On the other hand, the SPDR EURO STOXX 50 Fund (NYSEArca: FEZ) excludes the U.K. and Switzerland in favor of a heavy tilt toward Eurozone countries, France, Germany, Italy and Spain.

“Unlike many pan-European funds, this fund excludes stocks based in the United Kingdom and Switzerland,” according to Morningstar analyst Alex Bryan. “This exclusion leaves out nearly half of the total stock market capitalization of developed Europe and magnifies the fund’s exposure to the weaker members of the eurozone, including Italy and Spain. While this narrower profile can offer greater upside in a recovery, it also exposes investors to greater risk.”

Vanguard FTSE Europe ETF

For more information on Europe, visit our Europe category.

Max Chen contributed to this article.