Total SA, a French multinational oil company, is on Mr. Pasini's radar from the Euro Stoxx 50.

WSJ: Upside of the Euro Crisis: Bargains in Blue Chips

French energy major Total SA is involved in Libya but not to the same extent as Italian ENI or even German Wintershall.

FORBES: Connect

The two largest holdings are Sanofi ( SNY) and Total SA ( TOT), each of which make up over 5% of the ETF.

FORBES: A Global Hunt for Yield

In the run-up to the Iraq war, it was reported that, in March 2003, Total SA negotiated a major contract with Saddam Hussein's regime to develop Iraq's southern oil fields.

CENTERFORSECURITYPOLICY: The Dirty Dozen #9: Total SA

Among the largest underlying components of VGK, in trading today Total SA ( NYSE: TOT) is up about 1.7%, Siemens AG ( NYSE: SI) is off about 1.2%, and GlaxoSmithKline Plc ( NYSE: GSK) is up by about 1.5%.

FORBES: Notable ETF Inflow Detected - VGK