Group 1 - The iShares MSCI France ETF (EWQ) is influenced by two contrasting narratives: France's fiscal, political, and productivity challenges versus the global diversification of its largest constituents whose earnings are more reliant on international demand [1] - The ETF's performance may be impacted by the economic conditions in France, which are characterized by well-known challenges [1] Group 2 - The largest companies within the EWQ are globally diversified, indicating that their earnings are less affected by domestic issues and more by international market dynamics [1]