DBEU is not a dedicated Eurozone play as the ETF features exposure to British, Swiss and Nordic equities, making it comparable to diversified Europe ETFs, such as the Vanguard FTSE Europe ETF (NYSEArca: VGK).

France, Germany, the Netherlands and Spain account for almost 40% of DBEU’s weight. Importantly, DBEU proves currency hedging works. The ETF is down just 0.56% over the past 12 months while the unhedged VGK is lower by 10.3% over the same period.

In another sign of traders preparing for Euro-weakening news from the ECB, on Wednesday, there was talk of unusual options activity in the iShares MSCI Germany ETF (NYSEArca: EWG), the largest U.S.-listed Germany ETF, and the iShares MSCI Italy Capped ETF(NYSEArca: EWI).

EWG and rival Germany ETFs, including the Recon Capital DAX Germany ETF (Nasdaq: DAX), are candidates for some upside, particularly if the ECB does not task Germany’s Bundesbank with buying bonds of weaker Eurozone nations, such as Greece.

WisdomTree Europe Hedged Equity Fund