Among equity-based Europe ETF options, S&P Capital IQ rates the iShares MSCI Germany ETF (NYSEArca: EWG) marketweight. The $5.9 billion EWG, the largest Germany ETF, is heavily exposed to German exporters that would stand to benefit if a weak euro environment. Consumer discretionary and industrial names combined for almost 37% of EWG’s weight.

German stocks, while less expensive than U.S. or U.K. counterparts, are pricier compared to peripheral Europe equivalents.

Investors looking for an ETF that has already been on the move higher this year while offering exposure to a still discounted market can consider the marketweight-rated iShares MSCI Italy Capped ETF (NYSEArca: EWI).

“Italy’s comparatively inexpensive P/E would seem a bargain if newly installed Prime Minister Matteo Renzi were to get both houses of Italy’s legislature to enact his comprehensive program of political and macroeconomic reforms,” according to S&P Capital IQ. [PIIGS ETFs Impress]

PowerShares International Corporate Bond Portfolio

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