Who's Selling Italy's ETF?

Over the last 3 months investors have been selling Italy’s ETF iShares MSCI Italy Index EWI.  The EWI has become the second-worst performing Europe ETF over the last year and the sell-off is likely far from being over. The fate of the ETF is greatly tied to the outcome of Greece’s problems which only continue to get worse and the weakening euro only exacerbates the situation.

Here’s a cool heat map of all European ETF’s and their performance over the last 3 months. Notice a trend?