The iShares MSCI United Kingdom ETF (NYSE:EWU) is in focus today, as British Prime Minister Theresa May kicks off two years of negotiations for her nation to leave the European Union.

May had recently rattled many U.K. business leaders with warnings of a potential clean break. As Bloomberg reports, many industry groups are stepping up to rally for a more pro-business Brexit deal:

The Confederation of British Industry urged the government to guarantee the rights of EU workers already in the U.K. while negotiating the country’s departure from the bloc. Should it not be possible to reach an agreement on Britain’s relationship with the EU within two years, a transitional arrangement should be put in place, the business lobby said in comments that were echoed by Ford Motor Co.’s European arm.

If the two sides are unable to come to a trade agreement, commerce between the U.K. and EU would instead be governed by general World Trade Organization rules. May intimated she’d rather risk WTO governance than agree to a bad deal with the EU.

Investors can expect plenty of volatility in the region — and related ETFs — in the coming days and weeks as the negotiations heat up.

The iShares MSCI United Kingdom ETF (NYSE:EWU) was trading at $32.28 per share on Wednesday morning, down $0.22 (-0.68%). Year-to-date, EWU has gained 5.18%, versus a 5.06% rise in the benchmark S&P 500 index during the same period.

EWU currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #7 of 91 ETFs in the European Equities ETFs category.

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