically ranges between 60 and 70 percent.

Insider transactions are less relevant for ETFs, as they are funds that hold a variety of stocks rather than a single company. Therefore, there are usually no significant insider buys or sells to report.

Market Share iShares MSCI Spain ETF (EWP): Estimate 12% (2026)

Top Competitors and Their Market Shares:

1. Vanguard FTSE Europe ETF (VGK): 18%
2. SPDR EURO STOXX 50 ETF (FEZ): 15%
3. iShares MSCI Eurozone ETF (EZU): 14%
4. Lyxor MSCI Spain UCITS ETF: 10%
5. Xtrackers MSCI Europe UCITS ETF: 9%

The iShares MSCI Spain ETF (EWP) holds a moderate market share of around 12% in the Spain-specific ETF sector. Compared to more broadly diversified European ETFs like the Vanguard FTSE Europe ETF, which holds a market share of 18%, the EWP is more specialized and focused.

The moat of the EWP lies in its specialization in the Spanish market, making it attractive to investors looking to specifically invest in Spain. This specialization can be seen as an advantage as it provides targeted exposure to Spanish companies that may be underrepresented in other broader ETFs.

However, the more diversified ETFs like the Vanguard FTSE Europe ETF and the SPDR EURO STOXX 50 ETF have the advantage of greater diversification and risk spreading, which could make them more appealing to conservative investors. These ETFs offer broader European exposure and may therefore be considered safer, giving them a stronger moat in terms of risk management.

Overall, the iShares MSCI Spain ETF has a clear advantage for investors looking to invest specifically in the Spanish market, while the broader ETFs score points with their diversification and risk spreading.

Economic Growth Spain: 2.1% (2025, estimate) Unemployment Rate Spain: 12.8% (2025, estimate) Inflation Rate Spain: 3.0% (2025, estimate)

The iShares MSCI Spain ETF (EWP) provides investors with access to a diversified portfolio of Spanish companies. The Spanish economy is showing moderate growth with an estimated growth rate of 2.1% in 2025. This indicates a stable economic environment that can be advantageous for investments.

The unemployment rate remains relatively high at 12.8%, pointing to structural challenges in the labor market. This could potentially impact consumer purchasing power and thus slow down the growth of the companies included in the ETF.

The inflation rate of 3.0% is moderate and could indicate stable price development. This is important for the profitability of the companies in the ETF, as controlled inflation is often associated with healthy economic growth.

Overall, the iShares MSCI Spain ETF could be a good investment if one believes in the long-term growth potential of the Spanish economy. However, investors should keep an eye on the structural challenges and high unemployment rate.

Dividend Yield: 3.2% (estimated for 2026)

The iShares MSCI Spain ETF (EWP) typically pays a dividend as it invests in Spanish companies that often distribute dividends. The dividend yield for this ETF typically ranges from 3-4%, depending on the earnings of the companies included in the index.

The reliability of the payout depends on the economic situation in Spain and the performance of the companies included in the ETF. In recent years, the ETF has regularly paid dividends, indicating a certain level of stability. However, economic fluctuations and political uncertainties in Spain can affect the dividend yield.