The ETF also allocates some of its weight Nordic countries. Although the euro and the British pound have been strong, DBEU has cobbled together a modestly positive year-to-date performance.

Among single-country, euro-hedged ETFs, Germany is currently the only country represented, but investors do have three funds to pick from: The db X-trackers MSCI Germany Hedged Equity Fund (NYSEArca: DBGR), the WisdomTree Germany Hedged Equity Fund (NasdaqGM: DXGE) and the iShares Currency Hedged MSCI Germany ETF (NYSEArca: HEWG). The iShares offering is the newest of the trio, having debuted in February.

While none of those ETFs have received the attention that the iShares MSCI Germany ETF (NYSEArca: EWG) gets, a large ECB easing could change that. First, Germany is an export-dependent economy and vulnerable to a strong euro. Second, hedged Germany ETFs have shown they are sensitive to signs of weakness in the common currency. For example, FXE is up just 0.1% in the past month, by DBGR has gained more than 3% over that time. [Different Ways to Access Germany]

db X-trackers MSCI Germany Hedged Equity Fund