iShares MSCI Germany ETF (EWG) closed at $43.69, slipping $0.06 (-0.14%) from the prior $43.75 print in a quiet pullback that did little damage to the underlying advance. The short-term FUM trend remains UP, in place since April 10 at $41.60 and now carrying a +5.02% gain, while the long-term backdrop stays BEAR. A FUM Score of 66.25 points to moderate technical strength with positive momentum. Volume of 726K shares ran roughly half the 1.37M average, consistent with light profit-taking rather than distribution. Eurozone PMI follow-through and steady ECB policy expectations remain the prevailing macro backdrop for German equities.