Single Country: German ETF The iShares MSCI Germany Index Fund ( ETF ) (NYSE: EWG ) is one the more closely watched countries, because of its historical penchant for fiscal conservancy. EWG has nearly $5 billion dedicated to tracking 59 large- and mid-cap companies in Germany . 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.