Single Country: Spanish ETF The iShares MSCI Spain Capped ETF (NYSE: EWP ) fared slightly better with a small gain on the day that grew increasingly larger as U.S. markets buoyed hope for global inflation. EWP has over $1.3 billion invested in just 29 companies domiciled in Spain. The announcement Thursday by the European Central Bank that it would fight deflation with a U.S.-style quantitative easing program was met with a lukewarm response throughout the international marketplace.