This ETF, which launched in early 2012, was the first fund to employ a Finland-specific strategy. EFNL charges an expense ratio of 53 basis points, which is somewhat high for a developed economy focused product. As is typical of first to market country products, EFNL’s portfolio is relatively shallow. The fund has less than 50 securities with nearly two thirds of total assets allocated to the top ten holdings alone. Like most other international equity funds, this ETF is also tilted towards large cap companies which tend to generate their revenues from all over the globe. EFNL is well diversified from a sector breakdown perspective; industrials, information technology, materials, and financials all receive fairly equal allocations. It should be noted that EFNL launched in the midst of the second euro-zone crisis meaning that it fought an uphill battle from the start. For those looking to target exposure to this European nation, EFNL offers a strong investment thesis, but this product is likely too targeted for the majority of the investing population.