Nokia Drags Finland ETF Lower (EFNL, NOK)

News that mobile phone maker Nokia

will slash 10,000 jobs by next year in an effort to reduce costs is proving to be a drag on the iShares MSCI Finland Capped Investable Market Index Fund

. With shares of Nokia off 15% in late trading, EFNL is lower by almost 1.6%, though it should be noted volume in the lone Finland ETF is below average. EFNL allocates nearly 11.5% to Nokia, the largest Finnish company by market value, making the stock the ETF's largest holding. EFNL debuted in late January and has struggled since inception, despite Finland's AAA credit rating. In just about six months of trading, EFNL has only accumulated $2.1 million in assets under management and has fallen 21.3%. Those two statistics perhaps underscore two obvious dangers regarding EFNL: An excessive weight to Nokia and the fact that Finland is a member of the Euro Zone. In the past 90 days, EFNL has significantly lagged the performances of the iShares MSCI Denmark Capped Investable Market Index Fund

, the iShares MSCI Sweden Index Fund

and the Global X Norway ETF

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.