Exchange traded funds that follow European equities have been on a wild roller coaster ride, with the most recent turn swinging one Europe ETF up 11.5% from the June 1 lows.

Since their lows, the Vanguard European ETF (NYSEArca: VGK) increased 11.5%, iShares S&P Europe 350 Index Fund ETF (NYSEArca: IEV) gained 8% and SPDR STOXX Europe 50 ETF (NYSEArca: FEU) rose 8%, reports Jim Woods for InvestorPlace.

After the European officials pledged to do “whatever it takes to preserve the euro,” Europe ETFs shot above both their 50-day and 200-day moving averages. [Stock ETFs Bounce Back After ECB’s Pledge to Do ‘Whatever It Takes’]

Meanwhile, the borrowing cost of Spanish debt dramatically declined, as investors anticipated direct action from the European Central Bank.

Woods points out that investors should not completely write off Europe investments as they have a lot of profit potential, despite the constant stream of pessimism.

Looking ahead, the ECB will convene for a policy meeting Thursday. Investors will be waiting on whether or not the central bank will put its money where its mouth is and support the euro.